tag:blogger.com,1999:blog-43438667586462215192024-02-07T05:53:57.565-08:00CA. K S KOHLIKOHLI AND ASSOCIATES - A Senior Chartered Accountants Firm
__Address :- B-181, Naraina Vihar, New Delhi-110028
kohliandassociates@gmail.com __
Mob.: 9810012983CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.comBlogger149125tag:blogger.com,1999:blog-4343866758646221519.post-48859594409583143842018-02-02T02:43:00.002-08:002018-02-02T02:43:35.921-08:00BUDGET 2018 _ HIGHLIGHTS<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><span style="background: whitesmoke; border: 1pt none windowtext; font-family: Arial, sans-serif; font-size: 10pt; padding: 0in; text-transform: uppercase;">HIGHLIGHTS<o:p></o:p></span></b></div>
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Minister Arun Jaitley presents his Budget for the year 2018-19 in Parliament.
The budget is largely focused on uplift of agricultural sector, along with
major push to healthcare and education sectors in the country. Stay with Times
of India for latest updates<o:p></o:p></span></div>
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<span style="color: #333333; font-family: "inherit","serif"; font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">* PAN to be used as Unique Entity Number for non- individuals
from April 1.<br />
<br />
* Govt makes PAN mandatory for any entity entering into a financial transaction
of Rs 2.5 lakh or more.<br />
<br />
* This <a href="https://timesofindia.indiatimes.com/topic/budget"><span style="color: #3ca2c8;">budget</span></a> will accelerate economic growth,
it is focused on all sectors: PM Modi<br />
<br />
<br />
* Prime Minister Narendra Modi praises his finance minister Arun Jaitley for
delivering a budget that is "farmer friendly, common citizen friendly,
business environment-friendly and development friendly."<br />
<br />
* Govt's health scheme to cover 10 crore poor families is world's largest
government-funded health protection scheme.<br />
<br />
* Arun Jaitley proposed to tax long term capital gains exceeding Rs 1 lakh at
10 per cent without indexation.<br />
<br />
<br />
* Electronic IT assessment will be rolled out across the country, leading to
greater efficiency and transparency: FM<br />
<br />
* Mobile phones set to become costlier as custom duty on them has been
increased to 20 per cent.<br />
<br />
* Health and education cess has been increased to 4 per cent.<br />
<br />
* For senior citizens, exemption of interest income on bank deposits raised to
Rs 50,000: FM Jaitley<br />
<br />
* FM Jaitley proposes to introduce tax on distributed income by equity oriented
mutual funds at 10 per cent.<br />
<br />
* Standard deduction of Rs 40,000 for salaried employees in lieu of transport
and medical expenses: FM Jaitley<br />
<br />
<br />
* Companies with turnover of up to Rs 250 crore to be taxed at 25 per cent: FM<br />
<br />
* Arun Jaitley says that the government does not propose any changes in tax
slabs for the salaried class this year.<br />
<br />
* FM proposes a fiscal deficit of 3.3% of GDP for 2018-19.<br />
<br />
* Finance Minister Arun Jaitley proposes revising emoluments as per the
following structure:<br />
<br />
-- Rs 5 lakh for the President of India<br />
-- Rs 4 lakh for the Vice President<br />
-- Rs 3.5 lakh for the Governors<br />
<br />
* Jaitley also proposes automatic revision of emoluments of Parliamentarians
every five years, indexed to inflation.<br />
<br />
<br />
* We have already exceeded our disinvestment target, announces Arun Jaitley.<br />
Disinvestment target for 2017-18 has been exceeded and will reach Rs 1 lakh
crore. Target for 2018-19 is Rs 80,000 crore.<br />
<br />
* 5 lakh WiFi hotspots will be set up in rural areas to provide easy internet
access.<br />
<br />
* Government will take all steps to eliminate use of cryptocurrencies which are
funding illegitimate transactions.<br />
<br />
* Govt announces Amrut program to focus on water supply to all households in
500 cities. Water supply contracts for 494 projects worth Rs 19,428 core will
be awarded: FM<br />
<br />
<br />
* NITI Aayog will establish a national programme to direct our efforts in the
area of Artificial Intelligence towards national development: FM<br />
<br />
* Airport capacity to be hiked to handle 1 billion trips every year.<br />
<br />
<br />
* Arun Jaitley says that 4,000 km of new railway track will be laid down by
2019.<br />
<br />
* All railways stations with footfall more than 25,000 to have escalators, says
the Finance Minister.<br />
<br />
* Mumbai transport receives Rs 40,000 crore.<br />
<br />
* The government will undertake redevelopment of 600 major railway stations
across the country.<br />
<br />
* Arun Jaitley announces capital expenditure of Rs 1,48,528 crore for Indian
Railways in 2018-19.<br />
<br />
* National Heritage City Development Augmentation Scheme has been undertaken to
preserve and protect heritage cities in the country, announces the Finance
Minister.<br />
<br />
* Government to contribute 12 per cent of EPF contribution for new employees in
all sectors: FM<br />
<br />
* Infrastructure is the growth driver of economy: Jaitley<br />
<br />
<br />
* Target of 3 lakh crore for lending under PM Mudra Yojana: FM<br />
<br />
