Category Archives: Ca In India

https://carajput.com/services-business-india.php; CFO & Risk Advisory; Company Secretarial Services, Compliance and Regulatory Services; Corporate Finance Services; Corporate Tax Advisory Firm;

by

ICAI Announcement for Student: ICAI cancelled CA May 2020 Examination

Examination Department
The Institute of Chartered Accountants of India
3rd July 2020
IMPORTANT ANNOUNCEMENT

1. The students are aware that vide Announcement dated 15th June 2020, the Institute, after taking in account the academic interests and health safeguards of students intending to appear in May 2020 Examinations, had enabled them to change their centre for appearance in May/ July 2020 Examination and/or to decide, at their free will, to “Opt-Out” of the May/ July 2020 Examinations with the carryover of all benefits including the fee paid and exemptions. The announcement also stated that Institute will review the situation of pandemic (COVID cases, MHA guidelines, Centre and State Government directions) in the first week of July 2020 and the conduct of examinations commencing from 29th July 2020 was to be strictly dependent upon prevailing Government’s advisories for the area in which a particular Centre is situated and, in any eventuality, the students were to be accommodated to November 2020 Examination cycle.

2. Further Announcement dated 17th June 2020 provided for FAQ’s relating to conduct of May/ July 2020 Examinations, change in centre and operation and procedure for Opt-Out to address the queries raised by the students. Announcements dated 20th June 2020 and 26th June 2020 extended the availability of the facility to “opt-out” to allow the students to make their decision which facility is available to the students even as on date.

Further Developments:

  • A. With Unlock1, the severity of COVID 19 Pandemic was expected to subside from the later part of June 2020, but has rather become more severe and, therefore a Review as per announcement dated 15 June 2020 has become necessary.
  • B. Ministry of Home Affairs, Government of India vide its Guidelines dated 29th June 2020 has extended the closure of all schools & academic Institutions and academic congregations till 31st July 2020. Select State Governments have put extended prohibitions in their respective States. Post the said Notification dated 29th June 2020, many Schools/ Academic Institutions have expressed their inability to provide their premises to conduct the Examinations.

On a review of above developments and in order to ensure the interest of its students and their well-being, the Institute has decided to cancel May 2020 Examinations and merge the May 2020 attempt with November 2020 Examinations, with a due carryover of all benefits already available to students including the fee paid and exemptions. The students who have made an application for May 2020 Examinations will have an option to change the group(s) of their appearance and centre of Examinations at the time of making a fresh application for November 2020 Examinations, which, subject to conditions prevailing at the relevant time, will start from 1st November 2020. It is again clarified that in this schema, the students will be free to exercise the options afresh for the groups that they intend to appear in the November 2020 examinations.

The students are advised to stay in touch with the Institute’s website www.icai.org for further announcements relating to November 2020 Examinations and in case of any queries can write at may2020exam@icai.in.
(S. K. Garg)
Additional Secretary (Exams)
Announcement – PDF Version

https://carajput.com/Admin/ProImage/icai-announcement-for-student-icai-cancelled-ca-may-2020-examination.pdf

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)

by

Happy Chartered Accountant Day!& Best Wishes on the 72nd day of CA!

Happy Chartered Accountant Day!

www.carajput.com; CA Day

www.carajput.com; CA Day

Greetings & Best Wishes on the 72nd day of CA!

On the occasion of CA Day,

I convey my best wishes for the hard work and motivating Chartered Accountants who support improve our country’s economy……… HAPPY CA DAY!

We stand proudly together and promise to keep the global pandemic together. The days of hardship that the entire world is facing together in the present day will also soon be forgotten.

Keep healthy and secure.

Thanks

Rajput Jain & Associates

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. 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)

by

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 →

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)

by

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: 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)

by

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: 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)

by

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: 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)

by

FREQUENTLY ASKED QUESTIONS ON GST LAW

 

www.carajput.com;FAQ ON GST

www.carajput.com;FAQ ON GST

Query:

Please clarify what is the taxable event under GST?

Answer:

The taxable event under GST shall be the supplyof goods and / or services made for consideration in the course or furtherance of business. The taxable events under the existing indirect tax laws such as manufacture, sale, or provision of services shall stand subsumed in the taxableevent known as ‘supply’.

 

Query:

One of my client is already registered under Vat law and Service Tax law. Whether he have to obtain fresh registration under GST law?

Answer:

No. GSTN shall migrate all such assessees or dealers to the GSTN network and shall issue GSTIN number and password. They will be asked to submit all requisite documents and information required for registration in a prescribed period of time. Failure to do so will result in cancellation of GSTIN number. The service tax assessees having centralized registration will have to apply afresh in the respective states wherever they have their businesses.

