Procedure for submission of Form 15CA Online w.e.f. 01.04.2016

There is change in the Procedure and Form 15CA with notification issued in Dec,2015 by the CBDT now New Procedures is given hereunder for submitting FORM 15 CA from 01.04.2016

Step 1:- Generate Signatures with the  DSC Management Utility provided by the Income Tax Department and USB token / pfx file for each Form for submitting FORM 15CA.

Step 2:- Login with USER ID /Password and date of  Birth/ incorporation on Incometaxindiaefiling.gov.in  and navigate to the menu “e-File" → “Prepare and Submit Online Form (Other than ITR)”  Upload signature file and                → Select “Form 15CA”.

Step 3:- Click on “Form 15CA” tab and Select the appropriate part (“PART-A”, "PART-B", PART-C" or         “PART-D”) based on the remittances as applicable.

 PART A:- Where the remittance is chargeable to tax and the remittance or the aggregate of such remittances does not exceed five lakh rupees during the financial year.

PART B:- Where the remittance is chargeable to tax and the aggregate of such remittances does not exceed five lakh rupees during the financial year and an order or certificate u/s 195(2)/ 195(3)/ 197 of Income-tax Act has been obtained from the Assessing Officer.

PART C:-Where remittance is chargeable to tax and the remittance or the aggregate of such remittances exceeds five lakh rupees during the financial year and a certificate in Form No. 15CB from an accountant as defined in the Explanation below sub-section (2) of section 288 has been obtained.

PART D:-Where the remittance is not chargeable to tax under the provisions of the Income-tax Act,1961 {other than payments referred to in rule 37BB(3)} by the person referred to in rule 37BB(2).

Step 4:- Fill in the details and click the “Submit” button. Errors, if any, will be shown on the right panel of               the Form.

Step 5:- On successful validation, Click on Submit.

On successful submission it will be sent to the  E Mail Id on record and receipt can be generated from →My Account  → View Form 15CA → Select the Acknowledgement No. and print

Now there is an option for withdrawal of such form before payment

Note : As the Form is to be filed online we have drafted Form 15CA – Part D for the convenience to be filled before starting online filing to cut paste the details  and  for a few Multiple Choice option window will open for selection. PDF and Excel will be uploaded soon.

Form 15CA Part -D

Remitter
Name of remitter
PAN
TAN
ADDRESS OF THE REMIITER
flat/Door/Block No.
Name of Premises/Buildimg/Village
Road/Street
Area/Locality
Town/City/District
State
Country
Pin Code
Email ID
Phone Number
Status of the Remitter Residential status of remitter
REMITTEE
Name of recipient of remittance
PAN(If any)
ADDRESS
flat/Door/Block No.
Name of Premises/Building/Village
Road/Street
Area/Locality
Town/City/District
State
Country
ZIP Code
Email ID
Phone Number
Country to Which remittance is made
Country
Currency
Country of which the recipient of remittance is resident, if available
REMITTANCE
Amount Payable
In foreign currency
In India Rs
Name of Bank
Name of branch of the bank
BSR code of the branch(7 digit)
Proposed date of remittance
nature of remittance
Please furnish the relevant purpose code as per RBI

MCA CHANGES ALL FORMS FROM 27.03.2016

MCA has changed all E –Forms after introduction of CRC. MCA has changed the total portal of MCAS and old Forms are not compatible with New Portal as MCA has revised almost all E –Forms with effect from 27^th March,2016.. 

Due to Changes on the portal effects are:

-          The New E-Forms immediately effective will be CHG-8. INC -12

-          The new e-forms will come into effect from the date of notification are related to Investor Education and Protection Fund  i.e IEPF 1 to IEPF -6

-          The CRA-4 New E-Form for filing Cost Audit Report with the Central Government will be available from 11^th of April,2016

-          The Refund Forms for excess fee paid due to any reason recoverable from MCA will be available from 25^th of April,2016

-          The availability of E-Form 23C, 23D, I-XBRL and A-XBRL will be notified later.

-          The Old E-Forms 23AC, 23AC-XBRL, 23ACA XBRL, 20B, Form 66 ,21A and 23B applicable for earlier years effective in earlier Companies Act, will be filed as attachments with GNL-2 whenever will be notified.

-          Forms INV-1 and INV -5 are withdrawn 

Tax Benefit up to Rs.15000/- on Investment of Rs.50000 In NPS from Asst Year 16-17

 This year Tax benefit on additional Investment of Rs.50000/- in NPS Scheme is allowed from Assessment Year 2016-17. So every assesse ( tax payer ) wants to avail this additional tax benefit. Every assesse on the basis of income can save Tax Saving ranging from Rs5000/- to Rs.15000/-  if one is between the age of 18 years to 60 years.

Method of opening NPS A/c

1.  Offline Process

2. Online Process

1.  Offline Process: 

*Find Point of presence. POPs are intermediaries (such as banks) which help to  subscribe to NPS, carry out KYC verification and also receive NPS contributions from subscriber. The list of POPs is available on http://bit.lv/1TlvCxJ.

