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

www.carajput.com;TDS: form 26QD; Form 16D

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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 SEPT 27, 2016

Professional Update For the Day:

6Direct Tax:-

IT: Assessee has directly deposited cash in the supplier’s account and has produced the bills, no evasion of tax by claiming the bogus expenditure in cash – Arun Kumar Mondal Vs ITO, W-2(2), Burdwan (2016 (9) TMI 995 – ITAT Kolkata)

SC modifies Karnataka HC order on the issue of taxability of amount received by assessee-company (engaged in real estate business) on account of share capital from various share-holders. ITAT has held that share capital received by the assessee was in the nature of  of capital receipt and cannot be treated as business income despite the same having been received towards allotment of flats/ units. [TS-513-SC-2016]

Indirect Tax:-

CBEC has made amendments in various notification u/s 25(1) in Custom Act 1962 vide Notification No. 52/2016 –Custom-Tariff  dated 23/09/2016.(Click here to view)

Reg. Service Tax exemption on advancement of Yoga [Notification No. 42/2016-Service Tax]

In the below citied case petitioner had calculated and deposited tax 10.3% whereas the tax had to be calculated 12.36% as per department.Delhi high court held that here is no provision in the VCES which permits correction of errors of this nature by the Petitioner.It was not obligatory for the Respondent to inform the Petitioner what the correct rate of service tax was. It was for the Petitioner to have ascertained the correct rate of tax and calculated the service tax.(Techno Concept India Pvt. Ltd. Versus The Deputy Commissioner of Service Tax, Delhi)

GST UPDATES

Under GST,all cesses to be subsumed in GST. Only 5% assessees would be audited in GST regime, against 70-80% by some states now.

FAQ as Issued by CBEC

Q . How to compute ‘aggregate turnover’ to determine eligibility for composition scheme?

Ans. The methodology to compute aggregate turnover is given in Section 2(6). Accordingly, ‘aggregate turnover’ means ‘Value of all supplies (taxable and non-taxable supplies + Exempt supplies + Exports) and it excludesTaxes levied under CGST Act, SGST Act and IGST Act, Value of inward supplies + Value of supplies taxable under reverse charge of a person having the same PAN.

Q . What are the penal consequences if a taxable person violates the condition and is not eligible for payment of tax under the Composition scheme?

Ans. Taxable person who was not eligible for the composition scheme would be liable to pay tax, interest and in addition he shall also be liable to a penalty equivalent to the amount of tax payable. (Section 8 (3) of the MGL).

Q . What is the minimum rate of tax prescribed for composition scheme?

Ans. 1%

Q . When exemption from whole of tax collected on goods and/or services has been granted unconditionally, can taxable person pay tax?

Ans. No, the taxable person providing such goods or services shall not collect the tax on such goods or services.

FAQ on Company Law:

Query: In case of a right issue of shares by a private limited company for which board meeting we should file MGT 14 u/s 179(3)(c). Is it for the Board Meeting where rights issues offer is made or the Board Meeting where rights issue shares are issued and allotted?

Answer: In case of Rights issue, you shall be required to file Form MGT-14 under section 179(3) within 30 Daysof passing the Board Resolution in which Shares are issuedand allotted and put its SRN in Form PAS 3 accordingly.

MCA UPDATE

MCA has made an amendment to the Companies (Management and Administration) Rules, 2014. These rules may be called the Companies (Management and Administration) Amendment Rules, 2016 which shall come into force on the date of their publication in the Official Gazette.

Key Dates:

  • Advance information in BE_2  Formf or 1st fortnight of Oct of functions with booking cost more than rs 1 lakh in Banquet Halls, hotels etc. in Delhi for DVAT-27/09/2016
  • Return by banks in Form no. 26QAA for interest upto Rs. 5000 for September quarter.-30/09/2016
  • E-filling of reconciliation return of statutory forms for the year ending 2015-16-30/09/2016
  • Payment of TDS for the purchase of property for the month of August-30/09/2016
  • Due date for income declaration scheme  2016 is 30th September, no extension expected.

“In order to carry a positive action we must develop here a positive vision.”

