CBDT ALLOWS ONE TIME RELAXATION FOR VERIFICATION OF ITR

CBDT Circular dated on 13th July, 2020: CBTD allows to verify previous ITR one time relaxation for verification for the FY 2014-15 TO FY 2018-19  by September 2020

The tax return filer effectively makes a declaration by reviewing the tax return that the information contained in the return are correct.

Normally, the tax return must be checked within 120 days of the filing of the income tax return or any extended date announced by the tax department.

The procedure for filing income tax returns is not complete until the tax return is checked. The return will not be processed by the tax department until, and until confirmed. If not confirmed, the return is invalid.

1) By circular no. 3/2020 of 13 July 2020, CBDT offered one more-time opportunity for taxpayers whose income tax returns had been filed electronically but were awaiting verification.

2) Now any taxpayer whose ITR is pending for verification can verify their ITR by 30 September 2020 or before that date.

3) It is possible to check ITR for the duration 2014-15 to FY 2018-19 via this one-time relaxation scheme

4) All these checked ITRs are to be issued by 31 December 2020 or before.

5) ITRs may be checked by EVC or by a properly signed hard copy being sent to CPC Bangalore.

Note: if any lawsuits against taxpayers have been launched in view of the fact that the taxpayer has not filed a report for that year then the value of relaxation can not be used

Benefits:-

  • In the event of failure to acknowledge return, AO may initiate proceeding u / s 144 as such returns filed are deemed invalid.
  • The carry forward of loss can get permitted ThanksRajput 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)

Govt has extended numerous time limits under Direct Tax & Benami Act

Govt has extended numerous time limits under The Direct Tax & Benami Acts.

In consideration of the difficulties faced by taxpayers in fulfilling the legislative and regulatory enforcement requirements across sectors as a result of the outbreak of Novel Corona Virus (COVID-19), on 31 March 2020 the Government adopted the Taxation and Other Laws (Relaxation of Some Provisions) Ordinance, 2020 [the Ordinance], which expanded different time limits, among other items.

In order to provide some relief to taxpayers for creating multiple compliances, on June 24, 2020, the Government issued a Notification, the main features of which are as continues to follow:

the Government issued a Notification, are as follows:  Link

For the period from 14 May 2020 to 31 March 2021, the Finance Minister has already released a decreased TDS rate for specified non-salaried payments to residents and specified TCS rates by 25 percent. The press release dated 13th May 2020, also followed the announcement. In this regard, the appropriate legislative amendments shall be moved in due time.

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)

Basic Understanding on TDS on Payments to Resident Contractors & Professionals: Section 194M, Form 26QD and FORM 16D

Basic Understanding on TDS on Payments to Resident Contractors & Professionals: Section 194M, Form 26QD, and FORM 16D

TDS on Payments to Resident Contractors

A new section 194 M has been introduced by the Finance Act, 2019. Pursuant to this clause, if the individual makes payments to contractors and practitioners above Rs. 50 Lakhs, the individual is allowed to subtract TDS at a rate of 5% from the amount payable to the resident deductee/payee. This provision applies to individuals and to HUFs who are not liable for tax audits. As announced by the Finance Minister on 14 May 2020 for FY 2020-21, the person is liable for the deduction of TDS at a rate of 3.75 percent.

TDS on payments to residential contractors and Professional Consultants

Under the new law of the TDS, i.e. Section 194J (TDS on Technical and Medical Services) and Section 194C (TDS on Contractors) Persons or HUFs not subject to audit were not entitled to deduct TDS irrespective of the volume of payment. This was the main reason for the introduction of section 194 M to cover non-audited individuals under the TDS.

Reason for the implementation of Section 194M

  • Section 194 M of the Finance Bill, 2019, allows for a tax-deductible at source on any money paid by an employee or HUF to a local contractor where the services are rendered for personal use. Therefore, this section refers both to personal and company payments.
  • Prior to the introduction of this section, there was no liability on the part of an individual or HUF to deduct tax at source in the situation referred to above.
  • Nor did the people or HUFs carrying on business or the practice (not subject to any audit) subtract any tax at source, even though the charge was made for commercial or technical purposes.
  • As a result of this loophole, a large amount of payment for contracted activities and consulting fees avoided the TDS levy, providing room for tax avoidance.

TDS rate under Section 194 M

  • The 5 percent TDS will be deducted under 194 M if the total amount paid to a resident exceeds Rs 50.00000 in a particular financial year.
  • In the case that the deductee’s PAN is not eligible, the TDS will be deducted at 20%.

What then is the time frame for depositing the TDS?

  • When any payment is made by or on behalf of the Government – the amount of the TDS will have to be paid to the Department on the day of payment.
  • Where any payment is made by any other person other than the government:

The TDS would have to be paid for:

  • If payment is rendered in March – on or before April 30 of the next financial year. For example, if the amount was paid in March 2020, the TDS will be deposited with the Department by 30 April 2020.
  • For every other month – within seven days from the end of the month in which the reduction is made. For example, if the payment had been charged in the month of September 2019, then the TDS would

The accompanying are the requirements for the deduction of TDS for payment to resident contractors and professionals above Rs. 50,00,000:

