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Showing posts from September, 2015

Relaxation of Additional Fees

Relaxation of additional fees and extension of last date of filing of for ms M GT-7 (Annual Retur n) and AOC-4 (Financial Statement). Looking to the delay in notification of the electronic versions of forms AOC-4, AOC-4 (XBRL), MGT-7 and AOC-4 CFS, the MCA has decided to relax the additional fees payable on forms AOC-4, AOC-4 XBRL and MGT-7 up to 31/10/2015. Further, a Company which is not required to file its financial statement in XBRL format and required to file its CFS (Consolidated Financial Statements) would be able to do so in the separate form for CFS without any additional fees up to 30/11/2015. [F. No. 1/34/2013-CL-V dated 13th July, 2015]


MCA Annual filing available wef 25-09-2015

MCA to make Annual filing forms available w.e.f. 25th September, 2015
The Ministry of Corporate Affairs has issued a General notice dated 24th September, 2015 for the introduction of New forms AOC-4(Non-XBRL), MGT-7, ADT-2 & SH-9 is being made available w.e.f 25th September 2015 along with C&I Validation tool beta version. You are requested to plan accordingly.
New Versions of forms CRA-4 and CHG-4 are also likely to be modified w.e.f 25th Sept 2015.
Stakeholders are requested to plan accordingly.

Summary of the moves for the Extention of Date u/s 44AB:-

Summary of the moves for the Extention of Date u/s 44AB:-1.Bombay HC-Chamber of Tax Consultants Vs. Union of India & Ors (WP-2764/2015)Adjourned to 29-09-20152. Orissa HC-Jagdish Prasad Mittal Vs. Union of India & Ors
WP-17178/2015Adjourned to 25-09-20153. Karnataka HC-Karnataka State Chartered Accountants Association (KSCAA) Vs. Union of India & Ors
WP-41109/2015Judgment on 28-09-20154. Rajasthan HC-Devendra Kumar Somani Vs. Union of India & Ors
(CW-10974/2015)Now Listed on 29-09-20155.Delhi HC- Avinash Gupta & Ors. Vs. Union of India & Ors
(WP(C)-9032/2015)Extension Refused :21-09-20156. Punjab & Haryana HC-Vishal Garg & Ors. Vs. Union of India & Anr (CWP-19770/2015)Next Hearing  : 28-09-20157.Gujarat HC-All Gujarat Federation of Tax Consultants (AGFTC) vs Central Board of Direct Taxes ( SCA-15075/2015)Next hearing 28-09-2015.

HC dismisses petition for extension

HC dismisses petition filed by Chartered Accountant seeking extension of tax audit due date; Petitioner argued that assessees are entitled as a matter of 'right', to 180 days period for filing of return which in the instant case was being denied since the forms were notified only on July 29, 2015; Petitioner further justified extension plea on grounds of amendments in Companies Act, bonafide impression among CAs that there would be changes/modifications in Form 3CD due to Finance Act amendments and alleged discrimination by CBDT through its act of granting extension for July 31st due date but refusing to do the same for tax audit; HC, rejecting petitioner's submissions, observes that nowhere in the scheme of Income tax Act is 180 days assured to the assessee, holds".. the time taken in audit, which is variable, will be determinative of the time available thereafter for filing the ITR. The said audit is not dependent upon the prescription of the forms for report of the…

Various Legal Phrases Used in Law:-

1.Anything which you cannot do directly that you cannot do directly
2.Deeming fiction cannot be stretched beyonyd the purpose for which it is created
3.The words used in Law are not used for Nothing
4.To invoke Provision : To make use of particular provision
5.Ipso Facto: By this fact alone or because of this matter alone
6.'MAY' may be treated as 'SHALL' but 'SHALL' shall not be treated as 'MAY'
7.Tenable: Acceptable in law
8.Redundant Provision : Out of Force or Outdated Provision
9.Quasi : Almost Similar to
10.Quasi Criminal: Almost equal to criminal
11.Jurisprudence: Law relating to particular matter
12.Mensrea: Guilty Mind
13.Ibid: As printed earlier
14.Suo Moto: On its own
15.Prima Facie: On its face
16.Non est: What is not in existence / Non existing thing
17.Call in question: To challenge
18.De Nova: Completely New
19.Sine quo non: Most essential thing
20.Purposes of this Act: Proceeding mustbe pending
21.Reason to believe Vs Reason to suspect:…

