BANK OF MAHARASHTRA invites online applications from practicing firms of Chartered Accountants, in the prescribed format, who are willing to have their firms empanelled as Concurrent Auditors of the Bank for specified branches for FY 2018-19
https://goo.gl/at1nCK
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.
*_IN TOTAL 27 RETURNS PRESCRIBED UNDER GST; FIND OUT HOW MANY YOU NEED TO FILE_*
_With introduction of Goods and Services Tax in India, compliance for tax payers is set to go up. Service sector will get most effected since under current law, almost every service provider operated under centralised registration scheme wherein 2 returns in a year is all they file. Annual return has been recently added. Manufacturing sector is a compliance heavy industry which files monthly Excise and VAT returns (state specific)._
Under GST, 27 different returns have been prescribed. Details of all the returns to be furnished by registered persons have been enlisted below:
1. *Form GSTR-1* Details of outward supplies of taxable goods and/or services effected.
2. *Form GSTR-1A* Details of outward supplies as added, corrected or deleted by the recipient.
3. *Form GSTR-2* Details of inward supplies of taxable goods and/or services claiming input tax credit.
4. *Form GSTR-2A* Details of inward supplies made available to the recipient on the basis of *FORM GSTR-1* furnished by the supplier.
5. *Form GSTR-3* Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.
6. *Form GSTR-3A* Notice to a registered taxable person who fails to furnish return under section 27 and section 31.
7. *Form GSTR-4* Quarterly Return for compounding Taxable persons.
8. *Form GSTR-4A* Details of inward supplies made available to the recipient registered under composition scheme on the basis of *FORM GSTR-1* furnished by the supplier.
9. *Form GSTR-5* Return for Non-Resident foreign taxable person.
10. *Form GSTR-6* ISD return.
11. *Form GSTR-6A* Details of inward supplies made available to the ISD recipient on the basis of *FORM GSTR-1* furnished by the supplier.
12. *Form GSTR-7* Return for authorities deducting tax at source.
13. *Form GSTR-7A* TDS Certificate.
14. *Form GST-ITC-1* Communication of acceptance, discrepancy or duplication of input tax credit claim.
15. *Form GSTR-8* Details of supplies effected through e-commerce operator and the amount of tax collected as required under sub-section (1) of section 43C.
16. *Form GSTR-9* Annual return.
17. *Form GSTR-9A* Simplified Annual return by Compounding taxable persons registered under section 8.
18. *Form GSTR-9B* Reconciliation Statement.
19. *Form GSTR-10* Final return.
20. *Form GSTR-11* Details of inward supplies to be furnished by a person having UIN.
21. *Form GST-TRP-1* Application for enrolment as Tax return preparer.
22. *Form GST-TRP-2* Enrolment certificate as Tax return preparer.
23. *Form GST-TRP-3* Show cause to as Tax return preparer.
24. *Form GST-TRP-4* Order of cancelling enrolment as Tax return preparer.
25. *Form GST-TRP-5* List of Tax return preparers.
26. *Form GST-TRP-6* Consent of taxable person to Tax return preparer.
27. *Form GST-TRP-7* Withdrawal of authorization to tax return preparer.
Respected Members
Andhra Bank invite online application for the empanelment as *Concurrent Auditors of Andhra Bank*
*Last Date*- 28.02.2017
Link for the same is
https://customer.andhrabank.in/AUDIT/
Cash Deposit Verification Guidelines given by CBDT to Assessing Officers[Instruction No. 3/2017 dated 21-02-2017]:
1. In case of an individual (other than minors) not having any business income, no further verification is required to be made if total cash deposit is up to Rs. 2.5 lakh.
2. In case of taxpayers above 70 years of age, the limit is Rs. 5.0 lakh per person.
3. In non business cases, where the person under verification has filed return of Income, a reasonable quantum can be considered as explained while quantifying the undisclosed amount, if any
4. In case of persons engaged in business or requirement to maintain books of accounts, no additional information is required to be submitted by the person under verification if total cash out of earlier income or savings (sum of responses for all cash transactions) is not more than the closing cash balance as on 31st March 2016 in the return for AY 2016-17
5. However, if the AO has reason to believe that the closing cash balance as on 31st March 2016 has been increased by revising the return or backdating transactions in the books of account, further verification may be carried out.
