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.

Saturday, July 30, 2016

Extension of last date of filing AOC-4 (Non XBRL,XBRL & CFS) and MGT-7 under the Companies Act, 2013 up to 29.10.2016

Relaxation of additional Fees and extension of last date of filing AOC-4 (Non XBRL,XBRL & CFS) and MGT-7 under the Companies Act, 2013 up to 29.10.2016
MCA vide General Circular No. 08/2016 Dated: 29.07.2016 has announced the extension of last date to 29.10.2016 without payment of additional fee. It has been decided due to revision of AOC-4 (XBRL,Non XBRL and CFS ) and such Forms will be made available by the end of August 2016.
MCA has allowed companies to file financial statements and Annual Returns on or before 29.10.2016 without payment of additional filing fee where due date for holding of the Annual General Meeting is on or after 01.04.2016,
As per the relevant provisions of the Companies Act, 2013, the financial statements and Annual Returns will have to be filed by the Companies within 30 days and 60 days of conclusion of AGM or the last day by which AGM ought to have been held. Due to Non availability of required forms  it has been decided to allow companies to file financial statements and Annual Returns on or before 29.10.2016 where due date for holding of the Annual General Meeting is on or after 01.04.2016, without payment of additional filing fee.

Friday, July 29, 2016

Due Dates extended by DVAT for DVAT Quarter 1 for FY 2016-17 & CBDT for Income Tax Returns for Asst Year 2016-17

Due Date Extended from 31 July 2016 to 5th August 2016 for filing of Income Tax Return (ITR)  of Asst Year 2016-17
The Income Tax Deptt. has extended the due date for filing of Income Tax Return (ITR) for the assesses for AY 2016-17 from 31st July to 5th August, 2016 for the assesses not subjected to audit.
DVAT has extended the due date of filing of return for 1st quarter of Financial Year 2016-17  from 25th July 2016 to 31st August 2016

DVAT has extended the last date for filing of Online/ hard copy of First Quarter return for the Financial Year 2016-17 from 25.07.2016 to 31.08.2016

Wednesday, July 27, 2016

Filing of Income Tax Return for Asst Year 2016-17 :Due dates, whether mandatory and additional disclosures

Filing of Income Tax Return for Asst Year 2016-17
Whether Mandatory or not 
Due dates for filing of Income Tax Returns
Benefits of filing ITR before due dates
Additional Disclosures

Mandatory Filing:
-          For Companies and partnership firms.
-          For Individuals, HUFs and association of persons income tax return filing is mandatory if gross total income is exceeds the minimum exemption limit. The gross total income is income without giving effect of section 10 for exemption of income from tax or deductions under chapter VI of the Income Tax Act. So in case of Individuals return filing is not mandatory if gross income is less than maximum exemption limit.
-          For resident senior citizen aged 60 years and above but less than 80 years if income is above Rs.300000/-
-          For resident super senior citizen aged 80 years or above if income is above Rs.500000/-
-          For any other individual or HUF ( Not Senior Citizen or Super Senior) if income is above Rs.250000/-
-          It is mandatory to file income-tax return by newly inserted provision to section 139(1) if assessee is resident and having
a)      Assets located outside India
b)      Signing Authority in any bank account outside India
c)      Financial interest in any entity located outside India
d)     Income from any source outside India.

The assessee is required to provide details in income tax return for Assessment Year 2016-17 particulars of such foreign assets, banks accounts where in having signing authority and other financial interests in entities outside India.
Rates of Income Tax for Asst Year 2016-17
Class of persons
Tax slab (Amount)
Tax rate
Resident senior citizen above the age of 60 years but below the age of 80 years
Up to Rs. 3,00,000
Nil
Rs. 3,00,000 to Rs. 5,00,000
10%
Rs. 5,00,000 to Rs. 10,00,000
20%
Above Rs. 10,00,000
30%
Resident super senior citizen with age of 80 years or above
Up to Rs. 5,00,000
Nil
Rs. 5,00,000 to Rs. 10,00,000
20%
Above Rs. 10,00,000
30%
Any other individual or HUF other than senior citizen or super senior
Up to Rs. 2,50,000
Nil
Rs. 2,50,000 to Rs. 5,00,000
10%
Rs. 5,00,000 to Rs. 10,00,000
20%
Above Rs. 10,00,000
30%

Less: Rebate under Section 87A [see Note]
Add: Surcharge and Education Cess [see Note]
 a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
 b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.
 c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.
 d) Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 2,000, whichever is less.