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

FOR FURTHER QUERIES CONTACT US:

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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 SEPT 26, 2016

Professional Update For the Day:

tax

Direct Tax:-

IT: Penalty u/s 271B – assessee firm could not get the accounts audited within time limit prescribed u/s 44AB – there is no mala fide reason for not obtaining the accounts audited in time and penalty u/s 271B should not be imposed – M/s. Gemorium Vs ITO Ward-5(1), Jaipur (2016 (9) TMI 962 – ITAT Jaipur)

CBDT has issued office memorandum regarding withdrawal of notifications granting approval  u/s 35(1)(ii) of the Income-tax Act, 1961 in some cases.{ notification.No.203/09/2015/ITA.II  dated 21/09/2016}

IT: Late filing fee u/s 234E – late filing of TDS return prior to 01 JUN 2015 – demand notices u/s 200A for intimation for payment of fee u/s 234E can be said as without any authority of law and the same are quashed and set aside to that extent – Sri Fatheraj Singhvi & Others Vs Union of India & Others (2016 (9) TMI 964 – Karnataka High Court)

IT: Adjustment in respect of levy of fees U/s 234E was indeed beyond the scope of permissible adjustments contemplated U/s 200A – Little Servants of Divine Providence Charitable Trust Vs ITO (TDS), Alappuzha (2016 (9) TMI 960 – ITAT Cochin)

IT: Penalty u/s 271B – assessee firm could not get the accounts audited within time limit prescribed u/s 44AB – there is no mala fide reason for not obtaining the accounts audited in time and penalty u/s 271B should not be imposed – M/s. Gemorium Vs ITO Ward-5(1), Jaipur (2016 (9) TMI 962 – ITAT Jaipur)

IT: Assessee has directly deposited cash in the supplier’s account and has produced the bills, no evasion of tax by claiming the bogus expenditure in cash – Arun Kumar Mondal Vs ITO, W-2(2), Burdwan (2016 (9) TMI 995 – ITAT Kolkata)

INDIRECT TAX:-

ST: Reimbursable expenses cannot be added in the assessable value of the C&F, ST tax is payable only on the commission and not on the reimbursable expenses  – CCE, Indore Vs Virmani Enterprises (2016 (9) TMI 1025 – CESTAT New Delhi)

VAT & ST: Sale of apartment – petitioner doesn’t become works contractor unless it had already entered into a contract with potential purchasers – Oceanus Dwellings Pvt. Ltd. Vs C.T.O. & Ors (2016 (9) TMI 971 – Kerala High Court)

VAT & ST: Sale of apartment – petitioner doesn’t become works contractor unless it had already entered into a contract with potential purchasers – Oceanus Dwellings Pvt. Ltd. Vs C.T.O. & Ors (2016 (9) TMI 971 – Kerala High Court)

GST Updates:-

Under GST compounding dealer can switch to normal dealer during the year but he can’t change again to compounding dealer during same year.

GST: CBEC released Frequently Asked Questions (FAQ) on GST on 21.09.2016. Link athttp://www.cbec.gov.in/resources//htdocs-cbec/deptt_offcr/faq-on-gst.pdf

GST CBEC issues FAQ’S on Registration, Valuation, ITC, Assessment, Audit, Refund, Demand & Recovery, Appeals, Advance Ruling, Offence & Penalties etc.

SEBI Updates:-

 SEBI has issued circular in respect of Permission for trading in futures contracts and modification in contract specifications at exchange level.

SEBI has issued a clarification that ‘Income from Operations’ may be disclosed inclusive of excise duty, instead of net of excise duty, as specified in the Companies Act, 2013.

FAQ on Company Law:

Query:  Can a Pvt. Ltd. Company pay remuneration to its Ordinary Director (other than M.D/WTD) on Monthly, Quarterly or yearly basis apart from 1% or 3% of Net Profit as provided under Section 197 of The Companies Act, 2013?

Answer: Private Company can pay remuneration to director (other than M.D/WTD) without any limit subject to provisions contained in the Articles of Association of the Company. However by passing a board resolution you can fix/revise the remuneration of the directors in private company. 

MCA Update :

MCA released Companies (Management and Administration) Amendment Rules, 2016 vide Notification dated 23.09.2016.  : The Ministry of Corporate Affairs (MCA) has made an amendment to the Companies (Management and Administration) Rules, 2014. These rules may be called the Companies (Management and Administration) Amendment Rules, 2016 which shall come into force on the date of their publication in the Official Gazette.

Amendment is made to clarify the provision of Section 93 of the Companies Act, 2013 under which every listed company is required to file with the Registrar, a return in Form No. MGT.10, with respect to changes in the shareholding position of promoters and top ten shareholders of the company, in each case, representing increase or decrease by two per cent or more of the paid-up share capital of the company, within fifteen days of such change.