* MSME enterprises are a major element for growth, says Jaitley. He also added
that mass formalisation of MSME sector is happening after demonetisation and
GST.<br />
<br />
* Govt will launch health scheme to cover 10 crore poor families, Arun Jaitley
says.<br />
<br />
* The Government is slowly but steadily progressing towards universal health
coverage: FM<br />
<br />
* Government aims to bring 60 crore bank accounts under the Jan Dhan Yojana.<br />
<br />
* Eklavya schools to be started for Scheduled Tribe populations: Finance
Minister<br />
<br />
* Rs 600 crore allocated to Tuberculosis patients undergoing treatment.<br />
<br />
* Govt will set up two new Schools of Planning and Architecture, says Finance
Minister Jaitley.<br />
<br />
* To tackle brain drain, Jaitley announces scheme to identify bright students
pursuing B Tech in premiere engineering institutes, and providing them
higher-education opportunities in the IITs and IISc. These students will
receive handsome fellowships, and will be expected to dedicate a few hours to
teach in higher education institutions weekly.<br />
<br />
* Specialised railway university to be set up at Vadodara.<br />
<br />
* Jaitley proposed integrated BEd programme for teachers: "training of
teachers during service is essential." Technology will be the biggest
driver in improving the quality of education.<br />
<br />
* Budget allocates money for social security and protection programme for all
widows and orphaned children.<br />
<br />
* We have a target to provide all Indians with their own homes by 2022, says
Jaitley.<br />
<br />
* Ujjwala scheme to amplify targets, will now provide 8 crore rural women free
LPG connections.<br />
<br />
* Air pollution in Delhi-NCR has been a cause of concern, govt has proposed subsidised
machinery for in-situ management of crop residue in Punjab, Haryana, Uttar
Pradesh and NCT Delhi.<br />
<br />
* Govt of India will take necessary measures to put in place measures for the
state government to purchase surplus solar power produced by local farmers at
sutiable prices.<br />
<br />
* Arun Jaitley proposes a sum of Rs 500 crore for 'Operation Green' on the
lines of 'Operation Flood'.<br />
<br />
* Food processing sector is going at an average of 8 per cent per annum.<br />
<br />
* We have been saying it for years that India is primarily an agricultural
country: Jaitley<br />
<br />
* Arun Jaitley on Minimum Support Price of agricultural products: Only
increasing the MSP is not enough, the government will fix the MSP of
agricultural products at 1.5 times the market rate.<br />
<br />
* Our emphasis is on generating higher benefits and productive employment for
the farmers: Jaitley while addressing the agricultural sector in his Budget
speech 2018.<br />
<br />
* Our government has worked sincerely, and without weighing the political
costs, hoping that benefits are delivered to people at their doorsteps. The
Direct Benefit Transfer system of India is a success story that is reiterated
across the world: Jaitley.<br />
<br />
* This year's Budget will particularly focus on agriculture, says Jaitley.<br />
<br />
* The finance minister also pointed out that India is one of the
fastest-growing economies in the world.<br />
<br />
* Indian economy has performed very well since our government took over in May
2014, says Arun Jaitley.<br />
<br />
* Arun Jaitey recalls the measures -- like GST, FDI, demonetisation, etc. --
taken by the NDA government in the past four years that have impacted the
economy of the country.<o:p></o:p></span></div>
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CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-51809440481777213662018-02-02T02:39:00.002-08:002018-02-02T02:39:13.932-08:00Budget 2018 <div dir="ltr" style="text-align: left;" trbidi="on">
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Direct Taxes</h3>
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The Budget 2018 updates with regards to direct taxation, had a plethora of initiatives:</div>
<ul style="background-color: white; box-sizing: border-box; color: #222222; font-family: "Open Sans", sans-serif; font-size: 14px; margin-bottom: 10px; margin-top: 0px;">
<li style="box-sizing: border-box;">INR 6.4 Lakh Crore total tax collection in FY 2014-15 has increased to INR 8.47 Lakh Crore total tax collection in FY 2016-17</li>
<li style="box-sizing: border-box;">Tax payer base has increased – 85.51 Lakh new tax payers who filed income tax returns in FY 16-17</li>
<li style="box-sizing: border-box;">INR 80,000 Crore disinvestment target to be set</li>
<li style="box-sizing: border-box;">100% Tax Deduction to be provided to farmer producer companies with turnover of up to INR 100 Crore, for 5 years</li>
<li style="box-sizing: border-box;">Reduced Corporate Tax of 25% to be extended to companies with turnover of up to 250 Crore</li>
<li style="box-sizing: border-box;">Government to contribute 12% of new employee wages as part of EPF for next 3 years</li>
<li style="box-sizing: border-box;">New women employees’ contribution to EPF to be reduced from 12% to 8%</li>
<li style="box-sizing: border-box;">Personal income tax slabs to remain unchanged</li>
