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When a corporation makes a profit, it has to pay taxes on that income, which is called corporate tax. Both domestic and foreign companies are subject to taxation in India as per the Income Tax Act of 1961. The amount of tax a company has to pay is based on its taxable income, which is calculated by subtracting the cost of goods sold, administrative expenses, marketing costs, R&D expenses, depreciation, and other expenses from the total revenue earned. Corporate tax rates vary significantly across countries, with some nations having very low rates and being referred to as tax havens.
Corporate Tax in India
The Indian government imposes corporate taxes on businesses to generate revenue. Companies' net profits serve as the basis for calculating this tax. Domestic companies are required to pay corporate taxes to the Indian government on their global revenue. Meanwhile, foreign businesses are only subject to taxation on the revenue earned or received within India. In India's corporate taxation system, domestic and foreign companies are taxed at different rates.Different types of Corporate Taxes in India
A corporate suggests a legal entity that is a person in law and separates from its shareholders. A corporation's revenue is assessed and evaluated independently from the dividends it pays to its shareholders. The Income Tax Act divides corporations into two categories: domestic businesses and foreign companies for the purposes of determining the corporate tax rate in India.| Type of Corporation | Meaning |
| Domestic Company |
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| Foreign Company |
|
Also Read: Different Types of Income Tax Collected in India
Corporate Tax Rates in India
An entity's corporate tax is assessed using a slab rate system that differentiates it based on the type of entity and the income it generates. Below are the corporate tax rates imposed in India:- Corporate Tax rate levied on Indian companies
- Corporate Tax rate levied on foreign companies
| Income Range | Rate | Surcharge |
| Up to Rs. 400 crores | 25% | 7% |
| More than Rs.400 crores | 30% | 12% |
This tax is levied against state and private companies that are registered under the Companies Act of 1956.Domestic businesses are currently subject to a 30% tax rate.Additionally, if net revenue is between Rs. 1 crore and Rs. 10 crore, the Income Tax Act imposes a 7% surcharge.A 12% surcharge is applied to net income that exceeds Rs. 10 crores for a business.Through the Taxation (Amendment) Act, the Indian government implemented Section 115BAA in 2019.As a result, the Income Tax Act underwent several changes, including one that reduced company taxes for domestic businesses.Domestic businesses now have the choice to pay tax at a rate of 25.168% thanks to Section 115BAA.The MAT (Minimum Alternate Tax) on profits is 15% when the tax is determined in accordance with Section 115JB.Below is the breakdown:
| Base Rate of Tax | Surcharge Applied | Cess Applied | Effective Tax Rate |
| 22% | 10% | 4% | 25.168% |
| Income | Rate | Surcharge |
| Royalties or payments gathered from the state or a company based in India for any technological services rendered prior to April 1, 1976, under contracts endorsed by the central government. | 50% | 2% |
| Other Income | 40% | 5% |
The income that foreign corporations obtain within a specific time period is subject to corporate income tax.Royalties and other fees are subject to a 50% corporate tax rate in India, while the remaining revenue is subject to a 40% tax rate.A 2% surcharge is applied to international companies with net incomes between Rs. 1 crore and Rs. 10 crores.In the event that its net income surpasses Rs. 10 crore, a 5% surcharge will be added. Regardless of the level of a company's net revenue, a 4% Health and Education Cess is imposed on the total income tax and the surcharge. Likewise, under Section 115JB of the Act, businesses receiving benefits under Section 115BAA are exempt from paying Minimum Alternate Tax (MAT).
Tax Rebates available on Corporate Tax in India
As a company is subject to various kinds of corporate taxes, certain provisions exist for corporation tax rebates or deductions. Here is a list of corporate income tax rebates accessible in India:- Capital gains of a corporate entity are not taxed.
- In certain situations, domestic corporations can deduct dividends received from other domestic corporations.
- Deductions for exports and new enterprises are allowed in certain circumstances.
- A corporate loss can be carried forward for up to 8 years.
- Specific provisions are provided for venture capital companies and funds.
- A corporation may be liable for certain deductions if it installs new infrastructure or new electricity sources.
Deductions available on Corporate Tax in India
In general, companies and professionals are permitted to deduct revenue-related expenses if they are expenses that are solely and completely related to a company or profession, neither a capital expenditure nor a personal expense in the normal sense.- Depreciation Depending on the classification, the depreciation rate applicable to various blocks of assets varies from 0% to 45%. This
- Goodwill In the Finance Act of 2021, the Indian government removed "goodwill of a company or profession" from the list of assets.This modification prevents goodwill of any kind from being regarded as a depreciable asset moving forward for the purposes of tax amortisation under the India Income-tax Act.