Further, Form MGT-6 which is Return to the Registrar in respect of declaration of beneficial interest in shares under section 89 by the company has also been revised.

OTHER UPDATES:-

The Union Cabinet has approved today the proposal of the merging of Union Finance Budget and Railway Budget. Now a Consolidated Budget shall be presented on February 1 every year instead of the last day of the month of February.

Cabinet approves Agreement between India and Samoa for exchange of information with respect to Taxes – See more at: http://taxguru.in/income-tax/cabinet-approves-agreement-samoa-tax-info-exchange.html#sthash.njfis8w1.dpuf

Cabinet approves extension of the validity of Central Orders dated 28.09.2015 in respect of edible oils and edible oilseeds and Central Order No. S.O. No. 2857(E) dated 18.10.2015 in respect of pulses from01.10.2016 to 30.09.2017.

Today is last date for e-payment of ESI, and for DVAT & CST pertaining to august, 2016.

ICAI Updates:-

ICAI: Please pay your Membership and COP fee for 2016-17 before 30 SEP 2016.

Key Dates:

Advance information in BE_2  Formf or 1st fortnight of Oct of functions with booking cost more than rs 1 lakh in Banquet Halls, hotels etc. in Delhi for DVAT -27/09/2016

Time, power, money & body may not cooperate every time in life but Good nature, good understanding, spiritual path & true spirit will always cooperate in life.

Silence is the strong fence around wisdom, If your foot slips, You can re-gain your balance, but if your tongue slips, you can never re-build your image again.

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

FOR FURTHER QUERIES CONTACT US:

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

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)

HIGHLIGHTS RESULTS OF THE GST COUNCIL MEETING HELD ON 22-23 SEPTEMBER,2016:

HIGHLIGHTS RESULTS OF THE GST COUNCIL MEETING HELD ON 22-23 SEPTEMBER,2016:

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  1. The threshold Annual Exemption Limit fixed at ₹ 20 Lac.
  2. The threshold limit for the north-eastern and hill states paged at ₹ 10 Lac.
  3. GST rates and tax slabs would be decided at three-day’s meeting during 17-19 Oct, 2016.
  4. GST rollout slated for 1st April, 2017.
  5. All cesses will be subsumed in the GST
  6. GST Council’s next meeting on 30th Sep, 2016 to finalise draft GST law / rules.
  7. The state authorities will have jurisdiction over assessees with annual turnover of less than ₹ 1.5 crore.
  8. Those with turnover of over Rs 1.5 Crores would be cross examination either by officers from the Centre or state to avoid dual control.
  9. The existing 11 Lac service tax assessees would continued to be assessed by the Centre.
  10. New assessees which would be added to the list would be divided between the Centre and the States.
  11. Council is working on a compensation law and draft compensation formula.
  12. The base year for calculating compensation would be 2015-16 and the formula for payment of compensation would be deliberated b/w the state and Central authorities.
  13. All decisions today by the GST Council were taken on the basis of consensus.

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

FOR FURTHER QUERIES CONTACT US:

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

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)

Any dishonest act of CA isn’t a professional misconduct if it is done in Individual capacity

 

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Chartered Accountant Act, 1949: Where a CA sold his shares but continued to receive dividends declared by the Company by cheating upon transferee, such activity could not be said done in relation to practice as CA as such act of dishonesty was done in individual capacity. Thus, disciplinary committee’s proposal to remove CA’s name from registers of members of ICAI for 6 months was to be set aside.

Facts: 

  • A Chartered Accountant sold his shares in November 1999 however, share transfer deed for transfer of shares was lodged on November 04, 2004. In the meantime, CA continued to receive dividend declared by company for 5 years
  • The transferee made complaint about this conduct of CA before the Disciplinary Committee of the Institute of Chartered Accountants. The Disciplinary Committee found that the conduct of CA was wholly unworthy and amounted to professional misconduct.