<li style="box-sizing: border-box;">Standard deduction of INR 40,000 to be re-introduced in lieu of the medical reimbursement worth INR 15,000 and transport allowance worth INR 19,200 which are currently available. Thus the net benefit will only be INR 5,800, which will reach over 2.5 Crore tax payers</li>
<li style="box-sizing: border-box;">Health And Education Cess to be increased from 3% to 4%</li>
<li style="box-sizing: border-box;">Host of tax benefits to be provided for senior citizens</li>
<li style="box-sizing: border-box;">Capital gains tax at 10% to be re-introduced on gains of over INR 1 lakh on long-term investments</li>
<li style="box-sizing: border-box;">E-assessment platforms to be rolled out across all touch-points to reduce human intervention</li>
</ul>
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Indirect Taxes</h3>
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This was the first budget to be presented in the GST era, and also probably the first budget with no substantial indirect tax component, as most of the initiatives were already being notified by the GST Council from time to time. Nevertheless, a few Budget 2018 highlights pertaining to indirect taxes, are as follows:</div>
<ul style="background-color: white; box-sizing: border-box; color: #222222; font-family: "Open Sans", sans-serif; font-size: 14px; margin-bottom: 10px; margin-top: 0px;">
<li style="box-sizing: border-box;">As per the budget news, the GST revenue shortfall is to be balanced by higher direct tax and disinvestment collections. Overall INR 21.57 Lakh Crore transferred as net GST to states as against projection of INR 21.47 Lakh Crore</li>
<li style="box-sizing: border-box;"><a href="https://tallysolutions.com/gst/gst-compensation-cess/" style="background-color: transparent; box-sizing: border-box; color: #0592b3; text-decoration-line: none; word-wrap: break-word;" target="_blank">GST compensation cess</a> has been budgeted at INR 90,000 Crore for FY 18-19, while revised estimates for FY18 are at INR 61,000 Crore. The GST compensation cess funds are to be kept under public accounts</li>
<li style="box-sizing: border-box;">GST collections projection are pegged at INR 7.43 Lakh Crore in FY 18-19 as against INR 4.44 lakh Crore in nine months of the current fiscal</li>
<li style="box-sizing: border-box;">Central Board of Excise and Customs to be renamed as Central Board of Indirect Taxes and Customs</li>
<li style="box-sizing: border-box;">Excise Duty – As per the Budget 2018 highlights, the price of petrol and diesel has effectively come down by INR 2 per litre due to the cut in excise duty</li>
<li style="box-sizing: border-box;">Imports & Customs Duty – A social welfare surcharge of 10% has now been introduced on imported goods. In addition, the following rate changes were declared:</li>
</ul>
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<tr style="box-sizing: border-box;"><td bgcolor="#0592B3" colspan="3" style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="389"><span style="box-sizing: border-box; font-weight: 700;">Increase in Rates ⇑</span></td><td bgcolor="#0592B3" colspan="3" style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="362"><span style="box-sizing: border-box; font-weight: 700;">Decrease in Rates ⇓</span></td></tr>
<tr style="box-sizing: border-box;"><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="187"><span style="box-sizing: border-box; font-weight: 700;">Item</span></td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="94"><span style="box-sizing: border-box; font-weight: 700;">Old Rate</span></td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="108"><span style="box-sizing: border-box; font-weight: 700;">New Rate</span></td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="173"><span style="box-sizing: border-box; font-weight: 700;">Item</span></td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="94"><span style="box-sizing: border-box; font-weight: 700;">Old Rate</span></td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="95"><span style="box-sizing: border-box; font-weight: 700;">New Rate</span></td></tr>
<tr style="box-sizing: border-box;"><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="187">LCD / LED / OLED panels, parts of TV</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="94">7.5%</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="108"><span style="box-sizing: border-box; font-weight: 700;">15%</span></td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="173">Cashews</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="94">5%</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="95"><span style="box-sizing: border-box; font-weight: 700;">2.5%</span></td></tr>
<tr style="box-sizing: border-box;"><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="187">Smart watches, wearable devices, footwear</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="94">10%</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="108"><span style="box-sizing: border-box; font-weight: 700;">20%</span></td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="173">Solar Tempered Glass for manufacture of solar cells</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="94">5%</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="95"><span style="box-sizing: border-box; font-weight: 700;">Exempted</span></td></tr>
