Monthly compliance for Companies /Proprietary concerns /Partnership firms and LLP

Due Date	Category	Description
07-01-2019	Income Tax Act 1961	Due date for deposit of Tax deducted/collected for the month of December, 2018. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan.
07-01-2019	NBFC	Monthly Return on Capital Market Exposure for the month of December, 2018 (NBS6)
07-01-2019	NBFC	Monthly Return on Important Financial Parameters of NBFCs not accepting/holding public deposits and having asset size of Rs.100 crore and above for the month of December, 2018
10-01-2019	NBFC	A Statement of short term dynamic liquidity in format ALM -NBS-ALM1 for the month of December, 2018 (ALM-1)
10-01-2019	Goods & Services Tax Act , 2017	GST monthly return for the month of December, 2018 (GSTR-7 for TDS Deductor).
10-01-2019	Goods & Services Tax Act , 2017	GST monthly return for the month of December, 2018 (GSTR-8 for TCS Collector).
11-01-2019	Goods & Services Tax Act , 2017	Monthly return for registered persons with aggregate turnover of more than Rs.1.50 crores for the month of December, 2018 (GSTR-1).
13-01-2019	Goods & Services Tax Act , 2017	GST Return for input service distributor for the month of December, 2018 (GSTR 6).
14-01-2019	Income Tax Act 1961	Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of November, 2018.
14-01-2019	Income Tax Act 1961	Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of November, 2018.
15-01-2019	Provident Fund	Monthly PF payment for December, 2018.
15-01-2019	ESIC	ESIC payment for the month of December, 2018.
15-01-2019	Income Tax Act 1961	Due date for furnishing of Form 24G by an office of the Government where TDS for the month of December, 2018 has been paid without the production of a challan.
15-01-2019	Value Added Tax   Act,2005	Submission of Audit Report in Form 704 for the financial year 2017-18
15-01-2019	Goods & Services Tax Act , 2017	GST Return 4 Composition scheme taxpayers for the month of December, 2018 (GSTR 4).
20-01-2019	Goods & Services Tax Act , 2017	GST monthly return for the month of December, 2018 (GSTR 3B).
20-01-2019	Goods & Services Tax Act , 2017	GST Return 5 Non-resident foreign taxpayers for the month of December 2018 (GSTR 5).
20-01-2019	Goods & Services Tax Act , 2017	GST Return 5A NRI OIDAR service provider for the month of December, 2018 (GSTR 5A).
25-01-2019	Provident Fund(includes EDLI)	PF Return filing for December, 2018 (including pension and insurance scheme forms)
30-01-2019	Income Tax Act 1961	Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of December, 2018.
30-01-2019	Income Tax Act 1961	Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of December, 2018
31-01-2019	Income Tax Act 1961	Due date for Filing TDS/TCS Return for the Period 1st October to 31stDecember,2018
31-01-2019	Goods & Services Tax Act , 2017	Quaterly return for registered persons with aggregate turnover of less than Rs.1.50 crores for the period 1st  October to December, 2018 (GSTR-1).
31-01-2019	Goods & Services Tax Act , 2017	Due date for mandatory registration for unregistered dealers from 30th September,2018 to 31st January,2019.

UDIN applicability is deferred by a month. Effective from 01st Feb, 19

UDIN - A way to authenticate document

As you are aware that to secure the certificates/documents attested/certified by practicing Chartered Accountants and for tracing forged/wrong documents prepared by any third person misrepresenting himself as a Chartered Accountant, ICAI had implemented an innovative concept of UDIN i.e. Unique Document Identification Number. 

We wish to inform that for this prestigious project of UDIN, ICAI has engaged Tata Consultancy Services (TCS) who is also automating and will maintain the life cycle of CA Members and Students making them largely online on a digital platform. 

To enable TCS do the huge data migration and data audit which will require around 30 days before the UDIN Platform becomes mandatory, Central Council of ICAI has decided to mandate UDIN w.e.f 1st Feb., 2019 in a phased manner as against the earlier announced date of 1st Jan., 2019 . 

Professional Development Committee

*CPE Credit Hours Requirements

CPE credit hours requirements for the members of the Institute for the rolling period of 3 years starting from the Calendar Year 2017 and ending on calendar year 2019 (1-1-2017 to 31.12.2019) [Applicable w.e.f 01.01.2017] 

A. All the members (aged less than 60 years) who are holding Certificate of Practice (except all those members who are residing abroad) are required to: 

(a) Complete at least 120 CPE credit hours in a rolling period of three-years. 

