Sandeep Ahuja & Co.

Established in the year 1986, we are a leading chartered accountancy firm based in Delhi & NCR rendering comprehensive professional services which include statutory audit, internal audit, direct tax, transfer pricing, GST, bank audit, propriety audit, cost accounting, internal financial controls and risk advisory.

Tuesday, March 25, 2014

MCA Clarlfication wlth regard to section 180 of the Companies Ac!, 2013.

Ministry has clarified by issuing a Circular No.4/2014 dated 25.03.2014 that the resolution passed under section 293 of the Companies Act, 1956 prior to 12.09.2013 with reference to borrowings (subject to the limits prescribed) and / or creation of security on assets of the company will be regarded as sufficient compliance of the requirements of section 180 of the Companies Act, 2013 for a period of one year from the date of notification of section 180 of the Act.

This clarification has been issued on receipt of many representations regarding various difficulties arising out of implementation of section 180 of the Companies Act, 2013 with reference to borrowings and/or creation of security, based on the basis of ordinary resolution.

Monday, March 24, 2014

MCA notification regarding LLP

Ministry of Corporate Affairs

Notice for filing Form-8 (Statement of Account & Solvency) for the Financial Year
ended 31-03-2012
 
 All LLPs registered upto 30-September-2011 have to mandatorily
 close their financial year as on 31-03-2012 and file Form-8 by 30th October-2012.

 LLPs registered from 01-10-2011 to 31-03-2012 have option either to close
 financial year as on 31-03-2012 or 31-03-2013 and to file both Form-8 & 11
 accordingly.

 Please note that if LLP fails to file Form-8 within prescribed time, an additional fees
of Rs. 100/- is payable per day till date of filing.

MCA Public Notice for year end closing

All forms under RSUB/PUCL would be marked back to respective officials of the ROC/RD/Central Government as the case may be starting midnight 25 Mar 14. The forms would be processed by the respective officials. However, “Form FTE”, “Form EES2010”, “Form EES2011”, “Refund Form”, Investor Complaint Form” and all LLP forms” would continue to be allowed for filing under RSUB/PUCL.
Offline payment facility (Challan, NEFT and Pay Later) would be stopped from 26th March 2014 till 31st March (both days inclusive). You are requested to make payment only through online mode (Credit/Debit Card and Net Banking).

Friday, March 21, 2014

31st March 2014 is the last date

Ø  In Case of Income Tax / Wealth Tax 
For Assessment Year 13-14: Due date of filing return for Financial Year 12-13 in case of assessees who have failed to file return on due dates.
For Assessment Year 12-13: Due date of filing return for Financial Year 11-12 in case of assessees who have failed to file return on due dates.
- For Assessement Year 12-13 & 13-14 : Due date extended for filing of ITR V for Tax Returns (without digital signature Certificate) for A.Y. 2O12-1 [filed between1.4.2012 to 31.1O.2O13] and for A.Y. 2013-14 [filed between1.4.2013 to 31.1O.2O13]
Ø  In Case of Service Tax  - Monthly / Quarterly - Challan for payment of Service Tax for all assesses for the month of March.


Bank branches will remain open to facilitate tax collection.for full day on March 29, 30 and 31

To Facilitate tax collection the banks branches will remain open for full day on March 29, Saturday, March 30 Sunday and March 31 the last day of financial year.

Friday, March 14, 2014

Advance Tax Date Extended to 18 March 2014

To facilitate payment of final installment of advance tax for the financial year 2013-14, the Central Board of Direct Taxes (CBDT) has issued an order to extend the time limit to make such payments of advance tax, from March 15 to March 18, 2014.

Taxpayers, therefore, can now pay their advance tax installment by March 18, 2014 without entailing any consequential interest for deferment.

Monday, March 10, 2014

DUE DATES FOR FILING OF EXCISE AND SERVICE TAX RETURNS & PENALTY AS UNDER

TYPE OF RETURN
PERIODICITY
DUE DATE FOR FILING
WHO CAN FILE
ER-1
Monthly
10th
Manufacturers of Central Excise, other than those who file ER-2 or ER-3 returns

ER-2
Monthly
10th
Manufacturers who are 100% EOUs(Export Oriented Units) and are removing goods into the domestic tariff area

ER-3
Quarterly
20th of completed quarter
Manufacturers availing exemption on the basis of value of their annual clearance, manufacturer of processed yarn, unprocessed fabrics falling under chapters 50 through 55,58 or 60 of the Central Excise Tariff or manufacturers of readymade garments.

