Startups india dt gst other compliances - presentation at icrisat - by sbs pp ts

Startups -
Direct Taxes and other Compliances
CA Suresh Babu S
Managing Partner
M/s SBS and Company LLP
suresh@sbsandco.com
+91 9440883366
by
ICRISAT – Hyderabad
Agribusiness and Innovation Platform
15th September, 2017

suresh@sbsandco.com www.sbsandco.com +91 94408833662
• Startups – Definition; Process; Eligibility
• Benefits & Key Challenges
• Initial Entity setup pros & cons
• Direct Taxes Incentives & Compliances
• Presumptive Taxation - Tax Audit - ICDS
• Impact of Cash Receipts & Payments
• Capital Gains – Deemed Transfer – 50C
• Compliances – TDS
• Compliances – Secretarial
• Compliances – Labour Laws
• Compliances – Others
• MSME Benefits - Basics
Navigation

NOTIFICATION NO. GSR 501(E) [F.NO.5(91)/2015-BE-I], DATED 23-5-2017
• The GOI aims & Objective at fostering entrepreneurship & promoting innovation,
become a nation of job creators.
• An entity shall be considered as a Startup’:
• If it is incorporated/ registered as Private Limited Company/ Registered Partnership
Firm/ Limited Liability Partnership (entity).
• From the date of incorporation/ registration:
• Up to seven years
• Biotechnology sector, up to ten years; and
• If its turnover for any of the financial years since incorporation/registration has not
exceeded Rupees 25 crores; and
• If it is working towards innovation, development or improvement of products or
processes or services, or if it is a scalable business model with a high potential of
employment generation or wealth creation.
Definition - Start-ups

• Provided that any such entity formed by splitting up or reconstruction of a business
already in existence shall not be considered a 'Startup'.
• Turnover is as defined under the Companies Act, 2013.
• An entity shall cease to be a Startup, if its turnover for any previous year exceeds
Rupees 25 crores.
Definition – Startups

• Online application made over the mobile app/portal set up by the Department of
Industrial Policy and Promotion (DIPP) along with the Certificate of
Incorporation/Registration and other relevant details as may be sought.
• Have to submit a write-up about the nature of business highlighting how is it working
towards innovation, development or improvement of products or processes or
services, or its scalability in terms of employment generation or wealth creation.
Process of recognition

An Inter-Ministerial Board (IMB) setup by Department of Industrial Policy & Promotion
(DIPP) to validate the innovative nature of the business for granting tax related benefits:
❖ Recommendation from an incubator established in a post-graduate college in India or
recognised by GOI.
❖ Funded by an Incubation/ Angel/ PE Fund, Accelerator/ Angel Network duly registered
with the SEBI or by GOI.
❖ Must have been a patent granted by the Indian Patent and Trademark office.
❖ Funded by the Government as part of any specified scheme to promote innovation.
❖ Has a project supported by an incubator funded by the Government as part of any
specified scheme to promote innovation.
❖ The startup holds a certificate from Inter-Ministerial Board (IMB).
Eligibility Conditions

 Sustainability - knowledge that business advisers; lack of information etc.,
 Technology & Cyber Security
 Financial – Capital; Working Capital; Cash Flow Management.
 Regulatory – Legal; Clearances/ Approvals; Income Tax & GST.
 Cultural & Awareness - Entrepreneurship is often about failing and learning from those
failures and starting all over again. People need to start accepting failures and allow
second chances.
 What to do – Vision & Mission; Why to do – Risk evaluation & other benefits; How to
do – Legal, approval, finance, technology, manpower etc.,
 Existing Strategy
 Social – Mentorship/ Guidance; Consumer behavior & Location etc.,
 Lack of early stage funding.
Key Operational Challenges

 Self-certification for compliance of various labour & environmental laws. No inspections to be
conducted for a period of 3 years.
 “Start-up India Hub” to be set up as a single point of contact between all start-ups & the GOI.
 Mobile App & Portal in order to ensure ease of registrations & compliances.
 Legal Support & Fast-tracking Patent Examination at Lower costs - up to 80% rebate.
 Relaxed Norms of Public Procurement for start-ups.
 Easy Exit in cases of business failure - within 90 days under insolvency & Bankruptcy code 2016.
 Providing funding support through a Fund of Funds with a corpus of INR 10,000 crore by the
Government.
 Credit Guarantee Fund for Start-ups.
 Organizing Start-up Fests for showcasing Innovation & providing a Collaboration Platform.
 Apply for tenders – No Experience Certificate required.
 http://www.startupindia.gov.in/notification.php
General Incentives

Key considerations in Choice of org. structure
Nature of Business
Cost and time involved in
formation
Capital Base
Scale of Business Regulatory Compliances Intensity of Risk – Larger the
business, larger the risk.
Control of Management & Sharing of Returns
Continuity
Taxability

Initial Entity Setup – Pros & Cons
SN. Particulars Partnership Firm LLP Act Pvt. Company OPC
1 Statute – Governed by "The Indian
Partnership Act,
1932."
"The LLP Act,
2008".
"The Companies Act, 2013”.
2 Regulated by The Registrar of Firms Registrar of Companies (ROC)
3 Created by Contract Law
4 Registration
Formalities
Not Mandatory
(Optional)
Mandatory
5 Incorporation
Document (Main)
Partnership Deed LLP Agreement MOA & AOA
6 Separate Legal Entity No –
All Partners are
Collective referred as
Firm
Yes –
Separate from its
partners
designated
partners.
Yes –
Separate from its Member(s)
Directors.

