Delay in the deposit of Employer Provident Fund during Lock-down will not levy any penalty

Delay in the deposit of Employer Provident Fund during Lockdown will not levy any penalty

No penalty on employers for delay in Provident Fund contributions ...

Relief to enterprises and industries protected by the EPF and MP Laws, 1952 from the award of punitive fines for failure in the payment of payments after Lockout in order to avoid COVID-19.

On Friday, the Employees’ Provident Fund Organization (EPFO) voted not to penalize employers for default in the deposit of the Provident Fund (PF) payments during the lockdown. It also clarified that companies would benefit from a lower contribution regime for EPF, as announced by FM.

In view of the protracted lockdown announced by the Government to control the spread of the COVID-19 pandemic and other disruptions caused by the Pandemic situation, the establishments covered by the EPF & MP Act, 1952, are in distress and are not in a position to operate normally. If an agency has filed its returns, known as the ECR, the EPF contributions to workers must always be sent in one go. Not doing so is drawing a punishment

The Hon’ble Apex Court of India in McLeod Russel India Limited Vs. RPFC (2014)15 SCC 263 has underscored the specific outlines and basic elements of section 14B of the Act and held the mens rea or guilty state of mind of the employer. Is a sine quannon for inducing claims under section 14B. In other words, the provisions of section 14B would only be drawn if there is positive signs of men’s rea on the part of the employer when defaulting on timely remittances. This legal status was later reaffirmed by the Assistant Provident Fund Commissioner vs. the Management of RSL Textiles. CA 96-97 of 2017)

In view of the difficulties faced by establishments in depositing contributions in good time during the lock-up period due to operational and economic reasons, it is clear that such delays are without men’s reassertion of the employer. Thus, the delay in the deposit of contributions during the lock-down period announced under the Disaster Management Act of 2005 can not be attributed to any guilty state of mind of the employer and will therefore not be subject to the provisions of section 14B of the EPF Act.

Therefore, for any omission in the payment of any contributions or administrative charges due during one of those times of the lock-up. Of these cases, no proceeding for the recovery of compensatory damages will be initiated.

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)

Everything about MCA Company Fresh Start Scheme (CFSS) 2020

Everything about MCA Company Fresh Start Scheme (CFSS) 2020

The Ministry of Corporate Affairs released Company Fresh Start Scheme 2020 full Circular 12/2020 dt 30.3.2020 which applies to both public and private corporations incorporated under the Co Act 1956/2013.

The key provisions are as follows:-(1) Permits to register all outstanding refunds, accounts, records over any amount of years.

(2) It shall come into force on 1.4.2020 and shall remain in effect until 30 September 2020.

(3) It shall extend to all public or private entities who have not submitted any financial statements or records, including tax reports, for any amount of years as of the date of filing.

(4) Only the usual payments as they prevail on the date of filing shall be payable.

(5)No late charge, no fine, no investigation instead of regular fees owed.

(6) Prosecution where any outstanding is disposed of after payment

(7) The scheme shall not apply to those companies against which the final notice under section 248 has been given to ROC for cancelation or which have applied for cancelation or have been declared dormant; vanishing or dormant company or companies under CIRP.

(8) Companies who have canceled their names can not benefit from this scheme and must have their names restored;

(9) Companies that make use of this scheme for the purpose of I becoming inactive under Section 455 and also (ii) deleting their names

(10) After payment of the usual fees and the return of documents has been registered, an application shall be lodged electronically (without any fees) for the purposes of this scheme.

(11)Scheme grants immunity from filing forms and returns of records, but not from any disciplinary action by the organization for which ROC may be necessary.

It is a prime opportunity to register any remaining annual reports, plus any overdue annual returns, for any amount of years.

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)

Comprehensive Understanding Regarding the current Further Issue Of Share Capital On Under Right Issue Basis Section 62 of the companies act 2013

Comprehensive Understanding Regarding the current Further Issue Of Share Capital On Under Right Issue Basis Section 62 of the companies act 2013

Shareholders who, at any time, plan to increase their subscribed share capital the increase their share capital by selling shares to their current shareholders who, at the date of the bid, are the holders of the share capital of the company. In basic words, the right issue is an offer to the existing shareholders to buy the equity of the company in proportion to the current stock. It is the best way to encourage capital in a business. It is up to the owners whether or not they support it.

Unless the terms of the Article of the Company do not provide otherwise, the current owner still has the right to revoke this privilege for the benefit of some other individual. The firm sends the Letter of Offer to the owners of the company stating the number of shares offered and the time period during which the bid is to be approved. The time period recommended will not be less than 15 days, but not more than 30 days. In the case that no notice has been obtained from the shareholder side within the specified time period, the bid is considered to have been rejected.

The existing shareholder of the company to purchase additional shares at discounted prices in proportion to their existing holdings. A shareholder entitled to receive the share on the basis of the offer rate prescribed in the letter of offer. For eg, the bid ratio is 1:2 which means that the shareholder owning two shares is able to receive one share if he only has 3 shares and is entitled to receive 1 share. If he has 4 shares, he is entitled to 2 shares. Through this offer, corporations give shareholders the right, but not the duty, to buy new securities at a discount on the existing stock price.

In the case of non-acceptance of such a bid, the Board of Directors shall have the right to dispose of it in a manner that is not adverse to the owners and the company.

If, at any point, a company with a share capital intends to raise its registered capital through the issuing of additional shares; those shares shall be offered—

ON RIGHT BASIS: to existing shareholders in proportion to the company’s paid-up equity capital owned by them by means of a letter of offer.

