Technocrat Corporate Compliances

22/09/2016

*ATTENTION CS PROFESSIONAL (OLD SYLLABUS) STUDENTS!*

Important Announcement on _*Switchover from Professional Programme 2007(Old) Syllabus to 2012(New) Syllabus.*_

The Council of the Institute in its meeting held on 17th September, 2016 decided as under :

1. All 2007(Old) Syllabus Students shall be *compulsorily required to switchover to 2012(New) Syllabus* from December, 2016 Session and no further examinations will be conducted under 2007(Old) Syllabus.

2. All 2007(Old) Syllabus Students switching over/ switched over to 2012(New) Syllabus shall be *granted exemption in Information Technology and Systems Audit Paper.*

_All students registered under 2007(Old) Syllabus and already switched over to 2012(New) Syllabus at any point of time shall be eligible for this exemption._

*_Such students shall be eligible for exemption in the said paper even if they have appeared in the examinations under 2012(New) Syllabus._*

3. All 2007(Old) Syllabus Students who have *cleared/ exempted the Strategic Management, Alliances and International Trade paper shall be granted exemption in the Elective Paper* under Module-3 of 2012(New) Syllabus.

4. These exemptions shall come into force with effect from CS December, 2016 Session of Examinations.

https://www.icsi.edu/webmodules/Switchover_17092016.pdf

09/06/2016

Opportunities for PCS:
The Institute made following representations:
1. To the Ministry of Road Transport and Highways seeking recognition for PCS under the Draft Motor Vehicles (All India Authorization for Tourist Bus Permit) Rules, 2016 for certification of Form 3 Quarterly Returns to be filed by an All India Tourist Bus Permit Holder.
2. To the Department of Food and Public Distribution seeking recognition for PCS under the Draft Warehousing (Development and Regulation) Repository and Participants Rules, 2016 and Draft Warehousing (Development and Regulations) Registration of Warehouses Rules, 2016.
3. To the Ministry of Corporate Affairs seeking amendments/enacting new law with respect to Societies Registration Act, 1860.
4. To the Ministry of Urban Development requesting for providing an opportunity to support the Government in the drafting of Rules under the Real Estate (Regulation and Development) Act, 2016.
5. To the Ministry of Railways, requesting for giving opportunity to ICSI to provide inputs towards preparing SOPs and Standards for their meetings.
6. To the Director-General of Income Tax (Systems) for seeking recognition of PCS for certification of Online allotment of Permanent Account Number under section 139A of the Income Tax Act, 1961.
7. To the Telecom Regulatory Authority of India seeking recognition for PCS under the Register of Interconnection Agreements (Broadcasting and Cable Services) Regulations, 2016.

05/06/2016

Tax.
Due date of filing TDS return will change with effect from 1 June 2016.
1). New rule 26C inserted regarding “Furnishing of evidence of claims by employee for deduction of tax under section 192”.
2) TDS deducted under section 194IA is required to be deposit within 30 days (earlier it was seven days) from the end of the month in which the deduction is made .
3) In case of an government office Statement in form no. 24G is required to be submit within 30th day of April where the statement relates to the month of March and in any other case, on or before 15 days from the end of relevant month. (Sub-rule 4A).
Earlier the same required to be submit within 10 days from the end of relevant month.
4) Change in due dates of furnishing the quarterly TDS returns.
5) New Form No. 12BB (Statement showing particulars of claims by an employee for deduction of tax under section 192) specify.
6) Amendment in Form 24Q (TDS on salary).
7) Amendment in Form 26Q (TDS other than salary).
8) Amendment in Form 27Q (TDS on payment made to non-resident).
The above changes will effective from 1 June 2016.
Income-tax (11th Amendment) Rules, 2016.
(NOTIFICATION NO. 30/2016, Dated 29th April, 2016).
For more details, visit at
https://www.youtube.com/watch?v=vGx7skgUY8s

1). New rule 26C inserted regarding “Furnishing of evidence of claims by employee for deduction of tax under section 192”. 2) TDS deducted under section 194I...

20/05/2016

Quick Trademark Registration in India in just one month by 2017. The Modi Govt introduced New Intellectual Property Rights Policy.

17/05/2016

Change in effective rate of Service Tax (effective from 01.06.2016)
Effective rate of service tax is being increased from 14.5% to 15% by levying Krishi Kalyan Cess @0.5% on value of taxable services.
Invoicing and accounting: Each component of Service Tax (i.e. service tax 14%, SB Cess 0.5% and Krishi Kalyan Cess 0.5%) should be separately shown on invoice and should be separately accounted for in books of accounts.
CENVAT Credit: Finance Minister in his budget speech has clarified that Krishi Kalyan Cess paid on input services shall be available as CENVAT Credit. Therefore, CENVAT Credit of same may be availed.
However, for SB Cess, department had clarified that CENVAT credit of same would not be available. However, as you are aware that we are contesting the same before Delhi High Court (Please refer our mails #22, 23, 24 and 25). Therefore, credit of same may not be availed till a judgment is passed by Delhi High Court.