7 Perpetual Succession NO YES
8 Change in Register
officer
Easy with minimum documentation Allowed with lot of formalities
9 Liability Unlimited Limited to Capital Contribution/ Capital of the
Company
10 Admission of minor Only for Profits No
11 Common Seal Not Required Yes required
12 Suit against and by No for – Unregistered
Firm
Yes can sue and can be sued in its own name.
13 Management Working Partners
(Min. 1 &
Max. 20)
Designated Partners
(Min. 2
Max. No Limit)
Board of
Directors
Min. 2
Max. 15
Board of
Director(s)
Min. 1
Max. 15

14 Partners/Members Minimum- 2;
Maximum-20
Minimum - 2
Max. – No Limit
Minimum - 2
Maximum – 200
One
15 Maintenance of
Accounts - Method of
Accounting
Yes if exceed limit
- Cash or Accrual
Yes
- Accrual
16 Statutory Audit
Compulsory
No T/o > Rs. 40L or
Contribution > Rs.
25L
Yes
17 Tax Audit under IT Act If Turnover exceeds Rs. 1 Crores
Can avail U/s 44AD
up to 2Cr of T/o
NA
18 Filing of ROI Mandatory irrespective of Income
19 Rate of Income Tax @ 30% 30% If T/o is < 50Cr. - 25%
other wise - 30%

20 Surcharge @
and EC @ 3%
12% - > 1 crore 7% - > 1Cr up to 10 Crore
12% - > 10 Crore
21 Distribution of Profit/
DDT & its taxation
• No tax on the distribution of profit.
• Profit is exempt in the hands of Partners.
• DDT Tax to be paid @ 18%
• Profit is exempt in the hands
of shareholders.
• Received by resident
individual/HUF>10Ltax@10%
22 Specific tax rate on
dividend from foreign
subsidiary
30% (plus surcharge, cess) 15% (plus surcharge, cess)
23 Loans & advances by
the entity to the
Participants –
Deemed Dividend
U/s 2(22)(e)
Not Taxable* Not Taxable. Except
in the case of (Pvt.)
Ltd., Company
converted into LLP
for the 1st 3 years
after conversion.
Taxable – subject to certain
conditions

SN. Particulars Partnership Firm* LLP Act Pvt. Company OPC
24 Interest on Capital
contribution by
Participants
Allowable as deduction – subject to limits
*If income offered U/s 44AD – No Claim
Not Allowed as deduction
25 Management
Remuneration
Allowable as deduction – subject to limits
Up to Rs. 3 L Book Profit @ 90% or Rs. 1.5
whichever is higher
➢ 3L of Book Profit @ 60%
*If income offered U/s 44AD – No Claim
Allowed as deduction – No Limit
specified
26 CSR Provisions Not Applicable Applicable if exceeds specified
threshold limits
27 MAT/ AMT AMT @ 18.5% U/s 115JC MAT @ 18.5% U/s 115JB

SN. Particulars Partnership
Firm
LLP Act Pvt. Company OPC
28 Filing of Annual
Return & Financials
NA Annual Return:
< 60 days from the end of
the FY.
Accounts & Solvency:
< 30 days – from the end
of 6M of the FY
From the date of AGM:
• < 30 days – Financials
• < 60 days – Annual Return

29 Foreign Direct investment
[FDI] in the form of capital/
contribution/ equity.
• NRI/PIO may invest in
the firm without
repatriation benefits,
no permission from RBI
is required.
utilise $1Million scheme
without permission.
• In case the investment
to be made by
NRI/PIO/other than NR
with repatriation
benefits, then prior
permission needs to be
obtained from RBI.
FDI in LLP is allowed in
such sectors/activities,
where 100% FDI is
allowed under automatic
route, without any FDI-
linked performance
related conditions.
• FDI in a Private
Company is
allowed based on
sector specific
restrictions i.e.,
either percentage
or based on
Automatic or
prior approval
route.
• Further FDI in
certain sectors
have FDI-linked
performance
related
conditions, which
are to be
complied.
FDI is not
allowed, as it is
the requirement
for a member of
a OPC to be a
Indian citizen
and resident in
India shall be
eligible to
incorporate a
One Person
Company i.e.,
shall be a
member of the
OPC.

SN. Particulars Pvt. Ltd. OPC
30 Meetings of Partners/ Directors/
Shareholders
First Board Meeting:
Within 30 days from the date of
incorporation.
Subsequent Board Meetings:
Minimum 4 meetings, every year,
with a gap of not more than 120
days (4Months) between two
consecutive meetings of the
Board.
Annual General Meeting:
1st AGM: 9 months from the
close of FY.
Subsequent AGM: 6 months
from the close of FY.
First Board Meeting:
Within 30 days from the date
of incorporation.
Subsequent Board Meetings: a
minimum 1 Board meeting in
each half of a calendar year
and the gap between the two
meetings is not less than
ninety days.
AGM: Not Compulsory.

SN. Particulars Pvt. Ltd. OPC
31 Quorum for Meetings In case of Board Meetings:
1/3rd of the total Directors,
subject to a minimum of 2
Directors.
In case of General Meetings:
2 Shareholders physically
present
In case of Board Meetings:
1/3rd of the total directors,
subject to a minimum of 2
Directors, if there is more than
one Director.
In case of one Director, then
the sole director will be the
quorum.

Individual
(Less than 60 years of
age)/HUF/AOP/BOI/AJP)
Resident Individual
(Age of 60 or more)
Resident Individual
(Age of 80 or more)
Income Rates
Up to 2.5 lac NIL
Rs. 2,50,001 to
Rs. 5,00000
5% of Total
Income - 2,50,000
Rs. 5,00,001 to
Rs. 10,00,000
Rs. 12,500 + 20%
of (Total Income -
Rs. 5,00,000)
Above Rs.
10,00,000
Rs. 1,12,500+30%
of (Total Income -
Rs. 10,00,000)
Income Rates
Up to Rs. 3Lac NIL
Rs. 3,00,001 to
Rs. 5,00000
5% of (Total
Income-3,00,000)
Rs. 5,00,001 to
Rs. 10,00,000
Rs10,000 +20% of
(Total Income-
5,00,000)
Above Rs.
10,00,000
Rs 1,10,000+30%
of (Total Income-
Rs. 10,00,000)
Income Rates
Up to 5 Lac NIL
Rs.5,00,001 to
Rs. 10,00,000
20% of (Total
Income -5,00,000)
Above
Rs. 10,00,000
1,00,000 + 30% of
(Total Income -
5,00,000)
Rebate U/s 87A has been
reduced to Rs. 2,500/- . It is
available if total income of
resident individual does not
exceed Rs.3,50,000

 Surcharge:-
 In case of every INDIVIDUAL or HUF or AOP or BOI or AJP;
 Total Income exceeding Rs. 50,00,000/- but < Rs. 1 Crore - @10%.
 If Total Income exceeds Rs. 1 Crore - @15%.
Surcharge

