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People are still in unaware of transactions with banks they can do......

1) They can exchange cash of INR 4000 from any bank whether they have account with that bank or not till 24th Nov 16

2) They can withdraw INR 2000 one time from any ATM and INR 4000 in a day

3) They can withdraw INR 10000 per day and weakly INR 20000 from their bank account

4) They can make any payment through cheque or Demand draft without monetary limit

5) They can do online transaction without any monetary limit

6) They can do any transaction with their debit/credit card as earlier

7) They can deposit any amount in bank account with PAN card and other identity proof.... Bank will not ask from where you get this money..... You are totally safe if your money is accounted and earned by you

A request to all the citizens..... Where ever they can use plastic money(debit /credit card) , net banking or any other payment facility other than cash..... please use the same and not to pay in cash...... One can understand things may be little bit costly in mall ( or big players such as big bazaar) as compared to local market but please co operate for some time....... If you have sufficient liquidity to manage for some days and standing in que to deposit your money in bank.... Then please wait for some days and give priority to those who are in lines to withdraw funds........

Please support for 50 days as said by PM
And I believe he has a master plan even after 30th Dec for people who didn't got catched in this scenario

Scope of prima facie adjustment u/s 143(1) of Income Tax Act enhanced

The Finance Act, 2016 has made a very important amendment to section 143(1) of Income Tax Act, 1961, whereby the scope of prima facie adjustments u/s 143(1) has been enhanced while processing the returns. The following four sub-cluases and two provisos to the clause (a) of Section 143(1) have been added to allow for the following adjustments also while processing the returns:

“(iii) disallowance of loss claimed, if return of previous year for which set off of loss is claimed was furnished beyond the due date specified under section 139(1);

(iv) disallowance of expenditure indicated in the the audit report but not taken into the account in computing the total income in the return;

(v) disallowance of deduction claimed under section 10AA, 80-IA, 80IAB, 80IB, 80IC, 80ID, 80IE, if the return is furnished beyond the due date specified under section 139(1);

(vi) addition of incopme appearing in form 26AS or form 16A or Form 16 which has not been included in computing the total income in the return:

Provided that no such adjustments shall be made unless an intimation is given to the assesseeof such adjustments either in writting or in electric mode:

Provided further that the response received from the assessee, if any, shall be considered before making any adjustment, and in a case where no response is received within 30 days of the issue of intimation, such adjustments shall be made.”

Thus before filing your return you must check your 26AS form and audit report as also the dates on which your returns have been filed. Otherwise the return would be processed by addition to your income as per form 26AS or after disallowing the set off of losses, expenditures and deductions which you failed to do in the return of income filed.

These amendments are applicable w.e.f. 01.04.2017 i.e. A Y 2017-18.

🌺 Points to consider for Annual filings to ROC

1. MGT-14 for Approval of Accounts & draft board report
a. Pvt Co. - Not Required
b. Public Co. - Required

2. New forms AOC-4 (earlier 23AC/23ACA) and MGT-7 (earlier 20B) are introduced for annual filings.

3. Board Report shall include various disclosures as per sec 134 & other section etc. and summary of annual report in MGT 9.

4. Auditor shall be appointed for a period of 5 years subject to ratification every year in AGM. However, ADT-1 shall be filed for appointment only (i.e. ADT-1, not to be filled for ratification). If GNL 2 had been validly filled for 5 years, no need to file ADT1 is to be filled for ratification.

5. Auditor or his A/R (qualified to be auditor shall be present in AGM, unless otherwise exempted by company (also mention in Minutes of the company) [Sec. 146]

6. All the attachments of E-form should be duly signed, Don't file SD copy.

7. MGT 7 i.e. Annual Return is now in e-form. No physical annual return like previous year in 20B is required. E-form shall be signed by Company Secretary of the company or if there is no Company Secretary then form shall be certified by Practicing Company Secretary or small companies by director

8. Companies have paid up capital of 10 cr or more or Turnover of 50 cr or more are required to get certificate in MGT-8 by any PCS.

9. Special Resolution passed in general meeting shall also be required to file in MGT-14 for all company , Private or Public.

10. Notice of AGM should include route map of venue of AGM(SS 1)

11. Minutes of Board Meeting and General Meeting shall be serially numbered after 1st July 2015(SS 1 and SS 2)

12. Don't forget to regularise/appoint additional director, as director.

13. Company can also pass special resolution u/s 42/62(1)c or any other SR also, if required.

14. Report of AGM to be filled in MGT 15 within 30 days of conclusion of AGM(for listed co only).

15. If company have only associates & joint ventures (i.e. no subsidiary), no CFS is to be prepared.

16. Schedule III is to be followed for preparation of financial statement, otherwise penalty.

17. A statement in AOC1 is to be attached to FS for subsidiary, JV & associates.
AOC1 is to be attached , even if CFS is not required to be prepared.

18. Problem of MGT 7 & SOLUTION: While filling point no IXB, sometimes, % is automatically fillied as zero, which can not be changed. Download new reform & fill again.

Govt notifies Forward Contracts Regulation Act (FCRA) 1952 to be repealed with effect from 28th Sep, 2015.

