Important Updates on the reduction compliance obligation under Atmanirbhar Scheme:

Important Relevant updates on the reduction of compliance obligation under Atmanirbhar Scheme:

Covid-19 related debts shall be excluded from 'default' under IBC ...

TODAY ‘S FIFTH AND LAST TRANCH OF ANNOUNCEMENTS FOCUS ON 8 SECTORS:

1. MGNREGA Scheme 

Total budget was Rs 61,000 crores

• The extra Rs 40,000 crores allotted

2. HEALTH’s

• Setting up the public system

• Block all districts to avoid infectious diseases

• Public health laboratories to be set up at block level in all districts;

3. EDUCATION-driven technology

• PM e-Vidya multi-mode control system

• One-nation interactive school under DIKSHA for school education

• One-year Television channel for each class;

• Extensive use of radios

• Special e-content for children of Divyang

 Top 100 universities must ultimately be allowed to start online courses by 30 May 2020.

 4.  Significant support to distressed firms: Fresh IBC has been suspended for one year. As per the declaration of FM.

A.    IBC related – debts related to COVID 19 are out of IBC default

B.    No further insolvency lawsuits can be launched for up to a year. i.e No fresh insolvency case will be initiated for up to a year

C.   Minimum limit of IBC would be Rs. 1 Cr. i.e Total insolvency requirement lifted from Rs 1 lakh to Rs 1 crore

D.   Decriminalised all the sections. Few Non Compoundable offenses would become compoundable offenses.

E.    Compounding by ROC

F.    Direct listing in foreign destinations

G.   NCD listing would not be treated as listed companies for the purpose of Companiesct

H.   Covid-related loans should be exempt from default under IBC

I.      For MSMEs, a special insolvency framework will be notified

Fresh IBC proceedings suspended for a year; debts related to Covid ...

 5. State seeks to decriminalize losses under the Companies Act

• Bulk of compound crimes parts to be transferred to the Internal Adjudication System (IAM) and improved RD forces for compounding.

• 7 compounding crimes dropped entirely and 5 to be dealt with in an alternate system.

 6. Simplify of doing business for companies

• Clear listing of shares by Indian listed corporations within international jurisdiction. Pvt firms that issue non-convertible bonds (NCDs) on stock exchanges not to be considered as public entities.

All industries are now open to private parties

7. Fresh Public Sector Business Strategy

• The Pvt sector will be able to invest in all markets, while public sector companies will continue to play a significant role.

• a new policy that will categorize strategic sectors and others.

• The list of strategic sectors requiring the presence of PSEs in the public interest shall be notified.

A list of strategic sectors needing the participation of PSEs in the public interest will be identified.

• There will be at least one PSE in these strategic sectors, but the pvt sector will also be authorized.

• The PSEs should be privatized in other industries.

• To reduce unnecessary operating expenses, the number of firms in key markets will usually be just three or four, while others will be privatized / mixed / brought under holding companies.

 8. Policy management and services

• The Center has agreed to raise the State Borowing Limit from 3% to 5% for FY21. This will provide extra Rs 4.28 lakh crore capital to states.

A.   Part of the loan would be related to specific reforms. The relation between the reforms will be in four areas:

1. One Nation One Ration Card,

2. Ease of Doing Business,

3. Power distribution,

4. Urban local body revenues.

 B.   The Department of Spending should be told of a particular scheme

• Unconditional 0.50 percent rise

• 1% in 4 tranches of 0.25% for each tranche linked to specifically specified, tangible and feasible policy actions;

• 0.5 per cent of targets was reached in at least three of the four improvement regions.

Post by Rajput Jain & Associates

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

 

What’s Better: on-line CFO or in-house full-time CFO services

CFO OUTSOURCED – INTRODUCTION

CFO Services Financial Risk Management Strategy Plan

Numerous times, the Company needs someone to take over the duties of their CFO immediately. This could happen when the new CFO unexpectedly fails or is ill for a long period of time. In such a circumstance, you could either make every attempt to look for an applicant, and waste valuable time and resources before the potential hire begins working with the company, or you could bring in an accomplished CFO from our staff, as the Interim CFO. It would help the organization bridge the void generated between the outgoing CFO and the incoming CFO.

While your required CFO is out of the frame, save the energy and time to recruit a skilled CFO for your business. Hiring our interim CFO would save your money and get an expert on board without any effort!

Our agile interim CFO would relieve you of the burden that surrounds you and provide you with the right financial outlook. We ‘re giving you the best proportion of expertise and experience that doesn’t call for a fat paycheck as your CFO did.

Outsourced CFO Services will help you analyze the financial weaknesses and strengths of your company. They will also suggest a strategic plan for you and help you grow your business.

If you are involved in all non-core operations and suffer a lot from negligence against your core business, consider recruiting an experienced outsourced CFO company like us. With us by your side, you and your company would be in a stronger place to succeed in terms of financial success.

A growing company needs a good financial buffer and the development of this must be left to experts. Remember, you can’t waste your money on solely enhancing your finances or recruiting a full-time CFO.

Try recruiting outsourced CFO resources who can produce the optimal outcomes without burning a hole in your wallet!

Reasons to outsource your CFO Services with big, medium and small companies

1.      The outsourced CFO operation is free.

Hiring a full-time CFO will cost you a fortune. Plus, the in-house CFO will provide you with the same services as our external CFO specialist. So why spend more if you can enjoy all the benefits and high-quality work at an affordable price?

You’ll also save more money because you don’t have to pay for the CFO’s insurance and retirement coverage.

2.    Brings a new take on economic uncertainty

When you have an outside individual working on your problems, you get a new perspective on the situation. This can be crucial if the issues are to be handled rapidly and efficiently. Your CFO may only be trained to work in a specific financial situation, but outsourced CFOs often have extra knowledge. They know just what you need, and they’ve struggled with various financial issues.