PROCEDURE FOR ALLOTMENT OF SHARES On RIGHT ISSUE BASIS:

  • Note in writing to each Director at least seven days prior to the meeting of the Board of Directors. [Sec 173(3)] Pass the vote of the Board to accept the “Statement of Bid” The letter of bid also contains the right of renunciation.
  • Dispatch of the Letter of Offer to all current shareholders by registered post or speed post or by online means at least three days before the opening of the issue.
  • Convene a decision of the Board of Directors of the Pass Board to approve allocation and issue of shares.
  • Receive approval, renunciation, denial of rights of shareholders
  • Meeting of the Directors and Notification of Meeting of the Board of Directors given at least seven days prior to the meeting of the Board of Directors (Section 179(3)).
  • The meeting of the Board of Directors will be held in compliance with SS-1 to accept the Board of Directors’ Decision on the adoption of the “Letter of Bid.”
  • Letter of offer will be submitted to existing shareholders by registered post or by fast post or by online means, with proof of delivery to all current shareholders at least three days before the opening of the issue.
  • For the case of the “Public Business” file MGT-1 within 30 days from the date of the vote of the Council.
  • Register the return of allotment with Registrar in E-Form PAS-3 within 30 days of allotment of shares.
  • Register the return of allotment with Registrar in E-Form PAS-3 within 30 days of allotment of shares.
  • File E-form MGT 14 within 30 days of issuance of securities.
  • Addition to the E-Form PAS-3 I Board resolution on distribution and question of interest. (ii) Letter of Offer (iii) List of Allottes
  • List of Allottes attached to E-Form PAS-3 shall state the names, address, profession, if any, of the owner and the number of shares assigned to each of the allottes, and the list shall be certified as complete and accurate by the signatory of Form PAS-3 in accordance with the company’s records.
  • Issue of the share certificate over a span of two months from the date of issuance in the form-SH-1. Stamp duty paid within 30 days of the date of issue. Reasonable
  • In the case of a listed firm – Unless otherwise mentioned, SEBI (ICDR) Regulation 2009 shall apply where the aggregate value of the stated offer is fifty lakh roupies or more. Provided that provision of this Regulation does not apply to securities issued pursuant to Regulation 9(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

FEMA provisions allow Indian companies to issue, if any, the right shares to existing non-resident shareholders, subject to the sectoral cap. Furthermore, this concern will also be concerned with in accordance with the other statute. (a) In the case of shares of a company listed on a recognized stock exchange in India, at a price as decided by the company; (b) In the case of shares of a company not listed on a recognized stock exchange in India, at a price not less than the price at which the right-based bid is made to a resident shareholder.

It is appropriate to receive prior permission from RBI for Right Issue to former OCBs. An investor may allocate an additional right share out of the unsubscribed portion, subject to the condition that the total issue of the shares to non-residents in the company’s total paid-up capital does not exceed the sectoral cap.

RECENT RIGHT ISSUE Reliance Industries (RIL) which is India’s most popular corporation propose to collect Rs 53,125 crore by giving Rs.1,257 a share discount of 14 per cent. Existing RIL shareholders may buy One share for every 15 shares owned The target to raise this issue is to decrease the net debt to zero by 31 March 2021.

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)

CORPORATE AND PROFESSIONAL UPDATE NOV 1, 2016

CORPORATE AND PROFESSIONAL UPDATE NOV 1, 2016

34Direct Tax:-

  • CBDT has issued a  clarification regarding taxability of the compensation received by the land owner for the land acquired under the right to fair compensation and transpereancy in land acquisition , rehabilitation and resettlement act, 2013 vide Circular No. 36/2016 dated 25/10/2016.Compulsory acquisition of non-agricultural land is also tax-free under new Land Acquisition Act.
  • CBDT has issued prohibition of Banami Property Transaction Rules,2016 vide Notification No. 99/2016 dated 25/10/2016.They shall come into force on the 1st day of November, 2016. (Click here to view)
  • Computerized machines not eligible for depreciation@ 60%, [T.C.A.No.624 of 2016, Decided on 02.09.2016].
  • Sale consideration received by the assessee is entitled to benefit under Section 54 of income tax act 1961, even though the transaction for purchase of new property was not completed and possession was also not handed over to the assessee within 2 years. ( CIT Vs Mrs. Shakuntala Devi (Karnataka High Court)).
  • 10B relief allowable even if assessee had substantial unabsorbed losses for set-off against EOU; SLP dismissed Commissioner of Income-tax v. BEHR India Ltd. [2016] 74 taxmann.com 171 (SC)
  • No penalty due to delay in filing TDS return as it was first year of introduction of e-TDS return Nav Maharashtra Vidyalaya v. Additional Commissioner of Income-tax (TDS), Range, Pune [2016] 74 taxmann.com 240 (Pune – Trib.)
  • HC allows retrenchment compensation paid to employees of transferee-co. under transfer agreement Wallace Flour Mills Co. Ltd. v. Commissioner of Income-tax, Central circle-I [2016] 74 taxmann.com 174 (Bombay)
  • Pune ITAT deletes penalty levied u/s 272A(2)(k) for belated filing of TDS returns/statements for AY 2011-12, grants immunity u/s 273B as ‘reasonable cause’ established. [TS-571-ITAT-2016(PUN)]

Indirect Tax:-

  • Mumbai CESTAT restores Custom House Agent’s license, states that even though clearance of imported consignments was violative of declaratory provisions of Customs Act, there is no evidence on record to show that such agent was aware of the intent / modus adopted by client / customer to evade customs duty. [TS-426-CESTAT-2016-CUST]
  • Refund claim – claim filed after about 10 years from the relevant date – unutilized Modvat credit in Modvat account which could not be used for payment of duty as the final product has become exempted – claim of refund rejected – Tri – Central Excise. M/s M.P. State Co-operative Oilseed Grower’s Federation Limited Versus CCE, Bhopal – 2016 (9) TMI 840 – CESTAT NEW DELHI

RBI Update

  • RBIpermits Startup Enterprises to access loans under ECB framework – P. (DIR Series) Circular No.13, dt.27.10.2016.
  • RBI has issued a circular allowing 100% FDI through the automatic route to NBFC Cos other than banks or insurance companies.
  • RBI to support financing for start-ups, issued rules permitting these to raise external commercial borrowings (ECB).

SEBI Update

  • SEBI has issued circular on detailed requirements and guidelines for disclosure of financial information in offer document/ placement memorandum for InvITs.
  • SEBI has issued a circular freezing of promoter group demat accounts for non compliance with certain provisions of SEBI.