  1. It is applicable to all individuals or HUFs who make payments to resident contractors and professionals above Rs. 50,00,000.
  2. As per section 194 M, the individual or HUF that is required to have his books audited pursuant to section 44AD is not required to deduct tax under section 194M, they are covered by section 194J (TDS on Technical and Professional Services) and section 194C (TDS on Contractors)
  3. The payee must subtract TDS at the rate of 5 percent of the amount charged, in the event that no PAN is covered by the recipient, otherwise TDS is deductible at the rate of 20 percent up to the overall rent cap payable for the month of March or the last month of the lease, as the case may be. As announced by the Finance Minister on 14 May 2020 for FY 2020-21, the person is liable for the deduction of TDS at a rate of 3.75 percent.
  4. TDS shall be deducted only at the earliest of the following dates:
  • At the time of the payment of the sum, or
  • At the time of payment by cash or cheque or draft
  1. No TAN is required for that person to deduct and deposit the TDS to the Government
  2. The transaction is to be made by the individual using form 26QD, which is a call cum statement:
  • If the contractor’s work is not finished at the end of the financial year, apply Form 26QD within 30 days from the end of the fiscal year.
  • If the contractor work is between the financial year, file Form 26QD within 30 days from the end of the month when the contract/service is completed or terminated.
  1. If a person pays Rs. 50.00000 to more than one resident contractor or professional, then form 26QD shall be made twice a year for each contractor or professional, in other words, the tenant must submit form 26QB for each contractor or professional.
  2. In the case that the form needs to be submitted more than once, the invoice must also be made more than once, as a separate payment is to be made by each consultant or practitioner by their respective fees.
  3. If payment is made to a non-resident, the TDS is deductible under section 195.
  4. The entity deducting the TDS must apply the TDS certificate to the resident contractor or practitioners in Form 16B.

CBDT Has notified New TDS Return Filing Forms 26QD & 16D : 

  • Tax enforcement may be one of the most important factors for any form of business organization. It is also recommended that persons and corporations shall comply fully with the requirements of the Income Tax Act 1961. It is necessary to observe due dates for the payment of income tax deduction tax at source (TDS) in addition to the ITR filing as well as the TDS return filing. In this regard, 2 new TDS Return Filing e-forms have been introduced by the Income Tax Department, viz. Type 26QD and Type 16D.
  • Two New TDS Return Filing e-forms have been introduced by the Central Board of Direct Taxes, viz. Type 26QD and Type 16D.

What’s FORM 26QD?

  • Form 26QD is the TDS return reporting form for payments to resident contractors and practitioners 194M.
  • According to the CBDT notification, any tax deducted at source 194 M must be paid to the Central Government within 30 days from the end of the month in which the deduction was made. This deduction must be stated in the form 26QD of the Challan-cum-statement.

What is FORM 16D?

  • Form 16D is the TDS credential for reimbursement of the TDS u / s 194M.
  • According to the CBDT notification, from now on, all individuals who have to deduct tax u / s 194 M shall send a TDS certificate to the payer in Form 16D within 15 days from the due date for the TDS report filed in Form 26QD.

Details Required for Form 26QD: The CBDT had stated that individuals / HUFs making contractual or professional payments will be allowed to deduct TDS under section 194 M from the financial year 2019-20 (September 1st, 2019). TDS is deducted at 5% if the payment exceeds Rs. 50,000,000. And the TDS return for the same needs to be filed in Form 26QD. The payee will receive Form 16D as proof of the TDS deduction

  • Deductor / Payer PAN
  • Deductee / Paye PAN
  • Form of payment (work under contract/commission/brokerage or technical service charges)
  • Date of agreement/contract
  • Amount of payment
  • Number of certificates provided by the Assessment Officer pursuant to section 197 for non-deduction or lower deduction
  • Credit date
  • The TDS Rate
  • Payment details for TDS

Steps-How to fill out the form 26QD

  • Go to www.incometaxindiafiling.gov.in\
  • Click on the ‘E-Pay Tax’ button.
  • Click on ‘Continue to the NSDL website’
  • The next page will appear.
  • On Tab TDS on Contractor Payment Form 26QD.
  • Click the Proceed button.
  • Fill out the details.
  • Submit it.

Points to be recalled by the payer/deductor:

  • All individuals or HUFs (except those subject to audit pursuant to paragraph a and b of section 44AB) making payments to residents greater than 50.000.000 are liable to deduct TDS pursuant to section 194M.
  • Tax @ 5 percent to be deducted from the payment made to the payer.
  • Collect the Payee / Deductee Permanent Account Number (PAN) and verify the same with the original PAN card.
  • The Payee / Deductee PAN as well as the Payer / Deductor PAN should be made mandatory in the online form used to provide payment information.
  • Do not commit any mistake by citing the PAN or any other information in the online form. You will notify the Income Tax Department for the purpose of error correction.
  • Download and supply the TDS certificate in Form 16D from TRACES and give it to the Payee / Deductee within 15 days from the due date of receipt of the voucher in Form 26QD.

Points to be understood by the payer/deductee

  • Provide the Payer/Deductor with PAN to provide the Income Tax Department with information on TDS.
  • Verify the amount of taxes paid by the payer/deductor in the Form 26AS Annual Tax Declaration.
  • Insist on obtaining Form 16D from the Payer / Deductor that has been downloaded from the TRACES website only.
  • The Payee / Deductee may apply to the Assessing Officer under Section 197 to obtain a Nil or Lower TDS certificate in respect of the amount paid or payable to TDS under Section 194 M if his estimated tax liability is justified to the satisfaction of the Assessing Officer in issuing such a certificate.

