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The taxes you contribute enhance our defence system and implement welfare programmes to benefit all Indian citizens.
So, what is the meaning of the word tax? Taxoriginates from the Latin term 'taxo,' which means 'I estimate.' In ancient Rome, tax collectors would estimate the earnings of individuals and collect taxes accordingly.
The term ‘tax’ has come to encompass any financial charge the government imposes or has imposed throughout history. It has developed throughout the long term and fundamentally impacts the worldwide economy.
What is income tax?
Tax refers to the charge the government imposes on any individual or organisation for carrying out an activity in an area under its jurisdiction, or using a facility developed by it.The government must collect taxes to fund running of the administration and undertaking public projects. Tax is calculated by considering the income of the taxpayer and the value of property, goods or services made available commercially.
Development of educational and medical infrastructure, putting in place and maintaining law and order, and supporting social programmes are only some instances of the sorts of public tasks that can profit from tax revenue.
The collection of taxes at the federal, state, and local levels of government is known as taxation.
Who pays income tax in India?
The following entities are liable to pay income tax in India -- Individuals
- Hindu Undivided Families (HUFs)
- Companies
- Partnership Firms
- Associations of Persons (AOPs)/Body of Individuals (BOIs)
- Any other entity or taxpayer as per the Income Tax Act 1961.
Features of the tax system in India
The Indian tax system is a complex framework comprising various direct and indirect taxes levied by the central and state governments. Here are some key features of the taxes explained below -Progressive taxation:
The Indian tax system follows the principle of progressive taxation, which mandates that people with higher incomes pay higher tax rates. This implies that the tax obligation increases in direct proportion to income.Dual taxation authority:
India's taxation system follows a federal model in which the central government (Union) and state governments have the authority to pay taxes. This tax is nationwide and is controlled by the central government.Multiple taxes:
The Indian expense framework incorporates immediate and roundabout charges (like the pay and corporate expense) and circuitous expenses (for example, the labour and products charge, customs obligation, and extract obligation). Citizens are expected to keep a wide range of regulations and rules because of the charge framework.Tax exemptions and deductions:
Numerous exemptions and deductions in the Indian tax system let people lower the taxable income and tax bill. These clauses include deductions for investments made under Section 80C, exemptions for specific allowances, and deductions for specific expenses like health insurance.Tax filings and compliance:
Taxpayers in India are obliged to submit tax returns on a regular basis and follow the tax compliance requirements, including keeping proper financial records, registering for taxes, and making tax payments by the due dates. Penalties and interest costs may result from non-compliance.Taxpayer identification:
The Indian tax system requires that taxpayers use a Permanent Account Number (PAN). For different tax-related transactions, like tax payments, the Income Tax Department issues PANs to people, businesses, and organisations.Taxation of international transactions:
India's tax system also consists of laws for taxing cross-border transactions, such as transfer pricing rules. By requiring that business dealings between related parties be done at arm's length costs, these regulations hope to stop tax evasion.Tax incentives:
To support particular industries or activities, the Indian tax system provides a number of incentives and exemptions. These include special economic zones, units focused on exports, and incentives for startups, all of which aim to boost investment and the economy.Evolving tax reforms:
To adapt to shifting economic and social factors, the Indian tax structure is continually revised and amended. The Goods and Services Tax (GST), which attempts to streamline the indirect tax framework by replacing many indirect taxes with a single unified tax, was one key reform adopted in 2017.Advantages of paying taxes in India
Here are the advantages of paying taxes in India:Access to Public Infrastructure:
Taxes fund the development and maintenance of public infrastructure like roads, bridges, schools, hospitals, and transportation systems, ensuring better connectivity and enhancing education and healthcare facilities.Social Welfare Programs:
Tax contributions enable social welfare programs that uplift disadvantaged sections of society, providing financial aid, healthcare benefits, educational opportunities and fostering inclusivity and equity.Economic Growth and Stability:
Taxes play a vital role in funding government initiatives that stimulate economic growth, create a stable economy, generate job opportunities, and foster a favourable business environment.Legal Compliance and Civic Responsibility:
Paying taxes showcases your commitment to legal compliance and fulfilling civic responsibilities, maintaining the integrity of the tax system, promoting transparency, and ensuring fair and efficient resource allocation.Enjoying Security and Rule of Law:
Your tax contributions strengthen security measures, maintain law and order, and support defence forces, creating a safer environment for you, your family, and the community, fostering peace, stability, and a sense of security.Different types of taxes in India - Infographics
A nation's economy is largely shaped by taxes. Different kinds of taxes in India help the country develop and function. Let's look at the two primary types of taxes: direct and indirect -Direct Taxes:
- Income Tax: This tax is imposed on the income earned by individuals and businesses. It is calculated based on the respective income slabs and rates.