MCA Update

  • MCA extends last dates for filing of Annual Filing Forms without payment of additional fee of filing of e-Forms AOC-4, AOC-4 XBRL, AOC – 4 CFS and MGT-7 under the Companies Act, 2013 upto 29th November, 2016.
  • NCLT allows compounding of offence for delay in appointment of women director
    Jalpower Corporation Ltd. v.Registrar of Companies [2016] 74 taxmann.com 201 (NCLT – Hyd.)

GST Update

  • Under GST value and taxable value have to be given in GST returns as they may be different. Taxable value is to be given even if there is no consideration.
  • GST paid on reverse charge will also be eligible for Input tax credit if goods or services are used or intended to be used for business.
  • Under GST Co, LLP etc to use DSC to sign application for enrolment of exisiting assessees in GST REG-20. others with valid aadhar can use e-signature also.

GST UPDATE :

Returns Process and matching of Input Tax Credit

  • What is the purpose of returns?
  • a)  Mode for transfer of information to tax administration;
  • b)  Compliance verification program of tax administration;
  • c)  Finalization of the tax liabilities of the taxpayer within stipulated period of limitation; to declare tax liability for a given period;
  • d)  Providing necessary inputs for taking policy decision;
  • e)  Management of audit and anti-evasion programs of tax administration.
  • Who needs to file Return in GST regime?
  • Every registered taxable person – who crosses the threshold limit for payment of taxes. A supplier needs to be registered when the aggregate turnover crosses Rs. nine lacs but he become taxable person ONLY when he crosses Rs. ten lacs. So he will be required to file returns when he crosses the threshold limit of Rs. ten lacs. There are some other class of persons who need to be registered and therefore will have to file returns like interstate suppliers, TDS deductors, e-commerce operators, suppliers supplying goods through e-commerce operators etc (reference Schedule-III and Question 6 of the Registration Chapter).
  • What type of outward supply details are to be filed in the return?
  • A normal registered taxpayer has to file the outward supply details in GSTR-1 in relation to various types of supplies made in a month, namely outward supplies to registered persons, outward supplies to unregistered persons (consumers), details of Credit/Debit Notes, zero rated, exempted and non-GST supplies, exports, and advances received in relation to future supply.
  • Is the scanned copy of invoices to be uploaded along with GSTR-1?
  • No, scanned copy of invoices is to be uploaded. Only certain prescribed fields of information from invoices need to be uploaded.
  • Whether all invoices will have to be uploaded?
  • No. It depends on whether B2B or B2C plus whether Intra-state or Inter-state supplies.
  • For B2B supplies, all invoices, whether Intra-state or Inter- state supplies, will have to be uploaded. Why So? Because ITC will be taken by the recipients, invoice matching is required to be done.
  • In B2C supplies, uploading in general may not be required as the buyer will not be taking ITC. However still in order to implement the destination based principle, invoices of value more than Rs.2.5 lacs in inter-state B2B supplies will have to be uploaded. For intra-state invoices below Rs. 2.5 lacs and all intra-state invoices, state wise summary will be sufficient.

Other Update :

  • Central government hereby appoints the 1st day of November, 2016 as the date on which provisions of Benami transaction (Prohibition) Amendment Act, 2016 shall come into force

Key Dates:

  • Benami Transaction Amendment Act would be effective from Nov. 1, 2016
    NOTIFICATION NO. SO 3289(E) [NO.98/2016 (F.NO.149/144/2015-TPL (PART-II)], DATED 25-10-2016.
  • MCA has revised Form AOC-4 with effect from 27th October 2016.

We wish you and your family a very happy and prosperous Dhanteras. May lord bless you with happiness and peace of mind.

Don’t get attracted to people who achieved great heights. Love those who hold you when you fall from the heights. A loyal one is better than royal one

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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 Continue reading

CORPORATE AND PROFESSIONAL UPDATE OCT 14, 2016

CORPORATE AND PROFESSIONAL UPDATE OCT 14, 2016

1 (2)

Direct Tax:-

High Court in the below citied case held that Statement of 22-year-old partner should be considered in search if he is actively involved in business of firm.( Classy the Antique Disigned Furniture v. Deputy Commissioner of Income-tax, Central Circle-2, Kozhikade.)

Bombay High Court in the below citied case held that Income Escaping Reassessment will be void Void if Reasons are not supplied to the assessee- (CIT (Large Tax Payer Unit), Mumbai IDBI Ltd.)

IT: TDS u/s 192 or 194J – merely because doctors are subject to the payment of PF or other retirement benefit TDS u/s 194J is not deductible – Sir Hurkisondas Nurrotumdas Hospital & Research Centre Vs DCIT (TDS)-3 (2), Mumbai (2016 (10) TMI 432 – ITAT Mumbai)

IT: No TDS liability u/s 194-I on lump sum lease premium or one-time upfront lease charges which are not adjustable against periodic rent paid or payable for acquisition of long-term leasehold rights over land – CBDT Circular No. 35 of 2016, dt.13 OCT 2016.

CBDT restricts acceptance of contributions by electoral trust by amending Rule 17C to provide that   (a)  from an individual who is not a citizen of India (b) from any electoral trust registered u/s 25 of the Co Act.

Indirect Tax:-

CESTAT denies CENVAT Credit on capital goods received in FY when final product (asbestos cement sheet) was chargeable to Nil rate of excise duty; Notes that assessee claimed credit i.r.o. capital goods and services upon obtaining Central Excise Registration consequent to final product becoming exigible to 18% duty. [TS-409-CESTAT-2016-EXC]

The government has doubled the limit of excise duty evasion for arrest and prosecution of accused to Rs 2 crore and also asked officials not to resort to penal provision in cases of technical nature.

ST: Levy of service tax – security services – sovereign functions – After choosing one particular remedy the plaintiff cannot avail the other remedy as well in respect of the same relief founded on same cause of action – State of Rajasthan Vs Union of India & Others (2016 (10) TMI 462 – Supreme Court)

Indirect Tax collections up to September, 2016 show an increase of 25.9% over the net Indirect Tax collections for the corresponding period last year(2015-16)

Bombay HC grants interest on delayed CENVAT Credit refunds u/s 11BB of Central Excise Act; Notes that original refund application was initially rejected by Revenue on merits and not on basis of incomplete application. [TS-410-HC-2016(BOM)-EXC]

GST Updates:

GST: Portal of GST Registration would be open for the existing taxpayer from Nov’ 2016 – GSTN Chairman

GST law to be passed in winter session of parliament commencing from 16 Nov 16 and ending on 16 Dec 16.