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 JUNE 18, 2016

Professional Update For the Day:

8-Tips-Biz-Name

DIRECT TAX:


Income Tax : The initiation of the proceedings u/s 153C in the absence of recording of the satisfaction by the AO of the person searched was held to be invalid and accordingly the assessment framed u/s 153C of the Act is quashed – Bhawna Bhalla Vs. ACIT, CC-21, New Delhi & DCIT, CC-21, New Delhi Vs. Bhawna Bhall

Income Tax: Disallowance made under sec. 14A has to be added back to book profit to compute MAT Haldia Petrochemicals Ltd. v. Joint Commissioner of Income-tax,Range- 12, 3, Kolkata [2016] 70 taxmann.com 70 (Kolkata – Trib.)

Income Tax: TDS not deductible on web hosting and marketing services procured from US based entity. [DCIT vs. M/s Matrimony.Com Pvt. Ltd. (ITAT Chennai)].

Income Tax: TDS –  15G/15H declarations for the period from 01 OCT 2015 to 31 MAR 2016 to be submitted through e-filing portal by 30 JUN 2016 – Notification No.9/2016.

Income Tax: Interest awarded under Land Acquisition Act forms part of compensation; not liable to sec. 194A TDS Movaliya Bhikhubhai Balabhai v. Income-tax Officer-TDS-1-Surat [2016] 70 taxmann.com 45 (Gujarat)

Income Tax : Mere TP addition doesn’t justify levy of penalty if assessee had applied incorrect TP method in good faith Mitsui Prime Advanced Composites India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle- 6 (1), New Delhi [2016] 70 taxmann.com  123 (Delhi – Trib.)

Income Tax: Penalty will be levied u/s 271C for assessee’s failure to withhold TDS u/s 194A on interest paid to its sister concerns. Kerala HC opined that the only way assessee could take the benefit of Sec. 273B was by establishing that there was “reasonable cause” justifying its failure to comply with Sec. 194A. Kerala High Court

Income Tax: Penalty U/s 271(1)(c) shall not be imposed if assessing officer at the time of initiation of penalty proceedings has not specified whether penalty is initiated for the inaccurate particulars of income or concealment of income.(DCIT Vs. M/s Grass Field Farms & Resorts P. Ltd.) ITAT Jaipur

Income Tax: TDS not deductible on web hosting & marketing services procured from US based entity via {DCIT vs. M/s Matrimony.Com Pvt. Ltd. (ITAT Chennai) }

Income Tax: ITAT directs TPO to recalculate additions by considering only international transactions instead of total sales Federal Mogul Automotive Products (India) Ltd. v. Deputy Commissioner of Income-tax, Circle-11 (1), New Delhi [2016] 70 taxmann.com 121 (Delhi – Trib.)

Income Tax : Works contract services used for maintenance of office equipment are eligible input services Red Hat India (P.) Ltd. v. Principal Commissioner, Service Tax, Commissionerate, Pune [2016] 70 taxmann.com 132 (Mumbai – CESTAT)

Utility for Income Declaration Scheme, 2016 released by CBDT :  Central Government vide its notification no. 33/2016 dt. 19th May, 2016 has specified The Income Declaration Scheme Rules, 2016. Utility regarding these forms are now available on Income Tax website. Income Tax: Sec. 246A doesn’t allow filing of appeal before CIT(A) against order passed by AO under Sec. 195(2) Deputy Commissioner of Income-tax (International Taxation)-4(2), Mumbai v. Abu Dhabi Ship Building PJSC [2016] 70 taxmann.com 224 (Mumbai – Trib.)

Income Tax Assessee gets enduring benefit from the rights acquired in films and serials and they do not expire on the date of first telecast as contemplated by the assessee – The rights are intangible assets within the meaning of Explanation (iii) to Section 32 and do not fall within the purview of Section 37(1). The assessee is entitled to claim depreciation on same. (Eenadu Television Private Limited. Vs. ACIT, Hyderabad) ITAT Hyderabad

Income Tax: Where assessee, an Indian company, received dividend from a Brazilian company, since assessee was a resident company of India within meaning of article 23 paragraph 3 of DTAA and, Brazilian company had already paid tax on its profits in excess of rate prescribed in paragraph 2 of article 10 of DTAA before distribution of dividend income, such dividend would be exempt from tax in India – [2016] 70 taxmann.com 22 (Kolkata – Trib.)

Income Tax: Section 147 could not be availed of for purpose of correcting a mistake in assessment order; Assessing Officer could not sit in appeal over decision of his predecessor Assessing Officer, who had examined claim and allowed claim of deduction under section 54EC by taking plea that assessee was eligible for lesser amount – [2016] 70 taxmann.com 72 (Gujarat)

Income Tax : Official Assignee need not go before the CBDT for waiver of interest payable under Income-tax assessments. The Insolvency Court itself can consider the question of waiver of interest in terms of the power conferred under section 7 of the Presidency Town Insolvency Act and in the light of the provisions of the Income-tax Act – [2016] 70 taxmann.com 182 (Madras)

Utility for Income Declaration Scheme, 2016 released by CBDT :  Central Government vide its notification no. 33/2016 dt. 19th May, 2016 has specified The Income Declaration Scheme Rules, 2016. Utility regarding these forms are now available on Income Tax website.

Income Tax: Sec. 246A doesn’t allow filing of appeal before CIT(A) against order passed by AO under Sec. 195(2) Deputy Commissioner of Income-tax (International Taxation)-4(2), Mumbai v. Abu Dhabi Ship Building PJSC [2016] 70 taxmann.com 224 (Mumbai – Trib.)