3.       It’s definitely a smart idea to have a financial soundboard

Getting someone to speak to and get advice helps you feel safe. Get this protection by contracting the CFO Services as a team of experts even works as a consultant!

4.    For the appropriate financial performance

Outsourcing CFO Resources lets you collect reliable financial details. Accurate financial reports tells you the current state of your company and, at times, what you need to do!

5.    Interim Chief Financial Officer is agile

Versatility is the biggest benefit that you obtain from recruiting an experienced Temporary CFO. Their versatility is the ability to do the job anytime you need to. And they know how to cope with ever-changing financial circumstances. Have your job finished at the time and pay just for what you need.

6.    No big payments for the CFO

Stuck on the idea of hiring an Interim CFO, but worried about what price tag they might come up with?

7.      They’re professional, and they know what to do.

Temporary CFOs come with the skills and expertise you need to overcome all the difficulties. Hiring an Acting CFO in the midst of the financial chaos won’t worry you. They are well-experienced to adapt rapidly, evaluate the circumstances and function instantly.

8.    Their role is equal to a full-time CFO.

Are you facing a financial turmoil, so you don’t have a CFO on board? Hiring a new one sounds like a tiring job. Instead, consider recruiting the Temporary CFO to restart the job underway and also provide full-time CFO services!

Competition in the market is strong today, and businesses still seek financial advice from time to time. Having a team of experts on board would save you from falling behind in the chase.

What is the time to outsource CFO services to your business?

The company is going at a fantastic speed, and then you’re trapped because of the abrupt departure of your CFO. There is no cleverness in making the company fail because of the difference. Hiring a new CFO in a short amount of time may be a difficult job. It’s hard to find someone with the same skills as your old CFO, who was well-versed with your financial state.

Often recruiting a CFO can be a challenging job. And recruiting the wrong one, too, can be catastrophic and expensive. We should handle it! For these situations, sourcing your CFO services will make your job simpler and give you more time to recruit the right one. Not getting a CFO for a short period can be detrimental to your company. Interim CFO occupies the void between the point of the retirement of your CFO and the launch date of the current one.

Below are a few signs when you’re trying to recruit CFO services.

  • In your market, you need more capital
  • You are working on a major project
  • The cash balance is under-managed
  • The business is going through a merger and takeover process
  • You like better productivity
  • If your CFO has quit your company
  • You are rebuilding your company and you need financial assistance
  • I need an authority on an important future initiative and to address some financial problems.
  • Start-ups and fast-growing companies will benefit from the Interim CFO.

Our Interim CFO Services will cover the void of the empty CFO Chair from the time of his departure until a new one is appointed. With our highly trained and seasoned experts on board, you don’t need to think about your finances. They’ll take over the steering and boost the financial role in the top gear.

Why do you choose Rajput Jain & Associates?

Overall the years, CFO Services has offered its outsourced CFO services to clients across a broad variety of industries across India. CFO Services is headquartered in Delhi and offers facilities throughout India. We ‘re supplying well-experienced Interim CFOs who work to give you everything you ask for. Our team of experts has the perfect mix of expertise and information that will yield tremendous benefits for you. Our team of financial professionals is available to support you at every time of the day. Our scalable and adjustable services prove to be an asset for you because you only pay for what you need!

Aside from striving to push the business to greater heights, our experts come with the right experience and skills to provide what you need.

Your hunt for the Interim CFO will stop right here! We at CFO Services would offer you a package of services at your convenience and at a reasonable price. Finally, our outsourced CFO Services gives you more time to focus on your company by diligently focusing on your finances.

Your hunt for outsourcing your CFO Services ends here, and we also give a free report to let you know your current condition. Please fill out the form below and email us for a free audit!

Post by Rajput Jain & Associates

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Complete Guidance on Udyog Aadhar registration in India

Complete Guidance on Udyog Aadhar registration in India – Registration procedure, Benefits and Documents required

Udyog Aadhaar Registration – Process, Documents Required, Benefits ...

In recent times, the Government of India has launched the Udyog Aadhaar registration process in order to improve the small-scale businesses in the region. Previously, if a person wants to start a company, he/she must be registered with both the small-scale industry and the MSME.

This step has now been facilitated by the incorporation of only 2 types under the Udyog Aadhaar Registration which are Entrepreneur Memorandum I and Entrepreneur Memorandum II, whereas the former one was used to fill out 11 various types of forms which were required earlier.

The major characteristics of Udyog Aadhaar

  • Enrolment is online instead of personal registration. It’s just a button of a task.
  • UAM can be registered by self-declaration of the company’s data.
  • Details required for registration: Personal Aadhaar number, name of the industry, address, bank details and some common information.
  • You can file more than one Udyog Aadhaar with the same Aadhaar number.
  • No filing fee.
  • After the registration number has been filled in and submitted, it is obtained in the mail-id issued.

Udyog Aadhaar Registration is a fully online process. Companies listed under the Udyog Aadhaar are eligible to obtain incentives from a range of government schemes, such as discounts, simple loan approvals, etc.