- Expenditures spent prior to the start of business Certain stipulated expenses are incurred by taxpayers either before or after the start-up of a company, in connection with the expansion of the industrial undertaking, or in connection with the establishment of a new unit.Over a five-year timeframe, one-fifth of such expenditure is permissible as a deduction each year.
- Interest expenses Any interest paid by a taxpayer on money lent for his or her trade or occupation is tax deductible without any restriction. However, if this interest is paid to certain related parties (non-resident associated business), the interest expense is limited to 30% of earnings before interest, taxes, depreciation, and amortisation (EBITDA).
- Cost associated with Corporate Social Responsibility (CSR) initiatives The Income Tax Act prohibits taxpayers from deducting expenses related to CSR initiatives. However, if donations are given to any designated charitable organisations, then deductions may be looked scrutinised.
- Expenses allowable on an actual payment basis Employee provident fund contributions, employee bonuses, and interest payments to financial organisations and banks are just a few of the costs that are permissible for deductions on actual payments.
- Penalties and fines If a fine or penalty is imposed under a law, it is not tax deductible.However, contractual penalties may be deducted.
- Payments to overseas subsidiaries Indian businesses may claim deductions on payments made on account of royalties, as well as interest and costs associated with technical or managerial services rendered by overseas affiliates, given that the payments do not have a capital component.
Planning your corporate tax
Tax planning is the study and best possible optimization of one's financial situation.Companies are driven to search for tax planning strategies by their desire to expand their business operations.Corporate tax planning aims to reduce a corporation's tax burden while maintaining compliance with applicable rules and regulations.This can be accomplished using a number of tactics, including utilising tax credits and deductions, deferring income, moving profits to regions with reduced tax rates, and using tax-exempt investments.Effective tax preparation can help corporations save a lot of money, which they can then put back into the company to grow shareholder value or pay down debt.To avoid breaking any tax laws or regulations, companies must make sure that their tax planning strategies are morally and legally correct.
The following are the main objectives of tax planning:
- Minimizing the tax load: Tax planning assists individuals and companies in minimising their tax liabilities by utilising various tax-saving opportunities such as deductions, credits, and exemptions.
- Increase cash flow: Tax planning aids people and companies in increasing their cash flow and investing more money into their operations, which can result in higher profits and growth, by lowering the amount of taxes paid.
- Attain long-term financial objectives: In order to reach long-term financial objectives like retirement, college savings, or big purchases, tax planning is a crucial component.
- Minimize tax risks: Tax planning aids both people and companies in identifying and minimising tax risks, such as the possibility of an audit or a penalty for non-compliance.
- Optimize business structure: By taking into account how taxes will affect the choice of entity, such as a sole proprietorship, partnership, corporation, or LLC, tax planning for companies can aid in the optimization of the business structure.
Economic stability, development, minimising litigation and making profitable investments are a few of the other goals.
The following factors are taken into account by an efficient tax preparation strategy.
- Claiming appropriate exemptions.
- Evaluation of expenditures and placement in the proper head of accounts.
- claiming deductions under different income-related categories.
- Asset capitalization.
- Deductions for depreciation and further depreciation claims.
- Using analysis to understand unabsorbed depreciation to one's benefit.
- Claiming tax advantages for bad debts.
Tax Planning Methods
A taxable entity uses a variety of techniques to execute tax planning, including:- Short term Tax Planning Short-term tax planning is the implementation of tax planning strategies for the current or upcoming tax year at the end of the fiscal year, usually with the intention of lowering tax liabilities and taxable revenue.Short-term tax planning tactics include the following. Deferring revenue, accelerating deductions, taking advantage of tax refunds and deductions,selling bad assets, and purchasing Orders.
- Long term Tax Planning Long-term tax planning is the implementation of tax planning strategies with the aim of accomplishing long-term financial objectives, such as succession planning, estate planning, or retirement planning.Strategies for long-term tax planning should be in line with overall financial objectives and take into consideration how tax laws and regulations change over time.
- Permissive Tax Planning The term "permissive tax planning" refers to tax planning techniques that may be regarded as aggressive or contentious but are allowed and lawful under current tax laws and regulations.It entails making plans in relation to the legal provisions allowed, such as Income shifting, Tax arbitrage, Transfer pricing, and Tax havens. Although permissive tax planning techniques may be lawful, they may also come under tax authorities' scrutiny and pose a reputational risk.
