Filing Financial Statements & Annual Return with MCA under Companies Act, 2013

AOC-4- Filing of financial Statements with MCA

Who are required to file AOC-4?

Every Company is required to file its financial statement in AOC-4,

Consolidated Financial Statements are also required to be filed  in case of company having its subsidiary.
Attachments : Copy of Audittors' Report, Financial Statements & Board Report

Time Limit – within 30 days of the Annual Meeting
AOC-4 is in lieu of 23AC and 23ACA.

MGT-14 – Filing of Approval of Financial Statements with MCA

Who are required to file MGT-14?

Every Public and private company is required to file MGT-14 for resolution passed in General Meeting

Exception- Private Company is not required to file MGT-14 for approval of accounts and  board report.
Attacments : Copy of Resolutions passed at General Meeting and for Public Limited Company resolution passing or approving Financial Statements

ADT-1- Filing of Appointment of Auditor, if not done earlier for 5 years

Who is required to file ADT-1?

Every company making fresh appointment of Statutory Auditor for a term of 5 consecutive years shall file ADT-1.

ADT-1 is not required to be filed for Ratification of Auditor. The Companies are required to ratify the appointment of Statutory Auditors who was appointed in last AGM for 5 financial years.  An Ordinary Resolution is to be passed at this AGM for ratification to continue as Statutory Auditor of the Company.
Attachments: Resolution for Appointment of Auditor, Appointment letter issued by the company to Auditor/ Audit Firm, Consent letter mentioning their eligibility by the Auditor/ Audit Firm

MGT-7- Filing of Annual Return with MCA

 Who are required to file MGT-7?

Every Company is required to file its annual return in MGT-7.
MGT-7 is in lieu of 20B.
Attachments : List of Shareholders and for Public Limited company only MGT -8

MGT-8 (Attachment to the E- Form MGT-7)

Who are required to get certificate in Form MGT-8?

Company having

a)       paid up capital 10 crore or more

or

b)      turnover of 50 crore or more

is required to get certificate in MGT-8 by any Practicing Company Secretary.

MGT-9 (Attachment to E- Form AOC-4)

Who are required to prepare MGT-9

Every Company filing MGT -7 has to prepare MGT-9 for attaching with E-Form MGT-7

CAUTION POINTS TO REMEMBER TO ESCAPE DEFAULTS

• Each attachment to the e-forms shall be duly signed by any of the directors of the Company.
• Auditor or any other qualified representative should be present at AGM
• Special Resolutions passed in General Meeting are required to be attached with MGT -14 by all companies and copies should be signed by the directors.
• Notice of the AGM should include Route Map of venue of AGM 
• Minutes of the Board Meeting and General Meeting should be serially numbered with effect from 1st july, 2015
• MGT -15 is required to be filed by the listed company with in 30days from the conclusion of the AGM
• No CFS is to be prepared if company is having only Associates and Joint Ventures but no subsidiary company. AOC-1 is to be attached with Financial Statement giving required particulars of subsidiary companies, Joint Ventures & Associates. 

 What are the points to consider  for accurate filing of  Annual return under Companies Act,2013 ?

MGT-7 and MGT 9 of Annual Return Under Companies Act 2013 ( Form 20B under Companies Act 1956) Section 92(1)

Every Company has to prepare Boards Report in compliance with Sec 134 and other relevant sections of Companies Act, 2013 including summary of annual report in Form MGT 9.

Every company is required to prepare annual return containing the particulars as they stood on the close of the financial year regarding—

·         Registered office, business activities and particulars of its holding, subsidiary &  associate companies

·         Shares, debentures and other securities and shareholding pattern, indebtedness along with changes therein since the close of the previous financial year

·         Directors, key managerial personnel along with changes therein since the close of the previous financial year

·         Meetings of members, Board and various committees along with attendance details and remuneration of directors and key managerial personnel

·         Penalty or punishment imposed on the company, directors or officers and details of compounding of offences and appeals made against such penalty or punishment. The matters relating to certification of compliances & other disclosures as required.

·         Details of shares held by or on behalf of the Foreign Institutional Investors indicating their names, addresses, countries of incorporation, registration and percentage of shareholding held by them and signed by a director and the company secretary, or where there is no company secretary, by a company secretary in practice

·         Provided that in relation to One Person Company and small company, the annual return shall be signed by the company secretary, or where there is no company secretary, by the director of the company E-Form MGT-7

·         The annual return, filed by a listed company or a company having paid-up share capital of ten crore rupees or more or turnover of fifty crore rupees or more, shall be certified by a Company Secretary in practice and the certificate shall be in Form No. MGT.8. 

