GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS NEW DELHI
GENERAL CIRCULAR NO
04/2015, Dated: March 10, 2015
To
All Regional Directors,
All Registrar of Companies, All Stakeholders.
Subject: Clarification with regard to section 185 and 186 of the Companies Act, 2013 - loans and advances to employees-reg.
This Ministry has received a number of references seeking clarification on the applicability of provisions of section 186 of the Companies Act, 2013 relating to grant of loans and advances by Companies to their employees.
2. The issue has been examined and it is hereby clarified that loans and/or advances made by the companies to their employees, other than the managing or whole time directors (which is governed by section 185) are not governed by the requirements of section 186 of the Companies Act, 2013. This clarification will, however, be applicable if such loans/advances to employees are in accordance with the conditions of service applicable to employees and are also in accordance with the remuneration policy, in cases where such policy is required to be formulated.
3. This issues with the approval of the Secretary.
[F.No. 1/32/2013-CL.V]
(KMS Narayanan)
Assistant Director |
13 March 2015
MCA Clarification on Loans and Advances to Employees
12 March 2015
Amnesty Scheme for retrospective Restoration of ICAI Membership
FYI-General Amnesty Scheme for retrospective Restoration of Membership
With a view to remove the hardship of such members whose name stood removed due to non-payment of membership fee, the Council has decided that such members be given an opportunity under the General Amnesty Scheme as one time dispensation for retrospective restoration of name keeping membership in continuity.An ANNOUNCEMENT regarding the scheme has already been hosted on our website icai.org Accordingly, such members may apply for restoration of their name retrospectively, irrespective of the period of such removal on payment of applicable membership fee for the intervening year(s), along with Form ‘9’ and the restoration fee of Rs. 1200/-. The said scheme shall be in force till 31st March 2015.The fees can also be remitted through on-line payment (visit www.icai.org) or through cheque/demand draft drawn in favour of ‘The Secretary, The Institute of Chartered Accountants of India’ payable at Mumbai and Form ‘9’ can be downloaded from the link http://220.227.161.86/8593form%209_final.pdfFor further assistance may please call us on 33671400/500.Please avail the benefits of this General Amnesty Scheme and restore your membership retrospectively.
01 March 2015
GNL-4
MCA introduces Form GNL-4 for filing addendum for rectification of defects or incompleteness
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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"
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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
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Pan-India Services
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| 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.
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
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