What kind of Benefits of registration of Udyog Aadhaar :

The main advantages of registration under Udyog Aadhaar are listed below:

  1. The MSME registered enterprises get the financial support from the Government to participate in foreign expo. i.e MSME registered companies receive financial support from the Government to participate in the foreign exhibition
  2. Quick Accessibility of Collateral Free Bank loans : Once registered with MSME, the micro, small or the medium enterprise would be eligible for all government scheme benefits like without guarantee loan, easy loan, loan with low rate of interest.
  3. 50 per cent grant for patent registration
  4. Simplification of obtaining licenses, approvals and other registrations
  5. ISO Certification Reimbursement
  6. NSIC Performance and Credit Rating Subsidy:
  7. Concession of electricity bills and more
  8. The enterprise is also entitled for the Government subsidies:

Potentially Details Required of Udyog Aadhaar Registration:

The information needed at the time of registration of Udyog Aadhaar are as follows:

  1. 12 Aadhaar number given to the client. In the case of a company, corporation or any other entity, the Aadhaar number of Managing Director, Approved Partner, etc. shall be given.
  2. Name of the organization under which it carries out its business.
  3. Type of business entity such as individual, firm, company, etc.
  4. Postal Business address for communication purposes, including contact numbers and e-mail address.
  5. Date of beginning of the business.
  6. Details of the previous validation of the MSME.
  7. Banking details of the client, including the bank account number and the IFSC code.
  8. Main business areas – service or manufacturing.
  9. The number of staff in the company.
  10. Complete amount of investment by the company in terms of machinery and equipment.
  11. Social Category – The applicant may pick the Social Category (General, Scheduled Caste, Scheduled Tribe or Other Backward Castes). Evidence of belonging to SC, ST or OBC can be sought by the proper authority, if and when necessary.
  12. Physically Disabled-The Applicant may choose a Physically Disabled Entrepreneur status.

13. Plant Location-Applicant can attach multiple plant locations to one registration by clicking the    Attach Plant button.

  1. Major Activity-The main activity, i.e. “Manufacturing” or “Service,” may be chosen by the company for Udyog Aadhaar. If your business involves both type of activity and if major work involves Manufacturing and a small portion of activity involves the Service sector, then select your main activity type as “Manufacturing” and if major work involves Services and a small portion of activity involves Manufacturing, then select your main activity type as “Services”
  2. National Industrial Classification Code (NIC Code)-The individual may choose various National Industrial Classification-2008 (NIC) Codes to protect all their activities. Which means that users can select multiple NICs from the Manufacturing and Service sector by clicking the “Add More” button. If you want to add Manufacturing then select the “Manufacturing” radio button and click the “Add More” button otherwise if you want to add Service then select the “Services” radio button and click the “Add More” button. The NIC codes are drawn up by the Central Statistical Organisation (CSO) under the Ministry of Statistics and System Implementation, Government of India. The applicant can use the National Industrial Classification-2008 (NIC) Scanning facility codes to escape a 3-step selection process.

Step by step procedure of Udyog Aadhaar Registration

Registration system and Process of Udyog Aadhar along with the requirement of information for Registration: Below is the legal process for the registration of Udyog Aadhaar:

1. Online visit the link of https://udyogaadhaar.gov.in/UA/UAM_Registration.aspx

2. Enter the Aadhaar number and the name of the individual who is the agent of the organization and confirm the Aadhaar number:

3. Enable the OTP

4. Upon validation, it will be redirected to Udyog Aadhaar form, which will be as follows: and Verify further Enter the following information in the field:

• Social group (e.g. SC / ST / OBC / General)

• Sex and categories

• Whether is He not physically handicapped

• Name of Enterprise

• Type of Organisation

• PAN no of the relevant person

• Address of the business entity

• The contact address of the organization and the telephone or email number of the designated person;

• Date of start of business

• Past registration details of MSME, if any

• Corporate bank info like IFSC code and bank account number

• Main activity of the unit (whether engaged in production or service)

• National Industrial Classification (NIC) Operation Code (One or more activities can be added)

• Overall number of individuals working by the company

• Overall financial investment of the company

• The district where the entity is placed

• Click on the checkbox for the declaration and submit

5. After acceptance, you will obtain an OTP for submission of the form-enter OTP and click on the final submission button.

6. After submission, it will be forwarded to the Udyog Aadhaar Memorandum page.

7. Below the Udyog Aadhaar Memorandum, you can find the Udyog Aadhaar Certificate button. Click on it to generate the Udyog Aadhaar Certificate:

8. After clicking the Create Certificate button, the Udyog Aadhaar Card will be issued.

9. If you need qualified assistance for Udyog Aadhaar, please write to us at info@carajput.com or click Here to Subscribe to Online Service.

May you register Udyog Aadhaar Registration Online without an Aadhaar Number?

No Applicant or authorized signatory who is not registered for Aadhaar shall be required to apply for Aadhaar enrolment and, if he or she is entitled to receive Aadhaar in compliance with section 3 of the Aadhaar Act, he or she may visit any Aadhaar enrolment center for Aadhaar enrolment.

  •  A.   Provided that by the time Aadhaar is allocated to the person, the registration of the UAM shall be registered by the DIC or MSME-DI concerned on behalf of that undertaking, subject to the creation of the supporting following information as an alternate and feasible form of identifying.
  • If he’s registered, his Aadhaar Enrolment ID slips; Ok
  •  copy of his application for enrolment by Aadhaar
  • B.  Any of the below papers, namely: – bank photo passbook; or voter ID card; or passport; or driving license; or PAN card; or employee photo ID card issued by the Government.

Post by Rajput Jain & Associates

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Certificate Form 15CA CB for making payments abroad

Certificate Form 15CA CB for making payments abroad

Generally, 15CA CB is not necessary to make a payment abroad in the event that costs fall below the defined limit. That’s because you’re a member of the Remittee. In the case of rent charged to NRIs / foreign vendor, Pursuant to Section 195 of the Income Tax Act 1961, any person liable for making a payment to non-residents shall subtract TDS at the rates in place from the payments rendered or credits granted to non-residents. The Reserve Bank of India also requires that, with the exception of such personal remittances that have been expressly removed, no remittances should be rendered to a non-resident without sending an undertaking in Form 15CA followed by an accountant’s certificate in Form 15CB, Remember that this is

  • Individuals making payment for bills/invoices must apply Form 15CA to the income tax portal each time before paying for the excess of expenses.
  • In fact, if the cumulative amount to be made each year reaches Rs 5 lakh, the Remitter must receive Form 15CB from the Chartered Accountant.

