01 March 2015

GNL-4

MCA introduces Form GNL-4 for filing addendum for rectification of defects or incompleteness

MCA vide notification dated 24th February, 2015 has made amendment in Companies (Registration Offices and Fees) Rules, 2014 through Companies (Registration Offices and Fees) Amendment Rules, 2015 and the text of the said amendment is reproduced as below:-
In the Companies (Registration Offices and Fees) Rules, 2014,-
In rule 10, after sub-rule (6), the following sub-rule shall be inserted, namely:-
"7. Any further information or documents called for, in respect of application or e- form or document filed electronically with the Ministry of Corporate Affairs shall be furnished in form No. GNL4 as an addendum"

Simplification of Registration Procedures in Service Tax- S.Tax Registration within 2 Days:-

Central Board of Excise and Customs specifies the following documentation, time limits and procedure with respect to filing of registration applications for single premises, which shall come into effect from 1-3-2015. Applicants seeking registration for a single premises in service tax shall file the application online in the Automation of Central Excise and Service Tax (ACES) website  www.aces.gov.in in Form ST-1. (PAN, Email and Mobile No, are Mandatory for Registration) Once the completed application form is filed in ACES, registration would be granted online within 2 days, thus initiating trust-based registration. On grant of registration, the applicant would also be enabled to electronically pay service tax. Further, the applicant would not need a signed copy of the Registration Certificate as proof of registration. Registration Certificate downloaded from the ACES web site would be accepted as proof of registration dispensing with the need for a signed copy.  The applicant is required to submit a self attested copy of the mandatory documents by registered post/ Speed Post to the concerned Division, within 7 days of filing the Form ST-1 online, for the purposes of verification.

24 February 2015

Digital locker

Govt. Of india has introduced Digital locker in which you can keep copy of your important documents / certificate like Passport, pancard, driving license, educational certificate etc. With link of Adhar card

http://digitallocker.gov.in

Now no need to give any copy in government / bank etc.  Just give them only link of your Aadhar card. (Good Initiative)

CTT on Agricultural Products

Govt. notifies new list of agricultural commodities which aren't "taxable commodities transactions"

COMMODITIES TRANSACTION TAX (FIRST AMENDMENT) RULES, 2015 - AMENDMENT IN RULE 3

NOTIFICATION NO.13/2015 [F.NO. 142/09/2013-TPL]/SO 424(E), DATED 10-2-2015

In exercise of the powers conferred by sub-sections (1) and (2) of section 133 of the Finance Act, 2013 (17 of 2013) (herein after referred to as the Act), the Central Government hereby makes the following rules to amend the Commodities Transaction Tax Rules, 2013, namely:—

1. (l) These rules may be called the Commodities Transaction Tax (First Amendment) Rules, 2015.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Commodities Transaction Tax Rules, 2013, for rule 3, the following rule shall be substituted, namely:—

"3. Agricultural commodities.— For the purposes of clause (7) of section 116 of the Act, the agricultural commodities shall be the following, namely:—

(i)

 

Almond

(ii)

 

Barley

(iii)

 

Cardamom

(iv)

 

Castor Seed

(v)

 

Channa/Gram

(vi)

 

Copra

(vii)

 

Coriander/Dhaniya

(viii)

 

Cotton

(ix)

 

Guar Seed

(x)

 

Isabgul Seed

(xi)

 

Jeera (Cumin Seed)

(xii)

 

Kapas

(xiii)

 

Maize Feed/Maize

(xiv)

 

Pepper

(xv)

 

Potato

(xvi)

 

Rapeseed/Mustard Seed

(xvii)

 

Raw Jute

(xviii)

 

Red Chilli/Chillies

(xix)

 

Soya bean/seed

(xx)

 

Soymeal

(xxi)

 

Turmeric

(xxii)

 

Wheat

(xxiii)

 

Aniseed

(xxiv)

 

Arhar Chuni

(xxv)

 

Bajra

(xxvi)

 

Betelnuts

(xxvii)

 

Celeryseed

(xxviii)

 

Chara or Berseem (Including Chara seed or Berseem seed)

(xxix)

 

Cinnamon

(xxx)

 

Cloves

(xxxi)

 

Cotton pods

(xxxii)

 

Cotton seed

(xxxiii)

 

