A Comprehensive Guide On Tax Audit Under Section 44AB
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Income Tax regulations were put in place to ensure economic parity between citizens of the nation. Income tax is higher for taxpayers with a higher income. The tax collected is used for the collective welfare of the nation.

However, to ensure that taxpayers pay taxes correctly and disclose their income in the proper manner, the income tax regulations have mandated an audit of the books of accounts of certain taxpayers that cross the threshold. An Income Tax Audit is the assessment of the books of the accounts of a business to calculate the income tax payable by the business correctly.

An independent third party usually conducts an audit at consistent periodic intervals. If mandated, an income tax audit is conducted every year before the due date of filing income tax returns. In some instances, the income tax regulations mandate a regular audit of the entire books of accounts of the business as well. This is to ensure that the financial reporting is also done correctly, not just the tax reporting.

Various sections of the Income Tax Act cover the income tax regulations around tax audits. Based on the eligibility criteria of the section, a business or profession will have to comply with the regulations under that section.

Conditions for a Mandatory Tax Audit - Section 44AB

This section states the threshold limit for a mandatory tax audit. If a business or profession crosses this threshold, it becomes mandatory for them to conduct a tax audit. It is integral to note that for taxpayers with more than one business or profession, the aggregate turnover will have to be above the threshold limit for a tax audit to become mandatory.

This section states that if the gross turnover of a business in the preceding year crosses Rs. 1 crore, the business will have to get a tax audit done. Here, the preceding year means the year before the financial year in which the tax audit is required. If the cash transactions are less than 5%, then the threshold is Rs. 10 crores.

This section also states that if the gross receipts from a taxpayer’s profession cross Rs. 50 lakhs in the preceding year, an audit of the taxpayer’s profession becomes mandatory.

Section 44AB also states that if a business or profession has opted for presumptive taxation as per Section 44ADA, Section 44AE, Section 44BB or Section 44BBB and the profit declared is less than the specified limit, a tax audit becomes mandatory.

The due date for completion of tax audit and filing returns is 30 September of the assessment year. The tax audit report is filed through Form 3CA and Form 3CD.

Regulations Around Maintaining Books of Accounts for an Audit - Section 44AA

This section states how different businesses or professions should maintain their books of account upon crossing a certain threshold. This will help maintain transparency and facilitate a smooth tax audit or tax assessment if the need arises. The following are the regulations as per this section.

  1. A taxpaying professional in the fields of medicine, law, architecture or any other form of consultancy or industry-specific expertise will have to maintain a cash book, ledgers, journals, and stock registers if their gross income is less than Rs. 1,50,000 in 3 preceding years before the current financial year.

  2. Suppose the taxpayer’s profession is not one of the specified professions, and the gross receipts are more than Rs. 10,00,000 in any one of the 3 preceding years before the current financial year. In that case, the taxpayer will have to maintain adequate books of accounts that will assist an assessing officer in verifying the tax.

  3. If the taxpayer has opted for presumptive income but is not subject to a tax audit, the taxpayer may choose to maintain supporting documents corresponding to the books of accounts. Presumptive income was introduced to allow small businesses to carry on their business without too much hassle with compliances. As per Section 44AD and Section 44AE, taxpayers can opt for presumptive income and pay income tax on the basis of an estimated income at a set rate. However, if a taxpayer opts out of taxation as per presumptive income, they cannot opt back in for 5 years.
Also Read: Avoid The 5 Common Mistakes While Planning Tax Savings For A Secure Tomorrow

Presumptive Taxation - Section 44AD

Under this section, tax is calculated at a flat rate of 8% on the gross turnover if the total gross turnover of the business is less than Rs. 1 crore in that year. For professionals, the taxable income will be 50% of the total receipts, but only if the total income of that year does not exceed Rs. 50 lakhs.

A taxpayer can opt for this only if the annual turnover or gross receipts in the previous year did not cross Rs. 2 crores. The 8% (or 6% in some cases) will be considered the profit component, upon which tax will be calculated as per regular slab rates. The taxpayers cannot claim any depreciation or any other deduction if they opt for this presumptive taxation scheme.

The following people are eligible to opt for this tax scheme:

  1. Individual who is a resident
  2. Partnership Firm
  3. Hindu Undivided Family (HUF)
The following taxpayers cannot opt for presumptive taxation under Section 44AD.

  1. Businesses indulging in plying of vehicles and leasing or renting of products.
  2. Those carrying out a specific profession, as mentioned under Section 44AA.
  3. Those who do not qualify as residents of the country.
  4. Limited liability partnerships.
  5. Those who opted out of the presumptive tax scheme - for 5 years
If a taxpayer feels that the profit from the business or profession is less than 8% which will reduce the tax liability, the books of accounts will have to be audited.