Under GST amount paid by assessee is used first for self assessment tax and interest of earlier periods, then current period & then other amounts e.g. demand.

Under GST normal & compounding taxpayer to file annual return. Not to be filed by casual / Non-resident taxpayers, ISDs & persons liable to deduct TDS.

MCA Updates:

The e-Form INC-29 (Integrated Incorporation Form) will no longer be available on the Ministry’s portal and stakeholders will not be able to file any previously downloaded versions from 1st November, 2016. The e-Form INC-29 (Integrated Incorporation Form) will be withdrawn w.e.f. 1st November, 2016.

Only Forms INC-32 i.e. SPICE (Simplified Proforma for Incorporating Company electronically), INC-2 (One Person Company), or INC-7 (Incorporation of Company) are applicable for incorporation of Company.

MCA has notified that e-Form INC-29 (Integrated Incorporation Form) will be withdrawn w.e.f. 1 .11. 2016.

MCA revised Forms 23AC XBRL,23ACA XBRL & AOC-4 XBRL,w.e.f. 5.10.16,& Forms MGT-15, FC-3, INC-4, MGT-14, 23C,23D,A-XBRL,I-XBRL w.e.f. 8.10.16.

SEBI Update :

SEBI in it’s circular stated that exclusively listed co (ELCs) will be required either raise capital for listing or exit from the dissemination board.

The special investigation team (SIT) on black money has asked the SEBI to furnish the details of P-Note data for black money investigation.

OTHER UPDATE :

Bank of Baroda, invites proposal (RFPs) for appointment of concurrent auditors for branches for south Gujarat zone (Baroda) Last Date : 07.11.2016.

Ministry of labour and employment invites comments on increasing limit for ESI coverage from INR 15,000 to INR 21,000.

ICAI request members to improve annual ROC filing compliance to promote high standard of integrity and professionalism it is an essential part of the professional duty of the Chartered Accountants.

Key Dates:

Payment of DVAT TDS for the month of September-15/10/2016

Form 27EQ (TCS return) by all deductor-15/10/2016

Issue of TDS Certificate in case of payment/credit made in the month of august for purchase of property u/s 194IA-15/10/2016

Statement by bank in Form no. 15CC in respect of foreign remmitence during the quarter-15/10/2016

E-Payment of PF for the month of September-15/10/2016

Your mind is a magnet, thoughts attract. If you always think of blessings, you attract more blessings. If you always think of problems, you attract more problems.

Your problem isn’t the problem. Your reaction is the problem.

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

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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. Continue reading

A Comparative Outlook Of Goods And Services Tax

A Comparative Outlook Of Goods And Services Tax

Image result for A Comparative Outlook Of Goods And Services Tax

The GST is a new regime in the world of indirect taxes. It is a tax on the sale of goods and services and a uniform rate is applied to all kinds of goods and services.  It is proposed to be brought into force from 1st of April 2017. All the complications which people faced while filing their indirect tax returns are said to be removed by GST. Besides, introduction of GST also paves way for the foreign investors to invest in India. Further,it is expected that GST will ease the operations and provide ease of entry for global dealers.

To have an insight of GST knowing the objectives is important. The basic objectives of GST are listed below:

  • The whole of Indian market must be integrated as one global village having a uniform rate
  • The working efficiency of the indirect taxes department must be increased. The formalities are made much easier with the introduction of GST.
  • The tax incidence must have an impact only on the domestic consumption and not on industrial consumption.
  • To reduce tax evasion by making it compulsory to get GST registration for all businesses carrying on business in sale of goods and services.
  • To remove the cascading effect of taxes. In present,we tend to pay taxes on taxes leading to double taxation. This problem is solved by GST.
  • The cooperative federalism would be built between the central and the state governments.
  • The existing confusions about the indirect tax rates especially the service tax and State VAT ought to be solved once GST is in force.

The GST model

The GST council has decided that the taxes would be collected by both central and state governments. There are 3 wings of GST:

  • Central Goods and Services Tax (CGST) which is imposed and collected by the central government on interstate sales.
  • State Goods and Services Tax (SGST) which is levied and duly collected by the respective state governments on local sales.
  • Integrated Goods and Services Tax (IGST) which covers those which are not covered in the above two and collected by the central government.

The principle of set off and input credit

The set off benefit is made available to the people who would have purchased goods with the intention of sales. Thus they can set off the GST which is paid. But there are specific provisions regarding the set off. Some basic rules being:

  • The taxes which are paid against the CGST should be taken as the credit when the same goods are being purchased and sold.
  • The SGST cannot be set off with the CGST. It can be set off against the IGST if there is any surplus available.
  • Cross set off between the CGST and SGST is strictly prohibited by the GST law.
  • But on purchase of capital goods, the set off can be made between the CGST and SGST. Thus the government is encouraging the purchase and sale of capital goods.

Few exemptions to be provided by the GST as suggested by the GST council

In the prevailing indirect laws like service tax, there is a mega exemption list which exempts few kinds of services from the levy of service tax. Similarly, the GST council has laid down that GST also should be providing some exemptions to certain range of goods and services. A list of such goods and services proposed to be exempted from levy of GST are:

  1. All government public services inclusive of the following:-
  • Government schools and colleges
  • Defense department
  • Police departments
  • Intelligence and verification departments

On the other hand, the following services are not going to have exemptions:

  • Banks and insurance companies
  • Post and telegraph
  • Railway department
  • Commercial departments
  • Education and health departments
  1. Any sale of food articles which are unprocessed and which are covered under the public distribution system.
  2. Health and education services which are provided by the non-governmental establishments.
  3. Any transactions of service contract between an employee and his employer for the service provided as well as service received.
  4. GST exempts goods including alcoholic products, tobacco products and emission fuels.
  5. Also petroleum products and natural gas are outside the ambit of GST and they would continue to be levied and collected by the central government.