 

Query: 

If the appellate or revisional order goes in favour of the assessee, whether refund will be made

in GST? What will happen if the decision goes against the assessee?

Answer:

The refund shall be made in accordance with the provisions of the earlier law only. In case any recovery is to be made then it will be made as an arrear of tax under GST.

 

Query:

Whether any person, who is not liable to pay GST or not liable to get registered himself, can voluntarily get himself registered?

Answer: 

Yes. The person can get himself registered voluntarily even though he is not liable to be registered and all provisions of this Act, as are applicable to a registered taxable person, shall apply to such person.

 

Query:

Please explain the procedure for registration of non-resident taxable person?

Answer:

Every Non-resident taxable person is required to submit an E-application for registration in Form –GST REG 10 at least 5 days prior to commencement of the business. Such person shall be given a temporary identification number by the Common Portal for making an advance deposit of tax under section 19A and the acknowledgement in Form GST REG-2  in shall be issued thereafter.

 

Query:

If a person, who has taken voluntary registration, can seek cancellation of his registration?

Answer:

Any person who has taken voluntary registration can also seek cancellation of his registration but not before one year of such registration. There should be a gap period of 1 year from effective registration in case of voluntary registration.

 

Query:

Whether a person is eligible for input tax credit on inputs from the date when he applies for registration or from the date when registration is granted. Please clarify.

Answer: 

The person  is eligible for input tax credit on inputs held in stock and inputs contained in semi-finished or finished goods held in stock from the date when registration is granted.

 

Query:

what are included as “Place of Business” under GST ?

Answer:

Place of Business includes the following places:-

(a)  Place of ordinary business

(b)  Warehouse, Godown & other place for storage goods or place to provide services

(c)  Place of Maintenance of Books of accounts

(d)  Place of any agent conducting the business

 

Query:

Sir if a person is operating in two different states, with the same PAN , Can he obtain a single Registration under GST?

Answer:

No, every person who is liable to take a Registration will have to get registered separately for each of the States where he has a business operation and is liable to pay GST.

 

Query: 

Is there any provision for a taxable person to pay tax on provisional basis under GST law?

Answer:

Yes, taxable person can make payment on provisional basis but only after the permission of the Proper Officer & only in such cases where he is unable to determine:

  1. a) the value of goods or services to be supplied by him, or
  2. b) determine the tax rate applicable to the goods or services to be supplied by him.

 

Query:

Whether an agreement to supply goods at future date can be considered as contract of supply for the purpose of GST? How will hire purchase transaction be treated?

Answer:

The definition of ‘supply’ in Model GST law includes all forms of supply of goods made or agreed to be made for consideration. Thus, an agreement of supply at a future date will constitute an agreement of supply of goods.

 

Query:

Can a taxpayer use digital signature in the GSTN registration?

Answer: 

Taxpayers have the option to sign the submitted application using valid digital signatures (if the applicant is required to obtain DSC under any other prevalent law then he will have to submit his registration application using the same). For those who do not have a digital signature, alternative mechanisms will be provided in the GST Rules on Registration.

 

Query:

A person has one place of business in Delhi with turnover of Rs. 13 lakhs and other place of business in Manipur with turnover of Rs 4 lakhs. What would be the threshold limit in this case for registration?

Answer: 

In this case, the person’s aggregrate turnover in the state of Delhi will be Rs. 17 lakhs (i.e. Rs 13 + Rs 4 lakhs) which is less than the threshlod limit of Rs 18 lakhs. Thus he is not liable for registration in Delhi. But he is liable for registration in Manipur as the aggregrate turnover excceds the threshold limit of Rs 9 lakhs.

 

Query:

What is the difference between Annual Return & Final return?

Answer: 

Yes, Annual Return has to be filed by every taxable person who is registered and paying tax as per normal or compounding scheme. Final Return has to be filed only by those registered taxable persons who have applied for cancellation of registration. This has to be filed within three months of the date of cancellation or the date of cancellation order.

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: 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)

by

FREQUENTLY ASKED QUESTIONS ON COMPANIES LAW

www.carajput.com;FAQ ON Company Law

www.carajput.com;FAQ ON Company Law

Query : 

One of our client companies is a private company wants to make political contribution during the current financial year and has been in existence for 5 years, seeks advice regarding the provisions related to political contribution. Kindly advice.

Answer: 

As per Section 182 of Companies Act 2013, a company other than Government company and a company which has been in existence for less than 3 financial years, may contribute directly or indirectly to the political party.

