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.”

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

62 foreign NGOs set up offices in China

Sixty two foreign NGOs have registered with public security authorities and set up their representative offices in China after a new law regulating overseas NGOs took effect on January 1.

Image result for Foreign NGOAmong the 62 NGOs, which include those in fields such as the economy, education and environmental protection, 27 are from the United States, including the Bill and Melinda Gates Foundation and the US-China Business Council, state-run Xinhua news agency reported today. The other 35 come from 14 regions and countries, including the Hong Kong Special Administrative Region, Britain, Germany and Switzerland.

“With simplified procedures and less time spent, the registration went smoothly under the new law,” said Jacob Parker, vice president of China Operations of the US-China Business Council, an organisation of American companies in business with China.

ITR 1 and ITR 4 for AY 2017-18 are now available for e-Filing. Other ITRs will be available shortly.



CBDT notifies new Income Tax Return Forms for AY 2017-18

The Central Board of Direct Taxes has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2017-18. One of the major reforms made in the notified ITR Forms is the designing of a one page simplified ITR Form-1(Sahaj). This ITR Form- 1(Sahaj) can be filed by an individual having income upto Rs.50 lakh and who is receiving income from salary one house property / other income (interest etc.) . Various parts of ITR Form-1 (Sahaj) viz. parts relating to tax computation and deductions have been rationalised and simplified for easy compliance. This will reduce the compliance burden to a significant extent on the individual tax payer. This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simplified Form.

Simultaneously, the number of ITR Forms have been reduced from the existing nine to seven forms. The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms. Consequently, ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam) respectively.

There is no change in the manner of filing of ITR Forms as compared to last year. All these ITR Forms are to be filed electronically. However, where return is furnished in ITR- 1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form:-

(i) an individual of the age of 80 years or more at any time during the previous year; or (ii) an individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the return of income, The notified ITR Forms are available on the department’s official website http://www.incometaxindia.gov.in

(Meenakshi J Goswami)

Commissioner of Income Tax (Media and Technical Policy) Official Spokesperson, CBDT.

Click here to view notification

STK-2 (Closer of Company)

Form STK-2, application by company for removing its name from register of companies is likely to be made available w.e.f 5th April 2017.

About STK-2

MCA has informed that e-Form STK-2 related to Application for Removal of Company Name is under development and the same shall be deployed soon. It may be noted that MCA has commenced provisions of Sec. 248 to 252 of the Companies Act, 2013 reg. removal of names of companies w.e.f. 26 Dec. 2016.

Following are the few important rules of such Notified Rules.

Removal of name of company from Register by ROC on sue-moto basis.

ROC may remove Company’s name from Register on sue-moto pursuant to Section 248(1) of Companies Act, 2013.

Application for removal of name of company

  1. An application can be made by Company for removing its name from Register under Section 248(2) of the Act by submitting Form STK-2 along with Fees of Rs 5,000/-.
  2. Such application shall be accompanied by following documents:-
  • Indemnity Bond duly notarised by every Director of the company in Form STK-3
  • Statement of Accounts certified by Chartered Accountant
  • An Affidavit from every Director of the company in Form STK-4
  • Special Resolution duly signed by all the Directors of the company or consent of 75% of shareholder as on date of application
  • Statement regarding pending litigations, if any, involving Company
  1. Form STK-2 shall be signed by Director duly authorised by the board of Directors.
  2. Form STK-2 shall be certified by CA/CS/CWA in practice
  3. The notice under sub-section (1) or sub-section (2) of section 248 to be published by MCA shall be in Form STK 5 or STK 6 respectively. Company shall also be required to place the application on its website till its disposal.
  4. Rules has specifically mentioned that in case of Foreign National / NRI, Indemnity Bond and declaration shall be notarised or apostilled or consularised.
  5. Notice of striking-off shall be given by ROC in Form STK-7.
  6. Any application or pending for striking off or Form-FTE filed with the Registrar of Companies prior to the commencement of these rules but not disposed of by such authority for want of any information or document shall, on its submission, to the satisfaction of the authority, be disposed of in accordance with the rules made under the Companies Act, 1956.

New Address of Insolvency and Bankruptcy Board of India

UntitledShri Arjun Ram Meghwal, MOS (Finance &Corporate Affairs): Insolvency and Bankruptcy Code, 2016 is a key economic reform that will facilitate ease of doing business and promote economic growth;. Inaugurates the new Premises of Insolvency and Bankruptcy Board of India in national capital    The Minister of State for Finance and Corporate Affairs, Shri Arjun Ram Meghwal that the Insolvency and Bankruptcy Code, 2016 is a key economic reform that will facilitate ease of doing business and promote economic growth.

He appreciated the progress so far made by the Ministry of Corporate Affairs and the IBBI to implement this reform. He advised that this reform should be suitably disseminated at international fora. He emphasized that a regulator is duty bound to guide and steer the market forces in the right direction, and not be intrusive. Shri Meghwal was speaking after inaugurating the new premises of the Insolvency and Bankruptcy Board of India (IBBI) in Delhi today.

The IBBI is now located at 7th Floor, Mayur Bhawan, Shankar Market, Connaught Place, New Delhi 110 001. It was earlier functioning-out of the CMA Bhawan, Lodhi Road, New Delhi.

List of valid e-wallets and pre-paid cards Banks

List of banks permitted to issue pre-paid cards in India as on March 03, 2017
S No. Name of the Banks
1 Airtel Payments Bank Ltd.
2 Allahabad Bank
3 American Express Banking Corporation
4 Andhra Bank
5 Au Small Finance Bank Limited
6 Axis Bank Limited
7 Bank of Baroda
8 Bank of India
9 Bank of Maharashtra
10 Barclays Bank PLC
11 Canara Bank
12 Central Bank of India
13 Citi Bank N.A.
14 City Union Bank Ltd.
15 Corporation Bank
16 DBS Bank Ltd.
17 Dena Bank
18 DCB Bank Ltd.
19 Equitas Small Finance Bank Limited
20 First Rand Bank
21 HDFC Bank Limited
22 ICICI Bank Limited
23 IDBI Bank Ltd.
24 Indian Bank
25 Indian Overseas Bank
26 IndusInd Bank Limited
27 Karnataka Bank Ltd.
28 Karur Vysya Bank Ltd.
29 Kotak Mahindra Bank Ltd.
30 Lakshmi Vilas Bank Ltd.
31 Oriental Bank of Commerce
32 Paytm Payments Bank Limited
33 Punjab National Bank
34 Punjab & Sind Bank
35 South Indian Bank Ltd.
36 Standard Chartered Bank
37 State Bank of Bikaner & Jaipur
38 State Bank of Hyderabad
39 State Bank of India
40 State Bank of Mysore
41 State Bank of Patiala
42 State Bank of Travancore
43 Syndicate Bank
44 Tamilnad Mercantile Bank Ltd.
45 The Dhanlaxmi Bank Limited
46 The Federal Bank Limited
47 The New India Co-operative Bank Ltd
48 The Ratnakar Bank Ltd.
49 UCO Bank
50 Union Bank of India
51 Vijaya Bank
52 Yes Bank Ltd.