- Corporate Tax: Companies are subject to corporate tax on the profits it generates. The business structure and turnover of the company influence the tax rates.
- Capital Gains Tax: Capital gains tax is due on the profit from the sale of capital assets, such as stocks or property, by individuals or businesses.
Indirect Taxes:
- Service Tax: Service providers charge this tax on specific services rendered to customers. It has now been replaced by the Goods and Services Tax (GST).
- Goods and Services Tax (GST): GST is a thorough duty that subsumes different roundabout charges. It is assessed at each stage of production and distribution on the supply of goods and services.
- Stamp Duty: Stamp duty is payable on the execution of certain documents such as property agreements, loan agreements, and share transfers.
What is the purpose of paying taxes in India?
It is crucial for you to comprehend the function of taxes and how it contributes to the operation of the government and the general advancement of the nation as a responsible citizen. Let's examine some of the purposes for taxes in India:Revenue generation:
The main purpose of taxes is to finance public policies. The government collects money from the citizens and the institutions under its authority from the taxes used to meet the various needs of the people.Public services and programs:
Taxes finance important public and health programs that positively impact people. These services encompass education, infrastructure development, law enforcement, social welfare initiatives, construction projects, and healthcare.Reducing income inequality and poverty:
India's tax laws also aim to reduce poverty and income inequality. The public authority needs to make a fairer society where everybody benefits from monetary development and weak gatherings of the populace are upheld through moderate expense strategies.Economic stabilisation:
Charges are fundamental for keeping the economy stable. The public authority might utilize charge approaches to control utilization, venture, and reserve funds — factors that affect monetary development and keep up with monetary dependability.Funding public debt:
The public authority might give securities or different protections supported by charges when it needs to fund its spending plan shortage or acquire cash for different activities or drives. Charge income is normally used to pay the interest and head on these bonds, guaranteeing that the public authority can support its obligation.What are the recent reforms in taxes?
These are the major tax reforms introduced in recent years -1. The finance minister proposed important tax reforms for the new tax regime to ease the tax burden of the middle class. Here is the current income slab -
| Income Slab | Tax Regime (Until 31st March 2023) | New Tax Regime (From 1st April 2023) |
| ₹0 - ₹2,50,000 | - | - |
| ₹2,50,000 - ₹3,00,000 | 5% | - |
| ₹3,00,000 - ₹5,00,000 | 5% | 5% |
| ₹5,00,000 - ₹6,00,000 | 10% | 5% |
| ₹6,00,000 - ₹7,50,000 | 10% | 10% |
| ₹7,50,000 - ₹9,00,000 | 15% | 10% |
| ₹9,00,000 - ₹10,00,000 | 15% | 15% |
| ₹10,00,000 - ₹12,00,000 | 20% | 15% |
| ₹12,00,000 - ₹12,50,000 | 20% | 20% |
| ₹12,50,000 - ₹15,00,000 | 25% | 20% |
| >₹15,00,000 | 30% | 30% |
2. Implementing the Goods and Services Tax (GST) resulted in merging state and indirect taxes and eliminating the input and central sales tax (CST). This change had a positive impact on traders.
3. The National Income (Amendment) Rules of 2019 introduced a preferential tax rate of 22% for all existing domestic companies starting from the fiscal year 2019-20, provided they are not interested in special exemptions or incentives.
