\As per MCA Site, The MCA Services will not be available from 10:00 AM on 25th April 2014 to 08:00AM on 26th April 2014 for preparation of making MCA21 system compliant with requirement of Companies Act, 2013 from 28th April 2014. Stakeholders are requested to bear with the inconvenience caused due to this unavailability of services.\

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- 8130711885

Blog: www.arpitguptaassociate.blogspot.in

As per DVAT Site, Please note that returns can now be filed with digital signature and in that case there will no need for submitting the hard copy of DVAT 56.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- 8130711885

Blog: www.arpitguptaassociate.blogspot.in

PUBLIC NOTICE

Date: 11/04/2014

MCA ISSUES NEW E FORM

This is in continuation of the Public Notice No. MCA21/28/2014-eGov dated 28th March, 2014 informing stakeholders of the availability of the new E-Forms prescribed under the Companies Act, 2013 from 14th April, 2014. After a careful review it has been decided that there could be a single phase roll-out instead of the earlier notified staggered roll out for convenience of all concerned.

Accordingly, all E-Forms will be available for upload with effect from 28th April, 2014.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- 8130711885

Blog: www.arpitguptaassociate.blogspot.in

PUBLIC NOTICE

No.MCA21/28/2014-e-Gov

Date: 28/03/2014

MCA ISSUES NEW E FORM

1. Companies Act, 2013 (The Act) was notified on 29th August, 2013. Sec 1(3) of the Act empowers the Central Government to notify different dates for different provisions of the Act. 98 sections of the Act were notified on 12.09.2013 and section 135 and rules there under on 27/02/2014. The Ministry has further notified 183 sections of the Act and Rules there under to be made effective from 01.04.2014 (except certain provisions, for example provisions under chapter XV, XVI, XVIII, XIX, XX, part II chapter XXI, chapter XXVII, chapter XXVIII). Most of the existing e-forms will be replaced by new e-forms from the said date. The following steps are being taken for smooth transition.

2. From 01/04/2014 to 13/04/2014 all Registrar of Companies (ROC) will finalise pending e-forms filed up to 31/03/2014 under the provisions of Companies Act 1956. This period will be utilized for deploying the new e-forms in the MCA -21 system. No e-forms will be available for filing except following 19 existing e-forms,. However, other Front Office portal’s services will continue.

Form Nos. 66, 14 LLP, 20B, 21A, 23AC&23ACA, 23AC-XBRL & 23ACA-XBRL, 23C, 23D, 35A, A-XBRL, FTE, I-XBRL, 5INV & 21, refund form, BankACC & Investor Complaint form.

3. With effect from 14/04/2014, 39 new e-forms pertaining to notified sections of the Companies Act, 2013 will be available on MCA portal for filing by stakeholders. Test version of these 39 forms will be available from 28/03/2014 onwards to enable stakeholders to get familiarized with the contents of these new e-forms. The final forms will be available for filing from 14/04/2014.These 39 e-forms are listed below:-

Form Nos. INC-1, INC-2, INC-3, INC-4, INC-5, INC-6, INC-7 INC-18, INC-20, INC-21, INC-22, INC-23, INC-24, INC-27, INC-28, PAS-3, SH-7, SH-8, SH-11, CHG-1, CHG-4, CHG-6, CHG-9, MGT-14, DIR-3, DIR-5, DIR-7, DIR-8, MR-1, MR-2, URC-1, FC-1, FC-2, FC-3, FC-4, ADJ, MSC-1, MSC-3 & MSC-4

4. With effect from 28/04/2014, the following e-forms will be available for filing. 17 notified forms which will be made available for individual e-filing at a later date, can be attached with these 7 e-forms and filed. Details of these 17 e-forms are given in the circular no. 06 of 2014.

Form Nos. GNL-1, GNL-2, GNL-3 (for RoC), RD-1, RD-2 (for RD Office), CG-1 & MGT-6.