Presumptive Taxation - Section 44AE

This section is applicable only to taxpayers in the business of plying, leasing, or renting vehicles carrying goods. However, the taxpayer’s business should not own more than 10 carriages at any time during the previous year. To this section, a carriage is divided into two sections - heavy goods vehicles and goods vehicles that are not heavy goods vehicles. A good vehicle weighing more than 12,000 kilograms is considered a heavy goods vehicle.

Under Section 44AE, the profits of the business are calculated in the following manner:

  1. Rs. 1,000 per ton of the weight of the heavy goods vehicle for every month or part of the month in which the taxpayer owned the vehicle or the amount that the taxpayer declares to have earned from the vehicle.
  2. Rs. 7,500 per ton for every month or part of the month during which the taxpayer owns vehicles that are not heavy goods vehicles.

Presumptive Taxation - Section 44ADA

The following taxpayers are eligible to opt for this scheme.

  1. Individual who is a resident
  2. Partnership Firm
  3. Hindu Undivided Family (HUF)
The taxpayer should be indulged in the following businesses:

  1. Interiors
  2. Technical Consultant
  3. Engineer
  4. Legal
  5. Architecture
  6. Medical
  7. Accountancy
  8. Specific sports-related persons
  9. Film artists
  10. Company secretaries
  11. Authorized representatives
Taxpayers can opt for Section 44ADA whenever they wish, and they will not have to wait for 5 years to opt for this section. The taxpayers will have to declare a taxable income of 50% of the total receipts, but only if the total income of that year does not exceed Rs. 50 lakhs.

Presumptive Taxation - Section 44AF

This section is specifically for retail businesses. The taxpayer can declare 5% of the total turnover to be subjected to taxation. This section is only applicable if the total turnover was less than Rs. 40 lakhs in the financial year.

Presumptive Taxation - Section 44BB

This section is specifically for the business of exploration, like the exploration of mineral oils. This would include supplying machinery for the production or extraction of mineral oils like petroleum or natural gas as well. Here, 10% of the amount earned (whether received or to be received) against the services rendered will be subjected to tax.

Presumptive Taxation - Section 44BBB

This section is specifically for the business of civil construction in turnkey power projects. Here, 10% of the amount earned (whether received or to be received) against the services rendered will be subjected to tax.

Also Read:Income Below Taxable Limit? Here is What You Should Do

Penalty on Not Completing a Tax Audit

Failure to comply with the regulations of completing a tax audit, a taxpayer may be subjected to the following as a penalty:

  1. 0.5% of the gross sales or gross turnover, or gross receipts of the year.
  2. Rs. 1,50,000
The lower of the two will be the penalty payable.

However, in certain specific situations, this penalty may be waived. These circumstances could include the following:

  1. Natural disasters
  2. Delay on account of the tax auditor resigning.
  3. Labor strikes
  4. Loss of books of account due to genuine reasons
  5. Partner in charge of books of account becomes physically incapacitated.

Benefits of a Tax Audit

Conducting a tax audit might be beneficial for the business or profession in the following ways:

  1. A tax audit acts as a certificate or proof that a competent external party has verified that the books of accounts of the business or profession are correctly maintained.
  2. In case the business or profession is not complying with important regulations, an audit can help catch this in time, reducing the penalty burden for the business or profession and ensuring that any transacting businesses or customers also don’t get negatively impacted.
  3. Helps maintain transparency in the business or profession and avoid unnecessary compliance issues.


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FAQs – Frequently Asked Questions

  • Is tax audit mandatory in case the business or profession is making losses ?

    A tax audit becomes mandatory in the following if the business or profession has made losses in the financial year.

     

    • When a business is making losses, but the taxpayer has not opted for a presumptive taxation scheme, a tax audit is mandatory only if the turnover exceeds Rs. 1 crore.
    • When a profession is making losses, but the taxpayer has not opted for a presumptive taxation scheme, a tax audit is mandatory only if the gross receipts are more than Rs. 1 crore.
    • In case the taxpayer’s business or profession falls above the basic threshold limit for conducting a tax audit, but the business or profession made a loss, the books of account don’t have to be subjected to a tax audit unless then gross receipts or turnover is more than Rs. 1 crore. The business or profession should not have opted for any presumptive taxation scheme here.
    • Suppose the taxpayer of a business or profession has opted for presumptive taxation and made losses but falls within the threshold limit of conducting a tax audit. In that case, the taxpayer will not have to subject the books of accounts to any tax audit.
    • Suppose the taxpayer carrying on a business or profession has opted for presumptive taxation and made losses but crosses the threshold limit. In this case, a tax audit will be mandatory only if the taxpayer declares income less than the income which should be declared as per the regulations of the presumptive taxation scheme.