4. As per the Finance Act of 2020, the Dividend Distribution Tax (DDT) has been removed, which means companies are no longer required to pay it. This has relieved them of the obligation to pay DDT.
What are tax-saving investments?
As an individual citizen, you should know about charge-saving ventures. Under the Income Tax Act 1961, these financial instruments or schemes allow you to save tax by reducing your taxable income.Employees Provident Fund (EPF), Public Provident Fund (PPF), National Certificate of Savings (NSC), Tax-Effective Fixed Deposit, Equity Savings Scheme (ELSS) and Life Insurance Premiums are the highest taxable investments in India. By saving duties, these speculations give chances for long-haul abundance creation and monetary preparation.
Exemptions on tax deduction in India
Here are the key exemptions on tax deduction in India and their significance -Deductions under Section 80C -
Individuals can claim deductions for specific investments and expenses under Section 80C of the Income Tax Act, with a maximum limit of ₹ 1.5 lakh per financial year. These deductions help in reducing taxable income.This includes options such as EPF, PPF, Life Insurance Premiums, ELSS, NSC, five-year fixed deposits with banks, and tuition fees paid for children's education. These exemptions encourage saving and investing for your future while reducing your tax liability. It's vital to painstakingly consider these choices and pursue informed monetary choices to enhance your duty reserve funds inside the lawful system.
Deductions for health insurance premiums -
Section 80D of the Annual Assessment Act gives derivations on health care coverage expenses paid by people for themselves, the mates, youngsters, and guardians. This exemption encourages individuals to avail health insurance coverage for themselves and the families, promoting better financial planning and protection against medical emergencies. The maximum deduction limit depends on the insured person's age and the policy type.Deductions for home loan interest -
Under Section 24(b) of the Income Tax Act, you can deduct the interest you pay on your home loan. For landlords, the limit is ₹ 2 lakh funds per year to facilitate home ownership and encourage real estate investment. There is no limit for a let-out or deemed to be let-out property, providing flexibility for tax savings based on your property usage.Deductions for donations -
As a taxpayer in India, you can claim a deduction for donations made to eligible organisations or foundations under Section 80G of the Income Tax Act. This article encourages financial aid and inspires you to support it by providing tax benefits. The tax deduction amount depends on the type of donation and the recipient organisation, allowing you to support charitable endeavours while reducing your taxable income.Deductions for education loans -
Under Section 80E of the Income Tax Act, individuals can claim a deduction for student loans. This deduction has no limit and can be claimed for up to eight years or until the interest on the loan is completely paid off, whichever comes first. This tax exemption aims to ease the financial burden of taxpayers who have taken out education loans, and to encourage education and career growth.Deductions for disabilities -
Section 80U of the Income Tax Act allows deductions for individuals with disabilities. This exemption aims to financially support these individuals and promote the welfare. This waiver is intended to assist financially and support the health of these individuals. The deduction depends on the degree of disability and ranges from ₹ 75,000 to ₹ 1.25 lakh.Deductions for start-ups -
The Government of India has introduced various incentives and exemptions to encourage entrepreneurship. Start-ups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) can claim deductions under Section 80-IAC of the Income Tax Act. This exemption encourages innovation and entrepreneurship, fostering economic growth and development.Deductions for rural development -
Section 80CCF of the Income Tax Act provides deductions on investments made in notified long-term infrastructure bonds for financing projects. This exemption is designed to facilitate infrastructure investments, especially in rural areas.Conclusion
Managing and improving people's general health is a crucial role taxation fulfils by securing goods and public services. The importance of taxation varies among people, but it undeniably serves as a significant method to collect money and redistribute wealth for the country's advantage.Taxpayers should understand existing exemptions, follow appropriate procedures and information requirements, and seek practical advice to maximise savings and comply with tax laws.
FAQs – Frequently Asked Questions
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What does "tax on tax" mean ?
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What are the primary objectives of taxation ?
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Which types of taxes fall under the taxation system ?
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How does taxation contribute to public finances ?
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In what ways does taxation further socio-economic objectives ?
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How do direct and indirect taxes differ ?
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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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