AMEDMENTS - DUE DATE & PROCEDURE FOR FILING OF TDS/ TCS STATEMENTS AND FORM 12BB

CBDT has issued Notification on 29.04.2016 and has made amendments in Certain Rules with respect to TDS and TCS statements for Due dates for filing of such statements , Procedure for filing or submitting the statements and information to be provided by Employees to the employer in Form 12BB. Most of the amendments are effective from 01.06.2016 so applicable for Financial Year 2016-17. But Changes in Procedure in submission of such forms has been effective from 01.05.2016.

No Change in Due date for filing of TDS/TCS statements for Quarter 4 of Financial Year 2015-16. User can submit their TDS Return to their nearest Tin Facilitation Centre / NSDL Service Centre  OR User can create their TAN based login Id on Income Tax Portal /TRACES to upload the TDS Return under Digital Signature.

ü  No Change in Due date for filing of TDS/TCS statements for Quarter 4 of Fin Year 2015-16 

ü  Due date for payment of TDS on transfer of immovable property u/s 194IA has been extended to 30 days from existing 7 days

ü  Due dates of 24Q, 26Q and 27Q i.e TDS Statements for TDS on Salary, TDS on other payments and TDS on payments to Foreign Company / Foreign Nationals has been extended to 31 days instead of 15 days from the Quarter ended for which Statement is being filed with effect from 01.06.2016 i.e for the Financial Year 2016-17

Sl. No.	Date of ending of quarter of financial year	Due date
(1)	(2)	(3)
1.	30th June	31st July of the financial year
2.	30th September	31st October of the financial year
3.	31st December	31st January of the financial year
4.	31st March	31st May of the financial year immediately following the financial year in which the deduction is made”.

ü  Due dates of 27EQ i.e TCS Statements has remain unchanged and due date is same as in Fin Year 2015-16 i.e 15 days from the end of the quarter for which Statement is being filed.

ü  Employees are required to file tax saving proof to employer in form no. 12BB vide Notification by CBDT dated 29.04.2016 to be effective from 01.06.2016The assessee shall furnish the evidence or the particulars specified in column (3), of the Table below, of the claim specified in the corresponding entry in column(2) of the said Table:-

Table

Sl. No	Nature of claims	Evidence or particulars
(1)	(2)	(3)
1.	House Rent Allowance.	Name, address and permanent account number of the landlord/landlords where the aggregate rent paid during the previous year exceeds rupees one lakh.
2.	Leave travel concession or assistance.	Evidence of expenditure.
3.	Deduction of interest under the head “Income from house property”.	Name, address and permanent account number of the lender.
4.	Deduction under Chapter VI-A.	Evidence of investment or expenditure.”.

CBDT has given a Format for 12BB

“FORM NO.12BB

(See rule 26C)

Statement showing particulars of claims by an employee for deduction of tax under section 192

1. Name and address of the employee:

2. Permanent Account Number of the employee:

3. Financial year:

Details of claims and evidence thereof
Sl. No.	Nature of claim	Amount (Rs.)	Evidence / particulars
(1)	(2)	(3)	(4)
1.	House Rent Allowance: (i) Rent paid to the landlord (ii) Name of the landlord (iii) Address of the landlord (iv) Permanent Account Number of the landlord Note: Permanent Account Number shall be furnished if the aggregate rent paid during the previous year exceeds one lakh rupees
2.	Leave travel concessions or assistance
3.	Deduction of interest on borrowing: (i) Interest payable/paid to the lender (ii)Name of the lender (iii) Address of the lender (iv) Permanent Account Number of the lender (a) Financial Institutions(if available) (b) Employer(if available) (c) Others
4.	Deduction under Chapter VI-A (A) Section 80C,80CCC and 80CCD (i) Section 80C (a) …………….. (b) …………….. (c) …………….. (d) …………….. (e) …………….. (f) …………….. (g) …………….. (ii) Section 80CCC (iii) Section 80CCD (B) Other sections (e.g. 80E, 80G, 80TTA, etc.) under Chapter VI-A. (i) section………………. (ii) section………………. (iii) section……………… (iv) section………………. (v) section……………….
	Verification
	I,…………………..,son/daughter of……………………….. do hereby certify that the information given above is complete and correct.
	Place………………………………………….
	Date……………………………………………	(Signature of the employee)
	Designation ……………………………….….	Full Name:………………”;

