The integrated form for company incorporation, INC-29, has been in discussions for quite sometimes now. This has also led to some rumours about certain aspects of the INC-29 that are required to be clarified. Here is Munim.in attempt to clear some common misconceptions about the form.
Rumor 1: PAN and TAN can be registered through INC-29
The form INC-29 does not give you a PAN or TAN. These are required to be applied separately just as before. Although, INC-29 form asks for ‘Additional Information for applying Permanent Account Number (PAN) and Tax Account Number (TAN)’, however, if further read, the form clearly states that ‘this facility is available at the e-Biz portal only as per separate procedure prescribed by e-Biz portal’. If you then go to the e-Biz portal, you’ll find the procedure is still to be completed offline.
The form INC-29 does not give you a PAN or TAN. These are required to be applied separately just as before. Although, INC-29 form asks for ‘Additional Information for applying Permanent Account Number (PAN) and Tax Account Number (TAN)’, however, if further read, the form clearly states that ‘this facility is available at the e-Biz portal only as per separate procedure prescribed by e-Biz portal’. If you then go to the e-Biz portal, you’ll find the procedure is still to be completed offline.
Rumor 2: ESIC can also be registered through INC-29
INC-29 also asks for details for an Employee State Insurance Corporation (ESIC) application, and thus, many seem to believe that submission of the form will provide you with ESIC registration. This is not the case at all. To actually get registered, a separate application is to be submitted at the regional office of ESIC.
INC-29 also asks for details for an Employee State Insurance Corporation (ESIC) application, and thus, many seem to believe that submission of the form will provide you with ESIC registration. This is not the case at all. To actually get registered, a separate application is to be submitted at the regional office of ESIC.
Rumors 3: INC-29 Form charges are lower
Many reports suggest that the new procedure is more expensive, but the cost of the incorporation procedure is, in fact, lower under INC-29. Under INC-29, you need to pay Rs. 2000 for filing the form, which includes up to three DINs and the cost of name reservation. And only one DSC is required. If you don’t opt for INC-29, you must pay Rs. 1,000 for INC-1, Rs. 500 per DIN and Rs. 300 each for INC-7 , DIR-12 and INC-22.
Many reports suggest that the new procedure is more expensive, but the cost of the incorporation procedure is, in fact, lower under INC-29. Under INC-29, you need to pay Rs. 2000 for filing the form, which includes up to three DINs and the cost of name reservation. And only one DSC is required. If you don’t opt for INC-29, you must pay Rs. 1,000 for INC-1, Rs. 500 per DIN and Rs. 300 each for INC-7 , DIR-12 and INC-22.
Rumor 4: If not approved the form may be resubmitted any number of time
The INC-29 form allows only one, not many, resubmissions for name approval. So in case the name is rejected on the first attempt, the next one must be approved. If it is rejected, the complete form needs to be submitted again as a fresh procedure alongwith form fees. Under the old process, applicants may suggest six names, but the Registrar still often rejects them on multiple occasions.
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