Due Dates of Income Tax Returns for Assessment Year 2016-17
Category of Assessee
Due date of filing of Income Tax return
All Assessees not subjected to audit under any Section of Income Tax Act,1961

All Company Assessees and all other assessees subjected to Tax audit under section 44AB including Co-operative Societies
31st July 2016


September 30, 2016

All assessees subjected to  transfer pricing audit for furnishing report in Form No. 3CEB
November 30, 2016
Benefits of filing of Income Tax Returns before due dates
Right to revise:
The assessee  gets the right to revise the return if it is filed before the due date and later on want o revise the return due to some mistake or any income has escaped or some TDS has not been claimed in Original Return. The belated return can not be revised.
Right to interest on refund due from 1st April till refund is processed by the Income Tax Authorities
The Assessee is entitled for interest @6% per annum for any refund due to assessee for the period from 1st April till the refund is processed by the Income Tax authorities.
In case of belated return the Assessee is not entitled for the period from 1st April till date of filing of return.
Carry forward and set off of losses
The assessee gets the right of carry forward of losses to be set off against incomes of nextyears but if fails to file before the due date he has the right for carry forward of losses under head a) Income from House property and Depreciation loss under the head business and profession income and losses the right to carry forward of losses under the head a) business or profession b) Capital gain.
File before 31st March of the relevant financial year if miss the due date
Penalty if Assessee does not file Income Tax return before 31st March

If assesee does not file the Income Tax Return even by 31st March of the relavant financial year i.e immediately after the financial year for which return is to be filed a penalty of Rs.5000/- may be imposed by the tax authorities even if no tax is due and assessee is not able to provide a reasonable cause for such delay. 

Additional disclosures in Form ITR 1 and ITR 2 for Asst Year 16-17

Earlier Statement of Assets and liabilities was required to be disclose for the assessees having income above Rs.25 lacs but for Asst Year 2016-17 this threshold limit for disclosure of assets and liabilities has been increased from Rs.25 Lacs to Rs.50 Lacs.

For the assessees having income above Rs.50 Lacs  and filing ITR 1 and 2 it is mandatory to disclose :
1. Immovable Assets a) Land b) Building
2. Movable Assets a) Cash in Hand b) Jewellery, Bullion etc c) Vehicles

3. Any Liability in relation to above assets only


Monday, July 25, 2016

CBDT has introduced new PAN & TAN Application Process to allot PAN & TAN in 1 day to Companies

CBDT has announced on 22.07.16 for ease of doing business a paperless PAN  & TAN application process.
This application can be made with Digital Signature Certificate (DSC) on the portals of PAN service providers M/s NSDL eGov and M/s UTIITSL for fast tracking the allotment of PAN and TAN to company applicants.
Under the new process PAN and TAN will be allotted within one day after completion of valid on-line application.
A new Aadhaar e-Signature based application process for Individual PAN applicants has been made available on the portals of PAN service providers M/s NSDL eGov.
The URL links for the above applications are available in ‘important links’ on the homepage of the departmental website ‘incometaxindia.gov.in’.
This is done with the object of curbing the problem of duplicate PAN.

