Aadhaar is mandatory for all stakeholders – MCA

MCA Notice

Image result for aadhaarMCA is actively considering Aadhaar Integration for availing various MCA21 related services. As a preparatory step, all individual stakeholders viz. DIN holders /Directors/ Key Managerial Personnel/ Professionals of the Institute of Company Secretaries of India-Institute of Chartered Accountants of India-Institute of Cost Accountants of India (whether in employment or in practice) are requested to obtain Aadhaar as early as possible for integrating their details with MCA21 and also ensure that the information in Aadhaar is in harmony with PAN. When implemented, all MCA21 services shall be available based on Aadhaar based authentication ONLY. The date of Aadhaar integration with MCA21 would be announced shortly. Stakeholders are requested to plan accordingly on PRIORITY so as to avoid future inconvenience.

List of 53312 Companies Not Been Carrying Business From Last 2 Years – DELHI ROC

1Hello everyone,

Hope all of you enjoy our updates. As per recent public notice of Delhi – ROC under section 248 of companies act, 2013. Delhi ROC issued list of 53312 Companies Not Been Carrying Business From Last 2 Years. Kindly take this matter on serious note to save your clients from legal liabilities.

Public Notice

In the matter of striking off of companies under section 248 (1) of the Companies Act, 2013, of following Companies in table A’,

1. Notice is hereby given that the Registrar of Companies has a reasonable cause to believe that —

(i) The following companies have not commenced business within one year of their incorporation. NIL

(ii) The following companies mentioned in Table “A” (List of 53312 Nos. Companies enclosed) have not been carrying on any business or operation for a period of two immediately preceding financial years and have not made any application within such period for obtaining the status of dormant company under section 455.

And, therefore, proposes to remove/strike off the names of the above mentioned companies from the register of companies and dissolve them unless a cause is shown to the contrary, within thirty days from the date of this notice.

2. Any person objecting to the proposed removal/striking off of name of the companies from the register of companies may send his/her objection to the office address mentioned here-above within thirty days from the date of publication of this notice.

Click here to view List.

Regards | CS Sukhwinder Singh | 9999939069

Stamp Duty On Issue of Shares – Haryana

Image result for stamp dutyIn Schedule 1-A to the principal Act, under column “Proper Stamp Duty”,

(i) Against article 19, for the existing entry, the following entry shall be submitted namely:-

“One rupee for every one thousand or a part thereof, of the value of the shares, scrip or stock”.

(ii) Against article 27.

(a) in clause (a), for the existing entry the following entry shall be submitted , namely:–
“0.05% per year of the face value of the debenture subject to the maximum of 0.25%”.

(b) in clause (b), for the existing entry shall be substituted namely —
“0.05% per year of the face value of the debenture, subject to the maximum of 0.25%”.

(iii) against article 48—
(a) in clause (a), for the existing entry, the following entry shall be substituted, namely:–

“Three hundred rupees”.
(b) in clause (b), for the existing entry, the following entry shall be substituted, namely:–
“Three hundred rupees”.

(c) in clause (c), for the existing entry, the following entry shall be substituted, namely:–
“Three hundred rupees”.

(d) in clause (d), for the existing entry, the following entry shall be substituted, namely:–
“Five hundred rupees”.

(e) in clause (e), for the existing entry, the following entry shall be substituted, namely:–
“One thousand rupees”, and

(f) in clause (g), for the existing entry, the following entry shall be substituted, namely:- “One hundred rupees for each person authorized”.

Click here to download Revised Stamp Duty in Haryana

MCA UPDATES

  • Form 20B,PAS-3 and 23ACA are likely to be revised on MCA21 Company Forms Download page w.e.f 29th Mar 2017. Stakeholders are advised to check the latest version before filing.
  • Forms CHG-1, CHG-4, CHG-9 are likely to be revised on MCA21 Company Forms Download page w.e.f 1st April 2017. Stakeholders are advised to check the latest version before filing.
  • Stakeholders are advised to ensure that Form 3 (Information with regard to Limited Liability Partnership agreement and changes, if any, made therein) has been mandatory filed for initial agreement before filing of Form 8 (Statement of Account & Solvency) and Form 11 (Annual Return of Limited Liability Partnership (LLP).