5. All stakeholders are requested to follow the above instructions indicated in the Notice. For any query related to these instructions, the Helpdesk facility of the MCA21 portal may be contacted at appl.helpdesk@mca.gov.in or at0124-4832500.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- 8130711885

Blog: www.arpitguptaassociate.blogspot.in

ONLINE DETAILS OF INVOICE & GR (T-2 FORM) IN RESPECT OF GOODS PROCURED FROM OUTSIDE DELHI.

No.F.7(433)/Policy-II/VAT/2012/1332-1342

Dated:28-02-2014

The details of Invoice and Goods Receipt (GR) Note in respect of all goods purchased or received as stock transfer or received on consignment agreement from outside Delhi shall be submitted online by dealers, using their login id and password, before the goods physically enter the boundary of Delhi. The details shall be submitted by all dealers, except dealers exclusively dealing in Tax Free Goods, having GTO > Rs. 1 crore in 2012-13 or on any date in the current financial year on which the dealer attained/attains the lower limit of GTO of Rs. 1 crore. For furnishing online details, the Form T-2 annexed with this Notification shall be filled for each vehicle entering Delhi and by each dealer whose goods are carried in that vehicle.

Further, the T-2 details can be alternatively submitted in a summary manner through a web based mobile application/ SMS and requisite details in Form T-2 submitted online subsequently but within 24 hours of entry of goods in Delhi. The format shall be as under:

DVAT<space>T2<space>Vehicle No.<space>Amount<space>VAT Rate applicable in Delhi

 I further direct:

 (i) that if the GR Number is not available in advance, the Form T-2 could be filed without it and the same be updated within 24 hours of receipt of the goods by the Delhi based purchasing dealer.

(ii) that the T-2 form details, including GR No., would need to be completed within 24 hours of receipt of the goods by the Delhi purchasing dealer and that the Delhi dealer shall not dispose of/sell/dispatch such goods till the entire T-2 details are submitted online.

(iii) that in case the goods are being imported from the National Capital Region (NCR), as defined in NCR Planning Board Act of 1985, in goods vehicle owned by the supplier and where it is practically not possible to carry the GR No., then Form DVAT-32 would need to be filled and carried with the vehicle.

(iv) that the transporter is required to carry a copy of the receipt generated on furnishing of T-2 details online or carry with him the unique ID generated and received through SMS on submitting the details via the mobile.

(v) that in case of new vehicles, without registration number, driven by a driver, entering Delhi for sale for the first time, Engine No. and Chassis No. of such vehicle should be mentioned in place of Vehicle number in Form T-2. For submitting details via SMS, the Vehicle No. shall be NV01 (for cars), NV02 (for trucks), NV03 (for buses) and NV04 (for other vehicles).

Explanation 1: Once a dealer r becomes liable to file Form T-2, his liability to file Form T-2 will remain in force even if his GTO goes down below the threshold limit of Rs. 1 Crore in any subsequent year.

Explanation 2: In case of furnishing of the details in summary mode via mobile each dealer shall make distinct submission/ message for each tax rate and for each vehicle. This may entail more than one submission in case of one invoice.

This Notification shall come into force with effect from the 15th March, 2014 (the portal would be open for trial run by dealers from 7th March 2014) and issues in supersession of all previous notifications on this subject.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- 8130711885

Blog: www.arpitguptaassociate.blogspot.in

Clarification Regarding Scope of Additional Income Tax on Distributed Income u/s 115R of the Income Tax Act

Circular : 06/2014

Dated: 11/02/2014

Section 115R of the Income-tax Act, 1961 (‘Act’) provides for levy of additional income tax on distributed income to unit holders (hereinafter referred to as 'additional income tax’).

It has been reported that some field authorities are taking a view that mutual fund/specified companies are required to pay additional income tax u/s 115R(2) not only on income distributed by way of dividend but also on payments made at the time of redemption/ repurchase of units as well as at the time of allotment of bonus units to existing investors.

The matter has been examined by the board. Section 115R is placed under Chapter XII-E of the Act, which is titled as "SPECIFIC PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME” and prescribes special provisions for taxing ‘distributed income’, which is not taxed under any other provisions of the Act.