  • What are the components of antax audit report ?

    A tax auditor creates and submits an audit report after the completion of the tax audit of a taxpayer. This report must be filled in as per the format of Form 3CA or Form 3CB, depending on the circumstances.
    • If the taxpayer is conducting a business or profession where a tax audit has been made mandatory under any other law, the tax auditor must fill in Form 3CA.
    • If the taxpayer is conducting a business or profession where a tax audit is not mandatory as per any other law, the tax auditor must fill in Form 3CB.
    • In addition to these forms, the tax auditor also must fill in Form 3CD, which also forms a part of the audit report.

  • How should a tax audit report should be submitted ?

    The tax auditor has to tax audit report before the due date of filing the return of income. A tax auditor is required to submit a tax audit report containing details of the tax audit. This can be done online by using the login credentials of the certifying Chartered Accountant. The taxpayers are required to add the details of the certifying Chartered Accountant on their login portal as well. Once the tax auditor has uploaded the tax audit report, the taxpayer will be able to view the details. The taxpayer can then accept or reject the tax audit report on the portal. If the taxpayer has rejected the tax audit report for any reason, the tax auditor must follow the necessary procedures again till the audit report is accepted by the taxpayer.

  • What if a taxpayer has undergone a statutory audit ?

    Suppose the taxpayer’s books of accounts have undergone a statutory audit. In that case, they do not have to make their books of accounts undergo a tax audit specifically for the purpose of income tax. However, the statutory audit must be completed before the due date of filing the income tax return. The taxpayer will then have to upload the audit report from the statutory audit instead of a tax audit report.

  • What is the due date for filing income tax returns for a business that has international transactions ?

    For companies indulging in international transactions, the due date for filing income tax returns through a tax audit report is 30th November of the assessment year. The assessment year is the year immediately following the financial year. In all other cases, the due date for filing income tax returns through a tax audit report is 30 September of the assessment year. Therefore, companies have about 6 (or 7) months to complete the tax audit after the end of the financial year.

 

DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.

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In case any facilities/services, access/dissemination of information or execution of transaction is done through use of any APP related to ABC Companies, the additional terms and conditions governing the Use of APP shall be applicable and to be read along these Terms of Use.

Postings and monitoring

The Facilities Provider or ABCL or ABC Companies does not routinely monitor your postings to the Website but reserves the right to do so if deemed necessary if it is related to the facilities offered on the web site and to comply with law. However, in our efforts to promote good citizenship within the internet community, if the Facilities Provider or ABCL or ABC Companies becomes aware of inappropriate use of the Website or any of its facilities, any information, opinions, advice or offers posted by any person or entity logged in to the Website or any of its associated sites is to be construed as public conversation only, and the Facilities Provider or ABC Companies shall not be liable or responsible for such public conversation. You agree that in such cases, we will respond in any way that, in our sole discretion, as deemed appropriate. You acknowledge that Facilities Provider or ABC Companies will have the right to report to law enforcement authorities any actions that may be considered illegal, as well as any information it receives of such illegal conduct. When requested, ABC Companies/Facilities Provider will co-operate fully with law enforcement agencies in any investigation of alleged illegal activity on the internet.

Submissions and unauthorized use of any Materials contained on this Website may violate copyright laws, trademark laws, the laws of privacy and publicity, certain communications statutes and regulations and other applicable laws and regulations. You alone are responsible for your actions or the actions of any person using your user name and/or password. As such, you shall indemnify and hold Facilities Provider, ABCL / ABC Companies and its officers, directors, employees, affiliates, agents, licensors, and business partners harmless from and against any and all loss, costs, damages, liabilities, and expenses (including attorneys' fees) incurred in relation to, arising from, or for the purpose of avoiding, any claim or demand from a third party that your use of the Website or the use of the Website by any person using your user name and/or password (including without limitation your participation in the posting areas or your submissions) violates any applicable law or regulation, or the rights of any third party.

We reserve the right to terminate access to this Website at any time and without notice. Further this limited license terminates automatically, without notice to you, if you breach any of these Terms of Use. Upon termination, you must immediately destroy any downloaded and printed Materials.