Ginger

(xxxiv)

 

Gram Dal

(xxxv)

 

Gram Husk (Gram Chilka)

(xxxvi)

 

Groundnut

(xxxvii)

 

Jowar

(xxxviii)

 

Kulthi

(xxxix)

 

Lakh (Khesari)

(xl)

 

Linseed

(xli)

 

Masur

(xlii)

 

Methi

(xliii)

 

Moth

(xliv)

 

Mung

(xlv)

 

Mung Chuni

(xlvi)

 

Mung Dal

(xlvii)

 

Nutmeg

(xlviii)

 

Onion

(xlix)

 

Peas

(l)

 

Ragi

(li)

 

Rice Bran

(lii)

 

Rice or Paddy

(liii)

 

Safflower

(liv)

 

Seedlac

(lv)

 

Sesamum (Til or Jiljilli)

(lvi)

 

Small Millets (KodanKulti, Kodra, Korra, Vargu, Sawan, Rala, Kakun, Samai, Vari and Banti)

(lvii)

 

Sunflower seed

(lviii)

 

Tur (Arhar)

(lix)

 

Tur Dal (Arhar dal)

(lx)

 

Urad (Mash)

(lxi)

 

Urad Dal.".

 

23 February 2015

TARC Report

The Parthasarathi Shome-led Tax Administration Reforms Commission has submitted its fourth and final report to Finance Minister Arun Jaitley.

This report suggests many departures from existing methodologies including those on revenue forecasting.

One of the areas highlighted by the commission is the importance of research inputs in tax governance,

"The suggestive list of areas where research can be considered are very thought provoking, such as fairness in tax disputes, use of technology, performance management, trade and customs,  etc," said Krupa Venkatesh, Senior Director, Deloitte in India.

20 February 2015

www.ebiz.gov.in

Now, access 11 new services on eBiz portal

Setting up a business in India may have just become a tad easier. Rather than visit various offices or websites, investors can now get as many as 14 services, ranging from submission of forms to obtaining licences, on the eBiz single-window portal.

The Department of Industrial Policy and Promotion (DIPP) has announced the launch of 11 Central services on the eBiz Government-to-Business portal spread across ministries and institutions. This takes the total number of such services to 14.

The services that have been integrated include four from the Corporate Affairs Ministry, two from the Reserve Bank of India, two from Central Board Of Direct Taxation, and one each from the Directorate-General of Foreign Trade, Employees' Provident Fund Organisation and the Petroleum & Explosives Safety Organisation.

At present, it takes about six months and 20 visits to various departments for an investor to get the mandatory clearances for starting a business, according to the DIPP.

The eBiz portal seeks to bring down the time and cost required to get the clearances and also significantly cuts down on legwork.

Commerce and Industry Minister Nirmala Sitharaman said: "The eBiz platform will now (with the integration of 14 services) provide end-to-end online submission and process of forms, including tracking and online payment. It strives to achieve horizontal integration across various verticals of the Centre, State and para-statal agencies."

India is hopeful that the project will help it to move up the World Bank's 'ease of doing business index', where it was ranked a low 142 among a total of 189 countries last year.

"We will try to ensure that more than 200 services related to investors and businesses will be rolled out across the country over the next few years," DIPP Secretary Amitabh Kant said.

The first three years following the launch of eBiz would be the pilot phase during which 50 services will be implemented across 10 States, including Andhra Pradesh, Delhi, Haryana, Maharashtra, Tamil Nadu, Odisha, Punjab, Rajasthan and West Bengal.

 

Frequently Asked Questions





















1. How do I get started?

Answer: Prior to invoking any of the services, you must first register with eBiz. Registration is a two step process. You first need to register yourself as an individual and get yourself a Login account. User registration will enable to invoke some services that are not linked to a Business - Name Availability etc.. The second step is to register your business. This would enable you to access the complete set of eBiz services such as Registering with various Tax and other Regulatory agencies, Apply for utility connections and services related to Regulatory filings.

2. Is there a fee for registration?

Answer: No - there is no fee for registering on eBiz. Fees are applicable when you start applying for services. The fee will be dependent on the service availed.

 

3. What to do if I didn't receive an email confirmation after registration?

Answer: On registration, an email confirmation is sent. In case you have not received the email confirmation, you may do the following -

1.