Income Tax Assessee gets enduring benefit from the rights acquired in films and serials and they do not expire on the date of first telecast as contemplated by the assessee – The rights are intangible assets within the meaning of Explanation (iii) to Section 32 and do not fall within the purview of Section 37(1). The assessee is entitled to claim depreciation on same. (Eenadu Television Private Limited. Vs. ACIT, Hyderabad) ITAT Hyderabad

Income Tax: AO of searched person has to record satisfaction even if he is also the AO of other person under sec. 153C  Narsi Creations v. Deputy Commissioner of Income-tax, Central Circle-12, New Delhi
[2016] 70 taxmann.com 156 (Delhi – Trib.)

Income Tax: Revenue couldn’t treat taxpayer as BPO if same was categorized as KPO in earlier year on basis of same agreement
SNL Financial (India) (P.) Ltd. v. Deputy Commissioner of Income-tax, Cir.8, Ahmedabad [2016] 70 taxmann.com 146 (Ahmedabad – Trib.)

Income Tax :  Co. outsourcing significant part of its operations can’t be a comparable for a Co. rendering IT enabled services American Express India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle 1(1), New Delhi [2016] 70 taxmann.com 82 (Delhi – Trib.)  Registration u/s 12AA cannot be denied on town Planning Activities continuing from earlier years [ITO vs. Moradabad Development Authority (ITAT Delhi)].

INDIRECT TAX:


Service tax & custom : CBEC has issued a circular for speedy disbursal of pending refund claims of exporters of service under rule 5 of the CENVAT Credit Rules, 2004 vide Circular No. 195/05/2016- Service Tax dated 15th June ,2016.This scheme is applicable only to service tax registrants who are exporters of services, with respect to refund claims under rule 5 of the CENVAT Credit Rules, 2004, which have been filed on or before 31-3-2015, and which have not been disposed of as on the date of the issue of the circular dated 10-11-2015

CBEC has issued a single window project for simplification of procedure in SWIFT for clearance of consignment related to drugs & Cosmetics reg. vide Circular No. 28/2016- CUS- dated 14th June, 2016

Excise  : Whether there will be Eligibility of Cenvat credit of services at their retail outlets from where sales are affected. In the given case No sales are affected at the factory gate but duty is paid at the time of clearance. It was held that since the goods are not sold at the factory gate but are sold at the retail outlets, therefore, by virtue of the express provisions of Section 4(3) (c)(iii) of the Central Excise Act, 1944 the place of removal in the case of appellant will be the retail outlet. Hence cenvat credit will be eligible.( M/s Sports And Leisure Apparel Ltd. Versus Commissioner of Customs, Central Excise And Service Tax-Noida)- 2016 (6) TMI 468- CESTAT ALLAHABAD

Vat : Delhi value added tax has launched “Good Dealer Reward Scheme” Vide order instruction No. F.3 (632)/Policy/VAT/2015/PF/363- 69 dated 10.06.2016. The objective of the scheme is to acknowledge the efforts of better performing dealers so as to further encourage them to continue their efforts for better tax compliance and also to set examples for other dealers.

Central Excise: SSI Exemption – use of Brand/Trade mark or others – as long as assignment stands the assessee using the brand name is eligible for the benefit of SSI exemption notification – Tri

Excise  : CBEC has amend the notification No. 214/86 – central excise dated 25.03.1986 vide notification No. 24/2016 dated 14.06.2016 and further it amends the notification No. 67-95- Central Excise – dated 16.03.1995 vide Notification No. 25/2016 dated 14.06.2016.In this notification they have substituted the word “ Free Trade Zone” with “Special Economic Zone”

Central Excise: Levy of excise duty on readymade garments and made articles of textiles bearing a brand name or sold under a brand name and having a retail sale price of Rs. 1000 or more – reg. Circular No. 1031/19/2016-CX Dated 14th of June, 2016 F. No. 332/5/2016-TRU Dated 14th of June, 2016

Service tax : No interest can be demanded on time-barred payment of service tax  commissioner of Central Excise, Bhopal v. Western Coal Fields Ltd.[2016] 70  taxmann.com 133 (New Delhi – CESTAT)

Service tax : CESTAT grants refund of excess service tax paid on ‘brokerage’ towards stock-broker services, pursuant to subsequent downward adjustment thereof through credit notes to clients. It Rejected the Revenue’s stand that principle of unjust enrichment applicable to present case since issuance of credit notes not sufficient to establish that tax burden had not been passed onto recipients of service. CESTAT Mumbai

Custom : Seeks to extend the levy of anti-dumping duty on imports of Pentaerythritol, originating in, or exported from the People’s Republic of China, for a period of one year

Service tax & custom : CBEC has issued a circular for speedy disbursal of pending refund claims of exporters of service under rule 5 of the CENVAT Credit Rules, 2004 vide Circular No. 195/05/2016- Service Tax dated 15th June ,2016.This scheme is applicable only to service tax registrants who are exporters of services, with respect to refund claims under rule 5 of the CENVAT Credit Rules, 2004, which have been filed on or before 31-3-2015, and which have not been disposed of as on the date of the issue of the circular dated 10-11-2015

CBEC has issued a single window project for simplification of procedure in SWIFT for clearance of consignment related to drugs & Cosmetics reg. vide Circular No. 28/2016- CUS- dated 14th June, 2016

OTHER UPDATES


Changes in form 2, 3, 4 & 11 vide Limited Liability Partnership (Second Amendment) Rules 2016

ICAI: 30 SEP 2016 is the last date for payment of Membership & Certificate of Practice (CoP) Fee for FY 2016-17.