<tr style="box-sizing: border-box;"><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="187">Mobile Phones</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="94">15%</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="108"><span style="box-sizing: border-box; font-weight: 700;">20%</span></td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="173">–</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="94">–</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="95"><span style="box-sizing: border-box; font-weight: 700;"> –</span></td></tr>
<tr style="box-sizing: border-box;"><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="187">Crude Vegetable Oils</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="94">20%</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="108"><span style="box-sizing: border-box; font-weight: 700;">35%</span></td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="173">–</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="94">–</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="95"> –</td></tr>
<tr style="box-sizing: border-box;"><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="187">Refined Vegetable Oil</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="94">15%</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="108"><span style="box-sizing: border-box; font-weight: 700;">20%</span></td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="173">–</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="94">–</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="95"> –</td></tr>
<tr style="box-sizing: border-box;"><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="187">Imitation Jewellery</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="94">15%</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="108"><span style="box-sizing: border-box; font-weight: 700;">20%</span></td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="173">–</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="94">–</td><td style="border: 1px solid rgb(229, 229, 229) !important; box-sizing: border-box; padding: 15px 20px !important; text-align: center;" width="95">–</td></tr>
</tbody></table>
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In conclusion, Budget 2018 India Inc. was largely a pro-agriculture, pro-healthcare and pro-rural budget, which aims to improve the quality of life of the financially backward sections of the society. At the same time, as per the Budget 2018 highlights, the government will also be looking forward in terms of investment in modern fields – robotics, AI, block chain and cyber security, which will surely bolster the Indian economy in times to come.</div>
</div>
CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-51303578081425756372017-08-23T01:40:00.002-07:002017-08-23T01:40:46.360-07:00To File Petition in NCLT contact CA. K S KOHLI, at Ph no: 9810012983 <div dir="ltr" style="text-align: left;" trbidi="on">
<div align="center" style="background: #D0CBB0; text-align: center;">
<b><span style="font-family: Arial, sans-serif;">To File Petition in NCLT
contact CA. K S KOHLI, at Ph no: 9810012983
</span></b><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></div>
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<b><span style="color: #2c3c50; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;">Presentation of
petition – NCLT<o:p></o:p></span></b></div>
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<br /></div>
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<span style="color: #333333; font-family: "Georgia","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><br />
<!--[if !supportLineBreakNewLine]--><br />
<!--[endif]--><o:p></o:p></span></div>
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<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">In this post, we will
discuss matter presentation of petition or appeal before National Company Law
Tribunal. This post is written with a view that reader may check documents just
before reaching at filing counter of the Tribunal.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 5.1pt; mso-outline-level: 3; text-align: justify; vertical-align: baseline;">
<b><span style="color: #2c3c50; font-family: "Arial","sans-serif"; font-size: 12.0pt; letter-spacing: .3pt; mso-fareast-font-family: "Times New Roman"; text-transform: uppercase;">PRESENTATION<o:p></o:p></span></b></div>
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<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">According to Rule 23(1)
of National Company Law Tribunal Rules, 2016 every petition, application,
caveat, interlocutory application, documents and appeal shall be presented in
triplicate by the appellant or applicant or petitioner or respondent, as the
case may be.<o:p></o:p></span></div>
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<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Such petition,
application, caveat, interlocutory application, documents and appeal shall be
presented by the appellant or applicant or petitioner or respondent, in person
or by his duly authorised representative or by an advocate duly appointed in
this behalf.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 20.4pt; text-align: justify; vertical-align: baseline;">
<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Such petition,