Please check whether the email has been saved under your Trash / Spam folder. This may happen because of your email account settings.

2.

In case your mailbox is full and the mail has bounced, please clear your mailbox and send a mail to ebizsupport-lndc@nic.inwith your login details and a confirmation mail will be sent to you.

3.

In case the email address provided by you is incorrect, please log in and change the details. Then send a mail to ebizsupport-lndc@nic.in with your login details and a confirmation mail will be sent to you.

4. How do I provide Feedback?

Answer: You may provide feedback about the site and its functionality through email. Please mail your feedback to ebizfeedback-lndc@nic.in.

 

5.How many services are enabled on eBiz?

Answer: In the current release, two DIPP services (IL and IEM) have been enabled on eBiz. The portfolio of services will be soon expanded to include additional services and states.

 

6. How do I pay the fees when invoking these services?

Answer: eBiz is integrated with an electronic payment gateway. You can make payment towards the services online using your net banking facilities or offline payment (after generating challan on eBiz portal) by visiting any 'Central Bank of India' branch.

 

7. After applying for the service through eBiz, how do I know the status of my application? Do I need to contact the departments for status update?

Answer: eBiz is integrated with department systems and processes. Hence you will receive the status updates on your application on the eBiz portal. You can use the status page on the eBiz portal to learn the status of your application and also respond to any queries/clarifications raised by the department.

8. How can I update/change my personal information?

Answer: Personal information can be edited by logging in to eBiz website and editing the details present in the 'My details' section. These changes will get reflected in the system once you login the next time.

 

9. What happens if I forget my username and / or password?

Answer: In case you forget your username and / or password, please visit the 'Forgot Password' link to retrieve your login details. An email with your login details will be sent to your registered email address.

 

10. What information do you need when I begin to register?

Answer: In case of individual member registration, details such as name, date of birth, email address, telephone number etc. are required. In case of a business registration, details such as name of the establishment, address, email address etc. are required.

 

Pan-India Services


1. Industrial Licence

2. Industrial Entrepreneur Memorandum

3 Employer Registration with ESIC

 

4. MCA Name Availability

 

5.MCADirector Identification Number

 6.Certificate of Incorporation

 

7.Certificatefor Commencement of Business

 

8. Reporting of Advance Foreign Remittance

 9• Reporting of FC-GPR

 

10. Issue of Permanent Account Number-NSDL

11. Issue of Permanent Account Number-UTIITSL

12. Issue of Tax Deduction & Collection Account Number

 

13• Employer Registration with EPFO

14• Issue of Importer Exporter Code

15• License for Possession and Sale or Possession and Use of Explosives

 

 

19 February 2015

Small Companies

Centre tightens definition of 'small company'


The Corporate Affairs Ministry has tightened the definition of a 'small company' in the new company law, to prevent misuse of the privileges available to this category.

The new company law enacted in 2013 had introduced this new category.

Under the earlier definition, a small company was one that met one of two criteria: paid-up share capital not exceeding Rs. 50 lakh or turnover not exceeding Rs. 2 crore. 

The main difficulty was that companies that met the first criterion but exceeded the monetary limit in respect of the second criterion were also getting classified as a 'small company'.

Now, a company will have to clear both the tests — paid-up capital as well as turnover norm — to qualify as a 'small company'.

Consequently, it is likely that several entities that were previously classified as small companies will cease to be categorised as such, said Sai Venkateswaran, Partner and Head of Accounting Advisory Services at KPMG in India, in a conversation with BusinessLine .

Those companies that lose the 'small company' tag need to comply with all the general requirements applicable to companies, he said.

Lalit Kumar, Partner, J Sagar Associates, a law firm, opined that the change in the definition of a 'small company' should have come through an amendment Bill in Parliament and not through a removal of difficulty order, as was the case now.

18 February 2015

e FDI

Press Information Bureau
Government of India
Ministry of Finance

17-February-2015 17:17 IST

New Upgraded and Secure Portal for E-Filing of Applications for Foreign Direct Investment Launched

 Department of Economic Affairs, Ministry of Finance launched here today a new upgraded and secure user friendly web site for filing and processing of applications for Foreign Direct Investment (FD) requiring Government approval. Presently the applications are filed online at www.fipbindia.com which had limited features and processing capabilities. The new website http://fipb.gov.in, which becomes operational from today, shall henceforth receive applications regarding FDI in approval route sectors.