Threshold limit of PF withdrawal for deduction of tax, raised to Rs. 50,000 from Rs. 30.000 with effect from 1st June, 2016 vide Finance Act, 2016.

Net realizable of stock to be taken as value it would fetch on actual sale in future. [ITO vs. M/s. Mahendra Traders (ITAT Kolkata)].

A month after India redrew its tax agreement with Mauritius, the government has constituted a working group to examine the “consequential issues” arising out of the changes. Sebi : The Securities and Exchange Board of India (Sebi) has issued a consultation paper on financial disclosures to be made by the newly-introduced Infrastructure Investment Trusts (InvITs). Comments have been invited by June 28. It has proposed that annual disclosure to stock exchanges be on a quarterly basis, not half-yearly as suggested earlier.

RBI : The country has a lot of “unmet demands” for bank loans and a lot of gap is still to be filled in the banking space, Reserve Bank of India Deputy Governor Harun Rashid Khan has said. “We have a lot of unmet demands (for bank loans still a lot of gaps to be filled,” Khan said in reply to a question on the central bank’s plan to issue more licences for setting up new banks.

SEBI : The Securities and Exchange Board of India (Sebi) has issued a consultation paper on financial disclosures to be made by the newly-introduced Infrastructure Investment Trusts (InvITs). Comments have been invited by June 28. It has proposed that annual disclosure to stock exchanges be on a quarterly basis, not half-yearly as suggested earlier.

KEY DATES


Payment of ESI for the month of May- 16-06-2016

E-Payment of DVAT & CST tax for the month of May -16-06-2016

Payment of ESI for the month of May- 21-06-2016

E-Payment of DVAT & CST tax for the month of May -21-06-2016

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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 JUNE 6, 2016

Professional Update For the Day:

29

DIRECT TAX:

Income Tax : Claim to write off on account of advance disallowed – year in which bad-debts crystallized – mercantile system of accounting – only the assessee has determined finally that the amount is irrecoverable – No addition – M/s Xpro India Ltd. Vs. CIT, Kolkata (Calcutta High Court)

Income Tax: Exemption u/s 11(1)(a) – in the absence of any specific prohibition there is no reason why excess application of money for charitable and religious purposes (deficit) of the earlier year should not be set off against the income for the subsequent year – Share India Vs. DIT (Andhra Pradesh High Court)

INDIRECT TAX : 
VAT : Seeking refund of outstanding amount of tax credit – Refund application was already rejected by the VAT department many a times even after the directions provided by the Court for refund of tax credit – Refund to be given with interest on or before 31 MAY 2016 – Roshan Lal Vs. Govt. of Delhi (Delhi High Court)Service Tax Claim of Rebate / Refund in cash – rebate claim sanctioned by way of credit to Cenvat account – Export of Services – Cash refund allowed – John Deere India Pvt. Ltd. Vs. CCE, Pune-III (CESTAT Mumbai)

Key dates :

Payment of TDS u/s 194IA deducted on purchase of property/TCS collected in March: 07/04/2016

Submission of Forms received in March to IT Commissioner: 07/04/2016- Form No. 27C(TCS).

“I have never in my life, learned anything from any man who agreed with me.”

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)

CORPORATE AND PROFESSIONAL UPDATE MAY 21, 2016

Professional Update For the Day:

Untitled5DIRECT TAX: 

Income Tax: Disallowance of profit in sale of agriculture land – whether transaction in property by assessee company should not be treated as business activity – Held that – There is no enabling provision in the income-tax law prescribing that even if the assessee s income is exempt by a provision, then it can be forcibly brought into the tax net by assuming the assessee s activity to be adventure in the nature of trade. – ( The ACIT, Circular, Alwar Versus M/s. Focal Point Builders and Promoters Pvt. Ltd. ) – 2016 (5) TMI 635 – ITAT MUMBAI.

Income Tax: Addition u/s 41 – conversion of unsecured loan from the sister as gift by book entry – in the earlier years, interest paid to sister was claimed as deduction – whether remission / cessation of liability u/s 41(1) – Held that – There was no remission of liability u/s 41(1) of the Act, because the gift was genuinely made by Smt. Kiranben Gandhi and accepted by the assessee out of natural love and affection and there was no business consideration  ( Shri Shailesh C. Modi Versus Income Tax Officer, Ward – 1 (1) (4) , Surat)-  2016 (5) TMI 637 – ITAT AHMEDABAD. 

INDIRECT TAX :
VAT : Department of Trade & Taxes has extended the last date of filling of online/hard copy of fourth quarter return for the year of 2015-16 in DVAT Form-16, DVAT Form-17, and DVAT Form 48 along with required Annexure /enclosures to 23/05/2016 vide Circular No. 5 of 2016-17 dated 16.05.2016 . However, the tax due shall continue to be paid in the usual manner as per the provisions section 3(4)  of the Delhi value Added Tax Act, 2004.

VAT & CST : Department of Trade & Taxes has issued a Circular on Grant of registration under DVAT & CST vide circular No. 6 of 2016-17 dated 17.05.2016.The department of trade and taxes has developed a mobile application DVATMsewa to provide various services to the traders.One of the services to be provided with this app is registration of delars under DVAT Act,2004 and CST Act, 1956

Key dates :

Today (21.05.16) is the last date for e-payment of DVAT & CST for the month of April, 2016.

