Market Association Reward Scheme – DVAT

Image result for dvat imageDvat department introduce a reward scheme to encourage market / trade association for payment of due tax. A portion of the VAT collected in addition to the target from the markets/localities shall be made available for the maintenance and up-gradation of that market to foster business and trade.

Eligibility Criteria:

The market association, registered under the Society Registration Act 1861, must have at least 50 registered members to be eligible for the reward. The number of members would be frozen at the beginning of the scheme and thereafter at the end of April of each financial year. More than 50% of the members should be registered with the department. The office bearers of the association should be elected through the process of election in accordance with the constitution of the association. Not more than 5% of the registered members should have defaulted in return filing. KCS, liquor, tobacco and petroleum dealers are excluded from the ambit of this scheme.

Enrollment:

The association has to register itself online on the website of the department and upload the list of members with their TIN, Name & Address. If a dealer is a member of more than one market association, the said member can associate with only one market association. Cancelled dealers cannot participate in any association for the purpose of this scheme. Members should be from ward area only.

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Government makes geo-location of tangible assets mandatory for firms

Related imageCorporate India will have to furnish the geo-location data of tangible assets appearing on the balance-sheets, with the government seeking to establish stringent norms for verifying the details of properties recorded with the registrar as ‘charges’ for a company.

Simply put, a charge is the interest created on a company’s assets that have been put up as security or are mortgaged.

Revising disclosure standards, the Ministry of Corporate Affairs has told companies that supplying the latitude and longitude of their tangible assets is now mandatory. Company Secretaries and asset teams in the accounts divisions might now be engaged with Google Maps, with the ministry revising Forms CHG 1 and 9 to include a column on the latitude and longitude of the asset. Both forms pertain to applications for the creation and modification of charges on a company and were modified through a gazette notification this month.

Image result for ICSI“If the ‘Type of Charge’ is ‘immovable property or any interest therein’, the location parameters (Latitude and Longitude) shall be mandatory,” according to a notification on the ministry’s website.

“It is a unique move,” said Shyam Agrawal, president of the Institute of Company Secretaries of India (ICSI).

No prosecution for attempt to commit suicide: Person shall be presumed to be under severe stress

Related imageEnacting the new Mental Healthcare Act, 2017, Parliament has decriminalized the attempt to commit suicide. A person attempting to commit suicide shall be presumed to be under severe stress and shall not be prosecuted or punished under Section 309 of the Penal Code, 1860, unless proven otherwise. Further, the appropriate government has a duty to provide care, treatment and rehabilitation to the person having the stress.

The Section reads as: 115. Presumption of severe stress in case of attempt to commit suicide.

*(1) Notwithstanding anything contained in section 309 of the Indian Penal Code any person who attempts to commit suicide shall be presumed, unless proved otherwise, to have severe stress and shall not be tried and punished under the said Code.*

(2) The appropriate Government shall have a duty to provide care, treatment and rehabilitation to a person, having severe stress and who attempted to commit suicide, to reduce the risk of recurrence of attempt to commit suicide.

LIST OF PAN – BANKS

To claim tax exemption on home loan tax payers now need to quote PAN number of the bank or institution from where they have taken loan. The loan providers have now modified their home loan payment certificate which quotes their PAN Number. But in case you are not able to find it, here is a list of banks / NBFCs with their PAN Numbers.