Things to remember:
Books of Account: Vouchers
Bills
Records
MIS: Cash Flow Statements
Profit & Loss Account
Balance Sheet
Human Resources – HR Policies:
Minimum Wages;
EPF;ESI; Shops & Commercial
Establishments;
Bonus, Gratuity etc.,
FEMA; STPI & Import & Export
Code
Other Compliances:
Income Tax – Advance Tax, TDS
GST , Professional Tax etc.,
Filings
Audit: Statutory Audit
Internal Audit
Tax Audit
Income Tax & GST
Corporate Laws & Rules

 U/s 54EE has been introduced under the Finance Act, 2016 which
provides for exemption of capital gain up to INR 50 lakhs arising out of
transfer of long term capital asset invested in a fund notified by Central
Government.
 Companies set-up after 1st March 2016 engaged in manufacturing will
have an option to be taxed at a corporate tax rate of 25%,subject to
certain terms and conditions U/s 115BA.
 U/s 54GB capital gains arising to an individual or HUF from the transfer
of a long term residential property shall be exempt.
❖the consideration is utilised for subscription in equity shares before
139(1); and
❖utilises this amount for purchase of new asset (Plant & Machinery)
including computers or computer software.
❖Investment in the company should equal to 50% of voting rights.
Direct Tax incentives

 U/s 115BBF: Income in the nature of “royalty” in respect of
patents developed and registered in India will be subject to a tax
rate of 10% - No expenses to claim.
 The start-ups have to pay MAT/ AMT at 18.5% along with the
applicable surcharge and cess.
 CBDT Vide Notification No. 45/2016 notified that any amount
received from a resident person U/s 2(31), by a eligible startup
exceeding the face value for issue of shares are not covered by
56(2)(viib).

100% of the profits will be exempted from tax for 3 out of
7 years provided the following conditions are satisfied wef: AY: 2017-18:
 It is an eligible entity/startup – Apart from the conditions and process
as discussed earlier and;
 "eligible business" - which involves innovation, development,
deployment or commercialisation of new products, processes or
services driven by technology or intellectual property.
 It is not formed by the transfer of any Plant & Machinery previously
used for any purpose (Max. 20% of total Machinery can be seconds’).
 It has eligible business i.e., there is innovation.
 It is incorporated on or after 1.4.2016 but before 1.4.2019
 Annual turnover is < 25 crores for 5 years, from FY:2016-17 to 2020-21.
Direct Tax incentives U/s 80IAC

 Amendment of section 79 of the Act to provide that in the case of a company
being an eligible start-up, loss shall be carried forward and set off against the
income of the previous year, even if a change in shareholding has taken place in
a previous year subject to all the shareholders of such company on the last day
of the year or years in which the loss was incurred, continuing to hold shares on
the last day of such previous year. The restriction of fifty one percent of
shareholding of company to remain unchanged in order to carry forward and
set-off the loss of earlier years has therefore been relaxed in the case of start-
ups.
 The original promoters must be on board. But the condition of continuous
holding of 51% of shares by founders has been relaxed by Budget 2017.
 Note: Losses incurred from the year of incorporation/registration.

 Tax Audit U/s 44AB of the Income Tax Act, 1961 having turnover in excess of Rs. 10 million is
required to furnish Form 3CA/3CB - 3CD (Tax audit report) to the Income Tax Department.
 Having related party transactions is required to maintain specified documents and furnish
Transfer pricing report in Form 3CEB as per section 92E of the Income Tax Act, 1961 to IT
Department (3CEB & TP Documentation not required if the turnover is less than Rs. 1 Crore).
 As per section 139 of the Income Tax Act, 1961, it is required to file Income Tax return on or
before the due date. As per the extant provisions of the Income Tax Act, 1961 the Income Tax
return for the FY 2016-17 has to be filed on or before 30th September, 2017. In case of the
applicability of the Transfer Pricing Regulations, the due date is on or before 30th November,
2017.
 Even for nil income or loss return the above provisions are applicable.
26
Compliances - Income Tax - Annual returns:

 Whose total turnover or gross receipts in the previous year exceed
an amount of one crore rupees.
 Professionals referred in 44AA(1) – 44ADA, total gross receipts
should not exceed Rs.50L - tax @ 50%.
Penalty for failure to get accounts Audited: (U/s 271B)
 If the assesse fails to get his accounts audited or furnish a report of such
audit U/s 44AB, Penalty of
• ½ of total Sales, turnover or gross receipts Or
• Sum of Rs. 1,50,000 w.e.is lower (w.e.f.1-4-2011)
No penalty shall be imposed, if assesse proves that there was reasonable cause for such failure.
Tax Audit – 44AB

Applicability:
 All assesses (other than an individual and HUF not required to get accounts audited U/s.
44AB) following mercantile system of accounting.
 All partnership Firms and LLP following mercantile system;
• irrespective of whether audit required u/s 44AB or not
• having “Income from business or Profession” and “Income from Other Sources
Non- Applicability:
 To individual/HUF not carrying on business or profession.
 Person with only income from other sources following Cash system of accounting.
 Not applicable where books of accounts not maintained.
 Persons following cash system of accounting.
 Individual/HUF falling under presumptive tax not subject to audit u/s 44AB –CBDT Circular No.
10 of 2017 dated 23rd March 2017.
 Other heads of income - computation of capital gain, House Property, etc.,
 For Sections 68, 69, 69A and 69B, books of account are relevant.
Income Computation Disclosure Standards

Eligible Assessee • Individual, HUF or Partnership Firm
Eligible Business
• Any business except the business of plying, hiring or
leasing goods carriages referred to in section 44AE and
• whose total turnover or gross receipts in the previous
year does not exceed an amount of two crore rupees.
• Professionals referred in 44AA(1) – 44ADA, total gross
receipts should not exceed Rs.50L - tax @ 50%.
Non-applicability
• LLP & Company
• A person earning income in the nature of commission
or brokerage, or
• A person carrying on any agency business.
Presumptive Taxation

Consequences if assessee opted Presumption Taxation:
 required to follow the same scheme for next 5 years.
 If assessee failed to do so, then presumptive taxation scheme will not be
available for next 5 years.
 U/ s 44AD or 44ADA is liable to pay whole amount of advance tax on or before
15th March of the previous year, any amount paid before 31st March shall also
be tread as advance tax paid during the FY.
 Failure to pay the advance tax attracts interest as per section 234B & 234C
 Expenditure in nature of salary/ remuneration, interest paid to partners shall
no longer be allowed.
Consequences of Section 44AD

Due Dates Instalments Payable
On or before 15th June 15% of Advance Tax.
On or before 15th September 45% of Advance Tax as reduced by amount paid earlier
On or before 15th December 75% of Advance Tax as reduced by amount paid earlier
On or before 15th March 100% of Advance Tax as reduced by amount paid earlier
Interest Applicability on Late Payment of Advance Tax
If the assesse has failed to be pay or
Tax paid is < 90% of the assessed tax
Simple interest @ 1% every month or part of the month
on Assessed tax - Advance tax paid +TDS if any)
Advance Tax
✓ Eligible Assessee’s U/s 44AD &44ADA advance tax is to be paid on or before 15th March.
✓ The above provisions applicable to all the assessees’
✓ Advance tax is payable if the tax liability is Rs. 10K or more
✓ Resident individuals who are over 60 years of age and do not have income chargeable under the
head ‘Profits and Gains of Business or Profession’ are not required to pay advance tax.