Issue of TDS Certificate in case of payment/credit made in April for purchase of property u/s 194Iain Form 16B: 22/05/2016

Issue of DVAT Certificate for deduction made in April: 22/05/2016

Payment of ESI of April: 21/05/2016

No one gets a sudden rise, not even the sun. It takes time to rise to the peak of success. Just keep your efforts going and be positive. 

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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 MAY 27, 2016

Professional Update For the Day: 

Untitled18ADirect Tax:

Domestic black money to be declared to jurisdictional principal CIT or CIT: CBDT clarifies

No disallowance could be made on estimated basis without rejecting books of account of Assessee 

The demolition of the structure would not constitute a transfer of the assets in terms of Section 54(3) of the Act in view of the decision of the Apex Court in the matter of Vania Silk Mills P. Ltd. v. CIT, reported in 191 ITR 647. In the above case, the Apex Court has held that when an asset is destroyed, there is no question of transfer taking place under the Act. The Apex court held that in terms of the Act that the words ‘Extinguishment of any right’ in Section 2(47) of the Act, does not include an extinguishment of right on account of destruction. It has to be an extinguishment of right on account of transfer. Thus, a destruction of assets when not on account of any transfer would not be hit by Section 54F(3) of the Act.(Dilip Manhar Parekh Vs. DCIT) ITAT Mumbai

HC disallows input tax credit to Karnataka Dealer for its default in maintaining books and producing tax invoices[2016] 69 taxmann.com 299 (Karnataka)Nav Bharat Steel v. State of Karnataka 

High court had allowed Sec 10A benefit to assessee sub-contracting part of its software development work (‘onsite work’) to AEs abroad. High court had rejected Revenue’s contention that Sec 10A benefit should be denied as onsite work was not performed in a free trade zone or through assessee’s own personnel / employees. High court had held that Sec 10A nowhere provides that ‘onsite’ work of software development should be carried out by assessee’s own personnel. HC had further held that the “on-site” work done under the direct supervision and control of assessee “would be nothing but on behalf of the assessee ‘itself'”(MphereSoftware)

Indirect Tax:

CBEC has issued a circular no. 19/2016 dated 20.05.2016 In furtherance to the proposal that each warehouse be allotted a unique warehouse code so that importers can declare the warehouse in which goods shall be deposited, at the into-bond bill of entry stage, CBEC explains the module developed at ICES to capture details of customs bonded warehouses licensed in each Commissionerate. Unique warehouse code generated shall be published on ICEGATE website for information of trade. Declaration of Warehouse Code in Bill of Entry would become mandatory for filing Into-Bond and Ex-Bond Bill of Entry from June 20, 2016

Company Law:

Query: – In case status of the Company is non-active on MCA portal, can it make active and apply under fast track exit mode?

Answer: In case ROC has sent notices to the Company under Section 560 (1) or 560 (2) or 560 (3) of the Companies Act 1956, then such Company needs to make an application to the Registrar of Companies, in writing, that it proposes to strike off the name of the Company by following the procedure under Fast Track Exit mode and submit the documents requisite under fast track exit mode. Further procedure will be initiated by the Registrar in this regard.

Key Dates:

Issue of TDS/TCS certificates for March quarter by all deductors/collectors: 30.05.2016

Extension to 27.05.16 of last date to file DVAT-16, DVAT-17 & DVAT-48 for Q4 of 2015-16.circular no. 7 of 2016-17 dated 23.5.16.

True guidance is like a small torch in a dark forest. It doesn’t show everything at once.But gives enough light for the next step to be safe.

If you want a quality, act as if you already had it.   -William James

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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 MAY 26, 2016

Professional Update For the Day:

DIRECT TAX:

CBDT notifies jurisdiction for Income Declaration Scheme, 2016 Circular No. 19/2016-Income Tax.

SCN cannot be issued to debtors until tax liability crystallise – HC [M/s Quality Fabricators and Erectors Vs The Deputy Director, DGCEI, Zonal Unit Mumbai and Others (High Court Of Bombay) ]

Sec. 263 not justified due to multiple view on applicability of TDS[Neo Sports Broadcast Pvt.Ltd Vs CIT (TDS) (ITAT Mumbai)]

No Addition u/s 68 if identity, creditworthiness & genuineness established[DCIT Vs. M/s Overseas Infrastructure Alliance (I) Pvt. Ltd. (ITAT MUMBAI)]

ITAT deletes hypothetical, harassing & inconvenient decision[Mrs.Mintu Sayermal Jain Vs Income Tax Officer (ITAT Mumbai)]

Income tax has enabled Electronic Verification Code for online filling of appeal before Commissioner (Appeal) in Form 35 for taxpayers not required file using DSC on income tax India Efilling .(Click here to view)

Mumbai ITAT upholds CIT(A)’s inclusion of interest income earned on Fixed Deposit Receipts as part of operating income while benchmarking international transactions in assessee’s Manufacturing and Trading Activities segment for AY 2005-06; Holds that since advances received against exports were immediately placed in FDR with the bank for the purpose of taking letter of credit in favour of the overseas sellers, it could not be said that surplus funds were parked in FDRs only to earn interest income. MUMBAI ITAT – [TS-264-ITAT-2016(Mum)-TP]

INDIRECT TAX:

