Quick review of the latest updates of Income tax:

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AADHAAR VS PAN VS NEW ITR FORMS

Government of India mandates Aadhar Card for Atal Pension Yojana (APY). Finance Ministry has exempted nonresident, non citizens, a person who is of the age of eighty years or more at any time during the year from Mandatory Quoting of Aadhaar for filing ITR and for allotment of PAN. Adhaar card and Pan linking option now activated on income tax website whereby now, name as per Adhaar card also to be given. Both get linked even if there is difference in name.

Govt. asserted in the Supreme Court that Aadhaar was made mandatory for PAN card to weed out fake PAN cards which were used for terror financing and circulation of black money, while terming the concerns over privacy as “bogus”.

Finance ministry has extended the time limit for providing Permanent Account Number (PAN) or Form No. 60 by bank account holders who have not given it at the time of account opening or later to June 30, 2017.

CBDT has issued draft rules for stakeholder comment providing the manner of valuation- of an unquoted equity share for the purposes of section 56(2)(x) and section 50CA of the Income-tax Act, 1961.

All cash payments over Rs 2 lakh for loans and credit card bills during the 50 day period after demonetization will have to be disclosed in the new one page Income Tax return form.

Prime Minister has asked the revenue department to scale up e-assessment facilities to cover 25 cities, take corrupt officers to task and promote a regime friendly to taxpayers. He also asked the department to train guns on benami properties and focus on broadening the tax net.

Interest on FDs earned during the pre-operative period is taxable as ‘Income from Other Sources’ under the provisions of Income Tax Act. ITAT Hyderabad: DRS Warehousing (South) v. ITO.

Members who have not shared their PAN with ICAI, It has been informed by the Income Tax Dept that the e-Filing account of the members will be blocked by the Income Tax Authorities.

New ITR forms released by I. Tax Department, effective from 01.04.2017. The Income-tax (Fourth Amendment) Rules, 2017 dated 30.03.2017.

Form No. ITR-1: SAHAJ: For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakhs (1 Page Return).

Form No. ITR-2: For Individuals and HUFs not carrying out business or profession under any proprietorship.

Form No. ITR-3: For individuals and HUFs having income from a proprietary business or profession.

Form No. ITR-4: Sugam: For Presumptive Income from Business & Profession.

Form No. ITR-5: For persons other than  (i) individual (ii) HUF (iii) company and (iv) person filing Form ITR-7

Form No. ITR-6: For Companies other than companies claiming exemption under section 11].

Form No. ITR-7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).

Section 269ST from 1-4-2017 provides that no person shall receive an cash amount of two lakh rupees or more:

  1. In aggregate from a person in a day; or
  2. In respect of a single transaction; or
  3. In respect of transactions relating to one event or occasion from a person.

Otherwise penalty, a sum equal to the amount of such receipt.

Lease deed, power bill etc may be needed for claiming HRA rebate as producing fake property rent receipt, often from parents and relatives, has been an easy way to lower tax burden.

Major Role: Secretarial, Legal Compliances and FEMA Compliances, Banking related documentation, etc. The work done is categorized below:

Secretarial & legal compliances:

Filing of replies for notices of strike off of Companies · Advisory services to Corporates- Legal opinions · Incorporation of Companies as per Companies Act, 2013

Preparation of Directors’ Report, Management Discussion and Analysis, Corporate Governance Report, · Convening of Board Meetings and EGM of Private and Public Limited Companies · Preparation of various e – Forms CHG-1, CHG-4, INC 7, INC 1, INC 22, INC 24, MR1, GNL 2, DIR 12 and addendum forms & Annual returns filing of the Private and Public Limited Companies. · Filing of MGT-14 for various purposes.

Handling XBRL and non XBRL Annual Filings, E-forms and Secretarial Compliances with MCA portal · Prepare Minutes of Board Meetings, Annual General Meetings & Extra-Ordinary General Meetings. · Drafting of various documents, e.g. Notice, Resolutions, Board Report, Minutes, etc. · Work relating to increase in authorized capital, alteration in MOA, change of name, change of registered office. · Apply & obtaining of DIN & DSC of class 2 and class 3.

Maintaining the statutory register & records under Companies, Act 2013

Liasoning & dealing with Registrar of Companies, Revenue Department, DGFT etc. · Preparation of share certificates & payment of stamp duty online on allotment of shares of the Company. · Inspection of Company document by paying requisite fees in MCA -21.

Allotment of Shares through Preferential cum Private Placement Basis and Right Issue.

Preparation of various Board resolutions & authorization letters for various purposes like execution of MOU, lease deed, sale deed, registration in sales tax, service tax, VAT, obtaining license from PESO and various other industries

Vetting of various agreements like Lease Agreements, Takeover agreement, Shareholder agreement, etc. · Formation & winding up of LLPs

Compliance in relation to appointment and remuneration of KMP in accordance with Companies Act, 2013. · Issue of Debentures · E-voting

FEMA, DGFT & other related Compliances: · Online Reporting of FDI to RBI through AD banker in ARF form. · Filing of online FCGPR with RBI · Filing of Foreign Liabilities & Assets return (FLA) with RBI · Compliances related to Downstream Investment · Application and online modification of IEC with DGFT, also done some compliances related to the application of EPCG license. · Liasoning with various Banks for the documents like KYC, UIN, FCGPR registration no. & other acknowledgements related to FDI.

Application of Registration Cum Membership Certificate (RCMC) from Federation of Indian Export Organization (FIEO). · Liasoning with NIC. · Registration of Trust under FCRA (Foreign Contribution Regulation Act) · Registration of Societies and Trusts.

Banking, Demat, Pledge & other Compliances: · Preparing Due Diligence Report of the Company · Preparing Search Report of the Company · Vetting of the availing of term loan and working capital limits documents with various Banks. · Opening of Bank accounts · Preparation of Corporate Action Information Forms for the demat of shares · Opening of Demat Account of Individuals & Companies. · Pledging of shares with the Bank. · Liasoning with Depository, Depository Participant & RTA in relation to the demat of shares. · Entering into agreement with Depository for opening of demat account of Companies. · Application of PAN & TAN of Companies

Application of Trademarks, Copyrights and other Intellectual Properties: Application of trademarks, copyrights, patents, designs, logos and filing their replies.

Attending hearing We provide services to CA firms, Corporates, individuals into their own business for ROC and other related work. We look forward to the opportunity to work with you in the near future.

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