- Purposive Tax Planning It entails applying tax laws in a way that provides tax advantages based on the replacement of assets, wise investment choice, diversification of company activities and income, etc.Purposive tax planning is a way to help people and companies align their tax strategies with more general social or economic objectives while also lowering their tax obligations.These objectives comprise achieving philanthropic or charitable goals, reducing estate tax obligations, promoting economic growth, and promoting a sustainable ecosystem.
Difference between Tax planning and Tax evasion
It's crucial to remember that tax evasion and corporate tax planning are two entirely distinct concepts.Tax evasion is the illegal practise of failing to pay taxes and is against the law. Tax planning, on the other hand, refers to a method of calculating the amount of tax due so that the corporation will have a higher net profit and lawfully pay less tax.The company must be well-versed in all tax laws as well as the financial regulations imposed by the Indian government in order to successfully plan its corporate tax strategy in India.
Due dates for filing Tax
| CIT return due date | CIT final payment due date | CIT estimated payment due dates |
| 31 October of the fiscal year after. If the corporation has foreign transactions with associated affiliates or certain domestic transactions, they must be completed by 30 November of the following tax year. | Before submitting an income tax return. | Quarterly installments of estimated tax are due and must be paid by the 15th day of each quarter of the tax year (i.e., 15 June [15%], 15 September [45%], 15 December [75%], and 15 March [100%]). |
Dividend Distribution Tax (DDT)
A dividend refers to the distribution of profits to shareholders of a business.The Indian government imposes the Dividend Distribution Tax (DDT) on businesses that pay dividends to their stockholders.It was first implemented in India in 1997 and is applicable to all private and public limited companies in the country.The tax is determined by a percentage of the declared dividend, and the business is in charge of withholding it and remitting it to the government. Because India currently has a 15% DDT rate, businesses are required to pay a 15% tax on any announced dividends.Consequently, increased dividends result in a larger tax bill for the corporate entity. Since the profits of the business are already subject to corporate tax before dividends are paid to shareholders, DDT is regarded as a type of double taxation. Initially, shareholders were exempt from paying tax on the dividends they received.
However, the Indian government announced the abolition of DDT for shareholders in the Union Budget of 2020, and as a replacement, shareholders will now be expected to pay tax on dividends received based on their relevant income tax slab rates.The goal of this shift in tax law is to make the tax system simpler and less burdensome for businesses to comply with.
Minimum Alternative Tax (MAT)
In order to prevent businesses that generate large profits but pay little or no tax from evading paying taxes, the Minimum Alternative Tax (MAT) was implemented in India in 1987.Using MAT, businesses that qualify for the Income Tax Act of 1961 tax deductions, exemptions, and rewards will pay the least amount of tax possible.MAT applies to all businesses, including foreign companies operating in India, but it does not apply to charitable organisations and infrastructure companies, which are exempt from income tax under certain sections of the Income Tax Act.The current MAT tax rates are shown in the chart below:
| Income | Indian company (except exempted ones) | Foreign Company (except exempted ones) | ||
| Basic | Effective | Basic | Effective | |
| Less than INR 10 million | 15 % | 15.600 % | 15 % | 15.600 % |
| More than INR 10 million but less than INR 100 million | 15 % | 16.692 % | 15% | 15.912 % |
| More than INR 100 million | 15 % | 17.472 % | 15 % | 16.380 % |
A 10% surcharge is levied only when total taxable income surpasses INR 10 million.
The basic rate of MAT is 9% of book profits for corporate and non-corporate taxpayers based in an International Financial Services Centre and earning income exclusively in convertible foreign currency.
Frequently asked Questions (FAQs)
Q.1 Is corporate tax a form of direct tax?
A corporate taxalso referred to as a corporation tax or a business tax, is a type of direct tax imposed against the capital or profits of corporations or other similar types of legal organisations.Q.2 Who is going to be in charge of paying company taxes?
A resident company must pay taxes on its foreign profits as well. Only revenue that is received in India, as well as income that accrues or arises, or is presumed to accrue or arise, in India, is taxed for non-resident corporations.Q.3 Is it mandatory for businesses to pay MAT in addition to company tax?
Yes. Corporate filers are qualified to make MAT payments in a specific year in accordance with Section 115JB.This is applicable as long as the total amount of income tax due, including the health and education cess and surcharge, is determined in accordance with the Income Tax Act and is less than 15% of the company's book profit.Q.4 How long is the MAT credit transferable?
After the year in which MAT credit was produced, MAT credit can be carried over for up to 15 assessment years.Q.5 Has the government offered a tax concession for businesses?
Yes, the government has provided a 15% business tax break that is valid through March 2024.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.