application, caveat, interlocutory application, documents and appeal shall be
in the prescribed form with stipulated fee at the filing counter and
non-compliance of this may constitute a valid ground to refuse to entertain the
same.<o:p></o:p></span></div>
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<b><span style="color: #2c3c50; font-family: "Arial","sans-serif"; font-size: 12.0pt; letter-spacing: .3pt; mso-fareast-font-family: "Times New Roman"; text-transform: uppercase;">NUMBER
OF COPIES TO BE FILED<o:p></o:p></span></b></div>
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<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">According to Rule 24, the
appellant or petitioner or applicant or respondent shall file three
authenticated copies of appeal or petition or application or counter or
objections, as the case may be, and shall deliver one copy to each of the
opposite party.<o:p></o:p></span></div>
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<b><span style="color: #2c3c50; font-family: "Arial","sans-serif"; font-size: 12.0pt; letter-spacing: .3pt; mso-fareast-font-family: "Times New Roman"; text-transform: uppercase;">VERIFIED
AND CERTIFIED COPIES OF DOCUMENTS<o:p></o:p></span></b></div>
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<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">According to Rule 23(2),
every petition or application or appeal may be accompanied by documents duly
certified by the authorised representative or advocate filing the petition or
application or appeal.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 20.4pt; text-align: justify; vertical-align: baseline;">
<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Such the authorised
representative or advocate will certify these documents after duly verify from
the originals.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 5.1pt; mso-outline-level: 3; text-align: justify; vertical-align: baseline;">
<b><span style="color: #2c3c50; font-family: "Arial","sans-serif"; font-size: 12.0pt; letter-spacing: .3pt; mso-fareast-font-family: "Times New Roman"; text-transform: uppercase;">INDEX
OF DOCUMENTS<o:p></o:p></span></b></div>
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<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">According to Rule 23(3),
all the documents filed in the Tribunal shall be accompanied by an index in
triplicate containing their details and the amount of fee paid thereon.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 5.1pt; mso-outline-level: 3; text-align: justify; vertical-align: baseline;">
<b><span style="color: #2c3c50; font-family: "Arial","sans-serif"; font-size: 12.0pt; letter-spacing: .3pt; mso-fareast-font-family: "Times New Roman"; text-transform: uppercase;">NUMBER
OF COPIES<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 20.4pt; text-align: justify; vertical-align: baseline;">
<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">According to Rule 23(4),
sufficient number of copies of the appeal or petition or application shall also
be filed for service on the opposite party.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 5.1pt; mso-outline-level: 3; text-align: justify; vertical-align: baseline;">
<b><span style="color: #2c3c50; font-family: "Arial","sans-serif"; font-size: 12.0pt; letter-spacing: .3pt; mso-fareast-font-family: "Times New Roman"; text-transform: uppercase;">ADVANCE
COPIES<o:p></o:p></span></b></div>
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<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">According to Rule 23(5),
in the pending matters, all applications shall be presented after serving
copies thereof in advance on the opposite side or his authorised
representative.<o:p></o:p></span></div>
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<b><span style="color: #2c3c50; font-family: "Arial","sans-serif"; font-size: 12.0pt; letter-spacing: .3pt; mso-fareast-font-family: "Times New Roman"; text-transform: uppercase;">PROCESSING
FEE<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 20.4pt; text-align: justify; vertical-align: baseline;">
<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">According to rule 23(6),
the processing fee prescribed by these rules, with required number of envelopes
of sufficient size and notice forms shall be filled alongwith memorandum of
appeal.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: 15.9pt; margin-bottom: 5.1pt; mso-outline-level: 2; text-align: justify; vertical-align: baseline;">
<b><span style="color: #2c3c50; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Address for service of summons<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 20.4pt; text-align: justify; vertical-align: baseline;">
<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">According to rule 21, the
address for service of summons shall be filed with every appeal or petition or
application or caveat on behalf of a party and shall as far as possible contain
the following items namely:-<o:p></o:p></span></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 20.4pt; text-align: justify; vertical-align: baseline;">
<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">(a) the name of the road,
street, lane and Municipal Division or Ward, Municipal Door and other number of