6. For cash received from identifiable persons without PAN, The AO needs to verify if the cash receipts are not in line with the normal practices of concerned business as mentioned in the earlier returns of Income after considering the remarks provided by the taxpayer, nature of business and earlier history before seeking additional information.
7. For Cash received from Unidentifiable persons, normal practice of business to be verified
8. AO may seek relevant information e.g. monthly sales summary (with breakup of cash sales and credit sales), relevant stock register entries, bank statement etc. to identify cases with preliminary suspicion of back-dating of cash sales or fictitious sales
9. Some indicators for suspicion of back dating of cash sales or fictitious sales could be :
i) Abnormal jump in the cash sales during the period Nov to Dec 2016 as compared to earlier history.
ii) Abnormal jump in percentage of cash sales to unidentifiable persons as compared to earlier history.
iii) More than one deposit of specified bank notes in the bank account late in the demonetization period
iv) Non-availability of stock or attempts to inflate stock by introducing fictitious purchases.
v) Transfer of deposited cash to another account/entity which is not in line with earlier history.
10. In cases where online response has not been submitted, AO shall generate a letter from the Verification portal on ITBA to the person under verification for submission of online response on the e-filing portal and ensure its service. This process should be completed within 7 days of availability of information on the portal.
11. The person under verification is not required to attend the Income-tax office personally under any circumstance and at any stage during the verification exercise.
12. The Assessing Officer will also be able to send a request for additional information, if required.
13. No independent enquiry or third party verifications are required to be made by the Assessing Officer outside the online portal. Whatever information is necessary during verification, the same has to be collected through the person under verification using online platform only
14. Even telephonic queries are to be avoided.
15. It should be ensured that the communications made online with the persons under verification should be in very polite language without containing any element of threat or warning. No show cause of any kind should be given.
16. In cases of non compliance to cash verification window, if the cash deposit is not in line with the earlier return or information profile of the person under verification, necessary facts may be collected inter-alia by exercising the powers under section 133(6) with the approval of prescribed authority.
17. In appropriate cases depending upon the online response or otherwise, survey action u/s. 133A can be considered. During survey, where there is suspicion of back dating or fictitious cash transactions, CCTV recording of the cash counter at relevant banks may also be checked, if necessary. Reference can also be sent to the Investigation wing in appropriate cases.
CBDT vide its Circular No : 01/2017 dated 02-01-2017 (F.No. 275/192/2016-IT(B)) issued complete guidelines for TDS on Salary A Y 2017-18 During the Financial Year 2016-17 Under Section 192 of The Income-Tax Act 1961.
This present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 2016-17 and explains certain related provisions of the Act and Income-tax Rules, 1962.
Draft MEF panel is hosted on www.meficai.org it will be available till 2Jan if any discrepancy pl lodge your complaint immediately. CA Prafulla Chhajed Chairman PDC
New Delhi, 19th December, 2016.
Press Release
Measures for Promoting Digital Payments & Creation of Less-Cash Economy
Under the existing provisions of section 44AD of the Income-tax Act, 1961 (the Act), in case of certain assesses (i.e. an individual, HUF or a partnership firm other than LLP) carrying on any business (other than transportation, agency, brokerage and commission) and having a turnover of Rupees Two Crore or less, the profit is deemed to be 8% of the total turnover.
In order to achieve the Government's mission of moving towards a less cash economy and to incentivise small traders / businesses to proactively accept payments by digital means, it has been decided to reduce the existing rate of deemed profit of 8% under section 44AD of the Act to 6% in respect of the amount of total turnover or gross receipts received through banking channel / digital means for the financial year 2016-17. However, the existing rate of deemed profit of 8% referred to in section 44AD of the Act, shall continue to apply in respect of total turnover or gross receipts received in cash.
Legislative amendment in this regard shall be carried out through the Finance Bill, 2017.
(Meenakshi J. Goswami)
Commissioner of Income Tax
(Media and Technical Policy)
Official Spokesperson, CBDT.
http://pib.nic.in/newsite/erelease.aspx?relid=155638
*1. What is Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016?*
Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 is a scheme notified by the Government of India on December 16, 2016 which is applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016.
*2. Who is eligible to deposit in PMGKS?*
The deposit under this Scheme shall be made by any person who declared undisclosed income under sub-section (1) of section 199C of the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016.
*3. In what form will the deposits under this scheme be held?*
The Deposits shall be held at the credit of the declarant in Bond Ledger Accounts (BLA) maintained with Reserve Bank of India.