When you make a payment to a foreign seller, it is your duty to figure out if the Remittee is an NRI. This makes it easier for you to subtract TDS for the invoice to be received and to comply with the Income Tax Act. The aim of this undertaking and credential is to raise taxes as the remittance is made, because it will not be practicable for the non-residents to reclaim the tax at a later date. The format of the undertaking to be registered electronically in Form 15CA and the format of the Accountant’s certificate in Form 15CB were notified vide Rule 37BB of the Income Tax Rules 1962

Revised guidelines on filing forms 15CA and 15CB

The latest guidelines to register electronic forms 15CA and 15CB are valid as of 1 April 2016. The comprehensive procedure for filing the form as per requirement is focused on new laws that follow. The income tax department has updated the rules governing the preparation and delivery of Form 15CA and Form 15CB (see previous Form 15CB regulations). As of 1 April 2016, updated rules became applicable.

Major changes are as follows –

  • Form 15CA and 15CB shall NOT be needed to be submitted by a person for remittance which does not require RBI approval
  • List of payments of a defined nature referred to in Rule 37BB, which do not require the submission of Form 15CA and Form 15CB, has been extended from 28 to 33 including import payments
  • Form No. 15CB will only be needed for non-resident payments which are taxable and surpass Rs. 5 lakhs.
  • Only Part A of 15CA is required when the volume of payment or the number of these payments made during the financial year does not exceed five lakh rupees
  • Part B of 15CA to be filled in the event of receiving a certificate from the Assessing Officer pursuant to section 197 or an order from the Assessing Officer pursuant to subsection (2) or subsection (3) of section 195. For example, Form 15CB is not necessary if order or certificate is obtained from AO
  • Part C of 15CA may be filled out after a Chartered Accountant obtains a certificate in Form No. 15CB
  • Part D of Type No.15CA where there is some amount not paid under the terms of the Act. For eg, Form 15CB is not needed if the remittance is not taxable
  • 1 lakh penalty will apply for each non-filing default for 15CA / CB certification

Forms 15CA and 15CB are of considerable interest nowadays. We professional at least have to issue one Form 15CB on a routine basis and 15CA form is also to be generated on behalf by the professional. Form 15CA is a Remitter Certification that is used as a method for collecting data about transfers that are taxable in the hands of non-resident users. It begins with an effective information retrieval program that the Income Tax Department will use to track foreign remittances separately and their existence to assess tax liability. The mechanism for picking cases for scrutiny has dramatically deteriorated in modern times and without an inspection, there was no test to ensure that taxable foreign remittances were made after-tax deduction or not. So the remittance path, i.e. Banks were led to acquiring Form 15CA and Form 15CB before allowing any remittance.

Authorized Dealers / Banks are now becoming more cautious in ensuring that all these Forms are collected by them before they are remitted, as now, in accordance with the revised Rule 37BB, they are expected to file Form 15CA obtained from the remitter, with the income tax authority for any proceedings under the Income Tax Act and also with the revised FEMA Guidelines released. In this regard, as per the updated RBI Guidelines, The RBI does not provide guidelines on the deduction of tax on international remittances at the source. The banks, therefore, encourage remitters to have these Type 15CA and 15CB even while buying imports.

Here’s an effort to render a detailed checklist/procedure for furnishing Form 15CA and Form 15CB effectively.

Step by step Process to File Form 15CA and 15CB all online summation with effect from April 1, 2016

Steps for procedures: We are used to helping our clients in transferring funds from India to out of India after Satisfy the sources and taxability of the fund, below four Steps for procedures which is needed to follow:

  1. Obtain Chartered Accountant (CA) Certificate in Form 15CB – CA must verifying (though his own procedures) the source is determining the sources of funds is the TDS is properly deducted on such source,
  2. Submit Form 15CA online,
  3. Submit documents to Bank where NRE accounts kept
  • Form 15CA
  • Form 15CB
  • Check (cheque) or Demand Draft for the amount
  • Request letter or Form as per respective bank’s requirement
  • Complete any other document, requirement or formality
  1. Transfer: On verification of submitted documents, Bank will process the transfer and credit NRE account.

Mandatory details required when filing in the forms 15CA and 15CB certification

1.     Details of Remitter
    • Complete Name of the remitter
    • Complete address, an email with the phone number of the remitter
    • permanent account number availability of the remitter
    • Complete Main place of business of the remitter
    • The E-Mail address and phone no. of the remitter
    • Status (today) of the person remitter the transaction  (company/ firm /other)
2.     Details of the Remittance
    • Proposed date of remittance
    • Nature of transaction as per agreement (invoice copy to be asked from client)
    • Source of fund proof (if any)
    • Country to and Currency in which remittance is made
    • Amount of remittance in Indian currency
3.     Bank details of the Remitter
    • Name of bank of the remitter
    • Name of the Bank with Branch details
    • BSR code of Bank from which remittance is to be made –
4.     Details of Remittee
    • Complete Name of the remittee :
    • Complete address, email with phone number of the remittee
    • Details of Country of the remittee (In which remittance is to be made)
    • Complete Main place of the business of the remittee
5.     Documents from the Remittee
    • Form 10F duly filled by the authorized person of the remittee.
    • Document of Tax residency certificate from the remittee (Tax registration of the country in which remittee is registered).
    • Section under which order/certificate has been obtained ( if any )
6.     Other details needed
    • Father’s name of the authorised person /signing person
    • Designation of the authorised person /signing person
    • Proof of payment of Tax on fund transfer from India,
    • Proposed date of remittance –
    • Complete name of such bank and branch –
    • Supporting Documents for Remittance
    • The digital signature of the person who required to fund Transfer,

If you’re searching for more current information on these forms, their processes or any enforcement relevant to them, our team of experts will support.