On appeal the High Court held as under:

  1. In the instant case the respondent was acting as an individual in his dealings with the complainant which were purely commercial. While selling the shares held by him the respondent was not acting as a Chartered Accountant. He was not discharging any function in relation to his practice as a Chartered Accountant.
  2. In the decision reported as AIR 1958 SC 72 Council of Institute of Chartered Accountants & Anr. vs. B. Mukhreja, a Chartered Accountant who had been appointed as a liquidator was held liable for professional misconduct on the reasoning that Regulation 78 provided for a Chartered Accountant to act as a liquidator and thus while acting as a liquidator Sh. B. Mukhreja would be deemed to be in practice as a Chartered Accountant. The judgment brings out that the acts of omission or commission must relate to the offender acting as a Chartered Accountant and rendering service for remuneration and must be engaged in an activity which a Chartered Accountant would be entitled to be engaged in, wearing the hat of a Chartered Accountant.
  3. For example, a Chartered Accountant may drive rashly and negligently and in the process may kill a human being. This conduct would be an offence, but not a misconduct for the purposes of the Act
  4. The Disciplinary Committee’s proposal to remove CA’s name from registers of members of ICAI for 6 months was to be set aside. –[2016] 72 com 197 (Delhi)

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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)

GST – A REALITY SOON

GST – A REALITY SOON

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The 122ND Constitutional Amen tdment Bill for the introduction of Goods and Services Tax (GST) inhe Indian Constitution has been passed by the Rajya Sabha. The Bill has already passed by the Lower House (Lok Sabha) on 6th May 2015. Further, the Empowered Committee of the State Finance Ministers has released Model GST Law in June 2016. In order to have GST as the indirect Taxation Structure in force following steps needs to be followed:

Steps to convert GST a reality

  • 122nd Constitutional Amendment Bill to be ratified by at least 50% of the State Legislatures under Article 368 of the Constitution.
  • Assent by President of India to the 122nd Constitutional Amendment Bill will require.
  • After Constitutional amendment GST Council (GSTC) to be constituted within 60 daysunder Section 279A of the amended Constitution.
  • GSTC to recommend GST Law and procedure. IGST and CGST bill for Parliament/Centre and Model SGST bill for State Legislature.
  • CGST and IGST Laws to be introduced in Parliament and will require be passed by simple majority.
  • SGST Laws to be passed by concerned state legislatures.
  • Once Approval from Parliament and States, GSTN (GST network a Section 8 Company will launch the IT Platform for implementation of GST).

GST Council Formation Approved – A Step Forward :  Another step has been taken by the government on the right direction for the implementation of biggest tax reform. The Constitution (One Hundred and Twenty¬ second Amendment) Bill, 2014, for introduction of Goods and Services tax in the Constitution of the country was accorded assent by the President on 8th September, 2016, and the same has been passed as the Constitution (One Hundred and First Amendment) Act, 2016.

Today, i.e. on 12th September 2016, the union Cabinet has approved the setting up of the GST Council (Section 279A) and its secretariat with the following details:

  • Union Finance minister will be the Chairperson with state finance ministers as members to the GST council
  • Setting up of Secretariat of GST council with its office at New Delhi
  • Appointment of the secretary (Revenue) as the Ex-Officio Secretary to the GST Council.
  • Inclusion of the Chairperson, CBEC as a permanent invitee (non-voting) to all the proceedings of the GST Council
  • Create one post of Additional Secretary to the GST Council in its secretariat (at the level of Additional secretary to the Government of India), and four post of the Commissioner in its secretariat (at the level of Joint secretary to the Government of India)

The Finance Minister has also decided to call the first meeting of the GST Council on 22nd and 23rd September 2016 in New Delhi.

The GST Council shall make recommendations on tax rates, cesses, exemptions, threshold limit, and other provisions.

GST Constitutional Amendment Bill gets Presidential assent:  Honorable The President of India gave assent to the 122nd Constitutional Amendment Bill 2014 on Goods and Services Tax (GST) and now it becomes One Hundred and First Amendment Act, 2016, a major milestone for the introduction of the Goods and Services Tax (GST) expected to be implemented by 1st April 2017.

For your information, The Bill was passed unanimously by both the houses of Parliament in august 2016 and ratified by the legislative assemblies of more than 50% of the states. Assam was the first state to ratify the Bill and the other states which have passed the legislation include Bihar, Jharkhand, Chhattisgarh, Himachal Pradesh, Gujarat, Madhya Pradesh, Delhi, Nagaland, Maharashtra, Haryana, Sikkim, Mizoram, Telangana, Goa, Odisha and Rajasthan.

Going forward, GST Council will be formed within 60 days of the enactment of One Hundred and First Amendment Act, 2016. CGST and IGST laws will be introduced in Parliament and SGST Laws in State Legislative Assemblies for the rollout of GST.