(b) Complete minimum 20 CPE credit hours of structured learning in each calendar year. 

(c) Balance 60 CPE credit hours (minimum 20 CPE credit hours in each calendar year) can be completed either through Structured or Unstructured learning (as per Member’s choice). 

B. All the members (aged less than 60 years) who are not holding Certificate of Practice; and all the members who are residing abroad (whether holding Certificate of Practice or not) are required to: 

(a) Complete at least 60 CPE credit hours either structured or unstructured learning (as per Member’s choice) in rolling period of three-years 

(b) Complete minimum 15 CPE credit hours of either structured or unstructured learning (as per member’s choice) in each calendar year. 

C. All the members (aged 60 years & above) who are holding Certificate of Practice, are required to: 

(a) Complete at least an aggregate of 90 CPE credit hours of either Structured or Unstructured Learning (as per member’s choice) in a rolling period of three years 

(b) Complete minimum of 20 CPE credit hours being an aggregate of either Structured or Unstructured Learning (as per member’s choice) in each calendar year.

GUIDANCE NOTE UNDER SECTION 92E

ICAI has issued GUIDANCE NOTE UNDER SECTION 92E OF THE INCOME-TAX ACT, 1961 (Transfer Pricing) on 2-Nov-16.

Pls click below link to access or download the document:

http://resource.cdn.icai.org/43783citax33453.pdf

Manner of Signing of Certificates by Chartered Accountant

💥ICAI released an announcement on Manner of Signing of Certificates by Chartered Accountant

With a view to bring uniformity in the manner of signing of certificates, icai has decided to require the members of the ICAI to include (in addition to any other requirements in this regard prescribed by the relevant law or regulation under which the certificate is being issued) the following details in their “Signatures” on the certificates issued by them:

1)Name of the CA firm* 

2) Firm Registration Number (FRN)* 

3) Name of the member 

4) Designation (Partner/Proprietor)

5) Membership Number 

Link: http://resource.cdn.icai.org/41158aasb30942announ.pdf

TTD CA Empanlement

Tirumala Tirupati Devasthanams has given advertisement in The Hindu Business Line for Empanlement of Chartered Accounting Firm for undertaking Accounting activities of TDS- see attachment.

Appointment of LLP as Statutory Auditors now permissible -LLP will not be treated as Body Corporate for Limited Purpose

Appointment of LLP as Statutory Auditors now permissible -LLP will not be treated as Body Corporate for Limited Purpose


The Ministry of Corporate Affairs has paved the way for the appointment of LLP, as the Statutory Auditor of the Company.
MCA vide its notification, has notified that LLP, which is a Body Corporate as per the Limited Liability Partnership Act 2008, shall not be treated as Body Corporate, for the purpose of section 226(3)(a) of the Companies Act 1956, in exercise of its powers under 2(7)(c) of the Companies Act 1956.
As section 2(7)(c) of the Companies Act 1956, the Central Government may by notification, notify that a Body Corporate, will not be recognized as Body Corporate for the purpose of the Companies Act 1956.

The text of section is given below:
(7) "body corporate" or "corporation" includes a company incorporated outside India but does not include—
(a) a corporation sole ;
(b) a co-operative society registered under any law relating to co-operative societies ; and
(c) any other body corporate (not being a company as defined in this Act), which the Central Government may, by notification in the Official Gazette, specify in this behalf ;

Section 226 (3) of the Companies Act 1956 provides for the disqualification for appointment of auditor of a company and as per clause (a) of this sub section, a body corporate cannot be appointed as Auditor. The MCA by its aforesaid notification has taken LLP out of the purview of the Body Corporate under this sub section and therefore, LLP can be appointed as the Auditor of the company.

It is to be noted that MCA vide its circular no No 10/2011 dated 04/04/2011 has allowed CA/CS/CWA to practice under LLP in partnership wilh other fellow members of same institute and in case of CS, also with members of such recognized profession as may be prescribed.
Please take note that notification is yet to be published in the official gazette
Please click here to download the notification

FDI in LLP Approved

APPROVAL FOR FDI IN LLP FIRMS

Approval for FDI in Limited Liability Partnership firms

PRESS RELEASE, DATED 11-5-2011

The Cabinet Committee on Economic Affairs today approved the proposal to amend the policy on allowing Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) firms.

The FDI in LLPs will be implemented in a calibrated manner, beginning with the 'open' sectors where monitoring is not required, subject to the following conditions :

(a) LLPs with FDI will be allowed, through the Government approval route, in those sectors/activities where 100% FDI is allowed, through the automatic route and there are no FDI-linked performance related conditions.