How to E-file TDS / TCS Statement from 01.05.2016

There is change in procedure in e-filing of TDS and TCS statements from 1^st May,2016. A step by step procedure to upload online quarterly TDS/TCS statements on the e-Filing portal  with effect from 1st May, 2016 is given as under:

 1. Pre-Requisites for Uploading TDS Statement

 2. How to Upload TDS/TCS Statement 

3. How to view Filed TDS / TCS Statement.

Pre-Requisites for Uploading TDS Statement

• To upload TDS, user should hold valid TAN and should be registered in e-Filing.
• Statement should be prepared using the Return Preparation Utility (RPU) and validated using the File Validation Utility (FVU). The utilities can be downloaded from tin-nsdl website (https://www.tin-nsdl.com/).
• Valid DSC should be registered in e-Filing. Upload TDS/TCS Statement

To Upload TDS, the steps are as below:

Step 1: In e-Filing Homepage, Click on “Login Here”

Step 2: Enter User ID (TAN), Password, and Captcha. Click Login.

Step 3: àPost login, go to TDS  Upload TDS.

Step 4: In the form provided, select the appropriate statement details from the drop down boxes for

I FVU Version

I Assessment Year

I Form Name

I Quarter

I Upload Type

Note:

> TDS can be uploaded from Assessment Year 2011-12.

> Only Regular Statements can be uploaded, the Correction statement can be uploaded only through tin-nsdl portal.

Step 5: Click Validate to Validate Statement details.
View Filed TDS Statement

To View the Filed TDS statement, the steps are as below: Step 1:  View FiledàLogin to e-Filing, Go to TDS  TDS.

Step 2: In the form provided, select the details from the drop down boxes for Assessment Year, Form Name and Quarter respectively for which the TDS was uploaded.

Step 3: Click on “View Details”.

Step 4: The status of the TDS uploaded is displayed.

Once uploaded the status of the statement would be “Uploaded”. The uploaded file will be processed and validated. Upon validation the status will be either be “Accepted” or “Rejected” and would be reflected within 24 hours from the time of upload. In case if “Rejected”, the rejection reason will be displayed.

If the status is “Rejected”, click on the Token Number to view the error details.

Reason for rejection would be displayed as below:

Step 6: If the status is “Accepted”, click on the Token Number to see the details of acknowledgement of the statement uploaded for all future reference.

Contributed by : Suhasani Dang CA Finalist from Sandeep Ahuja & Co

Procedure for filing Stay Application of Demand

As per Section 220 of the Income Tax Act Any tax, interest or any demand order if passed under any section of the Act it becomes payable within 30 days of the service of notice of demand. Therefore, unless the demand is stayed, the demand has to be paid within that time notwithstanding an appeal has been filed by the assessee against the demand or rectification under Section 154 is filed or not.

A Stay of realization of tax cannot be allowed just because an appeal has been preferred or filed. Therefore, it is very significant for assessees to take steps to prevent any coercive methods from being taken by the Department to recover the outstanding dues either through attachment of Bank account or adjustment of demand against any refund due to the assessee.

As CPC has uploaded demands against orders in various sections raised by the department on the website. Now a days department send the notice under section 245 for adjustment of demand known or not known to the assessee. At the time of  filing Online response against such notice  if assessee opts for the Appeal Filed before CIT Appeal and enters the date of such appeal immediately he gets the POP up option for date of application for stay of demand. However ‘STAY OF DEMAND’ term is not used by AO as per the directions of CBDT but in common language this term is used to keep the assessee not in default till the time appeal orders confirming such demands are passed.

Now at the time of response to the under section 245 for non- adjustment of demands against any other refund due to the assessee this term of Stay of Demand Application has got a significant importance.

Points to remember while drafting Stay Application:

There is no format given or prescribed by the department and it can be drafting as per facts and circumstances of the case but following points can be considered :

ü  The Assessment history of the assesse to prove that assesse is not in default regularly

ü  Willing ness and Good conduct of the assesse for discharging tax liability Cooperation of the assessee with the Income Tax Department in the past

ü  Appeal filed with CIT (A) and brief of grounds of appeal and even copy of appeal filed can be enclosed along with receipt of the same.

ü  Financial position and hardships  for payment of demand immediately

ü  Facts and merits of the case and brief of justification or judgments considered framing of such opinion that there was no tax liability on disputed matter.