 With the introduction of the new website, applicant will have to submit only SINGLE copy of the application for records with the FIPB Secretariat instead of 15-18 copies being filed earlier.   

 The initiative is part of the Government's ongoing efforts for Good Governance by enhancing transparency and accountability in its procedures and is a step towards Minimum Government and Maximum GovernanceThe innovative features of the website are:

 

  • Global Reach -Apply from anywhere in the world! Access your status from anywhere in the world!
  • E-communication – communication between the applicant, FIPB and other ministries/ departments is online.
  • Quicker communication- All the correspondence including updates/ decisions are communicated through SMS/emails and thus eliminating physical delivery and loss of time due to postal delays.
  • Less Paperwork - Single signed copy only needed (for record) instead of present multiple sets of the application.
  • SMS/email alert- Regular alerts are sent to the applicants related to the queries raised by the administrative ministries, inclusion of the proposal in the scheduled FIPB meeting and decisions.
  • Transparency and security- all transactions and correspondences are recorded online and are secure.
  • Query module- Any doubts? A user can raise a query online which shall be replied by the relevant ministry.

13 February 2015

Form A-1 Dispensed

A P (DIR Series)
CIRCULAR NO
76/RBI., Dated: February 12, 2015
Foreign Exchange Management Act, 1999 - Import of Goods into India
Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to the A.P.(DIR Series) Circular No. 82 dated February 21, 2012 in terms of which applications by persons, firms and companies for making payments, exceeding USD 5,000 or its equivalent towards imports into India must be made in Form A-1.
2. To further liberalise and simplify the procedure, it has been decided to dispense with the requirement of submitting request in Form A-1 to the AD Category -I Banks for making payments towards imports into India. AD Category -I may however, need to obtain all the requisite details from the importers and satisfy itself about the bonafides of the transactions before effecting the remittance.
3. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned.
4. The directions contained in this circular have been issued under Section 10 (4) and Section 11 (1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
RBI/2014-15/467
(C D Srinivasan)

Chief General Manager

12 February 2015

Structural changes in CA Course

Structural changes in CA Course
New Proposed Scheme of Education and Training applicable from May 16 onwards was released at the Annual Function held yesterday i.e. February 11th 2015 at Delhi. A complete booklet outlining the Scheme and also significant changes along with reasons thereof can be checked at
http://220.227.161.86/36682bos26076.pdf

ISCA is discontinued
Financial Services and Capital Markets to replace it
Direct Tax to be divided into Advanced Tax Management (60 Marks) and International Taxation (40 Marks)
New syllabus

Foundation
1. Fundamentals of accounting 100
2. Quantitative aptitude 100
3a. Mercantile law 60
3b. Economics 40
4a. English 50
4b. Business communication 50

Intermediate
Group 1.
1. Accounting 100
2. Company law 60 + other laws 20 + ethics 20
3. Cost accounting 100
4. Direct taxes 100
Group 2
5. Advanced accounting 100
6. Auditing and assurance 100
7. Financial management 100
8. Indirect taxes 100

Final
Group 1
1. Financial reporting 100
2. Strategic financial management 100
3. Advanced auditing and professional ethics 100
4. Corporate and other economic laws 100

Group 2
5. Advanced management accounting 100
6. Financial services and capital markets 100
7. Advanced tax management 60 and international taxation 40
8. Indirect tax laws 100

11 February 2015

Chargeability of Interest under Section 234A of the Income-tax Act

CIRCULAR NO 2/2015, Dated: February 10, 2015

Subject: Chargeability of Interest under Section 234A of the Income-tax Act, 1961 on self-assessment tax paid before the due date of filing of return of income-regarding

 
Interest under Section 234A of the Income-tax Act, 1961 (hereinafter the Act) is charged in case of default in furnishing return of income by an assessee. The interest is charged at the specified rate on the amount of tax payable on the total income, as reduced by the amount of advance tax, TDS/TCS, any relief of tax allowed under section 90 and section 90A, any deduction allowed under section 91 and any tax credit allowed in accordance with the provisions of section 115JAA and section 115JD of the Act. Since self-assessment tax is not mentioned as a component of tax to be reduced from the amount on which interest under section 234A of the Act is chargeable, interest is being charged on the amount of self-assessment tax paid by the assessee even before the due date of filing of return.
 
