GST Enrolment Re-open on June 01, 2017

71.jpgMore than 60 lakh taxpayers enrolled on GST Portal between 8th November 2016 and 30th April 2017. The Enrolment process has closed with effect from 1st May 2017. Data of all those who have signed the enrolment form will be migrated to the new GST System.

The revenue department on Thursday said 6.05 million entities have enrolled themselves with the goods and services tax network (GSTN) system and for the remaining taxpayers it will reopen for 15 days from June 1. The process to enroll taxpayers on the GSTN portal was suspended on April 30. The government intends to roll out GST from July 1.

At a review meeting of IT Preparedness for GST System at GSTN office on Wednesday, Revenue Secretary Hasmukh Adhia expressed satisfaction with the preparation for the roll-out of GST. He reviewed the progress on enrolment of existing taxpayers. Adhia was also briefed about the software system being developed for GST, training of tax officials and outreach program being undertaken by Tax Departments across the nation. Of 62,937 tax officials, 24,668 tax officials have been given hands-on training on the application software on live system while the remaining officials will be trained by June 15, it said.

The training is being conducted on registration, returns and payment modules developed by GSTN, it said, adding GSTN is also conducting a pilot on GST System Software from May 2 to May, 16 where 3,200 taxpayers drawn from each state/UT and Centre will be participating.

MCA Updats – 09.05.2017

  • MCA – Due to urgent maintenance the following document related services will not be available on Tuesday, 9th May 2017 – View Public Documents, Download of form 49A/49B, Download form for Resubmission, and Documents in Track Payment Status / Track SRN status / Enquire DIN status services. Stakeholders are requested to plan accordingly.
  • Form DIR-3C and RD-1 are likely to be revised on MCA21 Company Forms Download page w.e.f 11th May 2017. Stakeholders are advised to check the latest version before filing.
  • Forms CHG-1, CHG-4, CHG-9 and STK-2 were recently revised on MCA21 Company Forms Download page. Stakeholders are advised to check the latest version before filing.

TECHNICAL COMMITTEE OF THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

TECHNICAL COMMITTEE OF THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

Press Release
4th May 2017
issued by IBBI

The Insolvency and Bankruptcy Board of India (IBBI) has constituted a Technical Committee in accordance with Regulation 14 of the IBBI (Information Utilities) Regulations, 2017. The Technical Committee (Committee) shall consist of the following:

Sl. No . Name and Position Position in Committee
1. Dr. R. B. Barman (Chairman, National Statistical Commission) Chairperson
2. Dr. Nand Lal Sarda (Emeritus Fellow, Indian Institute of Technology, Bombay) Member
3. Dr. Pulak Ghosh (Professor, Indian Institute of Management, Bangalore) Member
4. Sh. V. G. Kannan (Chief Executive, Indian Banks Association) Member

The Committee shall give its recommendation for laying down Technical Standards for the performance of core services and other services under Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 and specifically on the following matters, namely:

(a) the Application Programming Interface;

(b) standard terms of service;

(c) registration of users;

(d) unique identifier for each record and each user;

(e) submission of information;

(f) identification and verification of persons;

(g) authentication of information;

(h) verification of information;

(i) data integrity;

(j) consent framework for providing access to information to third parties;

(k) security of the system;

(l) security of information;

(m) risk management framework;

(n) porting of information;

(o) exchange or transfer of information between information utilities;

(p) inter-operability among information utilities;

(q) preservation of information; and

(r) purging of information.

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.”

Single page Income Tax Return form for income up to Rs 50 lakh

Image result for Income Tax ReturnTo encourage more individuals to file returns and widen the tax net, the government is set to introduce a single-page income tax (I-T) return form from April 1. This will be for those with annual salaried income up to Rs 50 lakh, much higher than Rs 5-lakh limit proposed in the Union Budget, told by Revenue Secretary Hasmukh Adhia.

He added this would only be for those with salaried and one house rent income.There are 290 million PAN card holders (the I-T dept identification) but only 60 minutes return filers. Currently, the I-T form is three pages. It was simplified two years ago, when a controversial provision for mandatory disclosure of foreign trips and dormant bank accounts was removed.

Registration of a Partnership Firm in Delhi

Procedure for the Registration of a Partnership Firm in Delhi:

A partnership deed is a written agreement between two or more partners willing to undertake business jointly. It consist of all the terms & condition agreed by the respective partners i.e., their capital introduced, profit sharing ratio, kind of partners, about the nature of business, working of the firm, dissolution/liquidation of the firm & so on.

The registration of partnership is not compulsory under Indian Partnership Act. In India there are certain privileges which are allowed to those firms which are registered. Unregistered firms are prejudiced in certain matters in comparison to registered firms.

Procedure for Registration:

Image result for partnership firm registrationThe procedure for registration of a partnership firm in India is fairly simple and it is governed by Indian Partnership Act, 1932. An application and the prescribed fees are required to be submitted to the Registrar of Firms of the State in which the firm is situated. The following documents are also required to be submitted along with the application:

  1. Application for Registration of Partnership in Form No. 1
  2. Duly filled specimen of Affidavit
  3. Certified True Copy of the Partnership Deed
  4. Ownership proof of the principal place of business or rental/lease agreement thereof.
  5. Self attested copy of id & address proof of partners.

The application should contain the following information:

  1. The name of the firm.
  2. The principal place of business of the firm.
  3. The names and addresses of partners and the dates on which they joined the firm.
  4. If the firm is started for a particular period then that period should be mentioned.
  5. If the firm is started to achieve a specific object then it should also be given.

Signing of the Application:

The application or statement must be signed by all the partners, or by their agents especially authorised in this behalf. 

Certificate of Registration:

When the Registrar is satisfied with the points stated in the partnership deed, he or she shall record an entry of the statement in a register called the Register of Firms and issue a Certificate of Registration. The Register of Firms maintained at the office of the Registrar contains complete and up-to-date information about each registered firm.

I have also attached specimen of Form -1 and Affidavit with this article.

Entire process takes 21 working days time | Approx Fee Charged in Market – Rs 7500/-

Click here to download – AFFIDAVIT | FORM-1-REGISTRATION OF PERTNERSHIP

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