Central Govt. issues draft Notification and Circular proposing to provide optional single registration and return to first stage dealer and importer; As per proposed Notification, assessee who conducts business as first stage dealer shall be exempt from taking separate registration as an importer and vice versa; However, same is optional and any assessee needing separate registration for his own business purposes may so register; This is so as credit chain becomes shorter when an importer operates also as first stage dealer; Moreover, such assessees henceforth shall have option to file single quarterly return giving details of transactions as first stage dealer and importer in one single table; CBEC invites feedback from Departmental Officers and members of trade by June 6th : CBEC Circular

No service tax applicable on payment processing services proposed to be rendered to foreign entity, who provides domain registration services to customers in India; Such intended services, classifiable as “Business Support Services”, would be rendered on applicant’s own account for a fee equal to operating costs incurred plus 13% mark-up; Consequently, since recipient is located outside India and applicant would receive payment in convertible foreign exchange, these services would qualify as ‘export’ in terms of Rule 6A of Service Tax Rules and remain non-taxable for purpose of service tax; Further, no services can be said to have been provided to Indian customers as applicant would receive fees from foreign entity even in respect of those customers who directly remit service charges through International Credit Card, wherein applicant is not in the picture

Company Law:

Query: Whether a partner would be able to give loan to or transact other commercial transactions with LLP?

Answer: A partner may lend money to and transact other business with the LLP and shall have the same rights and obligations with respect to the loan or other transactions as a person who is not a partner

Key Dates:

Advance information for the 1st fortnight of June of functions with booking cost > Rs1 lakh in Banquet halls, hotels etc. in Delhi: 27.05.2016

Issue of TDS/TCS certificates for March quarter by all deductors/collectors: 30.05.2016

“It always seems impossible until it’s done.”

“Originality will always catch the attention of a good critic whether you’re striving for success  or living proof of success. Be yourself! Stay  Original!”

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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 MAY 25, 2016

Professional Update For the Day:

Untitled15ADirect Tax:

IT : Merely because creditor could not be traced on date when verification was made, is not a ground to conclude that there was cessation of liability in terms of section 41(1) because cessation of liability has to be cessation in law, of debt to be paid by assessee to creditor[2016] 69  257 (Karnataka) Commissioner of Income-tax v. Alvares & Thomas

Transmission charges for electricity won’t attract TDS under sec. 194J[2016] 69  252 (Karnataka) Commissioner of Income-tax v. Gulbarga Electricity Supply Co. Ltd.

IT: TDS – the payment paid by the assessee to scheduled banks for opening letters of credit was in the nature of interest u/s 2(28A) – but since the amount had been paid to scheduled banks no tax was required to be deducted at source u/s 194A – No disallowance u/s 40(a)(ia) – M/s Vardhman Chemtech Pvt. Ltd. Vs. ACIT, Chandigarh (ITAT Chandigarh)

IT: Revision u/s 263 – the disallowances u/s 14A and u/s 36(1)(iii) of the Act were the matters before the CIT(A) – the same does not come under the jurisdiction of the CIT u/s 263 – M/s Deepak International Ltd. Vs. JCIT, Cir-V, Ludhiana (ITAT Chandigarh)

Bogus purchase and sale of shares: Law explained as to on whom the onus is to show that the purchase and sale of shares are bogus and the circumstances required to be proved by the AOArvind Asmal Mehta vs. ITO (ITAT Mumbai)

S.143(1)/ 147: Entire law on the reopening of s. 143(1) assessments in the light of Zuari Estate Development 373 ITR 661 (SC) explained Indu Lata Rangwala vs. DCIT (Delhi High Court)

Indirect Tax:

ST: Recovery of interest – Section 73B of the Finance Act 1994 – Collected Service tax from the transporters when no service tax was payable and not deposited to the Government – later amount was deposited with the government – Demand of interest set aside – M/s Chhattisgarh State Co-operative Marketing Federation Ltd. Vs. CCE&ST, Raipur (CESTAT New Delhi)

SC : Absent cargo loading / unloading, mere labour supply at customer’s packing-plant not ‘CHS’ [TS-197-SC-2016-ST]

CESTAT : Upholds input credit reversal on exempt goods; Duty-payment cannot render them ‘dutiable’ [TS-196-CESTAT- 2016-EXC]

Service Tax : Services received from foreign intermediary in connection with raising of External Commercial Borrowings (ECB) is liable to service tax under ‘Banking and Other Financial Services’ under reverse charge in hands of Indian service recipient[2016] 69  266 (Mumbai – CESTAT) Gitanjali Gems Ltd. v. Commissioner of Service Tax

Cenvat Credit : Payment of cenvat-reversal under rule 6 of CENVAT Credit Rules, 2004 is in nature of ‘other tax’ and is, therefore, not includible in ‘transaction value’ of exempted goods, even if reversal amount is recovered from buyers

Cenvat Credit : When assessee is paying specified percent cenvat-reversal on value of ‘exempted HDPE pipes’ used for manufacturing ‘exempted sprinkler system’, they are not required to pay cenvat-reversal on value of ‘exempted sprinkler system'[2016] 69  265 (New Delhi – CESTAT) Commissioner of Central Excise, Indore v. Kriti Industries (India) Ltd.

SC: 9 Judge bench to decide entry tax validity; Hearings to commence July 18 [TS-200-SC-2016-NT]

Cenvat Credit : If Modvat credit could not be used by assessee due to restriction imposed by department, balance lying in Modvat account must be allowed as credit in Cenvat account[2016] 69  216 (Patna)Commissioner of Central Excise v. Bata India Ltd.