* Fill up subscriber registration form to open the A/c which is available on  http://bit.lv/1QbjK8k.

* Submit all KYC documents ( not in the case if A/c is opened through banks) & make contribution.

Minimum contribution : Rs.500 aggregating to Rs.6000/-  Investment per annum

* A permanent retirement account number (PRAN) is generated and sent. This is a unique portable number that will remain with subscriber under NPS.

*  Welcome kit also contains various passwords, which you can be used to access the account through the call centre or online on the Central Record-keeping Agency (CRA) website.

* PoPs get paid from the contributions which the subscriber makes.

One-time charge (subscriber registration charge) for account opening : Rs.125

Then charge of 0.25% of the amount received from the subscriber on all transactions subject to a minimum of Rs.20/-  and maximum of Rs.25,000/-Charge of Rs.20 per transaction on Non-financial transactions or those that do not involve a contribution from the subscriber

2.  Online Process: 

* Open online account by going to www.npstrust.org.in and then going to E-nps.

* There are two ways of register, One is using PAN and bank account details and the other is using Aadhaar.

* The process of registration is the same as the offline process in terms of the information needed, but if subscriber provides PAN, the subscriber will also need to give a bank account which the authorities can tap for their KYC.

* The subscriber can avail the PAN plus bank verified-KYC to open the account online only if it has a bank account with any of bank which are empanelled by PFRDA

* In this process, the subscriber needs to contribute at the time of registration and any subsequent transaction is possible after the KYC details have been verified by the bank. For KYC, banks will charge  a one-time fee of up to Rs.125 (plus applicable taxes) and this will be debited from bank account by the bank as KYC authentication charges.

* If start by keying in the Aadhaar number

            A one-time password (OTP) will be sent to the Aadhaar - registered mobile phone            number.

            OTP is verified

            Fill up information such as bank details, and also make an initial payment

* While opening an A/c, the subscriber needs to scan and upload a digital signature and also a photograph. . If the subscriber is using Aadhaar, then a photograph appears automatically, which can be changed with another one.

* To make a contribution, the subscriber has the option to invest online under E-NPS.

No POPs charges but Payment Gateway Charges will be apply which can be high for Debit card & Credit transaction. For Net Banking Facilities, it is just 60 paise.

* Print the NPS form that was filled online, paste a photograph, sign the form and submit the print out within 90 days to the CRA. Currently, National Securities Depository Ltd (NSDL) is the CRA. . If the subscriber does not send the form, his account will be ‘frozen’ temporarily.

* If the subscriber has already account then he can make use of the e-NPS facility to contribute online

* Such contributions can only happen through e-NPS, else it’s via NEFT, cheque, among other payment options.

MCA AUTHORISES CRC TO PROCESS ALL FORMS FOR REGISTRATION OF NEW COMPANIES

MCA authorizes their newly established Centralized department called CRC ( Central Registration Centre) vide notification dated 23/03/2016 for all over India to process all E – Forms  pertaining to registration of companies i.e. e-forms (INC-2, INC-7 and INC-29 along with linked forms INC-22, DIR-12 and URC-1

The jurisdiction, processing and approval of name or names proposed in e-Form number INC-29 hitherto exercised by the respective Registrar of companies having jurisdiction over incorporation of companies under the Companies Act, 2013 and the rules made thereunder shall forthwith be exercised by Registrar, CRC.

Procedure and time limit for correction in OLTAS challan paid online or offline

NSDL receives tax collection data as uploaded by the bank and is  not authorized to carry out any changes in the data sent by the bank or challans of tax paid

The fields that can be corrected by the Taxpayer through Bank are tabulated below:

Sl. No.	Type of Correction on Challan	Period for correction request (in days) from date of deposit of challan
1	PAN/TAN	Within 7 days
2	Assessment Year	Within 7 days
3	Total Amount	Within 7 days
4	Major Head	Within 3 months
5	Minor Head	Within 3 months
6	Nature of Payment	Within 3 months

Above mentioned rectifications can be made if payment is made in paper form i.e cash or cheque with challan submitted to  bank.

For rectifications in challans paid through online mode, taxpayer may contact their concerned Assessing Officer (AO) of the Income Tax Department (ITD).

For a single challan, correction is allowed only once. However, where 1st correction request is made only for amount, a 2nd correction request will be allowed for correction in other fields. There will be no partial acceptance of change correction request, i.e. either all the requested  changes will be allowed, if they pass the validation, or no change will be allowed, if any one of the requested changes fails the validation test.

Procedure of challan correction by Assessing Officers in case of physical and e-payment challans

After the above mentioned period where bank can make correction in challan  the assessee can get the correction made in challan by making  a request for correction to his assessing officer. The jurisdictional officer or officer authorized under the departmental for  OLTAS after receiving such application can make correction in challan data in genuine cases.