CS Sukhwinder Singh | 9999939069

Word Format – Secretarial Audit Report (Listed Company)

‘Secretarial Audit’ has been introduced by recently enacted Companies Act, 2013.  It is a process to check compliance made by the Company under Corporate Law & other laws, rules, regulations, procedures etc. It is a mechanism to monitor compliance with the requirements of stated laws and processes. Periodical examination of work is necessary to point out errors & mistakes and to make a robust compliance mechanism system in an organization.

Every company needs to comply hundreds of Laws, rules, regulations. These laws are complex and non-compliances would attract major risk to company. Periodically inspecting the records of company gives exact information whether, and if so, to what extent Company has complied with the laws applicable to the Company.

As per section 204 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, following companies are required to obtain ‘Secretarial Audit Report’ form independent practicing company secretary;

  1. Every listed company
  1. Every public company having a paid-up share capital of Fifty Crore rupees or more; or
  1.  Every public company having a turnover of Two Hundred Fifty Crore rupees or more.
  • “Turnover” means the aggregate value of the realization of amount made from the sale, supply or distribution of goods or on account of services rendered, or both, by the company during a financial year. [Section 2(91)]
  • Secretarial Audit is also mandatory to a private company which is a subsidiary of a public company and which falls under the prescribed class of companies

Click here to download – WORD FORMAT – SECRETARIAL AUDIT REPORT

MCA Updates

  • Form AOC-4 CFS, GNL-1 and GNL-3 are likely to be revised on MCA21 Company Forms Download page w.e.f 8th MAR 2017. Stakeholders are advised to check the latest version before filing.
  • Form SPICe MoA, SPICe AoA and SH-11 were recently revised on MCA21 Company Forms Download page. Stakeholders are advised to check the latest version before filing.
  • Stakeholders may kindly note that in the new improved version of SPICe e-form, the Certificate of Incorporation will be generated only after approval of Company Incorporation by MCA and also allotment of PAN & TAN by Income Tax Deptt. Till the integration with the CBDT system stabilizes, few Stakeholders may experience occasional delay in receiving the Certificate of Incorporation (COI). Stakeholders may please note that the new functionality is intended to reduce the total time frame and number of processes for incorporation and allotment of PAN/TAN. All newly incorporated companies using SPICE e-forms are now receiving their PAN in the COI itself and TAN separately by e-mail.
  • Form 49A (PAN) and 49B (TAN) needs to be digitally signed by the same director who has affixed digital signature in Form SPICe (INC-32).

 

Union Budget 2017-18 (DIRECT TAXES)

Related image#Rate of Tax on Income on Individuals from Rs. 2.50 Lakhs to Rs. 5 Lakhs reduced from ~10%~ to 5%.

#INCOME TAX EXEMPTION LIMIT on Individuals
upto 2.5 lakh NIL
2.5lakh to 5 lakh 5%
5 lakh to 10 lakh 20%
above 10 lakh 30%
REBATE IN TAX OF Rs 2500 UPTO INCOME OF Rs 3.5 Lakh

INCOME TAX SURCHARGE
UPTO 50 LAKH NIL
50 LAKH TO 100 LAKH 10%
ABOVE 100 LAKH 15%

#For Individuals above age of 60 years but less than 80 years

upto 3 Lakh NIL
3lakh to 5 lakh 5%
5 lakh to 10 lakh 20%
above 10 lakh 30%

#For Individuals above age of 80 years upto 3 Lakh NIL
upto 5 lakh NIL

5 lakh to 10 lakh 20%
above 10 lakh 30%

#For Domestic Companies whose total turnover or gross receipts of the P/Y 2015-16 does not exceed Rs. 50 Crores: 25% ; for others 30%. Surcharge remains same as previous year.