*4. Who are the authorized agencies where the application and amount of deposit will be accepted?*
Application and amount for the deposit (in the form of Bond Ledger Account) shall be received by any banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (Authorized Banks).
*5. Where can declarants get the application form?*
Application for the deposit will be available at branches of authorized banks. It is also available in the Reserve Bank of India website.
*6. When can a declarant make the deposit into the scheme?*
The deposits under this Scheme shall be made in a single payment in any of the authorized banks from the 17th day of December, 2016 till 31st day of March, 2017
*7. What are the Know-Your-Customer (KYC) norms?*
Permanent Account Number (PAN) is the KYC document for individuals depositing in the scheme. If a declarant does not hold PAN, he shall apply for PAN and provide the details of such PAN application along with acknowledgement number to the bank while making the application. On receipt of PAN, the details may be updated with the bank from which application was made.
*8. What is the minimum and maximum limit for depositing in the scheme?*
The deposit by a declarant shall not be less than twenty-five per cent of the undisclosed income declared under sub-section (1) of section 199C of the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. Deposit shall be made in multiples of ₹ 100.
*9. Will any interest be paid on the deposit under the scheme?*
No interest shall be paid for deposits made in this scheme.
*10. After making the deposit, will any documentary evidence be issued?*
On deposit, an acknowledgement receipt mentioning name of declarant and amount deposited will be duly authorized and provided by the bank from which application was made. Subsequently a certificate of holding for the BLA will be issued which may be collected from the authorized bank.
*11. When will the deposit be repaid?*
Repayment of the deposit will be made after a period of 4 years from the effective date of deposit (ie., date of tender of cash or the date of realization of draft or cheque or transfer through electronic transfer)
*12. What will the declarant get on redemption?*
On redemption, the entire amount deposited into the scheme will be repaid.
*13. How will the declarant get the redemption amount?*
The redemption amount will be credited to the bank account furnished by the person in the application form.
*14. What are the procedures involved during redemption?*
On the date of maturity, the proceeds will be credited to the bank account as per the details on record.
In case there are changes in any details, such as, account number, IFSC code, email ids etc then the investor must intimate Reserve Bank Of India , through the authorized banks promptly.
*15. Can the deposit made into this scheme be prematurely redeemed ?*
No, option for premature redemption of the BLA is not available.
*16. Can the BLA be gifted/transferred to a relative or friend on some occasion?*
No, the BLAs cannot be gifted/transferred to any relative or friend. Transferability of the Bond Ledger Account shall be limited to nominee or to the legal heir of an individual holder, only in the event of death of the declarant.
*17. Who will provide other services to the declarants after deposit in the scheme?*
The banks through which the deposit into this scheme was made will provide other customer services such as change of bank account details, cancellation of nominee etc.
*18. What are the payment options for depositing in PMGKS?*
The deposit shall be made in the form of cash or draft or cheque drawn in favour of the authorised bank accepting such deposit or by electronic transfer.
*19. Whether nomination facility is available for these investments?*
Yes, nomination facility is available as per the provisions of the Government Securities Act 2006 and Government Securities Regulations, 2007. A nomination form is available along with Application form. In case of cancellation/change in nomination, a separate form is to be filled and submitted to the authorized bank.
*20. Are the BLAs tradable?*
No, the Bonds ledger Account are not tradable.
Tax incentive for cash less transaction: Deemed profit to be reduced from 8% to 6% u/s 44 AD:
New Delhi, 19th December, 2016.
Press Release
Measures for Promoting Digital Payments & Creation of Less-Cash Economy
Under the existing provisions of section 44AD of the Income-tax Act, 1961 (the Act), in case of certain assesses (i.e. an individual, HUF or a partnership firm other than LLP) carrying on any business (other than transportation, agency, brokerage and commission) and having a turnover of Rupees Two Crore or less, the profit is deemed to be 8% of the total turnover.
In order to achieve the Government's mission of moving towards a less cash economy and to incentivise small traders / businesses to proactively accept payments by digital means, it has been decided to reduce the existing rate of deemed profit of 8% under section 44AD of the Act to 6% in respect of the amount of total turnover or gross receipts received through banking channel / digital means for the financial year 2016-17. However, the existing rate of deemed profit of 8% referred to in section 44AD of the Act, shall continue to apply in respect of total turnover or gross receipts received in cash.