The taxes to be subsumed by GST and its impact

The central levies which will be subsumed by GST once it comes into force are listed below which helps us to have a comparative analysis:

  • Central excise
  • Service tax
  • Additional customs duty
  • All cesses and surcharges

These taxes would no longer continue to apply. They shall cease to be collected from the central government. Thus the service industries which face a lot of confusions and dilemmas while they undertake filing of service tax returns will be benefitted by GST. The excise and customs too will have fewer complications now and the customs clearance offices will be benefitted to a great extent by GST.

State levies which would be subsumed in GST are:

  • State VAT
  • Entry tax
  • Luxury tax
  • Entertainment tax

There are differential rates in the state VAT and people face difficulties in determining the rate. GST would fix that problem. Also, the sky scrapping rates of entry tax and luxury taxes are washed away benefiting mostly the customers.

Thus the introduction of GST will lower the prices of many products and services. There will be a uniform rate applicable to the whole of India. All the confusions about the differential rates would thus be removed by GST. The tax authorities too are benefitted as they don’t have to crack their heads searching for what rate is applicable to what kind of product. The collection of revenue would be regular to the government as the GST would be made compulsory to all indulged in sale of goods and services. At the end of the day, except for few industries or categories, majority of the tax stake holders are going to be benefitted by the GST. Whole of India is looking forward to the introduction of GST with their fingers crossed!

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

FOR FURTHER QUERIES CONTACT US: W: www.carajput.com  E: info@carajput.com T: 011-233-4-3333, 9-555-555-460

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 OCT 13, 2016

CORPORATE AND PROFESSIONAL UPDATE OCT 13, 2016 

Untitled37ADirect Tax:-

ITAT Ahemdabad in the below mention case confirmed the addition u/s 68 on unexplained share capital and premium received as assessee has been able to just prove the identity of the company but unable to prove the genuineness & creditworthiness the parties.( ACIT, Ahmedabad Vs. Nakoda Fashion Pvt. Ltd.)

ITAT Kolkata in the below mwntioned case held that the assessee under consideration has one truck only and the same was being used for purpose of business, hence depreciation should be allowed to the assessee – since the truck are not used for renting, provisions of presumptive income U/s 44AE not applicable – [M/s Northern Services & Supply Co. (P) Ltd. Vs. DCIT, Jalpaiguri]

 IT: Assessee is required to prove the source of huge Cash Deposit in Bank even if he has declared his income u/s 44AF – Naresh Kumar Vs CIT, Patiala (2016 (10) TMI 252 – Punjab & Haryana High Court).

IT: Levy of interest u/s 234C is an automatic, it cannot be restricted to the tax due on Returned income as referred u/s 139(1) – Sree Meenakshi Reltors Vs ITO, W-II (3), Coimbatore (2016 (10) TMI 215 – ITAT Chennai)

IT: TDS u/s 195 – AMC contract – non-resident payee as no PE in India therefore his business income not taxable in India – No TDS liability – ACIT, Cir-12(1), New Delhi Vs HCL Comnet Ltd. (2016 (10) TMI 175 – ITAT Delhi)

IT: Reference to DVO – AO strongly disputes the correctness sales consideration and must be allowed free hand to complete the assessment as per law – Kanaiyalal Dhansukhlal Sopariwala Vs DVO, Valuation Cell And 1 (2016 (10) TMI 407 – Gujarat High Court)

Indirect Tax:-

Madras High Court in the below case held that encashment of bank guarantee doesn’t amount to payment of duty:(Nizamabad Agro (P.) Ltd. v.Assistant Commissioner of Customs –EODC)

period of limitation where refund claim was filed electronically within prescribed time – They later submitted in physical form all these documents with Jurisdictional officer – refund cannot be rejected on the ground of time bar – Tri – Service Tax(M/s Boston Scientific India Private Limited Versus CST, Delhi-IV, Gurgaon)

ST: Refund claim filed electronically within prescribed time later submitted in physical form – refund cannot be rejected on the ground of time bar – M/s Boston Scientific India Private Limited Vs CST, Delhi-IV, Gurgaon (2016 (10) TMI 281 – CESTAT Chandigarh)

VAT & ST: Principle of lifting of the corporate veil – recovery of duty / tax from the director cannot be made merely on the basis of allegation – The test of fraudulent conduct not satisfied so as to attract the principle of lifting of corporate veil – Shri Harbhajan Singh Vs C.T.T., U.P. Lucknow (2016 (10) TMI 260 – Allahabad High Court)

DVAT: Circular No.15 of 2016-17 relating to disposal of refunds in the stipulated time stands withdrawn and shall be considered void ab initio – Circular No.16/2016-17.

ST: Service for loading goods by the contractor on weight basis – the activity of loading/unloading cannot be termed as supply of Manpower Recruitment Agency Service – M/s Radiant Textiles Ltd. Versus CCE, Chandigarh-II (2016 (10) TMI 242 – CESTAT Chandigarh)

DVAT refunds to be disposed in the stipulated time period – Circular No.15/2016-2017, dt.03.10.2016

ST: Classification of service – credit rating activity – the advisory service provided by the appellant does not fall under the category of Management Consultancy Service however it is correctly classifiable under Banking and Other Financial Services – M/s CRISIL Ltd. Versus Commissioner of Central Excise, Thane (2016 (10) TMI 390 – CESTAT Mumbai)

ED: Area based exemption- if the exemption is extended to one unit the change in ownership would not jeopardize the admissibility of exemption – M/s. Khurana Oleo Chemicals Vs CCE, Chandigarh (2016 (10) TMI 382 – CESTAT Chandigarh)

VAT & ST: Input tax credit – whether the Hon ble Tribunal was justified in rejecting the claim of the assessee for the Input Tax Credit even though such purchases are not disqualified as per Schedule- E attached to the Haryana VAT Act 2003 – Held NO -Modern Dairies Ltd. Vs State of Haryana and another (2016 (10) TMI 374 – Punjab & Haryana High Court)

MCA UPDATE:

After taking the bold initiative by coming up with SPICe, now MCA has notified that e-Form INC-29 (Integrated Incorporation Form) will be withdrawn w.e.f. 1st November, 2016.