We will also assist you in setting up your business in India, including accounting, bookkeeping, payroll, auditing, valuation, secretarial compliances, trademark registration, market structuring, and consulting services. If you need some support in this regard please visit www.carajput.com

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associates , a leading Tax & Investment Planning Advisory Service Provider. His blog can be found at http://carajput.com/blog/For any query you can write to info@carajput.com. Hope the information will assist you in your Professional endeavors. For query or help, contact:   info@carajput.com or call at 09811322785/4 9555 5555 480)

CORPORATE AND PROFESSIONAL UPDATE May 25, 2017

1 (2)

Direct Tax:

ITAT Delhi held that Medical illness and that to be in the nature of the typhoid fever and UTI is definitely reasonable cause for non- appearing on the date and therefore, no penalty should be levied u/s 271(1)(b) in such circumstances as the same is covered under exception of ‘reasonable cause’ as enshrined in section 273B. Sangeeta Sawhney Vs. ACIT (ITAT Delhi)

Delhi High Court held that Addition is justified for Voluntarily admitted tax liability retracted after 2 years PR. CIT (C)-2 Vs Avinash Kumar Setai (Delhi High Court)

 Indirect Tax:

  • High court held that Section 35L is being amended so as to clarify that determination of disputes relating to tax ability or excisability of goods is covered under the term ‘determination of any question having a relation to rate of duty’ and hence, appeal against Tribunal orders in such matters would lie before the Supreme Court. Commissioner Service Tax Vs DLF Golf Resorts Ltd. (Punjab & Haryana High Court)
  • MCA has revised the versions of e Forms – Form DIR-3C and Form RD – 1 (Applications made to Regional Director) are being revised w.e.f. 11th May, 2017.

Key dates:

Advance Information for 1st fortnight of June functions with booking cost > Rs. 1 lakh in Banquet Halls, hotels etc. in DVAT: 27/05/2017

Issue of TCS Certificates by collectors for quarter ended March: 30/05/2017

 Other Updates:

Takeaways of Final GST Rules passed by GST Council:

 

In its 14th meeting in Srinagar on 18th and 19th May,2017 the all-powerful GST council cleared seven rules pertaining to different aspects of GST. These rules relate to Registration, Input Tax Credit, Payment, Refund, Invoice, Valuation and Composition and have paved the way for the rollout of GST from July 1, 2017. The key highlights of these final GST Rules are as follows:

Registration:

1)  PAN is mandatory for taking registration under GST. PAN will be validated by CBDT. After successful validation, registration will be granted.

2)  If a person has a SEZ unit, then he is required to make separate registration application for that unit. Similarly, a separate application of registration is required for becoming Input Service Distributor.

3)  A non- resident seeking registration under Non-Resident Taxable Person has to appoint an authorized signatory who will sign the application of registration. That person must be resident of India having a valid PAN.

4)  A person registered under GST is required to display his certificate of registration at a prominent location at his principal place of business and GST Number on the name board at entry of his principal place of business.

5)  Physical verification of place of business will not be conducted to grant registration under GST. But officer can do physical verification after granting of registration, if he is satisfied that it is necessary to do the same. He must upload verification report on GST Portal within 15 working days after verification.

Invoice:

6)  Tax invoice in case of supply of taxable services must be issued within 30 days of date of supply of services. However, time limit for banking company, insurance company or financial institutions is 45 days.

7)  The invoice shall be in triplicate for Supply of Goods and in duplicate for Supply of Services.

8)   The serial number of invoices issued will be furnished electronically on GST Portal.

9)  On receiving advance, Receipt Voucher will be issued. If rate is not determinable, tax is to be paid at 18%. If nature of supply is not determinable, it will be treated as Inter-State Supply.

10)  If reverse charge is applicable, the recipient will issue Payment Voucher.

Payment:

11)  Electronic Liability Register shall be maintained for each person liable to pay tax on the GST Portal.

12)  Electronic Credit Ledger and Electronic Cash Ledger shall also be maintained on the GST Portal for the person eligible for input tax credit and for person liable to pay tax respectively.

13)  Tax will be paid only through internet banking, RTGS, NEFT or Debit and Credit Cards. However, over the counter payment is allowed through authorized banks for the amount up to Rs.10,000 per challan per tax period.

Refund:

14)  A separate formula is prescribed for Maximum Refund in case of inverted duty structure, i.e., GST rate is higher on Inputs than on Output Supply.

15)  Refund application shall be filed electronically on GST Portal.

16)  The grant of provisional refund shall be made if person clamming refund has not been prosecuted during any period of 5 years preceding the tax period for which refund is claimed. However, the following 2 condition mentioned in Draft Refund rules have been deleted:

a)     The assessee should have a GST compliance rating of not less than

b)     The assessee should not have any pending proceeding or appeal on any issue.

17  17)   If Commissioner wants to withhold refund, order must be issued along with reasons of withholding refund.

Valuation:

18)  The value of supply made by principal to its agent or made to any related person shall be 90% of price charged for the supply of like kind and quality to unrelated person.

19)  The value of a token, coupon or a voucher shall be equal to the money value of goods redeemable against such token or voucher or coupon.

20)  The expense incurred by a supplier as a pure agent will not form value of supply and shall be excluded. The supplier will be treated as pure agent on complying with following three conditions:

a)     He makes payment to third party on authorization by such recipient.

b)     The payment made by pure agent on behalf of recipient has been shown separately on invoice.

c)     The supplies procured from third party by pure agent on behalf of recipient are in addition to services he supplies on his own account.