IT Return not filed within due date U/s 139(1) (31st July for Individuals & 30th September for Non-
Individual Assessee’s):
Upto 31st December – Rs.5,000/-
After 31st December – Rs.10,000/-
Note:- 1. If the total income of the person does not exceed Rs. 5 Lakhs, the fee payable
under this section shall not exceed Rs. 1,000/-.
Note:- 2. Self-assessment tax to include the fees for delay in filing the return of income.
Note:- 3. Revised return can be filed before the end of the relevant assessment year or
before the completion of assessment, whichever is earlier.
Note: Applicable from the AY: 2018-19.
Fee for Late Filing of Return

Particulars 269SS 269T 269ST
Scope of the
section
Receipt of loans,
deposits and
specified sum
Payments of loans
or deposits or
specified sum
No person should receive in cash in
relation to:
• in aggregate from a person in a day;
• in respect of a single transaction ; or
• in respect of transactions relating to
one event or occasion from a person
Applicability of this
section
Any Person taking or
accepting
Any person paying Any person receiving any amount
Monetary Limit INR 20,000 INR 20,000 INR 2,00,000
Cash Receipts and Payments

Particulars 269SS 269T 269ST
Exception  Government;
 Any banking company, post office savings bank or co-operative bank;
 Any corporation established by a Central, State or Provincial Act;
 Any Government Company 11 as defined in
section 617 of the Companies Act, 1956 (1 of
1956);
Such other institution, association or body or class
of institutions, associations or bodies which the
Central Government may, for reasons to be recorded
in writing, notify in this behalf in the Official Gazette
• transactions of
the nature referred to in section 269SS;
• such other
persons or class of persons or receipts,
which the Central Government may, by
Notification in the Official Gazette, specify.
Penalty U/s 100% on such receipt U/s 271D 100% on such
payment U/s 271E
100% on such receipt U/s 271DA wef; 01-
04-2017
Remarks Amount should be paid/ received by account cheque/draft or electronically through bank
account
Cash Receipts and Payments

In aggregate from a
person in a day
• Mr. A transfers’ immovable property worth Rs.5,00,000 to
Mr. B and generates 5 different bills of Rs.1,00,000 each
and accepts cash in a single day at different times;
a single transaction
• Mr. A transfers’ immovable property worth Rs.5,00,000 to
Mr. B and generates one single bill for Rs.5,00,000. He
then receives cash Rs.1,75,000 on Day 1, Rs.1,75,000 on
Day 2 and Rs.1,50,000 on Day 3 then;
One event or
occasion
• Mr. A books a wedding party at a hotel and the hotel
makes a bill of Rs.1,50,000 for Food and Rs.1,00,000 for
Hall Charges and accepts cash Rs. 2,50,000 from Mr. A
then;
• Even if they are 2 different types of expenses but for the
same wedding.
Examples of 269ST - Violation

269ST may become apply
Sale proceeds of Goods
or Services; movable
or immovable
properties
Advance against sale of
goods/provision of service
Hospitals, Educational Institutions
etc.,
Advance taken or
reimbursement of
expendituref
Withdrawal of capital/ Profit in
Firm
Introduction of capital by partner in
Firm; issue of share capital
Recovery of Loan and interest
Gift in Cash and gift from a relative also covered.
Donations received by Trust
The parties Transactions of loan or deposit
between agriculturists may be exempt U/s 269SS
but other transactions between agriculturists are
not exempt U/s 269ST.

Sec 32/43(1):
Depreciation / Actual
Cost
No depreciation on
Capital Expenditure
incurred in cash of more
than Rs. 10,000/-
Payment should be made
through Banking
Channels only either by
account cheque/draft or
electronically through
bank account
No claim of Depreciation
Applicable
Wef. 01.04.2017
Sec 40A (3)
Reportable in clause 21
(d) of Form 3CD
No cash payment in
relation to expenditure
of more than Rs.
10,000/-
Dis allowance of
expenditure
Applicable wef. 01.04.2017
Cash Payments

Deemed Transfer
Conversion of
Capital Asset into
Stock-in-trade -
Sec 45(2)
F.M.V as on the date of
the Conversion
Taxable as Capital Gain
in the year of Sale
Sale Price (-) F.M.V
as on the date of
the Conversion
Taxable as Business
Income

 X acquires land on 01.06.1981 (FY: 1981-82) for Rs.6,00, 000. He converts his land into stock in
trade of his real estate dealing business on 18.02.2016 (FY: 2015-16) where FMV of land was
Rs.70,00,000/-. Stock in trade was sold by him on 18.03.2017 (FY: 16-17) for Rs.90,00,000/-
 In this case he would be liable to Capital gain in FY: 2016-17 as follows:
 Business Income would arise in year of sale - FY: 2016-17:
Deemed Transfer – Example
Full Value of Consideration 70,00,000
Less : Indexed cost of acquisition (6,00,000*1081/100) 64,86,000
Long Term Capital Gain 5,14,000
Sale proceeds of House Property 90,00,000
Less : Fair market value on date of transfer 70,00,000
Business Income 20,00,000

Deemed Transfer
Conversion of Stock-
in-trade into Capital
Asset
Whether taxable as on
the date of conversion?
From the date of
Acquisition
Period of holding for
computing Capital Gain
From the date of
conversion into capital
asset?