Legislative amendment in this regard shall be carried out through the Finance Bill, 2017.
(Meenakshi J. Goswami)
Commissioner of Income Tax
(Media and Technical Policy)
Official Spokesperson, CBDT.
Online Applications are invited from Chartered Accountant firms/LLPs who desire to be empanelled with the office of the Comptroller and Auditor General of India for appointment as auditors of Government Companies/Corporations for the year 2017-18 from 1st January 2017 to 15th February 2017. For more details visit www.saiindia.gov.in
The Taxation Laws (Second Amendment) Act, 2016 has come into force on 15th December, 2016. The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (the Scheme) introduced vide the said Act shall commence on 17th December, 2016 and shall remain open for declarations up to 31st March, 2017. The rules in this regard have been notified vide Notification No.116 dated 16th December, 2016 and have been placed in public domain. A separate notification has been issued for Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 by Department of Economic Affairs.
The salient features of the Scheme are as under:
(i) Declaration under the Scheme can be made by any person in respect of undisclosed income in the form of cash or deposits in an account with bank or post office or specified entity.
(ii) Tax @30% of the undisclosed income, surcharge @33% of tax and penalty @10% of such income is payable besides mandatory deposit of 25% of the undisclosed income in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. The deposits are interest free and have a lock-in period of four years.
(iii) The income declared under the Scheme shall not be included in the total income of the declarant under the Income-tax Act for any assessment year.
(iv) The declarations made under the Scheme shall not be admissible as evidence under any Act (eg. Central Excise Act, Wealth-tax Act, Companies Act etc.). However, no immunity will be available under Criminal Acts mentioned in section 199-O of the Scheme.
Non declaration of undisclosed cash or deposit in accounts under the Scheme will render such undisclosed income liable to tax, surcharge and cess totaling to 77.25% of such income, if declared in the return of income. In case the same is not shown in the return of income a further penalty @10% of tax shall also be levied followed by prosecution. It may be noted that the provisions for levy of penalty for misreporting of income @200% of tax payable under section 270A of the Income-tax Act have not been amended and shall continue to apply with respect to cases falling under the said section.
The Taxation Laws (Second Amendment) Act, 2016 has also amended the penalty provisions in respect of search and seizure cases. The existing slab for penalty of 10%, 20% & 60% of income levied under section 271AAB has been rationalised to 30% of income, if the income is admitted and taxes are paid. Otherwise a penalty @60% of income shall be levied.
The Scheme, Rules and Notifications are available on the official website of the Department www.incometaxindia.gov.in . Any queries/clarifications relating to the Scheme may be emailed at ts.mapwal@nic.in .
*****
DSM/KA
ICAI - ICAI issues mandatory KYC Norms applicable w.e.f 1.1.2017 - (10-12-2016) - http://resource.cdn.icai.org/44165icai-kyc-esb.pdf
The CBDT has issued Circular No. 40/2016 dated 9th December 2016 directing Assessing Officers not to reopen assessments of earlier years u/s 147 of the Act merely because there is an increase in turnover of the present year because of the adoption by the assessee of digital means of payment. The CBDT has pointed out that such move would cause “undue harassment” to the taxpayers
No service tax on credit, debit card transactions up to 2,000
The Government will waive service tax on debit and credit card transactions of up to Rs. 2,000 to promote digital transactions amid cash crunch following the withdrawal of old Rs. 500 and 1,000 banknotes.
The Government has decided to "exempt services by an acquiring bank to any person in relation to settlement of an amount up to Rs. 2,000 in a single transaction through credit, debit card or other payment card service", sources said.
A notification to this effect will be tabled by Finance Minister Arun Jaitley in Parliament.
Following demonetisation of old high value notes, there has been a cash crunch in the country as people have been making a beeline for banks and ATMs to withdraw new currency.
The Government has been taking steps to promote cashless or digital transactions to take India towards a less-cash economy.
Recently, the Government asked banks to install additional 10 lakh PoS terminals by March 31 in different parts of the country.
The service tax notification of June 2012 will be amended to include exemption on credit and debit cards, the sources added.
As of now, services provided by organisations such as United Nations and other international bodies are exempt from tax.
A range of other services provided by arbitral tribunals, testing of newly developed drugs, educational institutions, trade unions, general insurance business and sports bodies, among others, too are exempt from the levy.