Earlier, in draft rules, 8 conditions were prescribed. Now, only these three conditions have to be fulfilled.

Input Tax Credit:

 

21)  The person eligible to take credit in respect of input of goods held in stock after registartion is required to file a declaration on GST Portal that he is eligible for input tax credit within 30 days.

22)  ITC would not be available to registered person if tax has been paid by supplier after issuing demand order on account of fraud, wilful misstatement or suppression of facts.

23)  The time limit to claim input tax credit is not applicable to re-claim credit reversed earlier due to non-payment of consideration to supplier.

Composition:

24)  Following persons will not be eligible for composition scheme:

a)     Casual taxable person or non-resident taxable person

b)     Person having goods in stock which were purchased in course of inter-State trade or from unregistered person

25)  Rates of Taxes for Composition Levy

a)     Manufacturers, other than manufacturers of such goods as may be notified by the Government – at 1%

b)     Suppliers making supplies referred to in clause (b) of paragraph 6 of Schedule II – at 2%

c)     Any other supplier – at 0.5%

 

 

Quote of the Day:

 

“Take rest; a field that has rested gives a bountiful crop.”

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com    E: info@carajput.com   T: 011-233-4-3333, 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

CORPORATE AND PROFESSIONAL UPDATE MARCH 15, 2017

Professional Update For the Day:

annual-compliance-of-a-private-limited-company

DIRECT TAX:

·        CBDT clarified that Existence of undisclosed bank deposits non-mandatory on the date of PMGKY payment.

·        CBDT has asked Taxmen to Fast track cases against shell firms also to file prosecution cases against those companies which claimed bogus long-term capital gains. While the SFIO has filed cases against 49 shell companies, Rs 3,900 crore is believed to have been laundered by 559 persons with the help of 54 professionals. Also, Rs 1,238 crore cash has been deposited in shell co’s, post demonetization.

·        Penalty can’t be imposed u/s 271(1)(c) of the Income Tax Act, 1961, where substantial question of law had been admitted by the High Court in respect of quantum proceedings. CIT Vs. Advaita Estate Dev. Pvt. Ltd., High Court of Bombay.

·        ITAT Ahmedabad held that forfeiture of share application money which has been duly received by the appellant in terms of prospect and credited to capital reserve account was a capital receipt and is not taxable. DCIT(OSD) Vs Mahalaxmi Rubtech Ltd. (ITAT Ahmedabad).

·        Sec. 271(1)(c): If the quantum appeal is admitted by the High Court, it means that the issue is debatable and penalty cannot be levied. Argument of the Dept that Nayan Builders 368 ITR 722 (Bom) does not lay down this proposition is not correct. CIT Vs Advaita Estate Development Pvt. Ltd (Bombay High Court)

·        Entitlement for deduction U/s 80IB – amount under the head VKGUY [Vishesh Krishi Gram Udhyog Yojana] and on account of DEPB – these benefits do not form part of the net profits of eligible industrial undertaking for the purposes of Sections 80I/80IA/80IB – ITAT Jaipur in case of [M/s Neel Kanth Gum & Chemicals Vs. ACIT].

·        New India Assurance to refund TDS amount to claimant as it had wrongly deducted TDS on compensation: HC[2017] 79 taxmann.com 76 (Gujarat)

·        Expenditure incurred for re- possession of the club – capital or revenue in nature – when as per the JDA, the ownership is vested in the assessee and the plot owners have no right in the assets of the club, it cannot be said that creating the asset of the club is a revenue expenditure – ITAT Bangalore in case of [G.R. Developers Vs. The ACIT, Circle-3 (1) , Bangalore].

·        Operation Clean Money; Income Tax Department identifies 17.92 Lakh persons whose tax profiles were not in line with the cash deposits made by them during the demonetization period.

·        CBDT reported the direct tax collections up to February 2017 to witness steady growth trend. The collection net of refunds stands at Rs. 6.17 lakh crore which is 10.7% more.

INDIRECT TAX:

·        Excise: CBEC issued Master Circular providing the clarity and uniformity on the issues dealing with Show Cause Notice, Adjudication Proceedings and Recovery of duty vide Circular No. 1053/02/2017-CX dated March 10, 2017. CESTAT allows assessee’s appeal, remands issue for determination whether Food Processor accessories are assessable at MRP u/s 4A or at the transaction value u/s 4 of Central Excise Act, when same not cleared as part of package containing Food Processor [TS-47-CESTAT-2017-EXC]

·        Service Tax: In the absence of a statutory provision which prescribes that registration is mandatory and that if such a registration is not made the assessee is not entitled to the benefit of refund, the committed a serious error in rejecting the claim for refund on the ground which is not existence in law. Commissioner, Service Tax Vs M/S Pangea 3 Legal Database Systems Pvt. Ltd. (Allahabad High Court)

·        Date of filing of DVAT Return in Form 16, 17 & 48 for Q-3, 2016-17 has been extended up to 17.03.2017 vide Circular No. 26 dated 08.03.2017.

·        CBEC vide Circular No. 1053/02/2017-CX dated March 10, 2017 has issued the Master Circular providing the clarity and uniformity on the issues dealing with Show Cause Notice, Adjudication Proceedings and Recovery of duty.

·        In the absence of a statutory provision which prescribes that registration is mandatory and that if such a registration is not made the assessee is not entitled to the benefit of refund, the committed a serious error in rejecting the claim for refund on the ground which is not existence in law.Commissioner, Service Tax Vs M/S Pangea 3 Legal Database Systems Pvt. Ltd. (Allahabad High Court)

·        CESTAT allows assessee’s appeal, remands issue for determination whether Food Processor accessories are assessable at MRP u/s 4A or at the transaction value u/s 4 of Central Excise Act, when same not cleared as part of package containing Food Processor [TS-47-CESTAT-2017-EXC]

 OTHER UPDATES

·        RBI has cancelled the certificate of registration of some NBFC in of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.