17/05/2016

http://taxguru.in/service-tax/service-tax-rate-chart-effect-01062016.html

In this Article we have Compiled Service Tax Rate Charges from 01.06.2015 to 14.11.2015, 14.11.2015 to 31.05.2016 and Rates from 01.06.2016. We have considered Krishi Kalyan Cess as applicable from 01.06.2016 and also given a Snapshot of effective rates of Service tax under Abatement, Reverse Charge...

15/05/2016

http://www.mca.gov.in/MinistryV2/noticeandcircular.html

Ministry Of Corporate Affairs

05/05/2016

How to File TDS return at Income Tax India Efiling Site Free
www.simpletaxindia.net

Income tax rates, Service Tax, Pan verification, HRA, EPF, 80C,80D, Tax Tips, ITR, TDS rates ,challan, Tax calculator ETDS return, India, capital gain

04/05/2016

Sebi allows company secretaries to certify cos' refund process
May 3, 2016, 08.37PM IST PTI

New Delhi, May 3 () Markets watchdog Sebi today allowed independent practising company secretaries to certify the refund made by firms in a public offer involving allotment of securities to more than 49 but up to 200 investors in a financial year.

Currently, only independent practising chartered accountants are allowed to certify the repayment.

The Securities and Exchange Board of India (Sebi), in December 2015, said that unlisted companies raising funds through securities without having a public offer document will be exempt from penal action if they provide a refund option along with 15 per cent interest rate at the time of issuance.

This relaxation is be applicable to entities that have raised funds by issuing securities to more than 49 persons, but up to 200 individuals in a financial year.

Under the Companies Act, 2013 -- most of whose provisions came into effect from April 1, 2014 -- any offer or allotment of securities is considered a public issue if the number of allottees exceeds 200 persons in a financial year. This provision replaced the cap of 49 persons in the Companies Act, 1956.

In a circular issued today, Sebi said the repayment made by the company following the option for refund exercised by investors will have to be certified by independent practising chartered accountants or company secretaries.

Earlier, the rules provided for "submission of a certificate from an independent peer reviewed practising Chartered Accountant certifying compliance."

"It has now been decided that the certification as ...may also be provided by an independent peer reviewed proctoring Company Secretary," Sebi noted. SP ABM

04/05/2016

Go for the LLP option
caclubindia.com

Interactive Platform for Finance Professionals & Taxpayers

19/03/2016

-Companies (Amendment) Bill 2016 as introduced in Lok Sabha

Total 87 amendments.
Important amendments proposed includes:

1. Definition of Small company is proposed to be amended :
Capital 50 lacs to 10 cores
Turnover 2 crores to 100 crores

2. The Requirement of having specific object in the MoA is proposed to be omitted, instead it will become optional. MoA may contain a statement that the company may engage any lawful activity as may be permitted by the law of the land for the time being in force.

3. For incorporation the” affidavit “by the subscriber/director as required under section 7 is proposed to be replaced with “Declaration”

4. Existing Section 42 (private placement) proposed to be replaced with a new section.

5. It is proposed to allow filing of satisfaction of charge within 300 days with additional fee

6. It is proposed to make abridged form of Annual Return for OPC and Small Companies

7. AGM of unlisted companies can be held any where in India with prior consent of all the members

8. EGM of all the companies (other than WOS of foreign companies) shall be held in India

9. No need to file the Resolution under Section 180(1) Clause (a) and (c)
10. More clarity is being brought about with respect to the declaration of interim Dividend.

11. Removal of requirement for ANNUAL RATIFICATION of appointment or continuance of auditor;

12. Section 185 is proposed to be replaced with new section : Main changes will be
Ø Prohibition is only for loan/guarantee etc. to Director of the company, director of the holding company, relative of director, partner of director and a firm in which such director/relative is a partner
Ø Any company can give loan/guarantee etc to other companies in which directors are interested (Pvt company in which directors is director/member; Bodies coporate in which 25% or more of voting power is held by such director; B/C the Board of which is accustomed to act in accordance with the instructions of Board or Directors of lending Company) by passing a special resolution

13. Loan to employees are proposed to be excluded specifically from the provisions of Section 186.

14. Provisions relating to forward dealing and insider trading to be omitted from the Act;

15. Requirement of approval of the CG for Managerial remuneration above prescribed limits to be replaced by approval through special resolution by shareholders;

16. Remove restrictions on layers of subsidiaries and investment companies;

17. Align prescription for companies to have Audit Committee and Nomination and Remuneration Committee with that of Independent Directors;

18. Test of materiality to be introduced for pecuniary interest for testing independence of Independent Directors;

19. Provide for maintenance of register of significant beneficial owners by a company, and filing of returns in this regard to the Registrar;

20. Amend provisions relating to Corporate Social Responsibility to bring greater clarity

21. The restriction on related party transaction under 188 is not applicable if 90% in number of members are promoters or relatives of promoters or related parties.

22. The Public company will be entitled to pay in excess of 11% of net profit to its managerial personnel by a special resolution – without central government approval but subject to schedule -----------------------

CS Deesha Shroff