About Aditya Birla Capital
Aditya Birla Capital (‘the Brand’) is the single brand for financial services business of Aditya Birla Group. The trade logo “Aditya Birla Capital” and the URL www.adityabirlacapital.com is owned by Aditya Birla Management Corporation Private Limited (trade mark owner) and the same is used herein under the License by Aditya Birla Capital Limited (ABCL) and its subsidiary companies (collectively hereinafter referred to as “ABC Companies”). Aditya Birla Capital Limited is the holding company of all financial services businesses.
www.adityabirlacapital.com (“the Website”) is maintained and run by Aditya Birla Financial Shared Services Limited (having its registered office at 18th Floor, One India bulls Centre, Tower 1, Jupiter Mills Compound, Senapati Bapat Marg, Elphinstone Road, Mumbai- 400013). The information available on www.adityabirlacapital.com relates either to ABCL and/ or ABC Companies under all associated web pages/ sites which are linked to www.adityabirlacapital.com (“hereinafter referred as the Website”).
All of the ABC Companies have their own separate legal identities and webpages (details about which are embedded in their respective web pages/sites) but in this Website they may sometimes use "Group", "we" or "us" when we refer to ABC Companies in general or where no useful purpose is served by identifying any particular ABCL Affiliate.
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By accessing and using this Website you have confirmed that you have read, understood and bound yourself by these Terms of Use. These Terms of Use shall apply to the access and use of the Website and all associated web pages/ sites which are linked with www.adityabirlacapital.com (“Website”). You will be subject to the rules, guidelines, policies, terms, and conditions applicable to any facilities that are provided by this Website and all associated web pages/ sites and they shall be deemed to be incorporated into these Terms of Use and shall be considered as part and parcel of these Terms of Use.
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This Agreement describes the terms governing the usage of the facilities provided to you on the Website. Clicking "I Agree" to "Terms & Conditions", shall be considered as your electronic acceptance of this Agreement under Information Technology Act 2000. Your continued usage of the facilities from time to time would also constitute acceptance of the Terms of Use including any updation or modification thereof and you would be bound by this Agreement until this Agreement is terminated as per provisions defined herein.
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You also acknowledge and agree that, unless specifically provided otherwise, these Terms of Use only apply to this Website and facilities provided on this Website. All of the ABC Companies may have their own individual web pages/sites which are owned by the respective ABC Companies and the facilities offered by the respective ABC Companies will be governed in accordance with the terms and conditions posted of those web pages/websites which you would be bound while availing the facilities/services of the said respective ABC Companies through their respective web pages / sites or otherwise in any other mode as the case may be.
Changes to the Terms of Use
You agree that these Terms of Use may be subject to change/modification for such reason as it may deem fit and proper, including but not limited to comply with changes in law or regulation, correct inaccuracies, omissions, errors or ambiguities, reflect changes in the process flow, scope and nature of the services, company reorganisation, market practice or customer requirements. Upon any change, the updated Terms of Use will be updated on the Website or any other means. Your continued use of the facilities on this Website constitutes acceptance of the changes and an Agreement to be bound by Terms of Use, as amended. You can review the most current version of the Terms of Use at any time, by clicking the Terms & Conditions link on the Website. No fee of whatsoever nature is to be charged for the use of this Website.
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One ID at Aditya Birla Capital
You can create a unique ID on the Website for managing and transacting all financial and non financial transactions with ABC Companies. One ID enables you to have a single login ID for viewing and transacting all your product and service needs across ABC Companies. One ABC ID can be created by you on the Website or any of the webpage of ABC Companies (Account.ABC.com sign up page.) by using your e-mail Id and login credentials as registered with the respective ABC Companies while availing the products / services and completing the authentication procedure in the manner specified at the time of creation of One ID.
Once you have created ONE ID you can link and view all your financial products held with ABC Companies on single web page through verification / authentication procedure as applicable to your account/financial products held with the respective ABC Companies.
You may choose not to create One ID in which case you will not be able to display all your products across ABC Companies on one page. In circumstances like duplicate email id/phone number you may not be able to create the One ID. In such circumstances you must contact the ABCL Affiliate with whom you have held the product/availed the services to enable update the email id/phone number.
In case you forget the username or password, you can reset the same using the forgot username and password link available on the Website and completing the authentication procedure specified on the Website.