Application for fresh allotment of PAN can be made through Internet. Further, requests for changes or correction in PAN data or request for reprint of PAN card (for an existing PAN) may also be made through Internet. After deposit of fee online signed documents are required to be sent to NSDL / UTIITSL 

Tuesday, July 12, 2016

Due Dates of TDS Returns and TCS Returns for Fin Year 2016-17 i.e Asst Year 2017-18

Due Dates of TDS Returns and TCS Returns for Fin Year 2016-17 i.e Asst Year 2017-18

Quarter                       TDS Return Due Date        TCS Return Due Date

Q1- 30th June,2016                        31st July,2016                              15th July,2016

Q2-30th September,2016           31st October,2016                         15th October,2016

Q3-31st December,2016             31st January,2017                          15th January,2017

Q4-31st March,2016                     31st May,2017                                 15th May ,2017

Notes for correct and timely filing of TDS and TCS statements:

Declaration for investment, income and tax savings from employees is advised to be taken by the employers.

Breakup of salary is required to be entered as Interest on late payment or short deduction liability may arise on employer in case of default.


Late filing of TDS statements penalty in addition to interest on late payments is Rs.200/- per day for the defaulting period.

15th July is the last date for mandatory Foreign Liabilities and Asset return under FEMA

Annual return on Foreign Liabilities and Assets it is required to be submitted by Indian Resident Companies which have received FDI and/ or made overseas investment in any of the previous year(s), including current year by July 15 every year. Non-filing of the return before due date is violation of Law and treating this as a violation of FEMA penalty clause may be invoked.

FLA return is mandatory under FEMA 1999 and companies are required to submit the same based on audited or unaudited account by 15th July every year.

In case company’s accounts are not audited before the due date of submission  the FLA Return should be submitted based on unaudited provisional account and can be revised when the accounts gets audited.

FLA is required to be submitted by :

i. Indian resident companies which have received FDI (foreign direct investment) and/or made     FDI abroad (i.e. overseas investment) in the previous year(s) including the current year i.e. who holds foreign Assets or Liabilities in their Balance Sheets.
ii. If the company has not ‘received any fresh FDI and/or ODI in the latest year but the company has outstanding FDI and/or ODI
iii. If the Partnership firms, Branches or Trustees have any outward FDI outstanding as on 31st March of the reporting year, then they are required to file FLA with dummy CIN. ( After getting dummy CIN from RBI for filling the excel based FLA return only and not for any other purpose).

No FLA is required to be submitted by:

i. If the Indian company does not have any outstanding investment in respect of inward and outward FDI as on 31st March of reporting year.
ii. If a company has received only share application money and does not have any foreign direct investment or overseas direct investment outstanding as on 31st March of the reporting year.
iii. If all non-resident shareholders of a company has transferred their shares to the residents during the reporting period and the company does not have any outstanding investment in respect of inward and outward FDI as on 31st March of reporting year.
iv. If a company has issued shares to non-resident on Non-Repatriable basis because such Non –repatriable shares are not considered as foreign investment

Other significant points while filing FLA

i. No Financial Statements or any other attachment are required to be attached with the FLA return
ii. Filled-in the Excel based FLA return is required to be submitted by 15 July through official email id of any authorized person of the company before due date for compliance purpose.
iii. On validated successful submission of FLA . Acknowledgement will be forwarded on E Mail ID by RBI and in case of discrepancy resubmission is required after removing  the discrepancies.
iv. FLA Return and Annual Performance Report (APR) for ODI are two different returns and monitored by two different departments of RBI. So you are required to submit both the returns if these are applicable for your company.