If you come across any breaches/violation or offensive material you must report to us at abc.secretarial@adityabirla.com

Use of Cookies

You agree and understand that the Website will automatically receive and collect certain anonymous information in standard usage logs through the Web server, including computer/computer resource-identification information obtained from "cookies" sent to your browser from a web server or other means as explained in the Privacy Policy.  

Facilities Changes and Discontinuation

The Website reserves the right to discontinue or suspend, temporarily or permanently, the facilities. You agree that the Facilities Provider/ ABC Companies will not be liable to you in any manner whatsoever for any modification or discontinuance of the facilities. The format and content of this Website may change at any time. We may suspend the operation of this Website for support or maintenance work, in order to update the content or for any other reason.

ABCL, ABC Companies, and its directors, employees, associates, or other representatives shall not be liable for any damages or injury, arising out of or in connection with the use, or non-use including non-availability of the Website and also for any consequential loss or any damages caused because of non-performance of the system due to a computer virus, system failure, corruption of data, delay in operation or transmission, communication line failure, or any other reason whatsoever. The Website will not be responsible for any liability arising out of delay in providing any information on the Website.

Compliance with the Law

You agree that you will not:

  • Use any robot, spider, scraper, deep link or other similar automated data gathering or extraction tools, programme, algorithm or methodology to access, acquire, copy or monitor the Website, or any portion of the Website.
  • Use or attempt to use any engine, software, tool, agent, or other device or mechanism (including without limitation, browsers, spiders, robots, avatars or intelligent agents) to navigate or search the Website, other than the search engines generally available by third party web browsers
  • Post or transmit any file which contains viruses, worms, Trojan horses or any other contaminating or destructive features, or that otherwise interferes with the proper working of the Website or the facilities.
  • Attempt to decipher, decompile, disassemble, or reverse engineer any of the software, comprising or in any way making up a part of the Website or the facilities.
  • You agree not to use the facilities for illegal purposes or for the transmission of material that is unlawful, harassing, libelous (untrue and damaging to others), invasive of another's privacy, abusive, threatening, or obscene, or that infringes the rights of others.

Restrictions on Commercial Use or Resale

Your right to use the facilities is personal to you; therefore, you agree not to resell or make any commercial use of the facilities. In addition, the Website welcomes your feedback as a user of the facilities. Any feedback you provide will become the confidential and proprietary information of the Website, and you agree that the Website may use in any manner and without limitation, all comments, suggestions, complaints, and other feedback you provide relating to the Website. The Website shall have a worldwide, royalty-free, non-exclusive, perpetual, and irrevocable right to use feedback for any purpose, including but not limited to incorporation of such feedback into the Website or other Website software or facilities.

No Endorsements

All product and facilities marks contained on or associated with the facilities that are not the Website marks are the trademarks of their respective owners. The Website would require you to respect the same. References to any such names, marks, products or facilities of third parties or hypertext links to third party sites or information does not imply the Website’s endorsement, sponsorship or recommendation of the third party, information, product or facilities.

Promotional Offers

You may receive from time to time, announcement about offers with intent to promote this Website and/or facilities/products of ABC Companies (“Promotional Offers”). The Promotional Offer(s) would always be governed by these Terms of Use plus certain additional terms and conditions, if any prescribed. The said additional terms and conditions, if prescribed, would be specific to the corresponding Promotional Offer only and shall prevail over these Terms of Use, to the extent they may be in conflict with these Terms of Use. The Website reserves the right to withdraw, discontinue, modify, extend and suspend the Promotional Offer(s) and the terms governing it, at its sole discretion.

Charges for use of Website

There are no charges or fees to be paid by you for use of this Website. However, you are responsible for all telephone access fees and/or internet service fees that may be assessed by your telephone and/or internet service provider. You further agree to pay additional charges, if any levied by Third Party Service Provider(s), for the facilities provided by them through the Website (Additional Charges).

No Endorsement

You are advised to be cautious when browsing on the internet and to use good judgment and discretion when obtaining information or transmitting information. From this Website, users may visit or be directed to third party web sites. The Website makes no effort to review the content of these web sites, nor is the Website or its licensors responsible for the validity, legality, copyright compliance, or decency of the content contained in these sites.

In addition, the Website does not endorse or control the content of any other user and is not responsible or liable for any content, even though it could be unlawful, harassing, libelous, privacy invading, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable, or that it infringes or may infringe upon the intellectual property or other rights of another. You acknowledge that the Website does not pre-screen content, but that the Website will have the right (but not the obligation) in their sole discretion to refuse, edit, move or remove any content that is available via the facilities.