Contributed by Pooja Aggarwal

Loading-unloading & packing is a part of GTA for levy of service tax & abatement provisions- CBEC

CBEC vide Circular No. 186/5/2015-ST on 05.10.2015 has provided a clarification regarding chargeability of service tax on ancillary services provided by GTA's in the course of transportation of goods by road.

·         GTA means any person who provides service to a person wrt transport of goods by road.

·         Such service provided is a composite service and includes any ancillary services like loading/ unloading, packing/unpacking, transshipment, temporary storage etc., provided in the course of transportation of goods by road by GTA itself or by sub-contractor.

·         Such single composite service if it is provided in the ordinary course of business, is not to be fragmented into any components as separate services. Thus, a composite service consisting of more than one service would be treated as a single service based on the nature of main or principal service which gives a transaction its essential feature. 

·         The abatement of 70%, as applicable to GTA service, would be available on ancillary services which are provided in the course of transportation of goods by road and the charges for such services are included in the invoice issued by the GTA.

·         If GTA undertakes to deliver the goods within a stipulated time at a particular destination, such service would also be considered as ancillary to GTA service and abatement provisions would be applicable for such services treating ancillary services forming part of GTA services.

Statutory Compliance Calendar for October 2015

Date	Statutory Act	Applicable Form	Obligation
06/10/2015	Service Tax	E-Payment	Last date for E- payment of Service Tax in case of companies for the month September, for the quarter for others.
06/10/2015	Central Excise	Challan No.GAR-7	Monthly-payment of Central Excise Duties for the previous month –For non SUI units
10/10/2015	Income Tax	Challan No.ITNS-281/17	Payment of TDS/TCS deducted/collected in September
10/10/2015	Income Tax	Form No.15G,15H, 27C	Submission of Forms received in Previous month to IT Commissioner
10/10/2015	Excise	ER-1  & ER-2	Return for Non SSI assessees for June , Return for EOUs for Sep
10/10/2015	Excise	ER-6	Return by units paying duty > 1 crore (CENVAT + PLA) for Sep
15/10/2015	D-VAT	DVAT-20	Deposit of DVAT TDS for Sep
15/10/2015	Provident Fund	Electronic Challan Cum Return(ECR)	E-Payment of PF for Sep (Cheques to be cleared by 20th)
15/10/2015	ESI	ESI Challan	Payment of ESI of September
21/10/2015	D-VAT	D-VAT-20 & Central	Deposit of VAT & CST for September for Monthly Dealers
25/10/2015	Service Tax	ST-3	Due date for E –Filing of service tax return for half year ended on 30.09.2015
30/10/2015	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 (15 days for ADT-1 ) 30days of AGM
31/10/2015	Income Tax	ITR -03,04,05,06,07	Extended due date for Return of Income and Wealth for others covered under Audit & Companies. ( Other than covered under Transfer Pricing Regulations )

Due date of ITR and TAR for AY 2015-16 extended till 31st October for Whole of the country - CBDT

Yesterday CBDT extended the date for Punjab Haryana and Gujrat but this morning on 1^st October 2015 CBDT has issued a press release that the Government has decided  for extension of last date for e-filing returns of income and audit reports u/s 44AB due by 30th September, 2015 till 31st October, 2015 for the whole country,. Necessary order u/s 119 of the Income-tax Act, 1961 are to be issued by CBDT in the due course.

No extention of due date for filling Tax Audit and ITR for the AY 2015-16 - CBDT

CBDT has given a press release today that the last date for filing of returns due by 30th September 2015 will not be extended. Taxpayers are advised to file their returns well in time to avoid last minute rush.

The Government has received representations from various stakeholders seeking extension of date for filing of returns and tax audit reports beyond 30th September 2015. Income-tax returns for Assessment Year 2015-16 for companies, firms and individuals engaged in proprietary business/profession etc whose accounts are required to be audited, are to be filed by 30th September, 2015. The audit report is also required to be filed by the said date. 

AS per CBDT the Income-Tax Returns Forms 3,4,5,6 and 7 were notified for Assessment Year 2015-16 on 29.07.2015 and were e-enabled on the e-filing website of the Department from 7th August 2015. 

The taxpayers having either international transactions or specified domestic transactions are required to file their returns by 30th November 2015 only. 

Payment of Interest on Educational Loan and Tax benefits

An Individual can plan tax for spending on education of their spouse or children including legal guardian. One should not spend out of savings but should take education loan and take benefit of deduction under Section 80E for payment of interest on educational loan.

 Through this tax planning one can reduce cost of education by reducing tax liability by paying interest on education loan. The deduction for payment of interest on educational loan under Section 80E is available to an individual only if one satisfies conditions laid down under Section 80E of Income Tax Act, 1961.