The Format of Correction request in Challan data Field by the assessee:

The Branch Manager/ Jurisdictional Officer

Address :

Sub : Request for Correction in Challan No: 280/281/282/283

Sir/Madam,

I request you to make corrections in the challan data of the Tax Payer  as detailed:

Taxpayer Details :

Taxpayer Name :
Taxpayer Address
Taxpayer TAN/PAN :
Name of Authorized Signatory in case of  assesse other than Individual

The Correction required in Data/ fields of the following challan :

Challan Details:

BSR Code	Challan Tender Date    Date of Challan	Challan Sl. No.

Fields for correction required:

.
Sl. No Name of Fields Please Tick if correction required Original Details Corrected Detail 1. TAN / PAN 2. Assessment Year 3 Major Head 4 Minor Head 5 Nature of Payment 6 Amount Paid

.

Signature

Tax payer/Authorized Signatory

Date

Note:

Mandatory Attachments:

1.Attach copy of original challan counterfoil.

2.Copy of PAN Card for correction in challan 280, 282, 283

3.Authorisation in case of assesse other than individual

4. Copy of Request Form in duplicate to the bank branch, separate request for separate challan 

TAX ON DISTRIBUTED PROFITS OF DOMESTIC COMPANIES WILL BE HIGHER

As per Current Provision for Financial Year 2015-16 the Domestic Company shall, in addition to the income tax chargeable in respect of its total income, be liable to pay additional income tax on any amount declared, distributed or paid by such company by way of dividend (whether interim or otherwise), whether out of current or accumulated profits.

As per amendment made by finance bill 2016, the receiver of dividend is liable to pay tax @ 10% on such dividend if the amount of dividend exceeds Rs. 10 lakhs.

Now in case of Private Limited Company going in Profits, the withdrawal of the profits by the Shareholders has been made costlier than earlier.  Now the Shareholder in case gets more than Rs.10 Lac as dividend will have to pay tax @10% after  passing of the Finance Bill 2016.

115BBDA proposed to be inserted to provide that in addition to Dividend Distribution Tax paid by the companies which comes to the tune of 17.64705 %, the recipients i.e  individuals, HUFs and firms receiving dividend in excess of Rs.10 lacs per annum will pay tax @10% of gross amount of dividend.

 Where the recipient is a company, section is not applicable. The reasoning behind introduction of this section is that the tax payer having high dividend income are subjected to tax only u/s 115O whereas such income in their hands would have been chargeable to tax @30%.

Rate of STT in case of option is proposed to be increased from 0.017% to 0.05% w.e.f. 01.06.2016

Earlier Provision upto 31.03.2016 is hereunder:

Dividend Distribution Tax Rate :

Such dividend distribution tax shall be payable @ 17.65% plus surcharge @ 12% plus education cess @ 2% plus SHES @ 1% of amount so declared, distributed or paid (effective tax rate after grossing up w.e.f. 1-10-2014)

·         Exemption For amount received from It's subsidiary as dividend

As per section 115O-(1A) Dividend to be distributed shall be reduced by the amount of dividend received by the domestic company during the Financial Year from its subsidiary and such subsidiary company is a domestic company and where such subsidiary is a domestic company, the subsidiary has paid the tax (DDT) on such dividend or where such subsidiary is a Foreign Company, the tax is payable by the domestic company u/s 115BBD on such dividend and further shall be reduced by the amount of dividend paid to any person for or on behalf of the New Pension System Trust referred to in Clause (44) of Section 10.

·         Due Date:

The principal officer of the domestic company and the company shall be liable to pay the tax on the dividend distribution profit within 14 days from the date of declaration or distribution or payment of any dividend, whichever is earlier

·         The distributed profit on which tax is paid u/s 115-O(1) shall be exempted in the hands of share holder u/s 10(34). As per amendment made by finance bill 2016, the receiver of dividend is liable to pay tax @ 10% on such dividend if the amount of dividend exceeds Rs. 10 lakhs.

·         Interest payable for non-payment of tax by domestic companies — section 115-P:

Where the principal officer of domestic company and the company fail to pay the whole or any part of tax on distributed profits within the time i.e. 14 days, he or it shall be liable to pay simple interest @ 1% for every month or part thereof on amount of such tax for the period beginning on the date immediately after the last date on which such tax was payable and ending with the date on which the tax is actually paid.

·         Consequences for non payment of dividend distribution tax —Section. 115-Q

If principal officer of a domestic company and the company does not pay tax on distributed profits in accordance with the provisions of Section 115-O, then, he or it shall be deemed to be an assessee in default in respect of the amount of tax payable by him or it and all the provisions of the Income-tax Act, 1961 for the collection and recovery of income tax shall apply.

The Computation of dividend may be illustrated as follows till – As per Current Provision

Particulars	Computation
Dividend Distributed	100	10000000
Rate of Dividend distributed tax	15
Grossed up Tax Rate	15/85*100 (17.647)	1764705
Surcharge	12%	211765
E.Cess & S.H.E.C	3%	59294
Net Effective Tax Rate	20.35765(17.647*1.12*1.03)	2035765