Various Legal Phrases Used in Law:-

1.Anything which you cannot do directly that you cannot do directly
2.Deeming fiction cannot be stretched beyonyd the purpose for which it is created
3.The words used in Law are not used for Nothing
4.To invoke Provision : To make use of particular provision
5.Ipso Facto: By this fact alone or because of this matter alone
6.'MAY' may be treated as 'SHALL' but 'SHALL' shall not be treated as 'MAY'
7.Tenable: Acceptable in law
8.Redundant Provision : Out of Force or Outdated Provision
9.Quasi : Almost Similar to
10.Quasi Criminal: Almost equal to criminal
11.Jurisprudence: Law relating to particular matter
12.Mensrea: Guilty Mind
13.Ibid: As printed earlier
14.Suo Moto: On its own
15.Prima Facie: On its face
16.Non est: What is not in existence / Non existing thing
17.Call in question: To challenge
18.De Nova: Completely New
19.Sine quo non: Most essential thing
20.Purposes of this Act: Proceeding mustbe pending
21.Reason to believe Vs Reason to suspect:…

IT Industry Based Jurisdiction

F.No.225/246/2014/ITA.II
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes New Delhi the September, 2015 OFFICE MEMORANDUM Subject: Committee to study the feasibility of implementing 'Industry Based Jurisdiction' instead of prevailing 'Geographical Jurisdiction' in a phased manner-reg. Board has constituted a Committee to examine the feasibility of implementing 'Industry Based Jurisdiction' in a phased manner instead of the prevailing 'Territorial Jurisdiction' as recommended by the Tax Administration Reform Commission ('TARC'). 2. The composition of the Committee is as follows: Sl No. Name Designation
1 Ms Sunita Puri Principal  Commissioner of Income Tax -IV, Delhi Committee  In- charge 2 Sh. B. K. Singh CIT(A)-11, Delhi
Members 3 Sh. Samar Bhadra ADG (System)-3, Delhi 4 Sh Rajeev Ranka Add I. CIT (Audit-1), Delhi 5 Sh. Rajesh Kedia

MCA Update on Deposit From Relative By Private Limited Company:

MCA Update on Deposit From Relative By Private Limited Company:

Deposits rules are quickly getting aligned with old 58A exempted rules to private limited company.

Without any upper limit of amount, now a private company can  accept unsecured loans apart from director even from a relative (as per definition) of a director of the company with simple declaration saying the relative has not borrowed same from others. The relative need not be a shareholder of the company.

http://www.mca.gov.in/Ministry/pdf/Amendement_Rules_15092015.pdf

Sovereign Gold Bonds Scheme

The government today approved the Sovereign Gold Bonds Scheme, which was announced in the Budget 2015-16. As investors will get returns that are linked to gold price, the scheme is expected to reduce the demand for physical gold. The bonds will offer same benefits as physical gold.They can be used as collateral for loans and can be sold or traded on stock exchanges as they are available in demat form. At the same time investors need not worry about holding physical gold.

The gold bonds will be issued by the Reserve Bank of India. Since these are Government of India bonds, they are sovereign. The bonds will be denominated in grams of gold. Investors can pay money and buy these bonds from intermediaries, who will be announced later.* The bonds can be purchased only by resident individuals or entities. There will be a cap on bonds that can be purchased. It could be 500 gms per person per year.* The government will decide the rate of interest. The rate will be calculated on the value of th…

t has been decided that the last date for filing of returns due by 30th September 2015 will not be extended.

