Skip to main content

LIST OF YEAR END STATUTORY OBLIGATIONS

LIST OF YEAR END STATUTORY OBLIGATIONS
~ by Rajesh

LAST DATE - 31-3-2015 (Tuesday)

INCOME TAX

1.Pay remaining Advance Tax for AY 2015-16.

2.File  Income  Tax Return for AY  2014-15 without penalty of Rs. 5,000/-.

3.File  Income  Tax Return for AY  2013-14 with  penalty of Rs. 5,000/-.   

4.File  Wealth  Tax Return of  for AY  2013-14 & 2014-15.

5.Make investments in PPF, LIC etc (Sec 80C), pay Mediclaim Premium (80D) etc.

6.Banks to file Return of Interest upto Rs.10,000 without TDS for Mar 2015 quarter in Form No. 26QAA.

SERVICE TAX/ EXCISE

7.Pay Service Tax/Excise Duty for Month/Qtr Mar 2015.

COMPANIES ACT, 2013

8.Company to repay Deposits from Members & Relatives of Directors etc. taken before 1-4-14. Fine of 1-10 cr for Co & 25 lac - 2 cr for Officers in Default &/ jail upto 7 years
9.Company to reduce number of Directors to 15. Beyond 15 Directors, Special Resolution is required. Sec (149(1)).

10.Directors to reduce Number of Directorships to 10 in Public Cos & 20 in all cos u/s 165. Minimum Fine 5,000. Maximum Fine 25,000 per day from 2nd day of default.

11.Listed Cos & other Public Cos with Paid up Share capital of 100cr or more or Turnover of 300cr or more to have at least 1 Woman Director.

12.Audit Committee of a company existing before 1-4-2014 to be reconstituted by having minimum 3 directors, with independent directors forming a majority. Sec 177(3).

13.Listed Public Company to have at least one-third of the total number of directors as Independent Directors.

14.Auditor NOT to provide prescribed Non audit services like internal audit, accounting & book keeping etc. beyond 31st March, 2015. (Sec 144). Fine of 25000 to 5 lac on Auditor besides on Co & Officers in Default.

15.Large companies (Net worth of 500 cr or more or Turnover of 1000 cr or more or Net Profit of 500 cr or more during any financial year) to spend at least 2% of  Average Net Profits during 3 immediately preceding financial years in CSR activities

16.File e-form CRA-2 (Notice of Appointment of Cost Auditor) without Penalty/Late Fee. MCA Circular 2/2015 of 11-2-15.

CAs

17.CAs comply with CPE hours requirement for Calendar Year 2014.

GHMC

18.Pay Property Tax for 2014-15.

Note : Above list has been compiled merely to assist you in meeting your year end statutory responsibilities. Please check for any extensions, exclusions etc. While we have taken utmost care and caution in compiling it, you are requested to check the correctness etc of the same from independent sources. The sender, updation team  and no other person can be held responsible for any inadvertent errors, mistakes or omissions, if any.

Comments

Popular posts from this blog

INSPECTION MANUAL OF STOCK, BOOK DEBTS & SECURITIES

CONTENTS SR. NO. CHAPTER PAGE NO. INTRODUCTION STOCK & RECEIVABLES AUDIT VERIFICATION OF STOCK & DEBTORS PROCEDURE OF STOCK AUDIT VERIFICATION OF SECURITIES ANALYTICAL REVIEW INTERNAL CONTROL QUESTIONNAIRE STOCK b) BOOK DEBTS LIST OF DOCUMENTS TAKEN AS WORKING PAPERS SPECIMEN INSPECTION REPORT SPECIMEN MANAGEMENT REPRESENTATION LETTER CHAPTER 1 INTRODUCTION: Banking is an important sector of the economy of any country and for the development of the economy a healthy banking system is a must. After the liberalization of the economy, the banking system has undergone a total change in India. There is hard competition in the banking industry to survive in the current circumstances. With the purpose to have better financial discipline & to ensure uniformity in accounting norms RBI introduced the concept of assetclassification & income recognition as per the recommendations of Narasimhan Committee. It was also suggested to classify the advances given by banks into Performing & Non Perfor…

A Complete Guide to sections 54 & 54F Exemptions - T.V. GANESAN CS

A Complete Guide to sections 54 & 54F Exemptions T.V. GANESAN CS If an individual transfers any long-term capital asset and plans to reinvest the sale proceeds in a new residential house property then he would be eligible to claim exemption under sections 54 and 54F of the Income-tax Act, 1961 subject to fulfilment of certain conditions. In the last couple of years there has been a phenomenal increase in the sale of properties resulting in capital gain including but not limited to the land owners giving the land to the developers and entering into Joint Development Agreement, receiving more than one flat from the builder and yet avoiding capital gains tax. In this article the author has enumerated various decisions and judgments of the Tribunals and the High Courts which have liberally interpreted the provisions of the Income-tax Act and extended the capital gains exemptions to the assessees. Introduction 1. Out of the various investment options available, investment in real estate …

Excel Add-in to convert amount in figures to words by Premal

Gentlemen:
AmtInWords.xla is attached to this mail. It is an MS Excel Add-in written by me to convert amount available in figures to words.
Installation
Copy the attached file to the folder where excel stores the add-ins. (To know where excel stores the add-ins, open any workbook, click on Tools - Add-ins - Browse)
Then open an excel workbook. Click on Tools - Add-ins - Browse - Give the path to this Addin - Ok
Usage
You can use the functions AmtInWords and AmtInWordsUS in any worksheet. The syntax is:
=AmtInWords(decimal number/cell reference, [currency code])
=AmtInWordsUS(decimal number/cell reference, [currency code])
Examples follow:
=AmtInWords(10000000)
=AmtInWords(123456.77)
=AmtInWords(C4)
=AmtInWordsUS(B3) ' Shall give the amount in millions (US format)
=AmtInWordsUS(B3,"USD") ' Shall give the amount in millions (US format) and in US currency (Dollars)
=AmtInWords(C4,"GBP") ' Shall give the amount in lakhs and in UK currency (Pounds)
Notes
The system shall N…