2. It has been held by the Hon'ble Supreme Court in the case of CIT vs Prannoy Roy, 309 ITR 231 (2009) that the interest under section 234A of the Act on default in furnishing return of income shall be payable only on the amount of tax that has not been deposited before the due date of filing of the income-tax return for the relevant assessment year. Accordingly, the present practice of charging interest under section 234A of the Act on self-assessment tax paid before the due date of filing return was reviewed by CBDT.
 
3. The Board has decided that no interest under section 234A of the Act is chargeable on the amount of self-assessment tax paid by the assessee before the due date of filing of return of income.
 
4. This Circular may be brought to the notice of all officers for compliance.
 
5. Hindi version shall follow.
 
F. No. 385/03/2015-IT(B)
 
(Sandeep Singh)
 
Under Secretary to Government of India

07 February 2015

CBDT Lays Down Procedure For Launching Prosecution For TDS/ TCS Default

The CBDT has issued a document titled "Standard Operating Procedure For Prosecution In Cases Of TDS/ TCS Default". The SOP sets out in a systematic manner the procedure for identification of cases of TDS/ TCS default, the procedure for launching prosecution and the time frame for completing the entire process. The role of the different TDS authorities in addressing the issue of prosecution and compounding of TDS cases is also set out in detail


24 January 2015

CA articles stipend revised

Please note that the rates of Stipend which is paid to Articled Assistants have increased w.e.f. 23-1-2015. The Notification (http://220.227.161.86/36524council25906-sas.pdfto the effect is as under :
 
[TO BE PUBLISHED IN THE GAZETTE OF INDIA , EXTRAORDINARY, PART III,  SECTION 4]
 
the Institute of Chartered Accountants of India
 
NOTIFICATION
 
New Delhi, the 23rd January, 2015
 
No. 1-CA(7)/167/2014.- Whereas certain draft regulations further to amend the Chartered Accountants Regulations, 1988, were published as required by sub-section (3) of section 30 of the Chartered Accountants Act, 1949 (38 of 1949), in the Gazette of India, Extraordinary, Part III, Section 4, dated the 10th September, 2014, inviting objections and suggestions from persons likely to be affected thereby, before the expiry of forty-five days from the date on  which the copies of the Gazette containing the said notification were made available to the public;
 
          And whereas the copies of the said Gazette were made available to the public on the 12th September, 2014;
 
          And whereas the objections and suggestions received from the public on the said draft regulations have been considered by the Council of the Institute;
 
          Now, therefore, in exercise of the powers conferred by sub-section (1) of section 30 of the said Act, the Council, with the approval of the Central Government, hereby makes the following regulations further to amend the Chartered Accountants Regulations, 1988, namely:-
 
1.       (1)      These regulations may be called the Chartered Accountants (First Amendment) Regulations, 2015.
 
(2)      They shall come into force on the date of their final publication in the Official Gazette.
 
 
2.       In the Chartered Accountants Regulations, 1988 (hereinafter referred to as the said regulations),-
 
(i)        in regulation 28E, in sub-regulation (1), in clause (b), for the words “nine months”, the words “eight months” shall be substituted.
 
(ii)          in regulation 48, in sub-regulation (1), for the Table, the following Table shall be substituted, namely:-

         

“ Table
Classification of the normal place of service of the articled assistant
During the first year of training
During the second year of training
During the remaining period of training
(1)
(2)
(3)
(4)
(i)  Cities/towns having a population of twenty lakhs and above
Rs.2000/-
Rs.2500/-
Rs.3000/-
(ii) Cities/towns having a population of four lakhs and above but less than twenty lakhs
Rs.1500/-
Rs.2000/-
Rs.2500/-
(iii)Cities/towns having a population of less than four lakhs
Rs.1000/-
Rs.1500/-
Rs.2000/-; “
 
 












(ii)          in regulation 204, for the words “and International Trade Laws and World Trade Organisations” the words, “International Trade Laws and World Trade Organisation and International Taxation” shall be substituted.
 
[File No. 1-CA(7)/167 /2014]
 
                                                                                                                                                                                                                                                               Sd/-
V. Sagar
Acting Secretary