(b) LLPs with FDI will not be allowed to operate in agricultural/plantation activity, print media or real estate business.

(c) LLPs with FDI will not be eligible to make any downstream investments.

There are also further following conditions relating to funding, ownership and management of LLPs :

I. Funding of LLPs:

(a) An Indian company, having FDI, will be permitted to make downstream investment in LLPs only if both the company, as well as the LLP are operating in sectors where 100% FDI is allowed, through the automatic route and there are no FDI-linked performance related conditions.

(b) Foreign Capital participation in the capital structure of the LLPs will be allowed only by way of cash considerations, received by inward remittance, through normal banking channels, or by debit to NRE/FCNR account of the person concerned, maintained with an authorized dealer/authorized bank; and

(c) Foreign Institutional Investors (FIIs) and Foreign Venture Capital Investors (FVCIs) will not be permitted to invest in LLPs. LLPs will also not be permitted to avail External Commercial Borrowings (ECBs.)

II. Ownership and management of LLPs :

(a) For the purpose of determination of the designated partners in respect of LLPs with FDI, the term "resident in India" would have the meaning, as defined for "person resident in India", under section 2(v)(i)(A) & (B) of the Foreign Exchange Management Act, 1999 ;

(b) In case the LLP has a body corporate as a designated partner, the body corporate should only be a company registered under the Companies Act and not any other body, such as an LLP or a trust.

III. Conversion of a company with FDI into an LLP will be allowed only if the above stipulations are met and with the prior approval of FIPB/Government.

IV. The designated partners will be responsible for compliance with the above conditions and liable for all penalties imposed on the LLP for their contravention.

Presently, FDI is allowed in Indian companies. It is allowed in a firm or a proprietary concern, subject to certain conditions. FDI in a trust is also allowed with prior Government approval, provided it is a Venture Capital Fund (VCF).

The CCEA's approval will benefit the Indian economy by attracting greater FDI, creating employment and bringing in international best practices and latest technologies in the country.

The Limited Liability Partnership Act, 2008 (LLP Act) was notified in April, 2009. With the passage of this Act, a new hybrid entity, incorporating the features of a body corporate and a partnership, can now be formed for the purpose of undertaking business in India.

IndianCAs: ICAI has signed historic arrangment with CICA Canadian Institute of CA

 

Dear Member,

 

ICAI has signed historic arrangment with CICA Canadian Institute of CA for membership recognition on 7th Feb., 2011.

Further arragments for the details shall be available on ICAI website shortly.

| Ashwin Nagar | FCA and SAP-FICO\SEM-BCS |

Success is not permanent and failure is not final

 

Facebook : http://www.facebook.com/ashwinnagar

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Orkut        : http://www.orkut.co.in/Main#Profile?uid=18246210461112749074

Linkedin    : http://in.linkedin.com/in/ashwinnagar

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IndianCAs: Opportunities for CA Firms

Tenders & Assignment

Jammu Development Authority

Description : Chartered Accountants for conversion of Present cash based single entry into accrual based double entry system. Last Date : 12/01/2011 Address :Jammu Development Authority Vikas Bhawan Rail,Head Complex, Jammu Phone :0191-2471976

Municipal Corporation

Description : Outsourcing of the registered Chartered Accountant firms for under taking accounting reforms for a period of one year. Last Date : 13/01/2011 Address :Office of The Municipality Birmitrapur Orissa India.

Jharkhand Academic Council

Description : Expression of Interest for Chartered Accountant Firms. Last Date : 18/01/2011 Address :Gyandeep Campus, Bargawan, Namkum, Ranchi – 834010. Phone :0651-6453342, 6453343

State Blood Transfusion Council

Description : Appointment of Agencies on Contract Basis-Account, Audit Firm. Last Date : 18/01/2011 Address :State Blood Transfusion Council Ravindra Annex Building,5th Floor,194,Dinshaw Vaccha Road,Churchgate Reclamation, Mumbai-400020. Phone :22830216

West Bengal Renewable Energy Development Agency

Description : Expression of interest for Reputed Chartered Accountant firm for Doing internal audit & accounts of WBREDA. Last Date : 20/01/2011 Address :WBREDA, Bikalpa Shakti Bhavan,Plot No. J-1/10, EP & GP-Block, Sector-V, Salt Lake Electronics Complex, West Bengal Kolkata-700091.