Deputation of employees and sharing of cost on actual basis with group Cos. doesn’t amount to rendering of service[2016] 69  198 (Mumbai – CESTAT) Franco Indian Pharmaceutical (P.) Ltd. v. Commissioner of Service-Tax

VAT & ST: Validity of law – rate of tax – interstate movement of goods – The law validly enacted by a State Legislature cannot be challenged on the ground that it defies logic and common sense – M/s Schwing Stetter (India) Pvt. Ltd. Vs. CCT (Madras High Court)

Company Law:

Query: Is Director Identification Number (DIN) mandatory for filing Form FTE with ROC?

Answer:  No, DIN is not mandatory for Managing Director or Director of the Company for filing Form FTE to strike off the name of Company under the Fast Track Exit mode Scheme. Details of Managing Director or Director can be filled up for inserting Permanent Account Number (PAN) or Passport Number instead of DIN.

Query: Whether a partner would be able to transfer his ‘economic rights’?

Answer: A partner’s economic rights (i.e. rights of a partner to a share of the profits and losses of the LLP and to receive distribution at the time of winding up) in the LLP shall be transferable. However, such a transfer shall not by itself cause the partner’s disassociation or a dissolution and winding up of the LLP.

However, such transfer shall not entitle the transferee or assignee to participate in the management or conduct of the LLP’s activities. Therefore, the transferee would not be deemed to be a ‘partner’ of the LLP just because a partner has transferred him the ‘economic rights’. For becoming a partner of LLP, the manner specified in the LLP Agreement or the provisions of the Act would have to be followed.

Other Update : 

ICAI: Committee on Economic, Commercial Laws & WTO (CECL&WTO) is organizing a Live Webcast on “Identifying Common FEMA Contraventions” on Friday, 27 May 2016 at 4-6PM. Link athttp://estv.in/icai/27052016

Key Dates:

Issue of TDS/TCS certificates for March quarter by all deductors/collectors: 30.05.2016

Due date for e-filing of form no. 61 for Q4 extended to 31st October, 2016 from 30th April, 2016. CBDT Circular no. 14/2016 dated 18/05/16.

 “When you judge another, you do not define them, you define yourself.”

Don’t find fault, find a remedy.  -Henry Ford

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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 MAY 11, 2016

Professional Update For the Day:

Untitled34ADirect Tax: 

IT: Taxing of capital gains u/s.50B r.w.s.2 (42C) – sale of undertaking as a going concern for a lump sum consideration – addition made by the AO u/s.50B on account of gain arising from transfer of BOPP Films Undertaking confirmed – Supreme Industries Ltd. Vs. ACIT, CC-29, Mumbai (2016 (5) TMI 264 – ITAT Mumbai)

IT: Undisclosed income – Addition made on the basis of the statement during the survey u/s. 133A is not sustainable in the eyes of law – Avinash Kumar Setia Vs. DCIT, CC-17, New Delhi (2016 (5) TMI 261 – ITAT Delhi)

CBDT prescribes procedure for e-filing of Form 15CC in respect of foreign remittance made u/s 195

CBDT prescribes procedure for e-filing of Form 15G/15H

Provisions relating to gift apply only to an Individual or HUF and not to an AOP
[2016] 68 taxmann.com 376 (Delhi – Trib.) Mridu Hari Dalmia Parivar Trust v. Assessing Officer, Circle 31(1)

A person can apply for non-deduction of TDS u/s 195 even if he has been subjected to concealment penalty: CBDT

Now, TDS or TCS return can also be filed via incometaxindiaefiling.gov.in

Indirect Tax:

Excise & Customs : Where pre-deposit amount has been determined after considering/adjusting Cenvat credit amount, then, such ‘net pre-deposit’ amount has to be paid in cash and cenvat credit cannot be used to pay same[2016] 69 taxmann.com 10 (Kerala) Commissioner of Central Excise, Customs & Service Tax v. Kinship Services (India) (P.) Ltd.

Govt. entities in Delhi no more required to file details of purchases below Rs. 1000 in DVAT Form GE-II

ST: Levy of penalty – As the assessee had paid service tax and interest by showing their bonafides before issuance of SCN – Penalty liable to be waived of by invoking Section 80 – Cognizant Technology Solutions India Pvt. Ltd. Vs. CCE&ST, Chennai (2016 (5) TMI 230 – CESTAT Chennai)

VAT & ST: Merely because the advertisements of the advertisers were displayed on the Sites would not necessarily lead to the conclusion that they had acquired the right to use the Sites – Tim Delhi Airport Advertising Pvt. Ltd. Vs. CT&T (2016 (5) TMI 297 – Delhi High Court)

FEMA Updates:                 

Ministry of Commerce & Industry has issued  Policy on foreign investment for Asset Reconstruction Companies-amendment of paragraph 6.2.18.1 of ‘consolidated FDI Policy Circular of 2015’ vide press No. 4(2016 Series) dated 06/05/2016.

MCA Updates:

MCA has issued Companies (Registration Offices and Fees) Amendment Rules, 2016 vide Notification dated 06/05/2015, which shall come into force from the date of their publication in the Official Gazette. The New Rules has further substituted Form No. GNL-1 (Form for filing an application with Registrar of Companies) and Form GNL-4 (Form for filing addendum for rectification of defects or incompleteness)

Word of Wisdom:

The most difficult task is to make everybody happy. The simplest task is to be happy with everyone. Surprisingly, the purpose of both are the same.

Mankind is made great or little by its own will.      -Friedrich Schiller

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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)