Electronic Communications

These Terms of Use and any notices or other communications regarding the Facilities may be provided to you electronically, and you agree to receive communications from the Website in electronic form. Electronic communications may be posted on the Website and/or delivered to your registered email address, mobile phones etc either by Facilities Provider or ABC Companies with whom the services are availed. All communications in electronic format will be considered to be in "writing". Your consent to receive communications electronically is valid until you revoke your consent by notifying of your decision to do so. If you revoke your consent to receive communications electronically, the Facilities Provider shall have the right to terminate the facilities.

Assignment

You shall not assign your rights and obligations under this Agreement to any other party. The Website may assign or delegate its rights and/or obligations under this Agreement to any other party in future, directly or indirectly, or to an affiliated or group company.

Legal Disclaimers

The information provided on or through the Website is for general guidance and information purposes only and they do not in any manner indicate any assurance or opinion of any manner whatsoever. Any information may be prone to shortcomings, defects or inaccuracies due to technical reasons. Certain information on Website may be on the basis of our own appraisal of the applicable facts, law and regulations in force at the date hereof.

The information (and opinions, if any) contained on the Website may have been obtained from public sources believed to be reliable and numerous factors may affect the information provided, which may or may not have been taken into account. The information provided may therefore vary (significantly) from information obtained from other sources or other market participants. Any reference to past performance in the information should not be taken as an indication of future performance. The information is dependent on various assumptions, individual preferences and other factors and thus, results or analyses cannot be construed to be entirely accurate and may not be suitable for all categories of users. Hence, they should not be solely relied on when making investment decisions. Your investment or financial decision shall always be at your own discretion and based on your independent research; and nothing contained on the Website or in any information would construe ABCL/ABC Companies or any of its employees/authorized representative as having been in any way involved in your decision making process. Any information and commentaries provided on the Website are not meant to be an endorsement or offering of any stock or investment advice.

Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Facilities Provider / ABCL/ABC Companies makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise. Information on this Website sourced from experts or third party service providers, which may also include reference to any ABCL Affiliate. However, any such information shall not be construed to represent that they belong or represent or are endorsed by the views of the Facilities Provider or ABC Companies. Any information provided or sourced from ABCL Affiliate belongs to them. ABCL is an independent entity and such information from any ABCL Affiliate are not in any manner intended or to be construed as being endorsed by ABCL or Facilities Provider. The information does not constitute investment or financial advice or advice to buy or sell, or to endorse or solicitation to buy or sell any securities or other financial instrument for any reason whatsoever. Nothing on the Website or information is intended to constitute legal, tax or investment advice, or an opinion regarding the appropriateness of any investment or a solicitation of any type. Investment in the securities market and any financial instruments are inherently risky and you shall always assume complete and full responsibility for the outcomes of all the financial or investment decisions that you make, including but not limited to loss of capital. You are therefore advised to obtain your own applicable legal, accounting, tax or other professional advice or facilities before taking or considering an investment or financial decision.

No Solicitation

No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies. These are meant for general information only or to meet statutory requirements or disclosures. ABCL or any of its employees are in no way liable for the use of the information by you, when making any decision or investing or trading through any investment vehicles or ABC Companies, or any other third party which may be engaged in offering of these services.

The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an  amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.

Statutory Disclosure

ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF.  Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.

Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.

Force Majeure

The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.

Indemnification

You agree to protect and fully compensate Facilities Provider, ABCL, ABC Companies, subsidiaries, licensors, suppliers and facilities providers, employees, officers and directors, from any and all third party claims, liability, damages, expenses and costs (including but not limited to reasonable attorneys fees) caused by or arising from your use of the facilities, your violation of the Terms of Use or your infringement, or infringement by any other user of your account, of any intellectual property or other right of anyone.

No Waiver

The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.

Exclusive Agreement

You agree that these Terms of Use are the complete and exclusive statement of agreement supersede any proposal or prior agreement, oral or written, and any other communications between you and the Facilities Provider and its Third Party Service Providers or processor bank/merchants relating to the subject matter of these Terms of Use. These Terms of Use, as the same may be amended from time to time, will prevail over any subsequent oral communications between you and the Website and/or the processor bank.

Termination

Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.

Governing Law and Jurisdiction

The Website specifically prohibits you from usage of any of its facilities in any countries or jurisdictions that do not corroborate to all stipulations of these Terms of Use. The Website is specifically for users in the territory of India. In case of any dispute, either judicial or quasi-judicial, the same will be subject to the laws of India, with the courts in Mumbai having exclusive jurisdiction.

These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.

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