Article on Supply without Consideration under GST : (Permanent transfer/ disposal of business assets and Temporary application of business assets to a private or non- business use)

With the passage of 122nd Constitutional Amendment Bill as One Hundred and First Amendment Act, 2016 in both the houses of Parliament by full majority and the release of Draft GST Model in June 2016 by the Empowered Committee of State Finance Ministers, it is expected that the GST will be in force very soon.

The Team DYKS has been analyzing the Draft GST Model deeply and initiated a Series of Articles on the issues emerging from the analysis.

Goods and Services Tax whether in the form of CGST, SGST or IGST will be levied on the“supply” of goods or/and services. Supply is defined in the Section 3 of the Draft Model Act which will also include a supply as mentioned in Schedule I even without consideration.

We have come up with an Article to analyse two transactions which are mentioned in the Schedule I i.e.

  • Permanent transfer/ disposal of business assets
  • Temporary application of business assets to a private or non- business use.

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 SEPT 20, 2016

Professional Update For the Day:

29

DIRECT TAX:

CBEC has issued a clarification regarding supply of goods manufactured by EOUs without payment of central excise duty against advance licence/authorisation vide circular No. 1046/34/2016-CX  dated on 16/09/2016.

CBDT’s reiteration of maintaining strict confidentiality of the declarant and the declaration so made vide its press release dated 15-09-2016.

CBDT clarifies on last date to avail Direct Tax Dispute Resolution Scheme, 2016, to be 31st December, 2016.

CBDT has issued a office memorandum vide F. No. 225/233/2016-ITA II dated 15/09/2016 that the last date for making declaration under the Income Declaration Scheme 2016 is 30th September ,2016 hence the declaration can be filed till the midnight of the day.

ITAT Mumbai in the below case held that deduction will be allowed Where assessee is carrying out CGS activities which is nothing but infrastructure facility as defined under section 80IA(4).( ACIT-2 (1) , Mumbai Vs. Ameya Logistics P Ltd, Mumbai and Ameya Logistics P Ltd Vs. ACIT -2 (1) , Mumbai)

Indirect Tax:

CBEC seeks to amend Form ARE-2 vide Notification No. 44/2016 dated 16/09/2016.

Cbec has issued a clarification regarding rebate of duties paid on raw materials used in manufacture or processing of export of goods and admissibility of dutydraw back in such cases vide circular No. 1047/35/2016-CX  dated on 16/09/2016.

MVAT rate has been increased wef. From 17/09/2016, under schedule C except declared goods from 5.5% to 6% and under schedule E from 12.5% to 13.5% [Notification no, VAT.1516/CR-31/Taxation-1].

MCA has released the revised the versions of e-Forms –

FORM NAMES PARTICULAR
Form CRA-2 Form of intimation of appointment of cost auditor by the company to Central Government
Form CRA-4 Form for filing Cost Audit Report with the Central Government
Form SH-8 Letter of offer for Buy-Back
Form CHG-4 Form for Satisfaction of Charge thereof
Form MR-2 Form of application to the Central Government for approval of appointment or reappointment and remuneration or increase in remuneration or waiver for excess or overpayment to managing director or whole-time director or manager and commission or remuneration to directors

The revised forms will be available on the portal on the portal w.e.f 22nd September, 2016 of MCA. Stakeholders are advised to download the latest version before filing. Form- wise date of last version change is available at on the website of MCA.

MCA has released the revised the versions of e-Forms – Form CRA-2, Form CRA-4, Form SH-8,  Form CHG-4, Form MR-2. The revised forms will be available on the portal on the portal w.e.f 22nd September, 2016 of MCA. 

GST UPDATES  

GST Payment by Internet banking, Dr/Cr Card, NEFT, RTGS or challan upto 10,000 & not  by Book Entry/Adjustment or Debit to Export Scrips.

GST Abatement for crucial services e.g. life or medical insurance expected to avoid significant increase in overall burden on consumers.

Under GST By Oct end, GSTIN & Passwords to be issued to exisiting Assessees who will have to update Address, Names of Owners / Directors etc & Bank details.

Under GST apply for registration in 30 days from becoming liable, to claim ITC of inputs in stock  on  date preceding  date of liability.

RBI & SEBI UPDATE

SEBI made Unique Client Code (UCC) and Permanent Account Number (PAN) mandatory for all the persons transacting on commodity exchanges.