Section 115R provides that any amount of income distributed by (i) a specified company, or (ii) a mutual fund to its unit holders shall be chargeable to tax and such entities shall be liable to pay additional tax on such distributed income at the rates prescribed therein. The income so distributed by such entities is the dividend paid to the unit holders and is liable to tax under this section.

 However, redemption/repurchase of units would not attract levy of tax under section 115R(2) as such income is not of the nature of income ‘distributed’ to the unit holders and hence lies outside the purview of this section.

Further, the income so distributed by the mutual fund or specified company in the hands of the recipient unit holder is specifically exempt from tax u/s 10(35). Proviso to section 10(35) stipulates that exemption of income under this section is not applicable to those cases where transfer of units takes place. The recipient of such income is liable to pay capital gain tax, if applicable on transfer of such units as per the relevant provisions of the Act and shall not be subject to additional income tax u/s 115R.

Similarly, bonus units at the time of issue would not be subjected to additional income tax u/s 115R since issue of bonus units is not akin to distribution of income by way of dividend. This may be inferred from provisions of section 55 which prescribes that ‘cost of acquisition’ of bonus units shall be treated as nil for purposes of computation of capital gain tax.

In view of the above position, CBDT, clarifies that additional income tax u/s 115R is to be levied on income distributed by way of dividend to unit holders of mutual fund or specified companies and receipts from redemption/repurchase of units or allotment of additional units by way of bonus units would not be subjected to levy of additional income tax under that section.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- 8130711885

Blog: www.arpitguptaassociate.blogspot.in

NO SERVICE TAX ON FORWARD CONTRACT SERVICE BY SUB BROKER

Notification No. 03/2014-Service Tax

Dated: 3rd February, 2014

Whereas, the Central Government is satisfied that a practice was generally prevalent regarding levy of service tax (including non-levy thereof), on services provided by an authorised person or sub-broker to the member  of a recognised association or a registered association, in relation to a forward contract,  and that such services were liable to service tax under the Finance Act, which was not being levied according to the said practice during the period commencing from the 10^th, September 2004 and ending with the 30^th June 2012.

         Now, the Central Government hereby directs that the service tax payable on the services provided by an authorised person or sub-broker to the member  of a recognised association or a registered association, in relation to a forward contract, shall not be required to be paid in respect of such taxable service on which the service tax was not being levied during the aforesaid period in accordance with the said practice.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- 8130711885

Blog: www.arpitguptaassociate.blogspot.in

Tax Audit Limit Increased From 45 to 60 for audits conducted during the financial year 2014-15 and onwards. – (11-02-2014) – Source -  ICAI

In view of the enhancement of professional competence of members to perform quality services in an IT-enabled environment, the Council of the Institute at its 331st meeting held from 10th to 12th February, 2014 has decided to increase the “specified number of tax audit assignments” for practicing Chartered Accountants, as an individual or as a partner in a firm , from 45 to 60. The said limit will be effective for the audits conducted during the financial year 2014-15 and onwards. Accordingly, the Council Guidelines No.1-CA(7)/02/2008, dated 8th August,2008 stands amended from 1.4.2014 as under:-

In the Council General Guidelines, 2008, the Council Guidelines No.1-CA(7)/02/2008, dated 8th August,2008, in Chapter VI “Tax Audit assignments under Section 44AB of the Income-tax Act, 1961 “, in Explanation given in Para 6.1, in sub-para(a) and sub-para(b), the figure “45″ be substituted with the figure “60″.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- 8130711885

Blog: www.arpitguptaassociate.blogspot.in

EXTENSION OF DATE FOR FILING OF THIRD QUARTER RETURN OF 2013-14

Circular No. 33/2013-14

Dated: 31/01/14

The last date for filing of third quarter return of 2013-14 is hereby extended from 31/01/2014 to 07/02/2014.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- 8130711885, 9873082769 

Blog: www.arpitguptaassociate.blogspot.in