the house;<o:p></o:p></span></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 20.4pt; text-align: justify; vertical-align: baseline;">
<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">(b) the name of the town
or village;<o:p></o:p></span></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 20.4pt; text-align: justify; vertical-align: baseline;">
<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">(c) the post office,
postal district and PIN Code, and<o:p></o:p></span></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 20.4pt; text-align: justify; vertical-align: baseline;">
<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">(d) any other particulars
necessary to locate and identify the addressee such as fax number, mobile
number, valid e-mail address, if any.<o:p></o:p></span></div>
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<b><span style="color: #2c3c50; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Endorsement and scrutiny of petition or appeal
or document<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 5.1pt; mso-outline-level: 3; text-align: justify; vertical-align: baseline;">
<b><span style="color: #2c3c50; font-family: "Arial","sans-serif"; font-size: 12.0pt; letter-spacing: .3pt; mso-fareast-font-family: "Times New Roman"; text-transform: uppercase;">ENDORSEMENT<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 20.4pt; text-align: justify; vertical-align: baseline;">
<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">According to sub –rule
(1) of rule 28, the person in charge of the filing counter shall immediately on
receipt of petition or appeal or application or document affix the date stamp
of Tribunal thereon and also on the additional copies of the index. Thereafter
he will return the acknowledgement to the party. He shall also affix his
initials on the stamp affixed on the first page of the copies. He will enter
the particulars of all such documents in the register after daily filing and
assign a diary number which shall be entered below the date stamp. Thereafter
he will cause it to be sent for scrutiny.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 5.1pt; mso-outline-level: 3; text-align: justify; vertical-align: baseline;">
<b><span style="color: #2c3c50; font-family: "Arial","sans-serif"; font-size: 12.0pt; letter-spacing: .3pt; mso-fareast-font-family: "Times New Roman"; text-transform: uppercase;">SCRUTINY<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 20.4pt; text-align: justify; vertical-align: baseline;">
<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">According to rule 28 (2),
on scrutiny, if the appeal or petition or application or document is found to
be defective, such document shall be returned for compliance. For returning
registry shall give notice to the party.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 20.4pt; text-align: justify; vertical-align: baseline;">
<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> If there is a
failure to comply within seven days from the date of return, the same shall be
placed before the Registrar who may pass appropriate orders.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 5.1pt; mso-outline-level: 3; text-align: justify; vertical-align: baseline;">
<b><span style="color: #2c3c50; font-family: "Arial","sans-serif"; font-size: 12.0pt; letter-spacing: .3pt; mso-fareast-font-family: "Times New Roman"; text-transform: uppercase;">POWER
OF REGISTRAR<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 20.4pt; text-align: justify; vertical-align: baseline;">
<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">According to rule 28 (3),
the Registrar may for sufficient cause return the said document for
rectification or amendment to the party filing the same.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 20.4pt; text-align: justify; vertical-align: baseline;">
<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">The Registrar, for this
purpose, may allow to the party concerned such reasonable time as he may
consider necessary. The Registrar also have power to extend the time for
compliance.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 5.1pt; mso-outline-level: 3; text-align: justify; vertical-align: baseline;">
<b><span style="color: #2c3c50; font-family: "Arial","sans-serif"; font-size: 12.0pt; letter-spacing: .3pt; mso-fareast-font-family: "Times New Roman"; text-transform: uppercase;">POWER
TO DECLINE TO REGISTER<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 20.4pt; text-align: justify; vertical-align: baseline;">
<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">According to rule 28 (4),
where the party fails to take any step for the removal of the defect within the
time fixed for the same, the Registrar may decline to register the pleading or
document. For such decision the Registrar shall recorded the reason in writing.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: 15.9pt; margin-bottom: 5.1pt; mso-outline-level: 2; text-align: justify; vertical-align: baseline;">
<b><span style="color: #2c3c50; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Registration number of proceedings admitted<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 20.4pt; text-align: justify; vertical-align: baseline;">
