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What is a Memorandum of Association (MOA)?

MOA contains the name of a company, the state in which the registered office of the company is located, objectives, and its authorised capital. The MOA has to be executed by the initial promoters of the company. The subscription to MOA should also require to be witnessed.
The details of subscribers to the MOA cannot be amended or changed at any point of time during the life of the company, as it constitutes the document giving birth to a company.


What is Authorised Capital?

Authorised Capital or Registered Capital of a company is the upper limit of capital that a company can issue shares and collect money from shareholders. The company registration fee is payable to ROC and will be calculated on the basis of Authorised Capital.
There are no minimum capital requirements for a private company. Authorised capital can be enhanced at any time by passing a resolution at a meeting of shareholders. The requisite fee for an increase of capital is to be paid to the Registrar of Companies.


What is a Corporate Identification Number (CIN)?

CIN is the number allotted to a company registered in India by the Ministry of Corporate Affairs, Government of India.
CIN is a 21-digit number that contains information such as Status (listed / unlisted), NIC code of business activity, State of registration, Year of registration, Private or Public and the Registration Number in the respective state.


What is Tax Collection at Source (TCS)?

The e-commerce operator is required to collect an amount at the rate of one percent (0.5% CGST + 0.5% SGST) of the net value of taxable supplies made through it, where the consideration with respect to such supplies is to be collected by such operator. The amount so collected is called Tax Collection at Source (TCS).


How can actual suppliers claim credit for this TCS?

The amount of TCS paid by the operator to the government will be reflected in the GSTR-2 of the actual registered supplier (on whose account such collection has been made) on the basis of the statement filed by the operator. The same can be used at the time of discharge of tax liability in respect of the supplies made by the actual supplier


What Are the Different GST Rates?

GST rates vary based on the nature and form of goods and services. Various GST slab rates fall into 4 categories such as – 5%, 12%, 18% and 28%. These GST rates are decided by the GST council and are amended each year.

While the 5% tax slab is charged on necessities like medicines and essential food items, the highest GST rate, 28%, is levied on luxury goods like cars, washing machines, etc.


Who Can Claim Input Tax Credit (ITC) Under GST?

Every taxpayer except a person registered under the composition scheme can claim ITC only when the below conditions are satisfied.

  1. The previous returns due are filed, and tax liability is paid to the government
  2. The tax invoice must be possessed by the supplier, and the goods/services must be received
  3. In the case of instalments, ITC can only be claimed when the last lot of goods is received
  4. One cannot claim ITC in the case where depreciation is claimed on the tax component of capital goods


What is the difference between PAN and TAN?

PAN stands for Permanent Account Number and TAN stands for Tax Deduction Account Number. TAN is to be obtained by the person responsible to deduct tax, i.e., the deductor. In all the documents relating to TDS and all the correspondence with the Income-tax Department relating to TDS one has to quote his TAN.

 PAN cannot be used for TAN, hence, the deductor has to obtain TAN, even if he holds PAN.

 However, in case of TDS on purchase of land and building (as per section 194-​IA ) as discussed in previous FAQ, the deductor is not required to obtain TAN and can use PAN for remitting the TDS.​


I have not received TDS certificate from the deductor. Can I claim TDS in my return of income?

Yes, the tax credit in your case will be reflected in your Form 26AS and, hence, you can check Form 26AS and claim the credit of the tax accordingly. However, the claim of TDS to be made in your return of income should be strict as per the TDS credit being reflected in Form 26AS. If there is any discrepancy in the tax actually deducted and the tax credit being reflected in Form 26AS then you should intimate the same to the deductor and should reconcile the difference. The credit granted by the Income-tax Department will be as per Form 26AS.