Due Date Calendar for October,2014

Date	Statutory Act	Applicable Form	Obligation
06/10/2014	Service Tax	Challan No.GAR-7	Last date for E- payment of Service Tax in case of companies for the month September, for the quarter for others.
06/10/2014	Central Excise	Challan No.GAR-7	Monthly-payment of Central Excise Duties for the previous month –For non SUI units
10/10/2014	Income Tax	Challan No.ITNS-281/17	Payment of TDS/TCS deducted/collected in September
10/10/2014	Income Tax	Form No.15G,15H, 27C	Submission of Forms received in Previous month to IT Commissioner
10/10/2014	Excise	ER-1  & ER-2	Return for Non SSI assessees for June , Return for EOUs for Sep
10/10/2014	Excise	ER-6	Return by units paying duty > 1 crore (CENVAT + PLA) for Sep
15/10/2014	MCA	Annual Return, Balance Sheet and Special Resolutions	Annual Return of the company, Balance Sheet, Special Resolutions and Appointment of Auditors to be filed if any not filed under CLSS-2014 Scheme
15/10/2014	D-VAT	DVAT-20	Deposit of DVAT TDS for Sep
15/10/2014	Provident Fund	Electronic Challan Cum Return(ECR)	E-Payment of PF for Sep (Cheques to be cleared by 20th)
15/10/2014	ESI	ESI Challan	Payment of ESI of September
21/10/2014	D-VAT	D-VAT-20 & Central	Deposit of VAT & CST for September for Monthly Dealers
30/10/2014	MCA	Annual Return, Balance Sheet and Special Resolutions	Annual Return of the company, Balance Sheet, Special Resolutions and Appointment of Auditors to be filed within 30days of AGM

Due date extended for deposit of TDS and TCS for September 2014 from 7th Oct to 10th Oct 2014

The Central Board of Direct Taxes has extended the Due Date of deposit of tax deducted at source/tax collected at source during the month of September, 2014 from 7^th October, 2014 to 10^th October, 2014 without entailing any consequential interest due to consecutive holidays during the first week in the month of October, 14. There is no extension of  due date for filing of TDS/TCS statements for the Second Quarter of the F.Y. 2014-15 & the last date shall remain the same i.e 15th October.

The ceiling of wage from Rs. 6500/- to Rs. 15000/- for contribution to Provident fund has been enhanced

The ceiling of wage from Rs. 6500/- to Rs. 15000/- for the computation of contribution to Provident fund has been enhanced by Ministry of Labour and employment vide notification dated 22.08.2014.

Extract of the Notification

The central government hereby makes the following, further to amend the Employees’ Provident Funds Scheme, 1952, namely:-

1.  (1) This Scheme may be called the Employees’ Provident Funds (Amendment) Scheme, 2014.

(2) It shall come into force on and from the 1^st day of September, 2014.

2. In the Employees’ Provident Funds Scheme, 1952,-

(a) In paragraph 2, in clause (f), in sub-clause (ii), and In paragraph 26, in sub-paragraph (6) and In paragraph 26A, in sub-paragraph (2),for the words “six thousand and five hundred rupees”, the words “fifteen thousand rupees” shall be substituted;

This Scheme may be called the Employees’ Pension (Amendment) Scheme, 2014.& enforceable from the 1^st day of September, 2014. In the Employees’ Pension Scheme, 1995, in para 3, in sub- para 2, in the proviso, for the words “rupees six thousand and five hundred”, whenever occur, the words “fifteen thousand rupees” shall be substituted

Extension of due date for furnishing return of income from 30.09.14 to 30.11.14 for the Asst Year 14-15

CBDT Order under section 119 of the Income-tax Act, 1961 Dated 26.09.2014

The `due-date‟ for furnishing return of income extended from 30th September, 2014 to 30th November, 2014 for the assessment year 2014-15 for all purposes of the Act, in case of an assessee, who,

(i) is required to file his return of income by 30th September, 2014 as per clause (a) of Explanation 2 to sub-section (1) of section 139 of the Income-tax Act, 1961; and

(ii) is also required to get his accounts audited under section 44AB of the Act or is a working partner of a firm whose accounts are required to be audited under section 44AB of the Act.