Salient points to be kept in mind while planning tax deduction under Section 80E:

1. Only to Individual : Such deduction is available only to Individual and not to HUF or any other assessee.

2. Interest paid is deductible: The total amount paid as interest is eligible for deduction and there is no limit for the same. The interest paid is to be reduced from taxable income so the higher the tax slab of the assessee borrower, higher the amount of tax saving. So if there is a choice of any of the parents then higher income parent should borrow for education of their children. However there is no benefit for repayment of principal amount of the educational loan.

3. Interest on loan from Financial Institution or approved charitable Institution only: Interest on loan taken from any financial institution or any approved charitable institution for the purpose of pursuing higher education by spouse or children is eligible for deduction under Section 80E. Interest on loan taken from friends and relatives is not eligible for deduction under section 80E.

a. financial institution includes any bank or any other financial institution which the Central Government may, by notification in the Official Gazette, specify in this behalf;

b. approved charitable institution includes any chartable institution established for the purpose of education or an institution established for charitable purposes approved by the prescribed authority under clause (23C) of section 10 or an institution referred to in clause (a) of sub-section (2) of section 80G;

4. The Purpose of loan should be higher studies of Individual , Spouse, Children of Individual or for whom individual is legal Guardian. And Higher studies includes full-time studies for any graduate or post-graduate course in engineering, medicine, management or for post-graduate course in applied sciences &  vocational studies. Interest paid on education loan taken for brother or sister or other relatives is not deductible under section 80E.

5. Interest paid on education loan eligible for deduction upto 8 years; The interest paid on educational loan is deductible in computing the total income for the eight assessment years including the assessment year in which interest payment is started or until the interest is paid by the assessee in full, whichever is earlier.

6. Individual borrower can claim deduction: The deduction under section 80E for the payment of interest on educational loan is allowed to the borrower only. If loan is in the name of some other person the deduction is not allowed.

7.Loan taken for incidental expenses for pursuing higher studies is also eligible: The interest on educational loan qualifies for tax benefits even if taken for tuition fee, college fees and even for other incidental expenses including hostel charges, transport charges for pursuing such studies in India or abroad.

8. The repayment of education loan is not deductible under Section 80C.

Monthly Statutory Obligations for September, 2015

Date	Statutory Act	Applicable Form	Obligation
06/09/2015	Service Tax	E-Payment of Tax	Last date for payment of Service Tax in case of companies for the month  August
06/09/2015	Central Excise	E-Payment of Tax	Monthly-payment of Central Excise Duties for the previous month –For non SUI units
07/09/2015	Income Tax	Challan No.ITNS-281/17	Payment of TDS/TCS deducted/collected in August
07/09/2015	Income Tax	Form No.15G,15H, 27C	Submission of Forms received in Previous month to IT Commissioner
10/09/2015	Excise	ER-1  & ER-2	Return for Non SSI assessees for June , Return for EOUs for Aug
10/09/2015	Excise	ER-6	Return by units paying duty > 1 crore (CENVAT + PLA) for Aug
15/09/2015	D-VAT	DVAT-20	Deposit of DVAT TDS for Aug
15/09/2015	Provident Fund	Electronic Challan Cum Return(ECR)	E-Payment of PF for August (Cheques to be cleared by 20th)
15/09/2015	Advance Tax	Challan 280	Payment of  Advance Tax Installment for Assessment year 2015-16
15/09/2015	ESI	ESI Challan	Payment of ESI of August
21/09/2015	D-VAT	D-VAT-20 & Central	Deposit of VAT & CST for August for Monthly Dealers
30/09/2015	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 extends 'due-date' for Income Tax returns for all assessees to 7th Sep,2015

CBDT has extended the 'due-date' for E-Filing Returns of Income from 31st August, 2015 to 7th September, 2015 in respect of all the taxpayers who were required to E-File their returns by 31st August, 2015 for Assessment Year 2015-2016.

On 10th June, 2015, the Central Board of Direct Taxes ('CBDT') had extended the 'due-date' for filing Income-tax returns till 31st August, 2015 in cases of those taxpayers who were required to file their tax-return by 31St July, 2015.

This date was further extended till 7th September, 2015 in case of taxpayers of Gujarat in view of dislocation of general life in that State in last week of August.

CBDT has further received representations that across the country, taxpayers had faced hardships in E-Filing Returns of Income on the last date i.e. 31st August, 2015 due to slowing down of certain e-services. Therefore, CBDT has extended the 'due-date' for E-Filing Returns of Income 7th September, 2015