#Section 115BBDA: *Income by way of dividend in excess of Rs. 10 lakh* => Tax@10% => ection shall be applicable to all resident assessees except domestic company and certain funds, trusts, institutions, etc

#New Section 194-IB: Individuals or a HUF (other than those covered under 44AB of the Act), responsible for paying to a resident =>any income by way of RENT > Rs. 50k for a month or part of month during the previous year =>TDS @5%.

# *Long Term Capital Assets for Land or Building or Both* => *Period of Holding* reduced from 36 months to *24 months* .

# *Base Year for Computation of Capital Gains shifted from 01.04.1981 to 01.04.2001.*

#Expanding the scope of long term bonds under 54EC: Currently NHAI or RECL bonds were eligible => Now propose to provide that investment in any bond redeemable after three years which has been notified by the Central Government in this behalf shall also be eligible for exemption.

#No notional income for house property held as stock-in-trade: for the period upto one year from the end of the F/y in which the certificate of completion of construction of the property is obtained from the competent authority.

#Section 80-IAC: Extending the period for claiming deduction by start-ups => currently 3/5 years => proposed 3/7 years

#Section 115JAA: MAT / AMT Credit can be carried forward to ~10years~ 15 years.

#Section 80G: Cash donation restricted to Rs. 10,000/-

#Disallowance of depreciation U/s 32 and capital expenditure U/s 35AD on cash payment exceeding Rs. 10,000/-

#Section 40A: Reduction of existing threshold of cash payment to a person from Rs. 20,000/- to Rs. 10,000/-.

#Section 44AD: Measures for promoting digital payments in case of small unorganized businesses: Reduction of Deemed Income from 8% to 6% in case amount is received by an A/c payee cheque or A/c bank draft or use of ECS through a bank account.

#Section 269ST: Restriction on cash transactions of Rs. 3 Lakhs or more

#Section 13A: Transparency in ELECTORAL Funding:  Maximum cash donation Rs. 2,000/- and Political Parties to file Income Tax Return U/s 139.

#Section 194D: Insurance Commission: eligible for filing self-declaration in Form.No.15G/15H for non-deduction of tax at source in respect insurance commission.

#Section 44AA: Increasing the threshold limit for maintenance of books of accounts in case of Individuals and HUF carrying on business or profession: Income Rs. 2.50 Lakhs and Total Sales Rs. 20 Lakhs

#Section 194J: Reduce the Rate of TDS from 10% to 2% in case of a person engaged only in the business of operation of call center.

#Section 92BA: person referred to in under section 40A(2)(b) are to be excluded from the scope of section 92BA.

#Section 47: Tax neutral conversion of preference shares to equity shares.

#Sectionn47(vic): Cost of acquisition in Tax neutral demerger of a foreign company: cost of acquisition of the shares of Indian company referred to in section 47(vic) in the hands of the resulting foreign company shall be the same as it was in the hands of demerged foreign company.

#Rationalisation of section 211 and section 234C relating to advance tax: single instalment advance tax benefits to certain assesses.

#Section 244A: Interest on refund due to deductor @1.50% p.m.

#Rationalisation of time limits for completion of assessment, reassessment and re-computation and reducing the time for filing revised return. time for furnishing of revised return shall be available upto the end of the relevant assessment year or before the completion of assessment, whichever is earlier.

#Rationalisation of the provisions in respect of time limits for completion of search assessment.

#ANTI-ABUSE MEASURES: With a view to prevent this abuse, it is proposed to amend section 10(38) to provide that exemption under this section for income arising on transfer of equity share acquired or on after 01.10.2004 shall be available only if the acquisition of share is chargeable to STT.

#New Section 50CA: where consideration for transfer of share of a company (other than quoted share) is less than the Fair Market Value (FMV) of such share determined in accordance with the prescribed manner, the FMV shall be deemed to be the full value of consideration for the purposes of computing income under the head “Capital gains”.