Particulars
Transfer of assets by way of Capital
Contribution
Distribution of assets on dissolution of
Firm/AOP/BOI or otherwise
Section 45(3) 45(4)
Transferor Individual (member) Firm/AOP/BOI
Transferee Firm/AOP/BOI Individual (member)
Full Value of
Consideration
The value of capital asset as recorded
in the Books of firm/AOP/BOI
Fair market value as on date of transfer
Year of
Chargeability
In the year in which transfer took
place
In the year in which transfer took place
Deemed Transfer
Applicability of 56(2)(vii) ?????? & 50C

Special Provision for Full value of Consideration :
The very purpose of this section is that undisclosed income arising as
Capital Gain should be taxed in the hands of the assesse.
The section states that :
• The asset is the Capital Asset (land or building or both)
• Value is less than the value adopted by authority of a State Government
for the purposes of section 48 the value shall be “The value so adopted or
assessed by Stamp valuation Authority shall be the Full value of the
Consideration received or accruing as a result of such transfer”.
Deemed Sale Consideration – Sec 50C

The new proviso inserted by
Finance Act 2016 w.e.f
01.04.2017 is a rationale step
by Income Tax Simplification
Committee (Easwar
Committee) which removed
the hardship of assesse
Deemed Sale Consideration – Sec 50C
“Provided that where the date of the
agreement fixing the amount of
consideration and the date of
registration for the transfer of the
capital asset are not the same, the
value adopted or assessed or
assessable by the stamp valuation
authority on the date of agreement
may be taken for the purposes of
computing full value of consideration
for such transfer”
This amendment says stamp
duty valuation of property on
the date of execution of the
agreement to sell should be
adopted instead of the
valuation on the date of
execution of the sale deed if
the agreement date and
registration dates are different

Section 285BA read with rule114E
 To keep a watch on high value, the Income-tax Law has framed the
concept of “Statement of Financial Transaction or Reportable Account”
 Under this statement the following is to be reported :
 Any Purchase/Sale of immovable property for an amount of Rs.30,00,000 or
more or
 Valued by the stamp valuation authority at Rs.30,00,000 or more
 Other Points :
 Transaction is to be reported in Form 61A (under SFT- 012)
 Reporting Person : Inspector General or Sub Registrar (appointed under
Registration Act)
Reporting Requirements

Section Nature of Payment Rates Criteria for Deduction
192 Salaries As per rates in force -
193 Interest on Securities @ 10 % Rs.10,000/-
194 Dividends @ 10 % Rs.2,500/-
194 A
Interest from Banks (i.e on other
than securities )
@ 10 %
Banking –Rs.10,000/-
Others –Rs.5,000/-
194B
Winning from lotteries or cross
word puzzles
@ 30 % Rs.10,000/-
194 BB Winning form Horse races @ 30 % Rs.10,000/-
194 C
Payment to Contracts @ 1 %
Individual /
HUF
@ 2 %
for other
assesses
Single payment – Rs.30,000/-
Aggregate of payments –
Rs.1,00,000/-
194 D Insurance Commission @ 5 % Rs.15,000/-
194DA Life Insurance Policy @ 1 % Rs.1,00,000/-
Tax Deducted at Source

Section Nature of Payment Rates Criteria for Deduction
194 G Commission /Lottery @ 5 % Rs. 15,000/-
194H Commission /Brokerage @ 5 % Rs. 15,000/-
194I
Rent – Land & Building & Furniture
and Fittings
@ 10 %
Rs. 1,80,000/-
Rent – Plant & Machinery &
Equipment
@ 2 %
194 IA
Payment on transfer of immovable
property
@ 1 %
Rs. 50,00,000/-
194 IB
Payment of rent by individuals or HUF
@ 5 %
Rs. 50,000/- per month
194J
Fees for professional or technical
services
@ 10 %
@ 2 % (call centre business)
Rs. 30,000/-
194LA
Payment of Compensation on
acquisition of immovable property
@ 10 per cent Rs. 2,50,000/-

Particulars Due Dates Penalty
Deduction of TDS • At the time of accrual or
• At the time of payment of income to the payee
interest @ 1% p.m
Payment of TDS • On or before 7th of next month
• Same day on which the amount is deducted
For govt assesses who do not make the payment with challan
interest @ 1.5 %
p.m
Filing of TDS returns :
Rs. 200/- per day
But not exceed the
TDS amount.
1st April – 30th June 31st July
1st July – 30th September 31st October
1st October–30th December 31st January
1st January – 30th March 31st May
Form 16A (TDS Certificate) is to be issued within 15 days from due date of furnishing
TDS Statement.
• Failure to file E-TDS statement > 1 year
• Furnishing incorrect details in the statement
Rs. 10,000 –
Rs.1,00,000

 Section 197 – Certificate for deduction at lower rate
 If tax is deducted at source under section 192,193,194,194A, 194C,
194D,194G, 194H, 194I, 194J, 194LA & 195
 Assessing Officer shall give him certificate so as to non-deduction of tax on
any of the income received by the recipient
Tax Deducted at Source (7/7)
1.
• Assesse feels that no or lower rate of
TDS should be there .
2.
• Assessing Officer is satisfied with the
same.

Consequences for non payment of TDS
S. No. U/s Description
1 40(a) Disallowance of expenses in computing taxable income of payer. Allowance in
the year of deduction
2 201(1) Recovery of tax not deducted / deposited or short deducted / deposited
3 201(1A) Interest @ 1% / 1.5% per month or for part of the month
4 221 Penalty – not exceeding the amount of tax not paid
5 271C Penalty – not exceeding the amount of tax not withheld
6 276B Prosecution

 Appointment of Auditor.
 Statutory Audit by a qualified Chartered Accountant (CA).
 Maintain minutes of all Board Meetings and General Meetings
 Maintain following registers:
 Register of Members
 Register of Directors
 Register of Director’s Shareholdings, if any
 Register of Allotment money received
 Register of Share Transfers
 Register of Issue of Duplicate certificates
50
Compliances under Companies Act, 2013

Labour Law – Compliances
SN. Particulars EPF ESI Bonus Gratuity
1 Applicable to
establishment(s)
Employing 20 or more
employees in a day.
Employing 10 or more employees in a day.
2 Wages/ Salaries < Rs. 15,000 < Rs. 21,000 -
3 Employer Contribution P.F. - 12%
EDLI - 0.5 %
Adm. Charges 0.65 %
4.75% - -
4 Employee
Contribution
12% 1.75% - -
5 Minimum Amount - - 8.33% of Annual
Wages/ Salaries
-
6 Maximum Amount - - 20% of Annual
Wages/ Salaries
-