There shall be no extension of the “due date” for the purposes of Explanation 1 to section 234A (Interest for defaults in furnishing return) of the Act and the assessees shall remain liable for payment of interest as per the provisions of section  234A of the Act.

It is clarified that for an assessee (other than working  partner of a firm which is required to obtain and furnish tax audit report), who is  required to file its return of income by 30th September, 2014 but not required to obtain and furnish tax audit report under section 44AB, the due date for furnishing of return of income for assessment year 2014-15 remains as 30th September, 2014.

Last Date for accepting Verification Form ITR V at CPC of Income Tax Department is 31st October for returns filed for the AY 2013-14

The CPC of the Income Tax Department has started a special campaign where they are accepting the Verification Form ITR V for  income tax returns filed for the AY 2013-14 without digital signature and have not sent the signed copy of the Acknowledgement to CPC Bangalore.

The CPC has given last chance to those who have not sent the signed copy of the Verification Form ITR V or say Acknowledgement, to do so by 31^st October’2014.

In case an assessee does not file the return by using digital signature, then he has to send a physically signed copy of the acknowledgement or ITR V of the filing of return to CPC Bangalore within 120 days of e-filing of the return.

Requirement of sending of acknowledgements to CPC Bangalore and consequences:

-       The return filing process is not complete without sending the signed copy of acknowledgement/ ITR V.

-       The return will not be processed if signed copy of the acknowledgement / ITR V is not furnished to the CPC.

-       The Income Tax department will validate the contents of the return only if they receive copy of signed acknowledgement / ITR –V at CPC Bangalore.

-       The return sent will not be considered as a valid return.

-       No Refund will be issued if claimed.

.

Now, last date is 31^st October to accept the signed copies of the acknowledgements/ITR-V at CPC-Benglore for the AY 2013-14.

Also signed copy of ITR-V for AY 2014-15 is to be sent to CPC within 120 days of e-filing the return.

RESOLUTIONS TO BE FILED WITH MCA IN FORM MGT-14

As per Companies Act 2013 it is mandatory to inform MCA about certain activities of the every company by filing the Resolutions passed in Board Meetings or in General meetings. Companies’ information can be filed with MCA by filing MGT-14 where certified copy of such resolution is to be attached. In various Sections of Companies Act, 2013 the filing of MGT-14 is mandatory. A brief eye-view is as follows:

Section 117 of the Companies Act,2013 states that a copy of every resolution or any agreement proposed in the meeting need to be filed with registrar within 30 days of the passing of resolution or making thereof of through MGT-14

List of resolutions to be filed with form MGT-14 is divided in 4 categories:-

-Under Section117 (3)
- Under Section 179(3)
- Provided as per Rule 8
- Miscellaneous Provisions

 
A)     LIST OF RESOLUTIONS/ AGREEMENTS U/S 117(3)

i)                    Special Resolution,

ii)                   Resolution agreed by all the members,

iii)                 Resolution relating to appointment, reappointment, renewal or variation in terms of appointment of Managing Director / executive Director / whole time director,

iv)                 Resolution or agreement passed by any class of member,

v)                  Resolution to exercise any power by its board of directors,

vi)                 Resolution regarding company to wound up voluntary,

vii)               Any other resolution prescribed in public domain.

B)     LIST OF RESOLUTIONS U/S 179(3)

      The board of directors shall exercise the following powers on behalf of company:

i)                    To make calls on unpaid shares,

ii)                   To authorize buy- back of shares,

iii)                 To issue securities, debentures,

iv)                 To borrow money,

v)                  To invest the funds,

vi)                 To grant loan , give guarantee or provide security in respect of loan,

vii)               To approve Financial Statements and board report,

viii)              To approve amalgamation, merger, reconstruction,

ix)                 To take over a company or acquire a controlling stake in another company,

x)                  Any other matter

C)     LIST OF RESOLUTIONS GIVEN IN RULE 8(5) READ WITH SECTION 179(3)

i)                    To make political contribution,

ii)                   To appoint or remove Key Managerial Personnel(KMP),

( KMP here means the chief executive officer, managing director, company secretary, chief financial officer. In other words we can say that the person who have authority and responsibility for planning, directing and controlling the activities.)

iii)                 To appoint or remove the person one level below KMP,

iv)                 To appoint internal and secretarial auditor,

v)                  Disclosure of interest of director and shareholding ,

vi)                 To buy or sell the investment of the another company having 5% or more paid up share capital and free reserves,

vii)               To invite or accept or renew public deposit and its terms & conditions,

viii)              To approve quarterly, half yearly and annual financial results.