Accordingly, e-Form INC-29 will no longer be available on the MCA21 portal and stakeholders will not be able to file any previously downloaded versions from this date. Stakeholders are requested to plan accordingly and use SPICe (Simplified Proforma for Incorporating Company electronically), INC-2 (One Person Company), or INC-7 (Incorporation of Company) e-Forms, as applicable for incorporation of Companies under the Companies Act, 2013. MCA had recently released SPICe forms where the entire process of incorporation was made electronic.

SEBI UPDATE:

SEBI in its  Circular stated that exclusively listed companies (ELCs) on the Dissemination Board will be required to exercise one of the two options — either raise capital for listing on nation-wide stock exchanges or exit from the dissemination board.

Key Dates:

Payment of DVAT TDS for the month of September-15/10/2016

Form 27EQ (TCS return) by all deductor-15/10/2016

Issue of TDS Certificate in case of payment/credit made in the month of august for purchase of property u/s 194IA-15/10/2016

Statement by bank in Form no. 15CC in respect of foreign remmitence during the quarter-15/10/2016

E-Payment of PF for the month of September-15/10/2016

Acceptance is a great quality that we need to possess because life never accepts how we  are  but we need to accept how life is.

Always have a successful exit than a favorable entrance. Because, what matters is not being clapped when we arrive but being remembered when we leave .

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

FOR FURTHER QUERIES CONTACT US: W: www.carajput.com  E: info@carajput.com T: 011-233-4-3333, 9-555-555-460

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 OCT 12, 2016

CORPORATE AND PROFESSIONAL UPDATE OCT 12, 2016

Image result for CORPORATE AND PROFESSIONAL UPDATE

Direct Tax:-

CBDT has issued the Income Tax (24th Amendment) Rules, 2016 vide Notification No. 89/2016 dated 4/10/2016.These rules are regarding expenditure for obtaining right to use spectrum for telecommunication services.

CBDT has issued the Income Tax (25th  Amendment) Rules, 2016 vide Notification No. 90/2016 dated 5/10/2016.Form No. 68 notified to get immunity from penalty for underreporting and misreporting of income.CBDT also insert the rule 129 and Form no. 68.

CBDT has issued the Income Tax (26th  Amendment) Rules, 2016 vide Notification No. 91/2016 dated 06/10/2016.CBDT notified rules for allowability of Spectrum license fee paid by TeleCos.

IT: Transaction of shares – nature of income – business income or capital gain – magnitude of transactions carried out by the assessee in our view should not be very material in coming to the conclusion that income in question is income from business – Shree Padmasagar Exports Pvt. Ltd. Vs CIT, Cir-5, Kol (2016 (10) TMI 320 – ITAT Kolkata)

IT: Validity of reopening of assessment – Revenue in the instant case has come to the conclusive finding which attained finality that the transactions of purchase of shares are sham and bogus transactions camouflaged with an intention to evade taxes – Ratnakar M. Pujari Vs ITO, W-25(3)(3), Mumbai (2016 (10) TMI 316 – ITAT Mumbai)

 Indirect Tax:-

Principle of lifting of the corporate veil – recovery of duty / tax from the director cannot be made merely on the basis of allegation . The test of fraudulent conduct not satisfied so as to attract the principle of lifting of corporate veil.High Court -VAT and Sales Tax.( Shri Harbhajan Singh Versus The Commissioner of Trade Tax, U.P. Lucknow)

 The petitioner cannot seek for cross examination of the officer who gave the report – the contention raised by the petitioner that they have to be permitted to cross examine the Chemical Examiner of the Central Laboratory is a misconceived plea – High Court – Customs-(M/s. Visal Lubetech Corporation, P. Karthikeyan Versus The Additional Commissioner of Customs)

ST: Suo motu adjustment of excess payment of service tax made in October 2008 with subsequent service liability – procedural violation – demand of service tax of the said amount is not sustainable – ONGC Ltd. Vs CCEC&ST, Surat-II (2016 (10) TMI 307 – CESTAT Ahmedabad)

FAQ on Company Law:

Query: One of the director of our client company died in the car accident who was one director of only TWO Directors Company. Kindly tell us the procedure to fill the casual vacancy so arose as immediately as possible as the company as a whole is suffering due to this.

Answer: As per Section -161 of the Companies Act 2013, the articles of company confer on its Board of Directors the power to appoint any person, other than a person who fails to get appointed as a director in general meeting, as an additional director at any time who shall hold office upto the date of AGM or the last date on which AGM should have been held, whichever is earlier.

So, additional director can be appointed by the remaining director of the company  who shall hold office upto the date of AGM  & thus is required to be regularized in the forthcoming AGM of the company.

Query: Whether the members of the Institute of Company Secretaries of India, Institute of Chartered Accountants of India, Institute of Cost and Works Accountants of India are exempted from obtaining registration under Investment Adviser Regulations?

Answer: Members of the Institute of Company Secretaries of India, Institute of Chartered Accountants of India, Institute of Cost and Works Accountants of India who provide investment advice to their clients incidental to their professional services are exempted from obtaining registration under IA Regulations. For example :- An advice by a professional CA as a tax consultant to his tax client for investing in ELSS in the course of tax planning will be treated as incidental to his profession as a tax consultant. However, if they are engaged in providing investment advisory services in securities as an activity or business to clients or investors which is not incidental to their main activity then they are required to get registration as an investment adviser.

ICAI Updates:-

The Council, at its 359th meeting, held on September 16-17, 2016, has decided to withdraw the Guidance Notes on Availability of Revaluation Reserve for Issue of Bonus Shares[GN(A) 9 (Issued 1994)] and Guidance Notes on Accounting for Fringe Benefits Tax[GN(A) 20 (Issued 2005)] dated on 07/10/2016.

Application Guide on the Provisions of Schedule II to the Companies Act, 2013 is no longer effective as the Guidance Note on Accounting for Depreciation in Companies in the context of Schedule II to the Companies Act, 2013 has been issued.

SEBI UPDATE:

SEBI proposed a Consultative Paper titled ‘Corporate Governance Issues in Compensation Agreements’ to review the disclosure requirements under SEBI (LODR) Regulations, 2015.