But such amount shall not exceed 7.5 % of the average of net profits during the 3 immediately preceding financial years and such amount shall be shown on the expense side of profit and loss account.

Provided that such proposal shall be authorized by AOA and resolution be passed by board in the board meeting

 

Query:

Our client company had convened General Meeting last week and appointment of 2 directors on single motion and some directors raised objection regarding appointment of directors should be voted individually. The company seeks advice whether their objection is tenable or not ?

Answer:

As per section 162 of Companies Act 2013, a motion for appointment of 2 or more persons as directors by a single resolution shall not be moved unless such proposal is passed by unanimously in the same meeting.

However, Section 162 shall not be applicable to wholly owned government company or any subsidiary of wholly owned government company and also to private limited company.

Therefore, by virtue of exemption, private company may appoint directors by a single vote and hence, their objection is not tenable.

 

Query:

Whether advance taken from customers by real estate company on which no interest has been paid will be treated as advance or deposit as per the Companies Act, 2013?

Answer:

As per the Rule 2(xii) of the Companies (Acceptance of Deposits) Rules, 2014, any amount received in the course of, or for the purposes of the business of the company – as advance, accounted for in any manner whatsoever, received in connection with consideration for property under an agreement or arrangement is exempted from the definition of the Deposits but if such advance is not adjusted against the property in accordance with the terms of agreement or arrangement then it will be treated as deposit.

Further, whether interest is charged or not is immaterial. Thus, advance taken from customers by real estate company shall not be considered as deposits. But if it is not adjusted against the property in accordance with the terms of agreement or arrangement, then it will be treated as deposit.

 

Query: 

One of our clients is an individual and is holding directorship in 17 companies ( 10 pvt. cos. & 7 public cos.) and is desirous to become director in other companies , he seeks advice regarding whether he may appoint in other companies or not ?

Answer:

As per Section 165 of the Companies Act 2013, an individual shall hold office as director including alternate directorship for maximum 20 companies subject to maximum ceiling of 10 public companies, therefore he shall not hold office as director for more than 10 public companies at the same time.

Provided that this section is not applicable to Section 8 companies and directorship in dormant company shall not be included.

Therefore, he may be appointed as director for maximum 3 public companies or private companies.

 

Query: 

How we can record the names of the directors who has attended the meeting through video- conferencing or how the directors participating in a meeting by video conferencing sign the attendance register?

Answer: 

The following provisions in the rules ensure the correct recording of the names of directors who are present through video conferencing:

Rule 3(4) of the Companies (Meetings of Board and its Powers) Rules, 2014 provides that at commencement of the meeting, a roll call shall be taken by the chairperson when every director participating through video conferencing or other audio visual means shall state, for the record, inter-alia, name and location from where the director is participating.

Further Rule 3(11)(b) of the Companies (Meetings of Board and its Powers) Rules, 2014 provides that the minutes shall disclose the particulars of the directors who attended the meeting through video conferencing or other audio visual means.


Query: 

Whether the company has to compulsory send the notice of the Board meeting to the director who has waived his right to receive the notice?

Answer: 

As per Section 173 of Companies Act, the company has to send notice to all the directors including interested director, original director & alternate director at their addresses registered with the company even if any director has waived his right to receive the notice.

 

Query: 

A company has outstanding debt instruments and wants to roll over them  for further period of time and is regularly paying interest obligations. As an expert , kindly advice on other conditions required for such roll over ?

Answer: 

A company may roll over its outstanding securities any time after complying with following conditions :

  • Consent of atleast 75 % holders shall be there in writing.
  • Such trust deed shall contain provisions for roll over otherwise new trust deed shall be executed.
  • New security shall be mortgaged if older one is not capable to make roll over successful.
  • Payment to those holder who did not give their assent to roll over, at the time of maturity of such debt instrument.

 

Query:

We have a query as in case a Director A is appointed on 1st April, Director B is appointed on 18th April, and Director C ceases to be associated with the company w.e.f. 18th April. In such a case can we file one e form DIR 12 for all the three events or we are required to file different forms with the ROC. Please clarify.

Answer: 

As in your case, details of all the three changes can be filed through the same Form DIR-12 only if the Form is filed on or before 1st May, as all the events fall within 30 days. However, if the company files the e-Form DIR-12 on 10th of May, then details in a separate e-Form would be required to be filed in respect of Director A and accordingly.

 

Query:

In case a company is having a paid-up share capital of ten crore rupees or more, whether such a company requires prior approval of members by special resolution to enter any contract with any related party.