       D)     MISCELLANEOUS PROVISIONS U/S 94

                The statutory registers and annual return shall be kept at registered office as per section 94.

But the same can be kept in any other place in India if approved in Special resolution .The said copy of the same is required to be filled before registrar at least one day before the date of general meeting in the form of MGT-14.

Contrubuted by Ms Karishma Sharma ( Article at Sandeep Ahuja & Co )

TAN Holders have to make declaration for non filing of TDS statement or file Nil TDS return

Now, Income Tax Department has introduced a new Utility / function  in the TRACES site wherein the persons having the TAN No. but are not required to submit a return of TDS because of there is no payment where they are liable for tax deduction or  for any other reason they are not liable for tax deduction in any particular quarter shall have to submit a Declaration for the same on TRACES.

Earlier Asssessee use to submit NIL TDS return to avoid penalty for late Filing of TDS Return as they use to revise the return post filing of Nil Return. TDS deductor were use to submit TDS return for a Quarter even if they have not deducted and paid any TDS for a specific Quarter.  After that  Schema was given by the CBDT wherein ‘TDS statement could not  be filed without quoting any valid challan and deductee row. Which implied  NIL TDS Return not to be filed.

 The Income Tax department has been finding it difficult to identify the deductor who are required to file return but not they have not filed or  the Deductors not required to file return due to NIL TDS.

Now, declaration is to be filed by the Assessees who are having TAN number. The procedure for filing of Nil TDS return/ declaration for non filing of TDS statement is as follows:

1.  Login through your registered id at www.tdscppc.gov.in 

 2.  Go to “Statement/Payments TAB after login >

3. Submit> Declaration for Non filing of TDS statement 

Contributed by CA Rahul Singhal

Show Cause notices to Non Filers

The Central Board of Direct Taxes (CBDT) has instructed the income-tax officials to send show cause notices for non-filing of income returns and initiate prosecution against non-filers of returns & those who make high-value cash transactions.

 The CBDT  has instructed field officers to use the two provisions

-          To penalise non-filers — a R5,000-penalty for not filing returns

-          To initiate prosecution proceeding for wilful attempt to conceal income.

So Income Tax Department will be sending enquiries and show cause notices to non – filers and tax evaders and having  high-value cash transactions.

So every PAN holder having income subject to Income Tax should file The Income Tax Return before getting the notice from IT Department.

Contributed By Ms Pooja Aggarwal ( Article Assistant at Sandeep Ahuja & Co.)

Compliance Calendar for September, 2014

Date	Statutory Act	Applicable Form	Obligation
05/09/2014	Service Tax	Challan No.GAR-7	Last date for payment of Service Tax in case of companies for the month  August
05/09/2014	Central Excise	Challan No.GAR-7	Monthly-payment of Central Excise Duties for the previous month –For non SUI units
07/09/2014	Income Tax	Challan No.ITNS-281/17	Payment of TDS/TCS deducted/collected in August
07/09/2014	Income Tax	Form No.15G,15H, 27C	Submission of Forms received in Previous month to IT Commissioner
10/09/2014	Excise	ER-1  & ER-2	Return for Non SSI assessees for June , Return for EOUs for Aug
10/09/2014	Excise	ER-6	Return by units paying duty > 1 crore (CENVAT + PLA) for Aug
15/09/2014	D-VAT	DVAT-20	Deposit of DVAT TDS for Aug
15/09/2014	Provident Fund	Electronic Challan Cum Return(ECR)	E-Payment of PF for August (Cheques to be cleared by 20th)
15/09/2014	Advance Tax	Challan 280	Payment of  Advance Tax Installment for Assessment year 2015-16
15/09/2014	ESI	ESI Challan	Payment of ESI of August
21/09/2014	D-VAT	D-VAT-20 & Central	Deposit of VAT & CST for August for Monthly Dealers
30/09/2014	Income Tax	ITR -03,04,05,06,07	Return of Income and Wealth for others covered under Audit & Companies. ( Other than covered under Transfer Pricing Regulations ) *CBDT has extended the date for furnishing and uploading the Tax Audit Report and not Income Tax return.