Friday, July 8, 2016

How to register DSC on DVAT & Digitally sign DVAT Return

SIMPLE WAY OF REGISTRATION OF DSC on DVAT

The filing of DVAT return for Quarter 1 of financial year 2016-17 is mandatory to be filed under Digital Signatures for the dealers having turnover of Rs.1 crore or more.
‘How to register DSC on DVAT’ is explained hereunder:

Pre-requisites
1.Digital Signature Certificate
2.Internet Connection
STEPS TO REGISTER DIGITAL SIGNATURE ON DELHI VAT WEBSITE (www.dvat.gov.in)

Installation of DSC on Computer System
1. Go to www.dvat.gov.in homepage
2. Click on the Downloads option on the left panel
3. Download and install POS Sync Software.
4. Attach DSC to the Computer.
5. Open the Internet Explorer.
6. Go to the Tools bar > Internet Options>Content>Certificates>Export.
7. Welcome Page window will pop up.
8. Click on Next>Next>Next.
9. Now give the Appropriate File Name.
10.Now again click on Next and then Finish.
11.Double click on the saved file. One window will pop up.
12.Click on Install Certificates and then click Next>Next>Finish.

Registration of DSC on DVAT Portal

13.Login the dealer account on DVAT website.
14.Click on More option on the top right side then click on Register DSC.
15.Now click on Select Certificate option and select appropriate DSC and enter the PIN.
16.Successful Registration message will pop up.

How to Digtally sign DVAT Return

17. After approving Return Forms check history of returns filed & note down the return Id to be signed
18. Go to Return > Click -Sign Form DVAT 56 digitally
19. Select > Form 56 or Form 49 > Form 56 PDF - Write Return ID to be digitally signed
20. Select Serial Number of Return ID and click on Sign > Enter Private Key and Pop massage of successfully signed will be communicated 

Caution- Use only Internet Explorer 

Wednesday, July 6, 2016

Monthly Statutory Tax Calendar for July,2016

Date
Statutory Act
Applicable Form
Obligation
06/07/2016
Service Tax
Challan No.GAR-7
Last date for payment of Service Tax in case of companies for the month  June 2016
06/07/2016
Central Excise
Challan No.GAR-7
Monthly-payment of Central Excise Duties for the previous month –For non SUI units
07/07/2016
Income Tax
Challan No.-281
Payment of TDS/TCS deducted/collected in June,2016
07/07/2016
Income Tax
Form No.15G,15H, 27C
Submission of Forms received in June to IT Commissioner
10/07/2016
Excise
ER-1  & ER-2
Return for Non SSI assessees for June , Return for EOUs for June
10/07/2016
Excise
ER-6
Return by units paying duty > 1 crore (CENVAT + PLA) for June
15/07/2016
D-VAT
DVAT-20
Deposit of DVAT TDS for June for monthly tax payers
15/07/2016
Income Tax
TCS -27EQ
​​​Quarterly statement of TCS deposited for the quarter ending 30 June, 2016
15/07/2016
Provident Fund
Electronic Challan Cum Return(ECR)
E-Payment of PF for June (Cheques to be cleared by 20th)
21/07/2016
D-VAT
D-VAT-20 & Central
Deposit of VAT & CST for the quarter ended June,2016
21/07/2016
ESI

Payment of ESI Liability for June
22/07/2016
D-VAT
DVAT – 43
Issue of DVAT certificate for deduction made in June
25/07/206
D-VAT
DVAT-16
File DVAT/CST Return online for Quarter ended June,2016
28/07/2016
D-VAT
DVAT-23
Furnish Application for refund in form DVAT-23 online
30/07/2016
Income Tax
TCS- Form 16
​​Quarterly TCS certificate (in respect of tax collected by any person) for the quarter ending June 30, 2016​
31/07/2016
Income Tax
24Q & 26Q
Submission of ​Quarterly statement of TDS deposited for the quarter ending June 30, 2016 ​​​
31/07/2016
Income Tax
ITR Forms
​​​​Return of income for the AY 2016-17 for all Individuals, firms and other Non Corporate assesses not subjected to  audit..
31/07/2016
Income Tax
TDS on Property
​​Due date for deposit of tax deducted at source under Section 194-IA​ for purchase of property for the month of June, 2016​
31/07/2016
Income Tax
Form 10
​​​Submission of Form no. 10 to be furnished to accumulate income for future application under section 10(21) or ​11(2) (if the assessee is required to submit return of income on or before July 31, 2016)​​