 IEC: Importer Exporter Code has to be obtained to import and/or
export goods into/from India.
 Registration under Shops and Establishment legislations is a State
specific requirement and has to be obtained for any business
establishment.
 Registration under Professional tax legislation is a State specific
requirement and has to be obtained for provision of specified
professional services.
 Minimum Wages.
 Other Compliances.
Compliances - Others

MSME
ENTERPRISE
Manufacturing Enterprise Service Enterprise
Ceiling on investment in Plant
& Machinery
Ceiling on investment in
equipment
Rs. 25 lakhs
Rs. 5 Crores
Rs. 10 Crores Rs. 5 Crores
Rs. 2 Crores
Rs. 10 lakhsMICRO
SMALL
MEDIUM

 One of the major benefits available to an MSME is the time limit provided
under the Act within which the debtor of the MSME needs to make
payment to the MSMEs.
 Also corporates are required to disclose in their balance sheets dues from
MSMEs and whether such dues have remained unpaid for more than 45
days.
 If an MSME does not receive the amount due along with interest, he an
refer the matter to Micro and Small Enterprises Facilitation Council;
MSME Benefits

Credit Guarantee Scheme:
The scheme covers collateral-free credit facility to new and existing MSMEs
to provide credit facilities up to Rs.100 lakh without any collateral securities
or third party guarantee for both long term as well as working Capital
facility.
Skill Development Scheme:
The Ministry of MSME promotes the development of MSMEs in the country
with the objective of creating self-employment opportunities and
upgrading the relevant skills of existing and potential entrepreneurs. By
conducting Work Shops, Exhibition Stalls, Skill Development Fairs etc.
MSME Benefits

Procurement preference:
 As per Public Procurement Policy for MSMEs Order, 2012 wef; 1-4-2012,
every Central Ministry or Department or PSU shall procure minimum 20%
of the goods & services from MSMEs.
 State Governments in their respective states provide some of the
benefits:
 Power tariff subsidies
 Capital Investment subsidies
 Specialized Industrial Estates
MSME Benefits

 Scheme for 'Providing financial assistance on International Cooperation.
 Marketing support under the Marketing Assistance scheme.
 financial assistance of up to 95% of airfare and space rent of
entrepreneurs on the basis of size and type of the enterprise.
 ISO 9000/ISO 14001 Certification Reimbursement Scheme – up to 75%
subject to maximum of Rs. 75K.
 Bill Discounting Schemes
MSME Benefits

MINISTRY OF AGRICULTURE:
 Marketing Research and Information Network
 100% Grant by Government of India
MSME Benefits

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59
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Managing Partner
suresh@sbsandco.com
9440883366
Agribusiness and
Innovation Platform
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Discussion on GST Laws
CA Sri Harsha
CA Manindar
by
Agribusiness and Innovation Platform

2
 Understanding of GST
 Registration
 Reverse Charge
 Input Tax Credit
 Tax Invoices
 Returns
 Exports
 Exemption for Start Ups
Items for Discussion:

4
Understanding GST:
GST
Intra State Supplies
CGST
SGST
Inter State Supplies IGST

5
 It would be a dual GST with the Centre and States simultaneously levying it on a common tax base. The
GST to be levied by the Centre on intra-State supply of goods and / or services would be called the
Central GST (CGST) and that to be levied by the States would be called the State GST (SGST). Similarly
Integrated GST (IGST) will be levied and administered by Centre on every inter-state supply of goods
and services.
 If a chartered accountant having place of business in Hyderabad provides a service to a client located in
Hyderabad, then he has to charge two taxes namely CGST and SGST on the same value.
 If a chartered accountant having place of business in Hyderabad provides a service to a client located in
Bangalore, then he has to charge IGST instead of CGST and SGST on the same value. The component of
SGST in IGST shall be shared by the central government to the respective state government where the
supply is consumed/deemed to be consumed.
Understanding GST:

6
 Central Goods and Services Tax Act, 2017;
 State Goods and Services Tax Act, 2017 (Each State shall have separate law);
 Integrated Goods and Services Tax Act, 2017;
 Union Territory Goods and Services Tax Act, 2017;
 Goods and Services Tax (Compensation to States) Act, 2017
Understanding GST:

 Section 22 – Persons Liable for Registration;
 Section 23 – Persons Not Liable for Registration;
 Section 24 – Compulsory Registration in Certain Cases;
 Section 25 – Procedure for Registration;
 Section 26 – Deemed Registration;
 Section 27 – Special Provisions relating to Casual Taxable Person & NR Taxable Person;
 Section 28 – Amendment of Registration;
 Section 29 – Cancellation of Registration;
 Section 30 – Revocation of Cancellation of Registration;
 Section 139 – Migration of Existing Tax Payers
 Rule 8 to Rule 26 of CGST Rules, 2017
Relevant Statutory Provisions:
8

Persons liable for Registration – Section 22
9

❖ Every supplier shall be liable to be registered in the state or union territory, from where he makes a
taxable supply of goods/services/both, if his aggregate turnover in a financial year exceeds Rs 20 lakhs
– 22(1) of CGST Act.
❖ Aggregate Turnover has been defined vide Section 2(6) of CGST Act. Further, the explanation to Section
22 also specifies what has to be considered/not to be considered in aggregate turnover.
❖ 2(6) – means aggregate value of:
❖ All taxable supplies (excluding the value of inward supplies on which tax is payable under reverse charge);
❖ Exempt supplies;
❖ Export of Goods/Services/Both;
❖ Inter-State supplies of persons having the same PAN, to be computed on all India basis
❖ excludes central tax, state tax, UT tax, Integrated tax and cess
Persons liable for Registration – Section 22:
2(108) – taxable supply means a supply of goods or services or both which is leviable to tax under this Act
10

❖ Explanation to Section 22:
❖ shall include all supplies made by the taxable person on his own account or made on behalf of all his
principals;
❖ supply of goods, after completion of job work, by a registered job worker shall be treated as supply of
goods by principal as per Section 143 and the value of such goods shall not be included in the
aggregate turnover of registered job worker;
❖ The person who is required to register has to register his place of business and also has to specify the
principal place of business.
Persons liable for Registration – Section 22:
2(85) – Place of Business includes –
a. place from where business is ordinarily carried on, and includes a warehouse, godown or any other place where
a taxable person stores his goods, supplies/receives goods/services or both; or
b. place where taxable person maintains his books of accounts; or
c. place where taxable person engaged in business through an agent, by whatever name called
11