Bank/Home Loan Providers PAN Number
Allahabad Bank AACCA8464F
Andhra Bank AABCA7375C
Axis Bank Limited AAACU2414K
Bank of Baroda (BoB) AAACB1534F
Bank of India (BoI) AAACB0472C
Bank of Maharashtra (BoM) AACCB0774B
BMW India Financial Services AADCB8986G
Canara Bank AAACC6106G
Canfin Homes Limited AAACC7241A
Central Bank of India AAACC2498P
CITI Bank AAACC0462F
City Union Bank Limited AAACC1287E
Corporation Bank AAACC7245E
Dahod Urban Co.op. Bank Ltd. AAAAT2915L
DCB Bank Limited AAACD1461F
Deutsche Bank AAACD1390F
DHFL AAACD1977A
FEDERAL BANK AABCT0020H
GIC Housing Finance Limited AAACG2755R
GRUH FINANCE LTD. AAACG7010K
HDFC AAACH0997E
HDFC Bank Limited AAACH2702H
Housing & Urban Development Corporation Ltd. AAACH0632A
HSBC AAACT2786P
ICICI Bank Limited AAACI1195H
ICICI Home Finance Company Ltd AAACI6285N
IDBI Bank Limited AABCI8842G
India bulls AABCI3612A
Indian Bank AAACI1607G
Indian Overseas Bank (IOB) AAACI1223J
Indusind Bank Limited AAACI1314G
ING Vysya AABCT0529M
Kotak Mahindra Bank Limited AAACK4409J
L&T FinCorp Limited AAACI4598Q
L&T Infrastructure Finance Company AABCL2283L
LIC Housing Finance Limited AAACL1799C
Oriental Bank of Commerce AAACO0191M
PNB Housing Finance Limited AAACP3682N
Power Finance Corporation Limited AAACP1570H
Punjab & Sind Bank AAACP1206G
Punjab National Bank (PNB) AAACP0165G
Ratnakar / RBL Bank Ltd AABCT3335M
Reliance Home Loan Finance Limited AAECR0305E
Saraswat Co-Op. Bank Ltd AABAT4497Q
sardar bhiladwala pardi peoples co.op.bank ltd AABAS4480Q
Standard Chartered Bank AABCS4681D
State Bank of Bikaner and Jaipur (SBJJ) AADCS4750R
State Bank of Hyderabad (SBH) AADCS4009H
State Bank of India (SBI) AAACS8577K
State Bank of Mysore (SBM) AACCS0155P
State Bank of Patiala AACCS0143D
State Bank of Travancore AAGCS9120G
Syndicate Bank AACCS4699E
TATA Capital Housing Finance Ltd AADCT0491L
TATA Capital Ltd AADCP9147P
TATA Motors Finance Limited AACCT4644A
The Karnatka Bank Limited AABCT5589K
The South Indian Bank Limited AABCT0022F
UCO Bank AAACU3561B
Union Bank of India AAACU0564G
United Bank of India AAACU5624P
Vijaya Bank AAACV4791J
YES Bank Limited AAACY2068D

You can cross check posted PAN with following link.

ED raids offices of 34 chartered accountants in New Delhi

Image result for CAThe Enforcement Directorate (ED) is carrying out a first-of-its-kind raids in New Delhi on the offices of professionals like chartered accountants and company secretaries for allegedly providing a legitimate cover to shell companies.

Image result for cs logoThe CAs and CSs are accused of helping shell companies convert black money in to white. They allegedly help shell companies by providing a legal framework for the paper companies. The raids follow notices that were earlier issued.

On Wedesnday, the ED was raiding the offices of 34 CAs in the Jain brothers case who were arrested last month in action against shell by the ED.

According to a report by PTI, the agency had arrested Surendra Kumar Jain and Virendra Jain and were later sent to 10 days custody after being produced in front of a court.

The ED, at the time said in a statement that “the modus operandi of Jain brothers was to launder the unaccounted money through the process of palcement of funds, layering of transactions and teh final integration of laundering money into the banking channel camouflaged as legitimate share premium transactions.

“Funds were brought in by the mediators on behalf of the beneficiaries through the mediators. Jain Brothers were providing accommodation entries by accepting funds from their beneficiaries through mediators and converting the same into share premium transactions in the beneficiary company. In this process Jain Brothers earned money as a certain percentage of the unaccounted money converted into share premium,” it added.

The ED also said, “during probe of some other firms ‘controlled’ by these brothers, it has emerged that during a “short period of three months between the opening and closing of the accounts of these companies, there was credit and debit summations to the tune of Rs 8,000 crore.”

Women Don’t Need To Change Their Names In Passport After Marriage

passportPM Modi has just announced a good news for the newly-married couples who were planning their summer breaks for overseas, but are stuck up in the process of updating spouses’ names on their passports. Prime Minister Narendra Modi has announced that women are free to retain their maiden names in their passports now after their marriage.

“From now onwards, women will not have to change their names in the passport after their marriage,” Modi told a gathering of the Indian Merchants Chambers’ ladies wing over a video conferencing.