Tweet by finance ministry:
It has been decided that the last date for filing of returns due by 30th September 2015 will not be extended.@arunjaitley #income #tax


Here is the pib release http://pib.nic.in/newsite/PrintRelease.aspx?relid=126732


ITAT accedes to ICAI's plea

ITAT accedes to ICAI's plea in Miscellaneous Application to modify/review its order wherein the Tribunal had strongly criticized the Institute's functioning;  Tribunal accepts ICAI's argument that that its observations in the original order about the CA profession and conduct of the students pursuing the CA courses, were not necessary to adjudicate the issues urged before it by the assessee;  Clarifying that it was not the intention of the Tribunal to target any particular person or the ICAI, modifies  para 9.6 of its original order that the Institute considered as "offensive"; ITAT in its original order, dismissed assessee's plea to condone a 2984 days delay in filing of appeal on grounds of 'improper advice' given by CA firm; While raising alarms over the reckless advice given by the CA firm, the Tribunal called on the ICAI to stem the"deteriorating standards" & "alarming practices" among some CAs; While modifying its order, …

Representation to CBDT and MCA

BCAS in its knowledge sharing mission, interacts with the law makers to bring clear, predictable, just, hassle free laws and good governance. In this endeavour, this month the Society has made 2 representations to the government on various issues and hardships faced by the Chartered Accountants.a) Representation to CBDT on E-filing of Wealth-Tax Returns, and b) Representation to the Ministry of Corporate Affairs for The Company Act, 2013 on issues arising from the implementation of the Companies Act, 2013.We hope that this will help our members and their clients.Please click on below links to read the full representations :·Representation to CBDT on E-filing of Wealth-Tax Returns for A.Y. 2015-16·The Companies Act 2013 - Issues arising from the implementation of the companies act, 2013

27 FAQs on Black Money Law

CBDT- Highlights of 27 FAQs on Black-money law amnesty scheme and download circular Highlights:
If a public limited company makes a declaration then Directors of the company will not get immunity against offence punishable under SEBI Act or under IPC.

In case of an e-wallet or virtual card account online which is normally maintained for playing online games, it is similar to a bank account where inward and outward cash movement takes place. A declaration can be made in the manner prescribed for a bank account.

Whether a valuation report is to be filed along with a Declaration of a foreign asset the CBDT clarified that it is not necessary but the declarant should keep such a document used for arriving at the value of the asset.

If a person has from time to time transferred funds from his account to the accounts of his spouse or child whether the spouse or the child is also required to make a declaration, the CBDT has clarified that it is not required if no fund has been deposited in their a…

Shah Report on MAT

Government Accepts Shah Panel Report, MAT Not to be Levied on FIIs
Finance Minister Arun Jaitley on Tuesday announced that the government has accepted Justice AP Shah Panel's recommendations on not levying MAT on Foreign Institutional Investors.

A. Highlights of speech

Here are the highlights of his speech.Justice AP Shah Panel had submitted its report on MAT to government few weeks ago.Certain questions which were in the mind of the CBDT were put forth to the MAT committee.Justice AP Shah report on MAT to be made public soon.Shah panel gave recommendations regarding levy of MAT On FIIs prior To April 1, 2015.Have accepted the recommendations of the Justice Shah Panel on MAT.Hope to move amendment to Tax Act in winter session of Parliament or whenever the next session is.AP Shah report says MAT on capital gains made by FIIs was not applicable.What applies post April 2015, that is no MAT on capital gain on FIIs, will also apply on…

IT Scrutiny Guidelines-2015-16

Criteria for manual selection of scrutiny cases during FY 2015-16CBDT Instruction No. 8 Dated 31-8-2015
Highlights:

Cases involving addition in excess of Rs. 10 lakhs in earlier assessment year and all search-seizure-survey and re-assessment cases to be picked up for compulsory manual scrutiny.

Cases where charitable trusts/institutions are claiming Sec 11/Sec 10(23C) exemption despite Sec 12AA registration /Sec 10(23C) approval denial also to be picked up for compulsory manual scrutiny.

By and large no substantial changes via-à-vis similar CBDT instruction issued last year.