Answer:

In terms of the Companies (Meetings of Board and its Powers) Second Amendment Rules, 2014, the limit of paid-up capital of ten crore rupees for the purpose of requiring prior approval of members by special resolution for entering any contract with related party has been removed. The company is required to comply with the provisions of section 188 read with rule 15 of the Companies (Meetings of Board) Rules, 2014 for entering into any contract or arrangement with a related party.

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: 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)

by

CORPORATE AND PROFESSIONAL UPDATE JAN 2, 2017

Professional Update for the Day:

12036518_636965443073687_8061467608404050178_n

Direct Tax:-

  • SC dismisses Revenue’s SLP challenging Bombay HC order quashing CIT’s order u/s 263 (revision proceedings) for AYs 2007-08 and 2008-09; CIT (A) had set aside assessment orders due to lack of sufficient enquiries by the AO in respect of the genuineness of the gifts received by the assessee (individual) while directing the AO to invoke Sec. 68 in case gifts are found to be non-genuine [TS-686-SC-2016]
  • Delhi ITAT held that Penalty can be imposed only on disproved claim of expenditure and not unproved claim of expenditure. Arun Duggal Vs. DCIT (ITAT Delhi)

Indirect Tax:-

  • Delhi High Court declared Rule 5A(2) of the Service Tax Rules, as amended, to the extent that it authorizes the officers of the Serviec Tax Department, the audit party deputed by a Comissioner  or the CAG to seek production of the documents mentioned therein on demand, as ultra virus the Finance Act and therefore, struck it down to that extent. Union of India Vs. Mega Cabs Pvt. Ltd. (Supreme Court)
  • 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 vide Notification has issued an amended rules for Incorporation to make compulsory using of SPICE procedure for Incorporation of Companies wef 1.1.2017.

Other Update:-

Salient Points of Hon. PM’s speech:

  • Two new housing schemes for poor.
  1. Lower interest rates for urban housing Loans of less than 12lakhs.
  2. Lower interest rates for rural house development loans up to 2lakhs.
  • Farmers get 2 months of interest waiver on select crops.
  • 6000/- to be given to every pregnant woman.
  • FD interest to be min 8% for senior citizens for deposits up to 7.5lakhs.
  • Please use BHIM app.
  • Loan up to 2 CR with govt guarantee. No 3rd party guarantee required.
  • Only 6% of total revenue collected digitally will be assumed to be income as compared to present 8%.

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

“The winner is the chef who takes the same ingredients as everyone else and produces the best results.”

“Positive attitude and self motivation are two significant traits to achieve excellence.”

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: 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)

by

CORPORATE AND PROFESSIONAL UPDATE DEC 19,2016

Professional Update For the Day:

12742418_685376608232570_407065997594926807_n

Direct Tax:-

  • CBDT warns of penal action if I-T returns are ‘drastically’ changed against misusing the provision of revised tax returns in a bid to legalize their unaccounted income following the demonetization of high-value old currency notes.
  • Form 1 (PMGKY, 2016) is available for e-Filing. A declaration of income in the form of cash or deposit in an account maintained with a specified entity and the amount deposited in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.
  • HC : Revenue not debarred from making Sec.14A disallowance absent express recording of dissatisfaction  [TS-643-HC- 2016(DEL)].

Indirect Tax:-

  • Indirect tax assessments not to be reopened if turnover rises in a circular to excise and service tax chief commissioners, the Central Board of Excise and Customs (CBEC) said.
  • CESTAT : Personal security provided by the State Police department cannot be considered to be in nature of security agency services. Held that Business is not an activity undertaken with the intent of earning profit and the charges recovered by the assessee who is a state police department, are in the nature of cost recovery for the additional police force deployed on request for maintaining security and law and order. Thus, activities undertaken by assessee cannot be held to be in the nature of business activity.  [TS-500-CESTAT- 2016-ST].

GST UPDATE:-

  • GSThttps://carajput.com/gst/gst-consultancy.php Enrolment, give principal & additional places of business  for state for which migration is done & not those in other states.

Other Update:-

  • India and Switzerland signed the ‘Joint Declaration’ for implementation of Automatic Exchange of Information (AEOI) on 22.11.2016;
  • Securities Exchange Board of India (SEBI) lays down principles of financial market infra for commodity exchanges.

Key Dates:-

  • E- Payment of DVAT & CST for Nov : 21.12.2016.
  • Issue of DVAT Certificate for Deduction made in Nov : 22.12.2016.

“A Satisfied life is better than a Successful life because our success is measured by others. But our satisfaction is measured by our own soul, mind & heart.”

“Ability is a good thing but stability is even better. The only reason why the earth has gravity is to remind us to keep our feet on the ground in all situations of our life.”

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: 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)