Amazon Revised Service Charges

Revised Charges

Effective from 3rd May, 2017, the following fee revisions will be applicable:

  • Selling on Amazon Closing Fee: Fixed Closing Fee structure will be revised for all product categories, depending on product price bands. For details, refer Table 1 below.
  • FBA Weight Handling Fees: For weight handling fee in FBA, we will offer lower rates for standard items in weight slabs higher than 3 Kg. Weight handling fees will be charged based on item size & item weight (unit or dimensional) rates, and for each shipped unit. To view the rate card, refer  Table 2 below.
  • Cancellation Charges: Seller will now be charged a cancellation fee of 8.5% of the value of items instead of 2.5%. This charge will be applicable under the following two scenarios: A) Order is cancelled by seller for any reason other than buyer request (only cancellations requested by buyers through www.amazon.in will be considered as buyer requested cancellations and will be exempted from the above Cancellation Charge), OR, B) Order is cancelled automatically as the seller has not shipped and confirmed the order within 48 hours of the Estimated Ship Date.

Effective 18th May, 2017, the following fee revisions will be applicable:

  • Delivery Service Fee: Delivery Service Fee of 1.25% charged on all FBA and Easy Ship shipments will be discontinued.
  • Selling on Amazon Referral Fee: Referral Fee has been revised for multiple product categories. To view the complete list of all categories with their revised referral rates, click here.

The following fees remain unchanged:

  • Easy Ship Weight Handling Fees: Easy Ship shipping fees remains unchanged. To view Easy Ship rate card for shipping fee, refer Table 3 below.
  • Zero Fulfilment Fee for Items over INR 20,000: Zero Fulfilment Fee (Pick & Pack Fee and Weight handling Shipping Fee) for all Small-size and Standard-size items whose list price is above INR 20,000 will continue.
  • First Three Months Free Removals: We will continue to offer free Pickup and Standard removals for the first 3 months to each new seller who signs up for FBA.

Please note:

  • Fees shown in the tables below are displayed excluding taxes. Amazon will charge 14% Service Tax, 0.5% Swachh Bharath Cess and 0.5% Krishi Kalyan Cess on all fees displayed below. (Total service tax of 15%)
  • For FBA orders, the Outbound Shipping Weight is calculated for each unit by adding the Packaging Weight to the item weight. We will use 80 gm, 100 gm and 500 gm as the Packaging Weight for Small, Standard and Oversize items respectively.
  • For Standard and Oversize items weighing more than 1 kg, we use Dimensional Weight if the Dimensional Weight is greater than the Unit Weight.
  • For Oversize Heavy and Bulky items we will use Dimensional Weight if the Dimensional Weight is greater than the Unit Weight.
  • Dimensional weight is calculated using the formula, (Length x Width x Height) divided by 5000 to get the Dimensional weight of a unit in kilograms. Length, Width and Height are all in centimeters.
  • Long-Term Storage Fees: Additional charges for inventory stored in the Amazon fulfillment centers for more than six months will be applicable in accordance with company policies. Click here to know more about Long-term storage fees.

Please feel free to write to in-fee-announce-feedback@amazon.com  to provide your feedback on the new changes. If you have any further questions, you can contact our Seller Support (sign-in required).
Regards,
Amazon Services

Table 1: Selling on Amazon Closing Fees

Table 2: FBA Weight Handling Fees
Item Size Definition

Table 2.1: FBA fees effective 3rd May, 2017 for Small Size items

Note 1: Units weighing above 1kg will not be classified as Small size.
Note 2: Delivery Service Fee of 1.25% on Item Value will be continued to be charged till 18th May, 2017

Table 2.2: FBA fees effective 3rd May, 2017 for Standard Size items
Note: Delivery Service Fee of 1.25% on Item Value will be continued to be charged till 18th May, 2017

Table 2.3: FBA fees effective 3rd May, 2017 for Oversize items

Note: Delivery Service Fee of 1.25% on Item Value will be continued to be charged till 18th May, 2017

Table 2.4: FBA fees effective 3rd May, 2017 for Oversize Heavy and Bulky items

Note 1: National shipment option is not available for Oversize Heavy and Bulky units.
Note 2: Delivery Service Fee of 1.25% on Item Value will be continued to be charged till 18th May, 2017

Table 3: Amazon Easy Ship Weight Handling Fees
Table 3.1: Easy Ship Weight Handling Fees for Standard-size Items

Note: Delivery Service Fee of 1.25% on Item Value will be continued to be charged till 18th May, 2017

Table 3.2: Easy Ship Weight Handling Fees for Oversize Items

Note: Delivery Service Fee of 1.25% on Item Value will be continued to be charged till 18th May, 2017

Table 3.3: Easy Ship Weight Handling Fees for Oversize Heavy and Bulky Items

Note: Delivery Service Fee of 1.25% on Item Value will be continued to be charged till 18th May, 2017