Documents required
- Memorandum Of Association
- Articles Of Association
- PAN Card
- Lease Agreement
Exemptions
- Senior Citizens
- People who earn wages on a casual basis
- Individuals who are completely reliable on agricultural activity for making an income.
Consequences
- Delay in Registration or Enrollment: INR 50 per day
- False Information: INR 5000 per day
- Willful failure to maintain accounts and documents related to the provision: INR 50/- per Day
- Failure to comply with any of the provisions of the Act: A penalty of INR 5000/- plus INR 50/- per day if the same continues.
- No penalty under this section shall be imposed without offering the assessee a reasonable opportunity of being heard.
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