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Updates on Income Tax Scheme

Updates on Income Tax Scheme

Updates on Income Tax Scheme

1) IT: Schema Version 1.3 released for From 10B, Form 3CA-3CB and Form 3CB-3CD.

2) RBI: RBI directs concurrent auditors to submit reports directly to banks -http://economictimes.indiatimes.com/news/economy/policy/rbi-directs-concurrent-auditors-to-submit-reports-directly-to-banks/articleshow/49092072.cms

3) SEBI: SEBI has today issued circular under Regulation 27(2) of the SEBI(Listing obligations and disclosure requirements) Regulations, 2015 read with regulation 101(2) (Clause 49 of the existing listing agreement), which provides for the format for compliance report on corporate governance to be submitted to the Stock exchanges by the listed entities.

http://www.sebi.gov.in/cms/sebi_data/attachdocs/1443091241915.pdf

4) IT: Addition in case of own mischief of assessee will not amount to double taxation: R.B. Shreeram Durgaprasad (P) Ltd. vs. The CIT (Bombay High Court).

5) ST: Amounts collected for conducting Aerobics and Yoga classes would fall under Health & Fitness Services and accordingly would be chargeable to service tax. CESTAT MUMBAI, Malabar Hill Citizens Forum V/s CCE, Mumbai.

6) CL: New forms (AOC-4, MGT-7, ADT-2, SH-9) will be available from 25-09-2015 also Versions of CRA-4 & CHG-4 are likely to be modified.

7) CL: MCA portal services may not be available tentatively from 24-09-2015 7:00 PM to 25-09-2015 7:00 AM. Plan accordingly.

8) IDT: Anti-dumping duty could not be added for computing customs duty, SCD & SAD: Jaswal Neco Ltd. Vs. Comm Of Customs : Supreme Court

9) The Ministry of Communications and I T has notified the revised norms for digital signature.

10) VOTES by Post: ICAI has made arrangements for members to apply for permission to vote by post due to permanent infirmity; or employment at a place other than the address registered with ICAI, download form from   https://resource.cdn.icai.org/39213election2015-28581.pdf  and send latest by 1.10.2015.

11) E-form MGT-7 for filing of annual return is now available on MCA website

Highlight’s of the e-form:

a. Attaching signed copy of annual return has been dispensed    with.

b. Companies i.e, other than OPC and small companies, are required to get e-form MGT-7 certified by Company secretary of the company or company secretary in whole time practice , and it has to be done by means of  digital signature in the form itself.

c. In case of 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 ,a certificate by  company secretary in whole time practice shall be attached in form MGT-8

Following details (Inclusive list) are required to be filled in the e-form MGT-7  

a. Permanent Account Number (PAN) of the company

b. Particulars Of Holding, Subsidiary, Joint Ventures And Associate Companies along with % of shares held.

c. Details of shares/Debentures Transfers since closure date of last financial year to be filled in the form itself, In case list of transfer exceeds 10, separate sheet attachment or submission in a CD/Digital media can be shown.

d. Turnover and net worth of the company (as defined in the Companies Act, 2013)

e. SHARE HOLDING PATTERN – Promoters and Public

f. Total number of shareholders (Promoters+Public)

g. Composition of Board of Directors and Percentage of shares held by them.

g. Number of Directors and Key managerial personnel (who is not director) as on the financial year end date

i. Meetings of Members/Class of Members/Board/Committees of the Board Of Directors 

j. Number of members attended the meeting and details of  Percentage of shares held by members.

k. Details of Bard meeting held during the financial year and Number of directors attended, and % of attendance

l. Remuneration of Directors and Key Managerial Personnel in details has to be filled in.

Updates on Income Tax Scheme

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