Fast track exit mode -- stamp duty
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 November 2011
I want to windup a pvt company by fast track exit mode 2011 of MCA. company is not active.
In fast track exit mode scheme it requires a affidavit by all directors and a indeminity bond as a attachment.
Whether any stamp duty is required for indemnity bond and affidavit ?
In fast track exit mode scheme it requires a affidavit by all directors and a indeminity bond as a attachment.
Whether any stamp duty is required for indemnity bond and affidavit ?
01 November 2011
1. Affidavit in Rs.20/- stamp paper.
2. Indemnity bond in Rs. 100/- stamp paper.
2. Indemnity bond in Rs. 100/- stamp paper.
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 November 2011
Thanks sir,
I have some more queries
1. Whether we can prepare single indemnity bond for both director ?
2. Both directors not have DIN No. Whether DIN no. is compulsory ?
3. In above company one director not have PAN No.. whether he has to get PAN.
4. Whether physical submission of affidavit and indemnity bond required ?
I have some more queries
1. Whether we can prepare single indemnity bond for both director ?
2. Both directors not have DIN No. Whether DIN no. is compulsory ?
3. In above company one director not have PAN No.. whether he has to get PAN.
4. Whether physical submission of affidavit and indemnity bond required ?
24 July 2024
In the context of winding up a private company under the Fast Track Exit (FTE) Mode 2011 of the Ministry of Corporate Affairs (MCA), here are the clarifications to your queries:
1. **Stamp Duty on Indemnity Bond and Affidavit:**
- Generally, stamp duty is not required on indemnity bonds and affidavits executed for winding up purposes under the FTE Scheme. These documents are typically executed on non-judicial stamp paper of nominal value (such as Rs. 100 or Rs. 200, depending on the state), which is sufficient for the purpose of filing with the authorities.
2. **Single Indemnity Bond for Both Directors:**
- Yes, you can prepare a single indemnity bond that is signed by both directors. The indemnity bond should cover both directors' responsibilities and assurances related to winding up the company.
3. **Directors' Identification Number (DIN):**
- Directors Identification Number (DIN) is mandatory for directors of companies in India. If the directors do not have DIN, they will need to apply for DIN before proceeding with the winding up process under the FTE Scheme.
4. **PAN (Permanent Account Number) Requirement:**
- Yes, PAN is mandatory for all directors of a company. If a director does not have a PAN, they must obtain one before proceeding with the FTE Scheme. PAN is required for filing various documents with the authorities, including the final tax returns and closure documents.
5. **Physical Submission of Affidavit and Indemnity Bond:**
- As per the FTE Scheme guidelines, the affidavit and indemnity bond can be submitted physically. Ensure that these documents are executed properly, signed by all necessary parties (directors), and filed along with the application for closure under the FTE Scheme.
It's advisable to consult with a professional such as a Company Secretary or a Chartered Accountant who can assist in preparing the necessary documents correctly and navigating the requirements of the FTE Scheme for the smooth winding up of the company. They can also provide guidance specific to your state's stamp duty requirements, if any, on such documents.
1. **Stamp Duty on Indemnity Bond and Affidavit:**
- Generally, stamp duty is not required on indemnity bonds and affidavits executed for winding up purposes under the FTE Scheme. These documents are typically executed on non-judicial stamp paper of nominal value (such as Rs. 100 or Rs. 200, depending on the state), which is sufficient for the purpose of filing with the authorities.
2. **Single Indemnity Bond for Both Directors:**
- Yes, you can prepare a single indemnity bond that is signed by both directors. The indemnity bond should cover both directors' responsibilities and assurances related to winding up the company.
3. **Directors' Identification Number (DIN):**
- Directors Identification Number (DIN) is mandatory for directors of companies in India. If the directors do not have DIN, they will need to apply for DIN before proceeding with the winding up process under the FTE Scheme.
4. **PAN (Permanent Account Number) Requirement:**
- Yes, PAN is mandatory for all directors of a company. If a director does not have a PAN, they must obtain one before proceeding with the FTE Scheme. PAN is required for filing various documents with the authorities, including the final tax returns and closure documents.
5. **Physical Submission of Affidavit and Indemnity Bond:**
- As per the FTE Scheme guidelines, the affidavit and indemnity bond can be submitted physically. Ensure that these documents are executed properly, signed by all necessary parties (directors), and filed along with the application for closure under the FTE Scheme.
It's advisable to consult with a professional such as a Company Secretary or a Chartered Accountant who can assist in preparing the necessary documents correctly and navigating the requirements of the FTE Scheme for the smooth winding up of the company. They can also provide guidance specific to your state's stamp duty requirements, if any, on such documents.
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