Department Of Higher Education

Description : Expression of interest for preparation of panel of Chartered Accountants to audit the accounts of national service scheme for the year 2008-09 & 2009-10. Last Date : 20/01/2011 Address :State Liaison Officer-Cum-Deputy Secretary to Government, Higher Education Department, Orrisa Secretarial, Bhubaneswar.

Regional Training Centre

Description : Contract for Audit Work for Regional Rural Development Training Centre. Last Date : 21/01/2011 Address :Regional Training Centre Chhatarpur, Gwalior, Madhya Pradesh, India.

Dakshin Haryana Bijli Vitran Nigam Limited

Description : Engagement for carrying out of audit of accountal of cheques received at various sub division under Op division. Last Date : 24/01/2011 Address :CHIEF GENERAL MANAGER/AUDIT DAKSHIN HARYANA BIJLI VITRAN NIGAM LTD. VIDYUT SADAN, VIDYUT NAGAR, HISAR –125005. Phone :01662-223128 E-Mail :chiefauditordhbvn@gmail.com

Maharashtra Electricity Regulatory Commission

Description : Invites from the qualified & experienced consultancy firms registered with the institute of Chartered Accountant for Assisting the commission in various financial issues . Last Date : 25/01/2011 Address :Maharashtra Electricity Regulatory Commission 13th floor, Centre no.1, World Trade Centre, Cuffe Parade,Colaba, Mumbai-400005. Phone :(022) 22163964 E-Mail :mercindia@mercindia.org.in

M M T C Limited

Description : Application For Internal Audit Assignment For F.Y. 2011-12. Last Date : 10/02/2011 Address :The Dy.General Manager(IA), Internal Audit Division, MMTC Limited Core-1, SCOPE Complex, 7, Institutional Area, Lodhi Road, New Delhi-110003.

Comptroller And Auditor General Of India

Description : Empanelment of Chartered Accountant firms for the year 2011-2012. Last Date : 31/03/2011 Address :The Comptroller and Auditor General of India 10, Bahadur Shah Zafar Marg, New Delhi- 110124. Ashwin Nagar FCA and SAP-FICO\SEM-BCS Success is not permanent and failure is not final Facebook : http://www.facebook.com/ashwinnagar Twitter : http://twitter.com/ashwinnagar Orkut : http://www.orkut.co.in/Main#Profile?uid=18246210461112749074 Linkedin : http://in.linkedin.com/in/ashwinnagar

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CAG Empanelment-2011-12

The online panel for empanelment with the office of the CAG of India for allotment of audit of Public Sector Undertakings/Statutory Corporations for the year 2011-2012, is hosted at http://cagofindia.delhi.nic.in/caapplication/

Please also read the "Policy of Empanelment of CA Firms and Selection of Auditors of PSUs". A very important change was made in the definition of "Full Time FCA".



--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
           +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
           vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx

Due Dates of August Month

Important dates to Remember for the month of August 2008
Due Date	Obligation	Challan/ Forms
5 Aug	Monthly Payment of Excise Duty for the Month of July – Non SSI Units - Rule 8 Challan.	GR-7
5 Aug	Monthly Payment of Service Tax for the Month of July - Other than Individual / Proprietary Firm or Partnership Firms - Rule 6(1)	GR-7
7 Aug	TDS/TCS Deposit, deducted in the Month of July 2008	281
7 Aug	Deliver a copy of from 15G/15H/27C to CCIT or CIT for declarations received in the month of July 2008
10 Aug	Monthly Return of Central Excise for the Month of June - EOU / STP Units - Rule 12	ER-1
10 Aug	Monthly Return of Central Excise for the Month of July – Non SSI Units - Rule 12	ER-2
16 Aug	Monthly Payment of Excise Duty for the Month of July – SSI Units - Rule 8 TR - 6 Challan	GR-7
16 Aug	Deposit TDS (VAT) in Challan no. DVAT 20 and issue certificate for TDS in form DVAT-43 for deductions in the month of July 2008
20 Aug	Monthly payment of EPF
21 Aug	ESI Deposits	A1/B
25 Aug	EPF MONTHLY RETURN	Form 12A
25 Aug	Electronic Monthly Return of VAT for the month of July 2008	DVAT-16
28 Aug	Monthly Return of VAT for the month of July 2008	DVAT-16
31 Aug	Issue TDS/TCS certificates for credit/payment made in the month of July 2008	16 A
31 Aug	Furnish Annual information return u/s 285BA of I.T. Act in respect of specified financial transactions.