(This article elucidates on what is digital signature, different types of digital signature, digital signature certificate, who issues digital signature certificate and what is USB token) What is the digital signature? Digital signature is a digital code generated (electronic signature) to validate the authenticity and sender’s identity of an electronically transmitted document. Like physical documents are…
The Director Identity Number (DIN) is the number through which the Registrar of Companies (ROC), Ministry of Corporate Affairs (MCA), Government of India, identifies directors of companies. A director of a company is thus required to register his/her DIN to deal with the MCA. Process of obtaining DIN: The e-form DIR 3 for the purpose…
The word PAN stands for Permanent Account Number (PAN) for tax payment purposes. It is compulsory that a person who makes tax payment on his income must quote PAN under the Income Tax Act, 1961. The applicant for PAN may be Individual, HUF, Company, Firm, Association, Trust, Local authority etc. The Central Board of Direct…
The word TAN stands for Tax Deduction Account Number (TAN) for depositing tax deducted at source(TDS). It is also known as Tax collection Account Number. Section 272 BB (1) IT Act imposes the penalty of Rs.10000/-, for not having obtained TAN, to a person who is responsible for deduction tax at source. Further, as per section…
The Government of India has vide its Notification F.No. 4(16)-W&M/2016 dated October 20, 2016, announced that the Sovereign Gold Bonds 2016 – Series III (“the Bonds”) will be open for subscription from October 24, 2016, to November 2, 2016. The Government of India may, with prior notice, close the Scheme before the specified period. The date…
The first two decades after independence, India had almost a constant peg against the US dollar at Rs.4.75/$, how the value of Indian Rupee drifted down to present level? In replying to the above question, I would like to add-on how our economy has been time and again battered due to various factors which led…
The penal measures that can be taken against wilful defaulters are outlined in RBI circular DBR.CID.BC.No.22/20.16.003/2015-16 dated July 1, 2015. In this regard, RBI made an observation that the Photographs of defaulters/guarantors are published indiscriminately by some of the lending institutions. In this context, the apex bank has directed lending institutions as under. (i) A…
The Income Declaration Scheme, 2016 has come into effect from June 1, 2016. Under the said scheme, the declarants may pay their tax dues in cash at the Bank counters. In this connection, RBI invites attention to its circular DBOD.No.Leg.BC.38/09.07.005/2008-09 dated August 28, 2008, wherein banks have been advised to ensure that their branches invariably accept…
There is no prescribed format for a WILL; you can write a WILL in your own language in your own style. It is not necessary that any technical words or terms of art be used, no need to approach a lawyer to prepare a “WILL”, but only that the wording used in the ‘WILL’ shall…
The term WILL is, defined under Section 2(h) of the Indian Succession Act 1925. It is a declaration in writing by the Testator (A person who makes a will), showing how his/her properties and assets should be distributed after his/her death. The WILL surpasses the succession law on inheritance. The person, whose name is mentioned…