·        RBI issued notification that Section 269SS and 269T of the Income Tax Act, 1961 would be applicable to all NBFCs with immediate effect. Currently, the relevant threshold is Rs 20,000 Vide Notification No. DNBR (PD) CC.No.086/03.10.001/2016-17 dated 09.03.2017.

·        RBI notified the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fourth Amendment) Regulations, 2017 which shall come into force from the date of their publication in the Official Gazette. Vide Notification No. FEMA.387/2017-RB dated 09.03.2017.

Key Dates:

Payment of Advance Income Tax by all assesses (100%): 15.03.2017

E-payment of PF for Feb: 15.03.2017

“Our hopes & dreams should be like hair & nail. No matter how many times they are cut, but they never stop growing.”

Life shrinks or expands in proportion to one’s courage.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 011-23343333 / 9555555480

We look forward for your valuable comments. www.carajput.com  Continue reading

CORPORATE AND PROFESSIONAL UPDATE JAN 09, 2017

Professional Update for the Day:

12112090_641118839325014_7134893405186083746_n

Direct Tax:-

  • Bombay High Court in the below cited case held that when the assessee’s volume of purchasing & selling shares is quite high with higher frequency of buying and selling with holding 75 days or less then its prima facie indicate that it is engaged in trading of shares unless the assessee provide a sound reasoning that why transactions should not be considered as trading activity. [Pine Tree Finserve Pvt. Ltd. Vs CIT]
  • CBDT notification no. 2/2017 Report cash deposit in Bank & Post Office A/c’s between 01.04.2016 to 09.11.2016.

Indirect Tax:-

  • SC dismisses assessee’s SLP for lack of merit against HC order denying service tax refund under Notification No. 41/2007-ST absent inclusion of exported services from date of issue of Notification[TS-1-SC-2017-ST]
  • Delhi HC shows leniency to assessee, reduces penalty levied u/s 78 of Finance Act to 25% of entire tax due on deposit of balance amount within 30 days, where assessee failed to obtain registration or file ST returns despite liability [TS-555-HC-2016(DEL)-ST]
  • CBEC notified that overseas companies providing online information and database access (‘OIDAR’) services will have to pay service tax from December 1, 2016.

MCA Update:-

  • MCA, in the interest of public, directs that certain provisions of Companies Act, 2013 shall not apply or shall apply with some exceptions, modifications and adaptations to an unlisted company which is licensed to operate by RBI or SEBI or IRDA located in an approved multi services SEZ set-up Vide Notification.

Other Update:-

  • Black money would be taxable at higher rates; Finance Minister Mr. Jaitley said on Demonetization, IDS & Cashless Economy.
  • Causal taxable person or non-resident taxable person must apply for registration at least 5 days before actual commencement of business.

Key Dates:-

  • Return by units paying duty > 1 crore (CENVAT + PLA) for December – 10.01.2017.
  • Return of Non SSI assesses for December – 10.01.2017.
  • Return of SSI assesses for quarter ending December – 10.01.2017.
  • Return for EOUs for December – 10.01.2017.
  • Due date to deposit of DVAT of December – 21.01.2017.

“Nothing is interesting if you are not interested.”

“Expectation is a gift, not a burden. When people expect something from you, it means you have given them reasons to believe in you.”

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com             E: info@carajput.com            T: 011-233-4-3333 , 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

CORPORATE AND PROFESSIONAL UPDATE JAN 07, 2017

Professional Update for the Day:

tp-and-business-restructuring_raw

Direct Tax:-

  • CBDT issues circular for TDS on salary for FY 2016-17 Vide Circular No 01/2017. Circular contains rates of deduction of income-tax on income chargeable under the head “Salaries” and provide illustrations on calculation of tax liability.
  • CBDT issues Press release regarding India and Kazakhstan signing Protocol to amend the Double Taxation Avoidance Convention (DTAC).
  • In revised GST Model Law, business vertical has been defined in sec 2(18) itself & reference to AS-17 (Segment Reporting) has been removed.

Indirect Tax:-

  • CESTAT Mumbai held that as per rule 11(1) of CENVAT Credit Rules, 2004 read with Notification 23/2004 – CE, the amount of credit earned by the manufacturer under CENVAT Credit Rules, 2002, which existed prior to 10.09.2004, can be utilized by them as per transitional rule 11 of the new CENVAT Credit Rules, 2004. [ Arbes Tools Pvt. Ltd. Vs CCE ]
  • Madras High Court has held that the assessee is entitled to Service Tax Credit on catering services. M/s IP Rings Ltd v. CESTAT Chennai.

Other Update:-

  • SEBI relaxes rules for angel funds to boost start-up funding .To give a fillip to start-up funding; markets regulator SEBI has relaxed its rules for investment by angel funds.
  • Securities and Exchange Board of India (SEBI) has issued much awaited guidance note on board evaluation.

Key Dates:-

  • Due date of deposit of Tax deducted/collected for month of December – 07.01.2017.
  • Return by units paying duty > 1 crore (CENVAT + PLA) for December – 10.01.2017.
  • Return of Non SSI assesses for December – 10.01.2017.
  • Return of SSI assesses for quarter ending December – 10.01.2017.
  • Return for EOUs for December – 10.01.2017.
  • Due date to deposit of DVAT of December – 21.01.2017.

“Optimism is the faith that leads to achievement. Nothing can be done without hope and confidence.”

“Birth & Death are two fixed ends, the game is in between. It’s not that you have to win every time, but more important is how you participate.”

