28 August 2015
Amendment to Arbitration Law
18 June 2015
GST-Formation of Two Committees
Government of India
Ministry of Finance
17-June-2015 17:15 IST
A Steering Committee been formed under the Co-Chairmanship of Additional Secretary, Department of Revenue and Member Secretary, Empowered Committee of State Finance Ministers. This Committee has Members from Department of Revenue, Central Board of Excise & Customs, Goods and Services Tax Network (GSTN) and representatives of State Governments. This Committee shall monitor the progress of IT preparedness of GSTN/CBEC/Tax authorities, finalisation of reports of all the Sub-Committees constituted on different aspects relating to the mechanics of GST and drafting of CGST, IGST and SGST laws/rules. The Committee shall also monitor the progress on consultations with various stakeholders like trade and industry and training of officers.
Another Committee has been formed under the Chairmanship of the Chief Economic Advisor, Ministry of Finance to recommend possible tax rates under GST that would be consistent with the present level of revenue collection of Centre and States. While making recommendations, this Committee would take into account expected levels of growth of economy, different levels of compliance and broadening of tax base under GST. The Committee would also analyse the Sector-wise and State-wise impact of GST on the economy. The Committee is expected to give its report within two months.
Meanwhile, progress is underway to finalise various aspects of GST design like business processes, payment systems, matters relating to dual control, threshold, exemptions, place of supply rules and also making of model GST, SGST and IGST laws and rules. This task is being undertaken through various Sub-Committees formed by the Empowered Committee which has officers from Government of India as well as State Governments as Members.
Goods and Services Tax Network (GSTN) is taking steps for preparing the IT infrastructure for roll out of GST. The IT infrastructure shall enable online registration, filing of returns and getting refunds. Various State Governments are also preparing the necessary back end IT infrastructure for implementation of GST which shall relate to aspects like assessments and audit.
Periodic reviews are being held in the Department of Revenue to monitor the progress of all the above activities.
DSM/MAM
19 May 2015
Draft Gold Monetization Scheme
Draft Gold Monetization Scheme
The Finance Minister in his budget speech for the Union Budget 2015-16 made the following announcement: "India is one of the largest consumers of gold in the world and imports as much as 800-1000 tonnes of gold each year. Though stocks of gold in India are estimated to be over 20,000 tonnes, most of this gold is neither traded, nor monetized. Keeping this in view, the government in Budget 2015-16 has announced the Gold Monetization Scheme which will replace both the present Gold Deposit and Gold metal Loan Schemes. The new scheme will allow the depositors of gold to earn interest in their metal accounts and the jewellers to obtain loans in their metal account. Banks/other dealers would also be able to monetize this gold".
Accordingly, a draft outline of the Scheme has been prepared. Comments and views are invited on the Draft Gold Monetization Scheme.
Draft Gold Monetization Scheme (The outline of the Gold Monetization Scheme placed below is only at the draft stage and is being placed here to obtain public opinion. The scheme as it stands at this stage, does not imply any commitment from the government)
The last date to share your views is 2nd June, 2015 by 5:00 p.m.
28 March 2015
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.
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
| ||||||||||||||||||||
|
Pan-India Services
|
| |
|
| |
| ||
| 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 Governance. The 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.
12 November 2014
NBFC-Revised Regulatory Framework
In a bid to bring non-banking financial company (NBFC) norms in line with those of banks, the Reserve Bank of India (RBI) unleashed tighter rules for NBFCs. According to the new guidelines, NBFCs will require higher minimum capital, have less time to declare bad loans, and a board-approved fit and proper criteria for director appointments.The new norms, which will be implemented in a phased manner, are made applicable for NBFCs that manage funds worth Rs 500 crore and for those that accept public deposits. The central bank will also start granting fresh NBFC licences.
21 October 2014
IndianCAs: Wish you a very Happy Diwali!!
Posted by: Ashwin Nagar <ashwin.nagar@gmail.com>
Reply via web post | • | Reply to sender | • | Reply to group | • | Start a New Topic | • | Messages in this topic (3) |
*************************************************************************
Further, your attention is invited:
The messages on this group are approved only when the moderator finds it of immense importance to the members at general, otherwise, this group is not used for discussion or as discussion forum.
Empanelment of Concurrent Auditors
Empanelment of Concurrent Auditors / Revenue Auditors for Bank of Maharashtra. BANK OF MAHARASHTRA invites applications from practicing firm...
-
After the ICAI regional council and central council elections , there is an anxious waiting period for resul...
-
Drafts of tax accounting standard on construction contracts, government grants issued The Central Board of Direct Taxes (CBDT) has invited c...
-
Here is the final list of candidates won from WIRC for Central Council: Sr. No. Name of Candidate 1 CA. Adukia Rajkumar Satyanarayan 2 CA...