Persons Not liable for Registration – Section 23
12

❖ The following persons shall not be liable to registration, namely –
❖ any person engaged exclusively in business of supplying goods or services or both that are not liable to tax or
wholly exempt from tax under this Act or IGST Act
❖ An agriculturist, to the extent of supply of produce out of cultivation of land.
Persons Not liable for Registration:
2(7) – agriculturist means an individual or HUF who undertakes cultivation of land –
a. By own labour;
b. By the labour of family;
c. By servants on wages payable in cash or kind or by hired labour under personal supervision or personal
supervision of any member of the family
13

Compulsory Registration – Section 24
14

❖ Notwithstanding anything contained in Section 22(1), the following categories of persons shall be
required to registered under this Act –
❖ persons making inter-state taxable supply;
❖ causal taxable persons making taxable supply;
❖ persons who are required to pay tax under reverse charge;
❖ person who are required to pay tax under Section 9(5);
❖ non-resident taxable person making taxable supply;
❖ person who are required to deduct tax under Section 51;
❖ person who make taxable supply of goods/services/both on behalf of other taxable persons whether as
agent/otherwise;
❖ Input Service Distributor;
❖ persons who supply goods/services/both, other than supplies specified in 9(5), through e-commerce operator
who is required to collect tax at source under Section 52;
❖ every electronic commerce operator;
❖ every person supplying OIDAR services from a place outside India to person in India, other than registered person
Compulsory Registration – Section 24:
15

Inter State Supply – Compulsory Registration:
07
Loc of Supplier & PoS
Same State/UT
Intra State Supply
CGST & SGST
Different States/UT/State & UT
Inter State Supply
IGST
16

Inter State Supply – Compulsory Registration:
08
Deemed
IGST
Supplies
Supplies made to or by SEZ developer or Unit
Supplier located in India and PoS is outside India
Supplies in TT, not being and intra state supply specified elsewhere
Goods imported into India till they cross customs frontiers
Supplies made to tourist referred in Section 15
Supply of Services imported into territory of India
17

Reverse Charge – Section 9(3) & 9(4)
18

❖ Principally, under the indirect taxation laws, the tax has to be collected and paid by the supplier, who is
engaged in supply of goods or services. However, under certain notified circumstances, the burden of
payment of tax is shifted on the recipient of the supply of goods or services. Hence, colloquially, the said
tax shift is referred as reverse charge.
❖ Under GST laws, the recipient is obliged to pay tax on receipt of supply of goods or services or both vide
two sections, namely Section 9(3) and 9(4) of Central Goods & Services Tax Act, 2017 (CGST Act).
❖ Section 9(3) of CGST Act talks about instances, where the tax has to be paid by recipient of supply of
specific goods or services or both, as notified by the government. Vide Notification No 04/2017 – CT
(Rate) dated 28th June, 17 and Notification No 13/2017- CT (Rate) dated 28th June, 17, the government
has notified the specific category of goods and services respectively on which reverse charge is
applicable.
Reverse Charge:
19

❖ Section 9(4) of CGST Act talks about instances, where tax has to be paid by recipient of supply of goods
or services or both, when purchased from an unregistered supplier. Hence, all taxable purchases made
from unregistered supplier would attract tax under reverse charge.
❖ However, the central government on recommendations of the council has exempted supplies
aggregating to the value of Rs 5,000/- per day when purchased from unregistered supplier vide
Notification No 8/2017-CT (Rate) dated 28th June, 17.
Reverse Charge:
20

❖ Normally credit of tax paid is available on all supplies which are used or intended to be used in the
course or furtherance of his business. However, credit is not available on those which are expressly
blocked.
❖ Under GST Regime, credits are monitored electronically. Full ITC can be claimed on Capital Goods in the
year of procurement.
❖ Conditions for availment of ITC:
 Recipient is in possession of tax invoice, debit note or any other tax paying document as prescribed
 Recipient has received the goods or services
 The tax charged in respect of supply should have been paid to Government by the corresponding supplier
 The recipient has furnished return under section 39
❖ ITC relating to inward invoices of a FY can be claimed after due date for furnishing return for September
following the end of FY or furnishing of annual return which ever is earlier.
Input Tax Credit – Salient Features:
22

❖ ITC on motor vehicles and other conveyances except—
 When used for transportation of goods
 When used for further supply of such vehicles or conveyances
 When used for transport of passengers or imparting driving, flying, navigating such vehicles or conveyances
❖ Works contract services when supplied for construction of an immovable property (other than plant and
machinery) except where it is an input service for further supply of works contract service;
❖ Goods or services or both received by a taxable person on his own account for construction of
immovable property other than plant and machinery;
❖ Goods lost, stolen, destroyed, written off or disposed by way of gift or free samples;
❖ Food and beverages, outdoor catering, beauty treatment, health services, cosmetic and plastic surgery
except when used to supply same category of outward supply
Input Tax Credit – Blocked:
23

❖ Membership of health, club and fitness centre;
❖ Rent-a-cab except when used to supply same category of outward supply;
❖ Life insurance and health insurance except-
 where Government notifies the services which are obligatory for employer to provide employees under any law
 where the services are used to supply same category of outward supply
❖ Travel benefits extended to employees on vacation such as leave or home travel concession
Input Tax Credit – Blocked:
24

26
Tax Invoice – Section 31:
❖ Every registered person supplying taxable goods shall issue an invoice containing particulars, as
prescribed, before or at the time of:
 removal of goods for supply to the recipient, where supply involves movement of goods;
 delivery of goods or making available thereof to the recipient, in any other case.
❖ Every registered person supplying taxable services shall issue an invoice, before or after the provision of
service but within an prescribed period (30 days – as per Rules)
❖ A registered person supplying exempted goods or services or both or paying tax under Section 10 shall
issue, instead of tax invoice, a bill of supply.