ü  That assesse has to prove the basis on which he is not agreeing to the demand and his willingness and good conduct in discharge of tax liabilities in past. Even if there are no financial difficulties, stay can be granted if a strong prima facie merits of the case.

ü  It is important to include in case in past the demand on similar issues have been cancelled and case has been decided in favor of the assessee.

ü  Even if the earlier decision of the appellate authority or court has been decided on similar facts on same issue in favor of any other aseessee the stay can be granted on that basis also. And in case the assessee’s relies on a judgement in similar case in other courts the assessee should give comparison that how he has the similar facts and can include the extracts of the judgement which establishes that his case is sound for the stay of demand.

ü  In case assessee finds any mistake in calculation and the mistake is apparent on record and assessee has filed rectification request under Section 154 then such fact should also be included in stay application.

ü  Lastly assessee should pray in the stay application to the effect that no coercive recovery measures may be taken till the disposal of the rectification application

ü  A prayer requesting an opportunity of being heard must be made in the end.

Procedure to fill up the Casual Vacancy in the Office of Auditor

Sub section 8 of Section 139 of Companies Act 2013, provides provision for casual vacancy in the office of the auditor. Casual vacancy of Auditor may arise due to following two reasons:

ü  Casual vacancy due to reason other than resignation of Auditor.

ü  Casual vacancy arise due Resignation of Auditor.

Casual vacancy due to reason other than resignation of Auditor:

If the casual vacancy arises due to any reason other than resignation of the auditor than following procedure & Provisions are required to follow:

1)      Board of Directors of the Company is required to appoint a Statutory Auditor in place of previous Auditor within 30 days from the date of Casual vacancy.

2)      The Auditor so appointed by the Board, shall be the auditor of the company up to ensuing Annual General Meeting from the date he is appointed and he shall be liable to retire or may be re-appointed in the ensuing Annual General Meeting.

3)      It must be noted that casual vacancy of the auditor arisen due to reason other than resignation may be merely filled by passing Circular Resolution and it is not compulsory to hold Board meeting for appointment of auditor in order fill the casual vacancy.

4)      The Board of Directors of the Company is required to File Form ADT-1 with the ROC within in a period of 15 days from the date of appointment of auditor.  

5)      It should be noted that Form ADT-3 is not required to be filled with ROC in the case of casual vacancy due to reason other than resignation of the Auditor.

Casual vacancy arises due to Resignation of Auditor:

If the casual vacancy arises due to Resignation of the auditor than following procedure & Provisions are required to follow:

1)      Board of Directors of the Company is required to appoint a Statutory Auditor in place of previous Auditor within 30 days from the date of Casual vacancy.

2)      It must be noted that casual vacancy of the auditor arisen due to Resignation of the auditor may be merely filled by passing Circular Resolution and it is not compulsory to hold Board meeting for appointment of auditor in order fill the casual vacancy.

3)      Such appointment shall be approved only by the Share Holders in their Extra-Ordinary General Meeting.  Therefore the company is required to hold an Extra-Ordinary General Meeting within 90 days from date of appointment of such auditor by the Board of Directors, for getting the consent of the members by passing ordinary resolution.

4)      The Auditor so appointed, shall be the auditor of the company up to ensuing Annual General Meeting from the date he is appointed and he shall be liable to retire or may be re-appointed in the ensuing Annual General Meeting.

5)      The auditor resigning from his office before the expiry of his term of          his term, needs to file Form ADT-3 along with his resignation letter, with the ROC within 30 days from the date of his resignation.

6)      The Board of Directors of the Company is required to File Form ADT-1with the ROC within in a period of 15 days from the date of appointment of auditor In the Extra-Ordinary General Meeting.

It must be noted that Non-ratification of Auditor by Shareholders in Annual General Meeting also considered as Casual Vacancy other than resignation of Auditor. There is no Need to file MGT-14 in such case for appointment of Auditor

In case of a company whose accounts are subject to audit by an auditor appointed by the Comptroller and Auditor General of India, the power to fill any casual vacancy is vested with the CAG. In case of a failure by the CAG to fill the casual vacancy within a period of 30 days, the Board of Directors is required to fill the same with within the next 30 days.

The Auditor so appointed in a casual vacancy shall hold office until conclusion of the next Annual General meeting. 

Contributed by : Mohd Sharjeel Awasi, Company Secretary & CA Finalist from Sandeep Ahuja & Co