ER-4
Yearly
30th November
Annual Financial information statement to be submitted by manufacturers who paid excise duty >Rs. 1crore in the preceding financial year.

ER-5
Yearly
30th April
Annual return of information relating to principal inputs used in the manufacture of finished goods. Filed by manufacturers who paid excise duty >Rs. 1crore in the preceding financial year
ER-6
Monthly
10th
Monthly return of information relating to principal inputs on which cenvat credit was availed. Filed by manufacturers who paid excise duty exceeding Rs. One crore in the preceding financial year.

Dealer
Quarterly
15th of month succeeding completed quarter
Filed by registered first stage and second stage dealers giving details of the invoices issued by them and documents based on which credit passed on.
ST-3
Half Yearly
25th April/25th October
Filed by Service Tax assessee

                                                                                                                                                     
                                         
PENALTY/LATE FEE


REDUCTION/WAIVER OF PENALTY

Where the gross amount of service tax payable is nil, the Central Excise officer may, on being satisfied that there is sufficient reason for not filing the return, reduce or waive the penalty.



SURRENDER THE SERVICE TAX REGISTRATION 

As per Notification No. 05/2006-ST, in case any assessee has discontinued his/her business and has to surrender the service tax registration and upon submitting the application for cancellation of registration the Superintendent of Central Excise shall ensure that the assessee has paid all monies due to the Central Government. As per the procedure, the assessee has to file the return for at least two immediately preceding half years. Normally, in such a case, the assessee, due to discontinuation of his/her business, stops filing the returns. Now, as a result of the amended provisions relating to penalty for non-submission/ delayed submission of returns, the assessee in such cases could end up in paying the penalty portion which will be manifold the service tax liability.

Contributed by Miss Pooja Aggarwal


DATES FOR FILING OF TDS/TCS RETURNS AND PENALTY


TIME LIMIT FOR FURNISHING OF TDS STATEMENT UNDER SECTION 200(3)

Fee u/s’ 234E’ w.e.f. 01.07. 2012 for Late Filing of TDS Statement Or E-TDS Return

Where a person fails to deliver or cause to be delivered TDS statement within the time prescribed in section 200(3) or the proviso to section 206C(3), he shall be liable to pay, by way of fee, a sum of Rs.200 per day during which the failure continues.
The Late filing fees of Rs. 200 per day shall not exceed the amount of tax deductible or collectible, as the case may be.”
Penalty u/s ‘271H’ for Late Filing or Non- Filing TDS Statement or E-TDS Return w.e.f. 01.07.2012

When is the Penalty Attracted?
If a person fails to deliver or cause to be delivered a statement within the time prescribed in section 200(3) TDS Statement [Form 24Q/26Q] or the proviso to section 206C(3) TCS Statement [Form 27EQ]; 
                                                                         or
furnishes incorrect information in the statement which is required to be delivered or cause to be delivered under section 200(3) or the proviso to section 206C(3).
Amount of Penalty
The penalty shall be a sum which shall not be less than Rs10000 but which may extend to Rs100000.

No Penalty shall be levied if
The Assessee proves that after paying tax deducted or collected along with the fee and interest, any, had filed TDS [Form 24Q/Form 26Q]/TCS [27EQ] Statement before the expiry of a period of one year from the time prescribed for furnishing such statement.

Contributed by Miss Tanya Gagneja

Friday, March 7, 2014

Compliance Calendar For March 2014

Here, we bring to you the Events Calendar for the month of March 2014, which will give you an overview of all the important dates for statutory Compliances during the current month.                                                                                      

Date
Statutory Act
Applicable Form
Obligation
05/03/2014/06/03/2014
Service Tax
Challan No.GAR-7
Payment of Service Tax of Jan by Companies (MANDATORY E-PAYMENT in case tax amount exceeds one lakh in previous financial year) (6th for e- payment)
07/03/2014
Income Tax
Challan 281
Payment of TDS for month of Feb 2014
07/03/2014
Income Tax
F.No. 15G, 15H, 27C
Submission of forms received in Feb ‘2014 to IT Commissioner.
10/03/2014
Excise
ER-1
Return for Non SSI assessees for Feb 2014.
10/03/2014
Excise
ER-6
Return by units paying duty >1 crore (CENVAT +PLA) for Feb 2014.
10/03/2014
Excise
ER-2
Return for EOUs for Feb 2014.