#New Section 94B: interest expenses claimed by an entity to its associated enterprises shall be restricted to 30% of its earnings before interest, taxes, depreciation and amortization (EBITDA) or interest paid or payable to associated enterprise, whichever is less.

#Section 139 (4C): Mandatory furnishing of return by certain exempt entities.

#New Section 234F: Fee for delayed filing of return upto Rs. 10,000/-.

#Section 271J: Penalty on professionals for furnishing incorrect information in statutory report or certificate upto Rs. 10,000/-.

*Service Tax, VAT, Central Excise and Customs*

#Section 96A Clause (d) (Service Tax), 23A Clause (e) (Central Excise) & 28E clause (e) (Customs):  “Authority” to mean the Authority for Advance Ruling as constituted under section 28E of the Customs Act, 1962.

#Section 28F (Customs): The Authority for Advance Rulings constituted under section 245-O of the Income-tax Act shall be the Authority for giving advance rulings for the purposes of the Customs Act.

#Section 96C (3) (Service Tax): *Increase the application fee for seeking advance ruling from ₹2500 to ₹10000* on the lines of the Central Excise Act.

#Section 26C (3) (Central Excise): *Increase the application fee for seeking advance ruling from ₹2500 to ₹10000* on the lines of the Income Tax Act.

#Section 32E (5) (Central Excise) & Section 127B (5) (Customs): enable any person to make an application to the Settlement Commission

#Section 32F (5A) (Central Excise) Section 127C (3) (Customs): The Settlement Commission=>*Rectify any error apparent on the face of record* .

#Section 96D (6) (Service Tax) & #Section (Excise): Time Limit Amended=> *Six Months by which Authority shall pronounce its ruling* on the lines of the Central Excise Act.

Image result for Direct Tax#Section 26D (6) (Excise): Time Limit Amended=> *Six Months by which Authority shall pronounce its ruling* on the lines of the Income Tax Act.

#Section 28H (3) (Customs): Increase the application fee for seeking advance ruling from ₹2500 to ₹10000 on the lines of the Income Tax Act.

#Section 28I (6) (Customs): Time Limit Amended=>Six Months by which Authority shall pronounce its ruling on the lines of the Income Tax Act.

#Section 30A (Customs): Passenger and crew arrival manifest before arrival in the case of an aircraft or a vessel and upon arrival in the case of a vehicle=>Penalty: ≤₹50000.

#Section 41A (Customs): Passenger and crew departure manifest and passenger name record information of departing passengers before the departure of the conveyance form yet to be prescribed=>Penalty: ≤₹50000.

*NEW* #Section 96HA (Service Tax) & #Section 23-I (Central Excise): Transferring pending application before the Authority for Advance Rulings (Central Excise, Customs and Service Tax) to the Authority constituted under section 245-O of the Income-tax Act

#Section 46 (3) (Customs): Mandatory to file the bill of entry before the end of the next day following the day (excluding holidays)

#Section 7 (Customs): Empowering the board to notify Foreign Post Offices & International Courier Terminals.

#Section 17 (Customs): Rationalization the requirement of the documents for verification of self-assessment.

#Section (49) (Customs): Extending the facility of storage under section 49 to imported goods entered for warehousing before their removal

#Section 27(2): Unjust Enrichment=>The Refund the refund of duty paid in excess by the importer before an order permitting clearance of goods for home consumption is made.

#Section 9 (3) Clause (c): Withdrawal of the exemption to three categories of non-actionable subsidies specified therein from the scope of anti-subsidy investigations.

#Service Tax: Exemption from service tax is being provided in respect of the amount of viability gap funding (VGF) payable to the selected airline operator for the services of transport of passengers.

#Service Tax: Exemption to life insurance to members of the Army, Navy and Air Force under the Group Insurance Schemes of the Central Government, is being made effective from 10th day of September, 2004, the date when services of life insurance became taxable.

#Service Tax: The services of renting of immovable property became taxable => exempts one-time upfront amount payable for grant of long-term lease of industrial plots (30 years or more) by State Government industrial development corporations/undertakings to industrial units from Service Tax.