Key Dates:

Return of TDS for June quarter in DVAT-48- 19/09/2016

“Motivation is what gets you started. Habit is what keeps you going.”

“There is no chance, no destiny, no fate, that can hinder or control the firm resolve of a determined soul .”

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

FOR FURTHER QUERIES CONTACT US: W: www.carajput.com E: info@carajput.com T: 011-233-4-3333, 9-555-555-480

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)

CORPORATE AND PROFESSIONAL UPDATE SEPT 19,2016

Professional Update For the Day:

Untitled55

DIRECT TAX UPDATE

Extension to 17-10-2016 of due date for filing ITRs in cases where due date of ITR is 30.9.2016 due to clash with Income Declaration Scheme 2016. CBDT Order of 9-9-2016.

No penalty for not declaring STCG due to bonafeid mistake/clerical error [Shri Raj Dutta vs. JCIT (ITAT Delhi)].

Under Income Declaration Scheme 2016 no capital gains/TDS on transfer (without consideration) of declared benami property within 1 year to the Declarant.

Direct cash deposit in supplier’s bank a/c not attracts disallowance u/s 40A (3) [Bolkunda Pachwai & (S) C.S. Shop vs. Income-tax Officer (ITAT Kolkata)].

CBDT clarifies due date extension also applicable to Accounts audited under Sec 44AB vide notification no 225/195/2016-ITA II.

IT: The service fee payable by the applicant to DRL Russia under the agreement for promotion of goods cannot be regarded for the purpose of fees for technical services. – Not Taxable – In Re : Dr Reddy Laboratories Limited(AAR)

INDIRECT TAX UPDATE

Date of filling of DVAT return in form 16,17 & 48 for Q-1 2016-17 has been extended upto 19-09-2016vide circular no-14, dated 09-09-2016.

CBDT launches online ‘Nivaran’ to resolve Income Tax grievances.

The last date for payment of second installment of Advance Tax is 15.09.16.

Dept of Revenue has specified that the religious places shall be exempted from payment of Service Tax. All religious places shall be considered to fall within the purview of clause (a) of entry 5 of Notification No. 25/2012- Service Tax, to be exempted from payment of service tax.

ICAI UPDATE

MEF online submission date extended to 20 September 2016 declaration to be submitted 30 September 2016.

Please pay ICAI Membership and COP fee before 30th September, 2016 in order to avoid removal.

ICAI launch a “Support-desk for Implementation of Ind AS”, so as to address the difficulties faced by the members and stakeholders.

OTHER UPDATE

ESIC Hikes wage ceiling from Rs.15000 to Rs.21000 w.e.f 1st Oct 2016.

EPF: To know your BALANCE, give a missed call on 011-22901406 from your registered mobile number to get SMS alert immediately.

RBI UPDATE

RBI issued Income Declaration Scheme , 2016 –Acceptance of cash over the counter vide RBI/2016-17/62 dated 08/09/2016. RBI asks banks to accept cash from declarants of IDS, 2016 (Click here to view)

RBI issues guidelines for preparation of half yearly ProformaInd AS Financials by specified financial institutions CIRCULAR DBR.FID.NO.1/01.02.000/2016- 17, DATED 4-8-2016.

GST UPDATE

Under GST For Refund, Assessee to submit CA Certificate that GST burden not passed to customer. Self Certification upto threshold amount.

GST: Cabinet approves creation of GST Council and its Secretariat – The Finance Minister to be the Chairperson, decided to call the first meeting of the GST Council on 22nd and 23rd SEP 2016 in New Delhi.

For GST roll out wef 1.4.2017, Parliament will have to approve CGST & IGST Bills & State Assemblies will pass their own SGST Bills.

Under GST late returns would attract fee @ 100 per day subject to maximum of Rs 5,000/- maximum fee in case of annual return is 0.25% of aggregate turnover.

MCA UPDATE

MCA has relaxed additional fees for filing Form IEPF-1, replacing the Form-1-INV prescribed under CA’ 1956 and was not available for filing since 25 MAR 2016, upto 07 OCT 2016.

CS authorized to do compliance audit of labour laws for shops or factories in Haryana
NOTIFICATION  NO.11/38/2016-4Lab Dated 10th August, 2016

MCA amends Schedule V of the Companies Act,2013, w.e.f. 12th September, 2016. MCA Notification dated 12.09.16.