ED: 10 OCT 2016 is the Last date for filing of Excise return in form ER-1 for the m/o SEP’ 2016.

GST update:

Under GST Reverse charge provisions will be applicable in case of both goods & services in case of specified supplies and assessees.

Under GST In case of advance payment received from purchaser, pay tax proportionately and not on total amount of supplies to be made.

Under GST registration certificate issued to casual or non-resident dealer is valid for 90 days. Extension by another 90 days, on request.

 Key Dates:

ER-1 return for non ssi assessee for the month of September-10/10/2016

ER-2 return for EOUs for month of September-10/10/2016

Submission of ER-3 return by SSi unit for September quarter-10/10/2016

An error becomes a mistake only when we refuse to accept and correct it.

May your troubles burst away like the fireworks and your happiness be multiple ten times, Happy Dussehra to you and your Family.”

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

FOR FURTHER QUERIES CONTACT US: W: www.carajput.com E: info@carajput.com T: 011-233-4-3333, 9-555-555-460

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. Continue reading

FAQ on GST

FAQ on GST 

Image result for FAQ on GST Issued by CBEC

Time of Supply

Q . What is time of supply?

Ans. The time of supply fixes the point when the liability to charge GST arises. It also indicates when a supply is deemed to have been made. The MGL provides separate time of supply for goods and services.

Q . When does the liability to charge GST arise in respect of supply of goods?

Ans. Section 12 of the MGL provides for time of supply of goods. The time of supply of goods shall be the earliest of the following namely,

(i)  the date on which the goods are removed by the supplier, where the supply of goods require removal; or

(ii)  the date on which the goods are made available where the supply does not require removal; or

(iii)  the date on which the supplier issues invoices with respect to the supply where the above two situations do not apply; or

(iv)  the date on which the recipient shows the receipt of the goods in his books of accounts.

Q  What is time of supply of continuous supply of goods?

Ans. The time of supply of continuous supply of goods is;

  1. a) where successive statements of accounts or successive payments are involved, the date of expiry of the period to which such successive statements of accounts or successive payments relate.
  2. b) where there are no successive statements of account or successive payments involved, the date of issue of the invoice or the date of receipt of payment whichever is earlier.

Q . What is time of supply of goods sent on approval basis?

Ans. In case of supply on approval basis, the time of supply shall be the time at which it is known whether a supply will take place or six months from the date of supply, whichever is earlier.

Q . Where it is not possible to determine the time of supply in terms of sub-section 2, 3, 5 or 6 of Section 12 or that of Section 13 of MGL, how will time of supply be determined?

Ans. There is a residual entry in Section 12(7) as well as 13 (7) which say that if periodical return has to be filed, then the due date of filing of such periodical return shall be the time of supply. In other cases, it will be the date on which the CGST/SGST/IGST is paid.

Q . When does the liability to pay GST arise in respect of supply of services?

Ans. Unlike goods, in the case of services, the time of supply is determined by the fact whether the invoice for supply of services has been issued within the prescribed period or beyond such prescribed period.

Q . What is time of supply of service when invoice is not issued within prescribed period?

Ans. The time of supply of service in such cases shall be the earliest of the following:

(i)  date completion of the provision of service; or

(ii)  the date of receipt of payment.

Q . What is time of supply of service when invoice is issued within prescribed period?

Ans. The time of supply of service in such cases shall be the earliest of the following:

(i)  date of issue of invoice; or

(ii)  the date of receipt of payment.

Q . What is time of supply?

Ans. The time of supply fixes the point when the liability to charge GST arises. It also indicates when a supply is deemed to have been made. The MGL provides separate time of supply for goods and services.

Q . When does the liability to charge GST arise in respect of supply of goods?

Ans. Section 12 of the MGL provides for time of supply of goods. The time of supply of goods shall be the earliest of the following namely,

(i)  the date on which the goods are removed by the supplier, where the supply of goods require removal; or

(ii)  the date on which the goods are made available where the supply does not require removal; or

(iii)  the date on which the supplier issues invoices with respect to the supply where the above two situations do not apply; or

(iv)  the date on which the recipient shows the receipt of the goods in his books of accounts.

Q . What is time of supply of continuous supply of goods?

Ans. The time of supply of continuous supply of goods is;

  1. a) where successive statements of accounts or successive payments are involved, the date of expiry of the period to which such successive statements of accounts or successive payments relate.
  2. b) where there are no successive statements of account or successive payments involved, the date of issue of the invoice or the date of receipt of payment whichever is earlier.

Q . What is time of supply of goods sent on approval basis?

Ans. In case of supply on approval basis, the time of supply shall be the time at which it is known whether a supply will take place or six months from the date of supply, whichever is earlier.

Q . Where it is not possible to determine the time of supply in terms of sub-section 2, 3, 5 or 6 of Section 12 or that of Section 13 of MGL, how will time of supply be determined?

Ans. There is a residual entry in Section 12(7) as well as 13 (7) which say that if periodical return has to be filed, then the due date of filing of such periodical return shall be the time of supply. In other cases, it will be the date on which the CGST/SGST/IGST is paid.

Q . When does the liability to pay GST arise in respect of supply of services?

Ans. Unlike goods, in the case of services, the time of supply is determined by the fact whether the invoice for supply of services has been issued within the prescribed period or beyond such prescribed period.

Q . What is time of supp

ly of service when invoice is not issued within prescribed period?

Ans. The time of supply of service in such cases shall be the earliest of the following:

(i)  date completion of the provision of service; or

(ii)  the date of receipt of payment.

Q . What is time of supply of service when invoice is issued within prescribed period?

Ans. The time of supply of service in such cases shall be the earliest of the following:

(i)  date of issue of invoice; or

(ii)  the date of receipt of payment.

Input Tax Credit

Q .What is input tax?

Ans. “Input tax” has been defined in section 2 (57) of the MGL and section 2 (1) (d) of the IGST Act. Input tax in relation to a taxable person, means the {IGST and CGST} in respect of CGST Act and {IGST and SGST} in respect of SGST Act, charged on any supply of goods and/or services to him which are used, or are intended to be used, in the course or furtherance of his business and includes the tax payable under sub-section (3) of section 7.