Increase in the rate of Service tax from 12.36% to flat 14% (Subsuming Education cess and Secondary & Higher Secondary Education cess) to be effective from June 1, 2015;
♠ Following changes in relation to the Negative List – Section 66D of the Finance Act to be effective from June 1, 2015
Section 66D(f): Services by way of carrying out any processes for production or manufacture of alcoholic liquor for human consumption brought under the Service tax net.
Section 66D(i): Explanation inserted whereby the expression “betting, gambling or lottery” shall not include the activity as specified in substituted explanation 2 to Clause (44) of Section 65B of the Finance Act.
Section 66D(j): Omitted, which covers ‘admission to entertainment event or access to amusement facilities’.
♠ Consequent to the above changes in the Negative List of services, definition of following terms to be omitted/ amended in Section 65B of the Finance Act w.e.f. June 1, 2015:
Definitions of certain terms omitted [Section 65B(9): ‘amusement facility’, Section 65B(24): ‘entertainment event’]
Definitions of certain terms amended [Section 65B(40): ‘process amounting to manufacture or production of goods’ excluding alcoholic liquors for human consumption]

ITR 1, ITR 2 & ITR 4S for A.Y.2015-16 released by CBDT.

(NEW ITR1,2 & 4s FOR A.Y 2015-16 HAS BEEN PUBLISHED,
MANDATORY EFILING IF REFUND,
NEW ELECTRONIC CODE SYSTEM HAS BEEN IMPLEMENTED ) Furnish details of ALL Bank Accounts including opened/ closed during year & AADHAR. CBDT Notification 15-4-15

Ministry has notifies Accounting Standard for Income Tax....

This ICDS(income computation and disclosure standard) is applicable for computation of income chargeable under the head 'profits and gains of business or profession' or 'income from other sources' and not for the purpose of maintenance of books of accounts, according to the Ministry.

In the draft paper, the Ministry has suggested tax accounting standards for various matters including those related to lease of equipment, construction-linked projects and inventory valuation.

"The premise of the tax accounting standards is to bring in consistency in the tax positions being adopted by the companies... and ensure adequate disclosure of these tax positions including any exceptions to the same," Vikas Vasal, Partner at KPMG in India, said.

The aim is also to avoid litigation on some of the contentious tax issues, by bringing in clarity and mandatory disclosures, he added.

With regard to tax accounting standards, a committee, set up by the Central Board of Direct Taxes (CBDT), had submitted its first interim report in August 2011. The final report was submitted in August 2012.

The draft standards proposed by the panel was placed in public domain for comments.

"On the basis of the suggestions received from the stakeholders and examination of the same by the CBDT, the draft standards submitted by the committee have been revised," the Ministry said in a release today.

Vasal noted that initially the implementation of these standards would add to the administrative burden of entities.

Under Section 145 (1) of the Income-tax Act, 1961, income chargeable under the head 'profits and gain of business or profession' or 'income from other sources' be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee.

Section 145 (2) provides that the central government may notify ICDS for any class of asssessees or income.

Income tax Notification

CBDT has allowed the Companies to apply for allotment of a PAN / TAN while filing Form No. INC-7 at the time of incorporation of the company.

New Delhi, the 10th day of April, 2015
S.O. 995(E)- In exercise of the powers conferred by section 295 of the Income-tax
Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules
further to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income –tax (Fifth Amendment) Rules, 2015.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962, –
(1) in rule 114, –
(a) in sub-rule (1), the following proviso shall be inserted, namely:-
“Provided that in case of an applicant, being a company which has not been
registered under the Companies Act, 2013 (18 of 2013), the application for
allotment of a Permanent Account Number may be made in Form No. INC-7
specified under sub-section (1) of section 7 of the said Act for incorporation of the
company.”;
(b) in sub-rule (4),-
(i) in the opening portion, after the words, brackets and figure “referred to in subrule
(1)” the brackets, words and figure “[other than that referred to in the
proviso to sub-rule (1)]” shall be inserted;
(ii) in the TABLE, in column (4),-
(I) against Sl. No. (1), for item (C) the following item shall be substituted,
namely:-
“(C) Proof of date of birth—
copy of the following documents if they bear the name, date, month and year
of birth of the applicant, namely:-—
(a) birth certificate issued by the municipal authority or any office
authorised to issue birth and death certificate by the Registrar of Birth
and Deaths or the Indian Consulate as defined in clause (d) of subsection
(1) of section 2 of the Citizenship Act, 1955 (57 of 1955); or
(b) pension payment order; or
(c) marriage certificate issued by the Registrar of Marriages; or
(d) matriculation certificate or mark sheet of recognised board; or
(e) passport; or
(f) driving licence; or
(g) domicile certificate issued by the Government; or
(h) aadhar card issued by the Unique Identification Authority of India; or
(i) elector’s photo identity card; or
(j) photo identity card issued by the Central Government or State
Government or Central Public Sector Undertaking or State Public Sector
Undertaking; or
(k) Central Government Health Service Scheme photo card or Exservicemen
Contributory Health Scheme photo card; or
(l) affidavit sworn before a magistrate stating the date of birth.”;
(II) against Sl. No. 3, for the words “Copy of Certificate of Registration
issued by the Registrar of Companies.”, the following shall be substituted,
namely:-
“(a) Copy of Certificate of Registration issued by the Registrar of Companies;
or
(b) corporate identity number allotted by the Registrar under section 7 of the
Companies Act, 2013 (18 of 2013).”;
(2) in rule 114A, in sub-rule (1), the following proviso shall be inserted, namely:-
“Provided that in case of an applicant, being a company which has not been
registered under the Companies Act, 2013 (18 of 2013), the application for allotment
of a tax deduction and collection account number may be made in Form No. INC-7
specified under sub-section (1) of section 7 of the said Act for incorporation of the
company.”.
Regards
CA Sumit Ahuja

Required CWA with experience of 1 year.....send your resume to [email protected]