<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">According to rule 29, on
admission of appeal or petition or caveat or application, the same shall be
numbered and registered in the appropriate register maintained in this behalf
and its number shall be entered therein.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: 15.9pt; margin-bottom: 5.1pt; mso-outline-level: 2; text-align: justify; vertical-align: baseline;">
<b><span style="color: #2c3c50; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Calling for records<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: 20.4pt; text-align: justify; vertical-align: baseline;">
<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">According to rule 30, on
the admission of appeal or petition or application the Registrar shall, if so
directed by the Tribunal, call for the records relating to the proceedings from
any adjudicating authority and retransmit the same.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: #CCDDFA; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify; vertical-align: baseline;">
<i><span style="color: blue; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Please
note: This blog post is not a professional advice but just a knowledge sharing
initiative for mutual discussion.<o:p></o:p></span></i></div>
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<br /></div>
<div align="center" style="background: #D0CBB0; text-align: center;">
<b><span style="font-family: Arial, sans-serif;">To File Petition in NCLT
contact CA. K S KOHLI, at Ph no: 9810012983
</span></b><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></div>
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<br /></div>
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<span style="color: #333333; font-family: "inherit","serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Advertisements<o:p></o:p></span></div>
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CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-80718874777051124352017-08-23T01:38:00.002-07:002017-08-23T01:38:49.722-07:00To File Petition in NCLT contact CA. K S KOHLI, at Ph no: 9810012983 <div dir="ltr" style="text-align: left;" trbidi="on">
<div align="center" style="background: #D0CBB0; text-align: center;">
<b><span style="font-family: Arial, sans-serif; font-size: 14pt;">To File
in NCLT contact CA. K S KOHLI, at Ph no:
9810012983 </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
<div style="background: #D0CBB0;">
<br /></div>
<div style="background: #D0CBB0;">
<br /></div>
<div style="background: #D0CBB0;">
<b><span style="font-family: Arial, sans-serif; font-size: 14pt;">Filing of petition, appeals etc in National
Company Law Tribunal</span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><br />
<b>Procedure.-</b><br />
(1) Every appeal or petition or application or caveat petition or objection or
counter presented to the Tribunal shall be in English and in case it is in some
other Indian language, it shall be accompanied by a copy translated in English
and shall be fairly and legibly type written, lithographed or printed in double
spacing on one side of standard petition paper with an inner margin of about
four centimeter width on top and with a right margin of 2.5. cm, and left
margin of 5 cm, duly paginated, indexed and stitched together in paper book
form;<br />
<br />
(2) The cause title shall state “Before the National Company Law Tribunal” and
shall specify the Bench to which it is presented and also set out the
proceedings or order of the authority against which it is preferred.<br />
<br />
(3) Appeal or petition or application or counter or objections shall be divided
into paragraphs and shall be numbered consecutively and each paragraph shall
contain as nearly as may be, a separate fact or allegation or point.<br />
<br />
(4) Where Saka or other dates are used, corresponding dates of Gregorian
Calendar shall also be given.<br />
<br />
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</iframe>
(5) Full name, parentage, age, description of each party and address and in
case a party sues or being sued in a representative character, shall also be
set out at the beginning of the appeal or petition or application and need not
be repeated in the subsequent proceedings in the same appeal or petition or
application.<br />
<br />
(6) The names of parties shall be numbered consecutively and a separate line
should be allotted to the name and description of each party.<br />
<br />
(7) These numbers shall not be changed and in the event of the death of a party
during the pendency of the appeal or petition or matter, his legal heirs or
representative, as the case may be, if more than one shall be shown by sub-numbers.<br />
<br />
(8) Where fresh parties are brought in, they may be numbered consecutively in
the particular category, in which they are brought in.<br />
<br />
(9) Every proceeding shall state immediately after the cause title the
provision of law under which it is preferred.<br />
<br />
21. Particulars to be set out in the address for service.- The address for
service of summons shall be filed with every appeal or petition or application
or caveat on behalf of a party and shall as far as possible contain the
following items namely:-<br />