27
Tax Invoice – Section 31:
❖ A registered person shall, on receipt of advance payment with respect to any supply of
goods/services/both, issue a receipt voucher or any other document evidencing receipt of such
payment and consequently if no supply is being done, the supplier shall issue as refund voucher.
❖ A registered person who is liable to pay tax under Section 9(3)/9(4) shall issue an invoice in respect of
goods/services/both received by him from the supplier who is not registered as on the date of receipt
of goods/services/both. Further, the recipient has to issue a payment voucher at the time of making
payment to supplier.
❖ No standard format is prescribed for an invoice. However, the particulars which has to be mentioned
in the invoice are specified vide Rule 46 of CGST Rules, 2017. The detail formats can be viewed at
https://sbsandco.bitrix24.in/~wYbsW.

29
Returns:
S.No Return For To be Filed by Section
1 GSTR 1 Outward Supplies 10th of next month 37
2 GSTR 2 Inward Supplies 15th of next month 38
3 GSTR 3 Monthly Return 20th of next month 39(1)
4 GSTR 4 Quarterly Return - Composition Within 18 days from end of such quarter 39(2)
5 GSTR 5 Non – Resident Foreign Tax Payer Within 20 days after end of calendar month or 7 days
after the last day of period of registration, whichever is
earlier
39(5)
6 GSTR 6 Return for ISD 13th of next month 39(4)
7 GSTR 7 Return for TDS – Sec 51 10th of next month 39(3)
8 GSTR 8 E-Commerce Operator – Sec 52 10th of next month 52(4)
9 GSTR 9 Annual Return 31st Dec following the end of Financial Year 44(1)

30
Returns – Certain Other Info:
❖ The returns for the month of July, 17 has been extended to Oct,17. The due dates for returns for other
months till December are expected to be extended.
❖ However, the returns for all those period has to be filed in a simple format GSTR - 3B, which captures all
the incomes and credits on a summary basis. The said return has to be filed for every month by 20th of
next month.
❖ The tax has to be paid before filing the GSTR – 3B and the due date for payment of tax is the due date
for filing the GSTR – 3B.

32
E-Commerce Operators:
❖ The phrase electronic commerce has been defined vide Section 2(44) of CGST Act which means the
supply of goods or services or both including digital products over digital or electronic network.
❖ The phrase electronic commerce operator has been defined vide Section 2(45) of CGST Act which
means any person who owns, operates or manages digital or electronic facility or platform for
electronic commerce.
❖ The government shall notify certain categories of e-commerce operators who are engaged in supply of
services to pay tax on services provided vide such platform. If the e-commerce operator does not have
physical presence in India, any person representing such operator shall be required to pay tax.
❖ E-commerce operator either in goods or services shall not be eligible for the benefit of composition
scheme under Section 10.

33
E-Commerce Operators:
❖ Every e-commerce operator shall be liable for obtaining registration and he is not eligible for the basic
exemption limit under Section 22.
❖ Every e-commerce operator shall collect an amount at such rate not exceeding 1%, of the net value of
taxable supplies made through it by other suppliers where the consideration with respect to such
supplies is to be collected by operator.
❖ Net value of taxable supplies shall mean the aggregate value of taxable supplies of goods or services or
both other than the services notified under Section 9(5), made during any month by all registered
persons through the operator reduced by aggregate value of taxable supplies returned to the suppliers
during the month.

Export of Goods or Services
34

35
Exports:
❖ Export of goods or services are zero rated under GST. As per Section 16 of IGST Act, export of goods or
services or supply of goods or services to SEZ unit or developer are called as Zero Rated Supplies.
❖ Hence, there shall not be any tax on such transactions. However, input tax credit accumulated because
of zero rated supplies can be availed as refund under Section 54 of CGST Act.

37
Exemptions:
Entry 44 of Notification No 12/2017 – CT (Rate) dated 28th June, 17:
❖ Services provided by an incubatee up to a total turnover of fifty lakh rupees in a financial year subject
to the following conditions, namely:
(a) the total turnover had not exceeded fifty lakh rupees during the preceding financial year; and
(b) a period of three years has not elapsed from the date of entering into an agreement as an incubatee.
❖ 2(zh) - incubatee:
 means an entrepreneur located within the premises of a Technology Business Incubator or Science and
Technology Entrepreneurship Park recognised by the National Science and Technology Entrepreneurship
Development Board (NSTEDB) of the Department of Science and Technology, Government of India and who has
entered into an agreement with the Technology Business Incubator or the Science and Technology
Entrepreneurship Park to enable himself to develop and produce hi-tech and innovative products

38
Exemptions:
❖ Services relating to cultivation of plants except the rearing of horses, for food, fibre, fuel, raw material or
other similar products or agricultural produce by way of:
(a) agricultural operations directly related to production of any agricultural produce including cultivation,
harvesting, threshing, plant protection or testing;
(b) supply of farm labour
(c) processes carried out at an agricultural farm including tending, pruning, cutting, harvesting, drying, cleaning,
trimming, sun drying, fumigating, curing, sorting, grading, cooling or bulk packaging and such like operations
which do not alter the essential characteristics of agricultural produce but make it only marketable for the
primary market
(d) renting or leasing of agro machinery or vacant land with or without a structure incidental to its use;
(e) loading, unloading, packing, storage or warehousing of agricultural produce
(f) agricultural extension services
(g) services by any Agricultural Produce Marketing Committee or Board or services provided by a commission agent
for sale or purchase of agricultural produce.

39
Exemptions:
2(c) - agricultural extension services:
means application of scientific research and knowledge to agricultural practices through farmer education or
training.
2(d) - agricultural produce:
means any produce out of cultivation of plants and rearing of all life forms of animals, except the rearing of horses,
for food, fibre, fuel, raw material or other similar products, on which either no further processing is done or such
processing is done as is usually done by a cultivator or producer which does not alter its essential characteristics
but makes it marketable for primary market
2(e) - Agricultural Produce Marketing Committee or Board:
means any committee or board constituted under a State law for the time being in force for the purpose of
regulating the marketing of agricultural produce

40
Exemptions:
❖ Carrying out an intermediate production process as job work in relation to cultivation of plants and rearing of all
life forms of animals, except the rearing of horses, for food, fibre, fuel, raw material or other similar products or
agricultural produce.
❖ Services by way of pre-conditioning, pre-cooling, ripening, waxing, retail packing, labelling of fruits and vegetables
which do not change or alter the essential characteristics of the said fruits or vegetables.

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41
Thank you!!!
CA Sri Harsha
95-81-00-03-27
harsha@sbsandco.com
Agribusiness and
Innovation Platform
At
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