MoneyForLife Planner
To help you for your money needs you can avail the facility of MoneyForLife Planner (‘MoneyForLife Planner/ Planner’). MoneyForLife Planner facility is powered by Aditya Birla Money Limited, a subsidiary of ABCL. MoneyForLife Planner provides an indicative assessment of your money needs based on the factors like income, age, family members and their future, your future money requirements and current lifestyle status as per details filled in by you on the online questionnaire. The Planner provides an indicative view about the generic investment opportunities available in the manner indicated by you. The results provided by the Planner are generic in nature and do not necessarily reflect the actual investment profile that you may hold and it is not necessary for you to act on it. The Planner provides a generic indication of your money needs to enable you to prioritize your investment needs which are rule based. Therefore, the search results displayed by the Planner cannot be construed to be entirely accurate / comprehensive.
No fee or consideration or economic benefit either directly or indirectly is associated for availing the assessment through MoneyForLife Planner and therefore it is not to be considered as an investment advice or financial planning and / or investment advisory services.
You agree and understand that use of MoneyForLife Planner does not assure attainment of your investment objectives and there is no assurance that the money objectives will be achieved, as the same is subject to performance of the securities, the forces affecting the securities market and your risk profile. You are advised to consult an investment advisor in case you would like to undertake financial planning and / or investment advice for meeting your investment requirements.
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Not an Investment Advisor, Planner, Broker or Tax Advisor
The facilities on the Website are not intended to provide any legal, tax or financial or securities related advice. You agree and understand that the Website is not and shall never be construed as a financial planner, financial intermediary, investment advisor, broker or tax advisor. The facilities are intended only to assist you in your money needs and decision-making and is broad and general in scope. Your personal financial situation is unique, and any information and advice obtained through the facilities may not be appropriate for your situation. Accordingly, before making any final decisions or implementing any financial strategy, you should consider obtaining additional information and advice from your advisor or other financial advisers who are fully aware of your individual circumstances. For more details, please also refer to the Legal Disclaimers provided on the Website.
Financial Solutions
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Although all efforts are made to ensure that information and content provided as part of this Website is correct at the time of inclusion on the Website, however there is no guarantee to the accuracy of the Information. This Website makes no representations or warranties as to the fairness, completeness or accuracy of Information. There is no commitment to update or correct any information that appears on the Internet or on this Website. Information is supplied upon the condition that the persons receiving the same will make their own determination as to its suitability for their purposes prior to use or in connection with the making of any decision. Any use of this Website or the information is at your own risk. Neither ABCL and ABC Companies, nor their officers, employees or agents shall be liable for any loss, damage or expense arising out of any access to, use of, or reliance upon, this Website or the information, or any website linked to this Website.
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This Website is provided to you on an "as is" and "where-is" basis, without any warranty. ABCL, for itself and any ABC Companies and third party providing information, Materials (defined later), facilities, or content to this Website, makes no representations or warranties, either express, implied, statutory or otherwise of merchantability, fitness for a particular purpose, or non-infringement of third party rights, with respect to the website, the information or any products or facilities to which the information refers. ABCL will not be liable to you or any third party for any damages of any kind, including but not limited to, direct, indirect, incidental, consequential or punitive damages, arising from or connected with the site, including but not limited to, your use of this site or your inability to use the site, even if ABCL has previously been advised of the possibility of such damages. Any access to information hosted on third party websites of billers/banks/merchants/ABC Companies etc. is not intended and shall not be treated as an offer to sell or the solicitation of an offer to buy any product/offering of these ABC Companies or third parties.
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Manner of Use of Personal Information
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Except in the manner as stated in the Privacy Policy, the Website will not disclose your Personal Information with any affiliated or unaffiliated third parties,
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Use of Website in India
This Website is controlled and operated from India and there is no representation that the Materials/information are appropriate or will be available for use in other locations. If you use this Website from outside the India, you are entirely responsible for compliance with all applicable local laws. There is no warranty or representation that a user in one region may obtain the facilities of this website in another region.
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You agree that Facilities Provider / ABC Companies has no liability, obligation or responsibility for any such correspondence, purchase or promotion between you and any other ABC Companies and/or third parties.
Third party websites
This Website may be linked to other websites (including those of ABC Companies) on the World Wide Web that are not under the control of or maintained by ABCL. Such links do not indicate any responsibility or endorsement on our part for the external website concerned, its contents or the links displayed on it. These links are provided only as a convenience, in order to help you find relevant websites, facilities and/or products that may be of interest to you, quickly and easily. It is your responsibility to decide whether any facilities and/or products available through any of these websites are suitable for your purposes. The Facilities Provider or ABCL is not responsible for the owners or operators of these websites or for any goods or facilities they supply or for the content of their websites and does not give or enter into any conditions, warranties or other terms or representations in relation to any of these or accept any liability in relation to any of these (including any liability arising out of any claim that the content of any external web site to which this web site includes a link infringes the intellectual property rights of any third party).
USE of APP
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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