Under the IGST Act, input tax is defined as IGST, CGST or SGST charged on any supply of goods and / or services.

Q .What is the implication of different definition of “input tax” in three acts viz CGST, SGST and IGST Acts?

Ans. It implies that input tax consists of IGST & CGST in CGST Act and IGST & SGST in SGST Act. In the IGST Act, input tax consists of all three taxes namely, IGST, CGST and SGST.

It further implies that credit of all three can be used for discharging IGST liability, whereas only credit of IGST & CGST can be taken in CGST Act and that of IGST & SGST can be taken under SGST Act. Further the credit of CGST & SGST cannot be cross-utilized.

Q .Can GST paid on reverse charge be considered as input tax?

Ans. Yes. The definition of input tax includes the tax payable under sub-section (3) of section 7 (ReverseCharge). The credit can be availed if such goods and/or services are used, or are intended to be used, in the course or furtherance of his business.

Q .Does input tax includes tax (CGST/ IGST/SGST) paid on input goods, input services and/ or capital goods?

Ans. Yes, in terms of section 2(54), 2(55) & 2(20) of the MGL respectively. It may be noted that credit of tax paid on capital goods also is permitted to be availed in one instalment.

Q .What is the ITC entitlement of a person who has applied for registration under the Act within thirty days from the date on which he becomes liable to registration and has been granted such registration? (Section 16(2))

Ans. He shall be entitled to take credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the day immediately preceding the date from which he becomes liable to pay tax under the provisions of this Act. It may be noted that the credit on pre-registration stock would not be admissible if the registration has not been obtained within a period of 30 days from the date on which he becomes liable to registration.

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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. Continue reading

MINISTRY OF CORPORATE AFFAIRS RESENT CHANGES

MINISTRY OF CORPORATE AFFAIRS RESENT CHANGES

Image result for MINISTRY OF CORPORATE AFFAIRS RECENT CHANGES

As a part of ease of doing business government has once again further eased up the process of incorporation of a company by introduction of SPICE. I could term it as easiest and fastest process all over the globe to incorporate a company where in one can incorporate company, forget days in hours.

Ministry of Corpoate Affairs has introduced SPICE (Simplified Proforma for incorporating Company electronically) w.e.f. 02.10.2016 in e-form INC-32.

Highlights of INC-32

1) This form can be filed even after approval of INC-1. This facility was not provided in INC-29.

2) Memorandum of Association has been provided in Electronic Mode INC-33.

3) Article of Association has been provided in Electronic Mode INC-34.

4) By new e-MOA & AOA, no need of signatures of subscribers. Instead of sign of subscribers DSC of Subscribers can be affixed on MOA & AOA.

5) By new e-MOA & AOA no need of signatures of witness. Instead of sign of witness DSC of witness can be affixed on MOA & AOA.

6) Information in the form has increased in comparison to eForm INC-29.

REVISION THE VERSION OF MCA FORMS

MCA has revised the version of following e-forms :

FORM NAMES PARTICULAR
Form MGT-15 Form for filing Report on Annual General Meeting
Form FC-3 Annual accounts along with the list of all principal places of business in India established by foreign company
Form INC-4 One Person Company- Change in Member/Nominee
Form MGT-14 Filing of Resolutions and agreements to the Registrar
Form 23C Form of application to the Central Government for appointment of cost auditor
Form 23D Information by cost auditor to Central Government
Form A-XBRL Form for filing XBRL document in respect of compliance report and other documents with the Central Government
Form I-XBRL Form for filing XBRL document in respect of cost audit report and other documents with the Central Government
Form 23AC XBRL Form for filing XBRL document in respect of balance sheet and other documents with the Registrar
Form 23ACA XBRL Form for filing XBRL document in respect of Profit and Loss account and other documents with the Registrar
Form AOC-4 XBRL Form for filing XBRL document in respect of financial statement and other documents with the Registrar

Stakeholders are advised to check the latest version before filing.

COSTING TAXONOMY

Costing taxonomy 2012 for filing Forms I-XBRL and A-XBRL along with business rules is available on XBRL portal w.e.f. 08 Oct 2016. Please visit the portal for latest validation tool and plan your filing accordingly.

MCA INVITING COMMENTS ON DRAFT REGULATION ON INSOLVENCY AND BANKRUPTCY CODE, 2016

The MCA has issued Notice inviting comments/ suggestions on the draft regulations relating to Insolvency and Bankruptcy Code, 2016 available on the website of MCA. MCA had set-up a working group consisting of practitioners and experts for making recommendations for drafting regulations for registration and regulation of insolvency professionals and insolvency professional agencies under the Code. MCA, on behalf of the Insolvency and Bankruptcy Board of India has invited comments/ suggestions which shall be submitted in the prescribed format available on the website of MCA latest by 28 Oct. 2016.

  MCA has revised the version of e-forms: Form MGT-15, Form FC-3, Form INC-4, Form MGT-14, Form 23C, Form 23D, Form A-XBRL, Form I-XBRL, Form 23AC XBRL, Form 23ACA XBRL and Form AOC-4 XBRL, Costing taxonomy 2012 for filing Forms I-XBRL and A-XBRL w.e.f.  08.10.2016.

  MCA has issued notice inviting comments/ suggestions on the draft regulations relating to insolvency and bankruptcy code, 2016 available on the website of MCA.

MCA has released Updated C&I Taxonomy 2016 for filing Annual Financial Statements in Form AOC-4 XBRL in respect of financial years commencing on or after 01.04.2014

MCA has issued Notice inviting comments/ suggestions on the draft regulations relating to Insolvency and Bankruptcy Code, 2016 available on the website of MCA.

MCA has revised the version of e-forms viz. MGT-15, FC-3, INC-4, MGT-14, 23C, 23D, A-XBRL, I-XBRL, 23AC XBRL, 23ACA XBRL, AOC-4 XBRL.

MCA has released Updated C&I Taxonomy 2016 for filing Annual Financial Statements in Form AOC-4 XBRL in respect of financial years commencing on or after 01.04.2014.

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

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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.

Continue reading