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com             E: info@carajput.com            T: 011-233-4-3333 , 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

CORPORATE AND PROFESSIONAL UPDATE JAN 06, 2017

Professional Update for the Day:

Company-name-approval-in-india-venture-care-750x422

Direct Tax:-

  • CBDT has issued press circular regarding signing of three more Advance Pricing Agreements (APAs). These agreements pertain to the Engineering goods & Shipping sectors of the economy. The international transactions covered in these agreements include Intra-group services & support services.
  • Punjab & Haryana Court in the below cited case held that deduction under section 80IB is allowable over the period of 6 years which follows that conditions for claiming deduction must remain fulfilled in all years for which deduction being claimed.
  • Supreme Court in Gopal and Sons(HUF) vs. CIT Kolkata-XI has held that even if a HUF itself is not a registered shareholder, the provisions of deemed dividend are attracted once the payment is received by the HUF, and shareholder is a member of the said HUF and has substantial interest in it.

Indirect Tax:-

  • CBEC has issued a circular via circular no. 1/2017- Customs regarding extending the Single Window Interface for Facilitation of Trade (SWIFT) to Exports.
  • Supreme court in the below cited case held that in case the goods are purchased from other states or are imported from outside the country for the purpose of only using in the works contract, then the transaction would be covered under the Central Sales Tax Act and not liable to tax under local VAT act. [Commissioner, Delhi Value Added Tax Vs M/s. ABB ltd.]

GST Update:-

  • GST aggregate turnover includes exports, exempt (including non-taxable) & inter-state supplies calculated PAN wise on all India basis.

Other Update:-

  • Finance Minister expressed confidence that direct and indirect tax mop-up will surpass budget estimate of Rs.16.3 lakh crore by March-end.
  • SEBI issued Guidelines for participation/functioning of Eligible Foreign Investors (EFIs) and FPIs in International Financial Services Centre (IFSC).
  • ICAI  issued exposure draft standard on auditing (SA) 720 (Revised) The auditor’s responsibilities relating to other information.

Key Dates:-

  • E-Payment of Service Tax for the month of December – 06.01.2017.
  • Due date of deposit of Tax deducted/collected for month of December – 07.01.2017.
  • Due date to deposit of DVAT of December – 21.01.2017.

“Infuse your life with action. Don’t wait for it to happen. Make it happen. Make your own future. Make your own hope.”

“There is nothing called “Darkness”, It’s just absence of light.similarly,  there is nothing called “Problem”. It’s just Absence of an idea to find solution.”

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com             E: info@carajput.com            T: 011-233-4-3333 , 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

CORPORATE AND PROFESSIONAL UPDATE JAN 03, 2017

Professional Update for the Day:

11987074_919610658111019_5991428056741075136_n

Direct Tax:-

  • CBDT has issued a press release regarding signing of Third Protocol between India and Singapore for amending the Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation & prevention of fiscal evasion with respect to taxes on income.
  • Gujarat High Court held that a reference to the Transfer Pricing Officer(TPO) can be made only after passing a speaking order disposing of the objections raised by the assessee. In this case, the reference was made without passing such a speaking order, the reference so made was invalid. [M/s Alpha Nipon Innovatives Ltd. Vs CIT]
  • Income from vacant house property – income would not be assessed under Section 23(1)(c) but under Section 23(1)(a) – Punjab And Haryana High Court in case of [Susham Singla Vs. The CIT, Patiala].
  • Whether the provisions of Section 36 and Section 43-B are mutually exclusive and the Assessee is legally entitled to claim deduction of employees’ contribution to provident fund and ESI u/s 43-B as amended vide FA, 2003, even if the said deduction was not admissible u/s 36(1)(va) – Held Yes – Allahabad High Court in case of [Sagun Foundry Private Limited Vs. CIT, Kanpur].

Indirect Tax:-

  • Punjab & Haryana High Court has held that Input Tax Credit cannot be disallowed merely for a technical defect in the VAT Invoice such as not mentioning of words “ Input Tax Credit is available to a person against this copy” as per Rule 54 of the Punjab VAT Rules, 2005. [M/s Avdesh Tracks Pvt. Ltd. Vs State of Punjab & another]
  • Service tax dept. pulled up for unfair arrest of Make My Trip top officials; HC ordered tax refund. Makemytrip (India) (P.) Ltd. v. Union of India [2016] (Delhi).

MCA Update:-

  • MCA has notified the Companies (lncorporation) Fiffh Amendment Rules, 2016 which shall be applicable with effect from 1st Day of January, 2017.

ESIC Update:-

  • ESI applicability salary limit increased from Rs 15,000 PM to Rs 21,000 PM.

RBI Update:-

  • RBI has issued clarification on Interest Subvention Scheme for Short Term Crop Loans during the year 2016-17.

Other Update:-

  • In exercise of the powers conferred by Subsection (c) of Section 199B of the Finance Act, 2016 (28 of 2016),the Central Government in consultation with the Reserve Bank of India notified the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGK), 2016.
  • NRIs and Indians returning from abroad will have to physically show the junked 500 and 1,000 rupee notes to Customs officials at the airport and get a declaration form stamped before they can deposit the demonetized currency in RBI during the grace period.

Key Dates:-

  • E-Payment of Service Tax for the month of December – 06.01.2017.
  • Due date of deposit of Tax deducted/collected for month of December – 07.01.2017.
  • Due date to deposit of DVAT of December – 21.01.2017.

“In my experience, there is only one motivation, and that is desire. No reasons or principle contain it or stand against it.”

“Speaking lips can reduce many problems. Closed lips can avoid some problems. But smiling lips can solve all problems.”

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com             E: info@carajput.com            T: 011-233-4-3333 , 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.