MCA has enforced certain provisions of Companies Act, 2013 w.e.f 9th Sept, 2016. Section 227, 242, 246,241 or 245 and Sec 337 to 341 (to the extent of their applicability for Section 246.

MCA vide Notification dated 9 Sept. 2016 has notified the Companies Mediation and Conciliation Rules 2016, which shall come into force from the date of their publication in the Official Gazette.

MCA has designated Special Courts for the States of Chhattisgarh, Manipur, Rajasthan, Punjab, Haryana, Chandigarh, Districts of Coimbatore, Dharmapuri, Dindigul, Erode, Krishnagiri, Namakkal, Nilgiris, Salem and Tiruppur, Pandichery for the purposes of providing speedy trial of offences punishable with Imprisonment of 2  years or more under the Companies Act, 2013.

FAQ on Company Law:

Query: Whether section 186 shall be applicable to NBFCs. Kindly advice

Answer: Section 186(11) provides exception to banking company, insurance company, housing finance company who lends loan in ordinary course of busniess and to companies which are engaged in the business of financing of companies or providing infrastructural facilities.

Further, Rule 11(2) of Companies (Meetings of Board and its Power) Rules, 2014 provides that for the purpose of Section 186(11), the expression ‘business of financing companies’ shall include, with regard to, a Non Banking Financial Company registered with Reserve Bank of India, business of giving of any loan to a person or providing any guarantee or security for due repayment of any loan availed by any person in ordinary course of business.

Query:  What is the procedure to file details of unclaimed and unpaid amount?

Answer:  Form IEPF-2 is required to be filed by the company/Corresponding New Bank which shall contain investor wise details of unclaimed and unpaid amounts in respect of dividends, debentures, deposits, etc. The details of unclaimed and unpaid amounts shall need to be provided as on the Annual General Meeting (AGM) date. This form is to be filed annually within 90 days from the date of AGM. The form can be downloaded from the IEPF portal of the Ministry.

KEY DATES:

  • Return of TDS for June quarter in DVAT-48- 19/09/2016
  • Income Tax ITR filing extension of due date from 30-9-2016 to 17-10-2016, applicable for ITRs to be originally filed by 30-9-2016 & Tax Audit Reports also. CBDT Clarification of 14.09.2016.

Clarity in the mind and purity in the heart are the signs of happiness.

“There is no chance, no destiny, no fate, that can hinder or control the firm resolve of a determined soul.”

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

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

Disclaimer: 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 SEPT 17,2016

Professional Update For the Day:

Untitled33

DIRECT TAX:

CBDT has extended the due date of filling of Income tax return  by tax payers whose accounts are required to be audited under the Income Tax Act from 30th September , 2016 to 17th october, 2016 vide order  F.No.225/195/2016-1TA-II dated 09/06/2016.

ITAT Delhi in the below citied case held that no penalty u/s 271(1))(c) will be levied as  The entire addition was based on the conditional surrender made by the assessee. The AO did not honour the condition of not levying penalty and went ahead and issued notice for levying penalty u/s 271(1)(c)- [AdeshTyagi, S/o Shri Karan Singh Tyagi Vs. ITO, Ward-1 (1) , Ghaziabad]

Office in Chennai doesn’t confer territorial jurisdiction to Chennai HC if assessment records available at Delhi Tecpro Systems Ltd. v. Union of India [2016] 73 taxmann.com 58 (Madras)

IT: The NOIDA has been constituted by the State Act and therefore entitled to exemption of payment of tax at source under section 194-A (1) of the Act – CIT (TDS) Vs Syndicate Bank (2016 (9) TMI 308 – Allahabad High Court).

IT: Transfer pricing adjustments – TPO directed to take into account 30 additional cost base to account free of cost material and revised the OP/TC margin of 13.65 for determining the arm s length margin as claimed by the Assessee – Pr.CIT-02 Vs Bombardier Transportation India Pvt. Ltd (2016 (9) TMI 306 – Delhi High Court)

If there is neither anything in its condition nor anything in the evidence to indicate the intention of its owners or possessors so as to connect it with an agricultural purpose the land could not be agricultural land.( Mr. Rajesh J. Thakkar Versus The Deputy Commissioner of Income Tax)

CBDT has launched the ambitious ‘e-nivaran’ facility for online redressal of taxpayers’ grievances related to refunds, ITRs and PAN among others as part of its initiative to reduce instances of harassment of the public when it comes to complaints related to the I-T Department.

INDIRECT TAX:

The doctrine of unjust enrichment is established even if the credit notes are issued after clearance of goods. –( C.C.E., Bhopal Versus M/s. Tesla Transformer Ltd.) – 2016 (9) TMI 285 – CESTAT NEW DELHI – Central Excise

ST: The Department of Revenue has specified that the religious places shall be exempted from payment of Service Tax. All religious places shall be considered to fall within the purview of clause (a) of entry 5 of Notification No. 25/2012- ST, to be exempted from payment of service tax.

DVAT: Date of filling of DVAT Return in Form-16, 17 & 48 for Q-1FY2016-17 has been extended up to 19 SEP 2016. Circular No.14, dt.09-09-2016.

DVAT has extended the due date of filling the return in form 16,17 & 48 for Q1 2016-17 upto 19-09-2016 videcircular No- 14/2016 F. No. .7(420)/VAT/Policy/2011/PF/ 172-17 dated 09-0-2016.

GST UPDATE:

GST Act of the Parliament received the assent by the president on the 8th September,2016 and has been published for general information.This Act may be called the Constitution (One Hundred and First Amendment) Act, 2016.

GST bill now a law, President Shri Pranab Mukherjee gives assent to the constitutional amendment bill. GST Council to be constituted to resolve GST rates, dual control over assessment / scrutiny & area based exemptions.

GST: Provisions relating to Formation of GST Council comes into effect from  (12 SEP 2016 – The Constitution (One Hundred and First Amendment) Act, 2016 as notified on 10.09.2016.

FAQ on Company Law:

Query:   A Private limited Company has subsidiary named ‘Y Private Limited, and both are SMC’s. Kindly confirm whether that Private Limited  Company  be required to prepare CFS?

Answer: As per section 129(3) every company is required to prepare the CFS. In AS-21, it is clearly stated that the accounting standard does not mandate an enterprise to present consolidated financial statements but, if the enterprise presents consolidated financial statements for complying with the requirements of any statute or otherwise, it should prepare and present consolidated financial statements in accordance with AS.

So in this case, that Private Limited Company will be required to prepare the CFS as per the requirement of Companies Act, 2013 and for the purpose of preparing CFS it has to follow guidelines of AS.

Query:  Can a director attend all Board meetings in a year through video conferencing mode. Will it be counted for quorum? Please advice.

Answer: Yes, as per Rule 3(2)(e) & (f) of the Companies (Meetings of Board and its Powers) Rules, 2014, any director who desire, to participate may intimate his intention of participation through electronic mode at the beginning of calendar year and such declaration shall be valid for one calendar year. And in absence of any intimation, it shall be assumed that director shall attend the meeting in person.

Further, Rule 4 of the Companies (Meetings of Board and its Powers) Rules, 2014 provides for the matters which shall not be dealt with in a meeting through video conferencing mode or other audio visual means.

RBI UPDATE

RBI asks banks to accept cash from declarants of IDS, 2016 RBI/2016-17/62 Dated September 8, 2016 DBR.No.Leg.BC. 13/09.07.005/2016-17 Dated September 8, 2016

RBI issued Income Declaration Scheme , 2016 –Acceptance of cash over the counter vide RBI/2016-17/62 dated 08/09/2016. RBI asks banks to accept cash from declarants of IDS, 2016

ICAI UPDATES:

MEF online submission date has been  extended to 20th Sept . This is the second extension. Declaration to be submitted by 30 Sept in case of manual submission of declaration. You can also sign it digitally. In case of partnership firm, DSC of all the partners required. The application is in three Parts. Now only Part A shall be filed.  B and Part  C of MEF have been made non functional thus MEF PART A for Bank Audit is to be filed by 20 sep rest to be filed after 1 October 2016.

Key Dates:

  • Issue of TDS certificate in case of payment/credit made in july for the purchase of property u/s 194IA- 14/09/2016
  • Deposit of DVAT/TDS for the month of August-15/09/2016
  • Payment of Advance Tax(Second Installment) for the A.Y. 2017-18.-15/09/2016
  • Last date of deposit of PF contribution by the employee;- 15/09/2016

The difference between a successful person and others is not a lack of strength, nor a lack of knowledge, but rather a lack of will.

The way to get started is to quit talking and begin doing.      -Walt Disney

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

FOR FURTHER QUERIES CONTACT US: W: www.carajput.com E: info@carajput.com T: 011-233-4-3333, 9-555-555-480

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)