(a) the name of the road, street, lane and Municipal Division or Ward,
Municipal Door and other number of the house;<br />
(b) the name of the town or village;<br />
(c) the post office, postal district and PIN Code, and<br />
(d) any other particulars necessary to locate and identify the addressee such
as fax number, mobile number, valid e-mail address, if any.<br />
<br />
<b>Initialing alteration</b>.- Every interlineations, eraser or correction or
deletion in any appeal or petition or application or document shall be
initialed by the party or his authorized representative presenting it.<br />
<br />
<b>Presentation of petition or appeal -</b><br />
(1) Every petition, application, caveat, interlocutory application, documents
and appeal shall be presented in triplicate by the appellant or applicant or
petitioner or respondent, as the case may be, in person or by his duly
authorised representative or by an advocate duly appointed in this behalf in
the prescribed form with stipulated fee at the filing counter and
non-compliance of this may constitute a valid ground to refuse to entertain the
same.<br />
<br />
(2) Every petition or application or appeal may be accompanied by documents
duly certified by the authorised representative or advocate filing the petition
or application or appeal duly verified from the originals.<br />
<br />
(3) All the documents filed in the Tribunal shall be accompanied by an index in
triplicate containing their details and the amount of fee paid thereon.<br />
<br />
(4) Sufficient number of copies of the appeal or petition or application shall
also be filed for service on the opposite party as prescribed under these
rules.<br />
<br />
(5) In the pending matters, all applications shall be presented after serving
copies thereof in advance on the opposite side or his authorised
representative.<br />
<br />
(6) The processing fee prescribed by these rules, with required number of
envelopes of sufficient size and notice forms shall be filled alongwith
memorandum of appeal.<br />
<br />
<b>Number of copies to be filed.-</b> The appellant or petitioner or
applicant or respondent shall file three authenticated copies of appeal or
petition or application or counter or objections, as the case may be, and shall
deliver one copy to each of the opposite party.<br />
<br />
<b>Lodging of caveat.-</b> (1) Any person may lodge a caveat in triplicate
in any appeal or petition or application that may be instituted before this
Tribunal by paying the prescribed fee after forwarding a copy by registered
post or serving the same on the expected petitioner or appellant and the caveat
shall be in the form prescribed and contain such details and particulars or
orders or directions, details of authority against whose orders or directions
the appeal or petition or application is being instituted by the expected
appellant or petitioner or applicant which full address for service on other
side, so that the appeal or petition or application could be served before the
appeal or petition or interim application is taken up: Provided, that the
Tribunal may pass interim orders in case of urgency.<br />
<br />
(2) The caveat shall remain valid for a period of ninety days from the date of
its filing.<br />
<br />
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<b>Endorsement and Verification.- </b>(1) At the foot of every petition or
appeal or pleading there shall appear the name and signature of the authorised
representative.<br />
(2) Every petition or appeal shall be signed and verified by the party concerned
in the manner provided by these rules.<br />
<br />
<b>Translation of document.- </b>(1) A document other than English
language intended to be used in any proceeding before the Tribunal shall be
received by the Registry accompanied by a copy in English, which is agreed to
by both the parties or certified to be a true translated copy by authorized
representative engaged on behalf of parties in the case or by any other
advocate or authorized representative whether engaged in the case or not or if
the advocate or authorized representative engaged in the case authenticates
such certificate or prepared by a translator approved for the purpose by the
Registrar on payment of such charges as he may order.<br />
<br />
(2) Appeal or petition or other proceeding shall not be set down for hearing
until and unless all parties confirm that all the documents filed on which they
intend to rely are in English or have been translated into English and required
number of copies are filed into Tribunal.<br />
<br />
28. Endorsement and scrutiny of petition or appeal or document.-(1) The person
in charge of the filing counter shall immediately on receipt of petition or
appeal or application or document affix the date stamp of Tribunal thereon and
also on the additional copies of the index and return the acknowledgement to
the party and he shall also affix his initials on the stamp affixed on the
first page of the copies and enter the particulars of all such documents in the
register after daily filing and assign a diary number which shall be entered
below the date stamp and thereafter cause it to be sent for scrutiny.<br />
<br />
(2) If, on scrutiny, the appeal or petition or application or document is found
to be defective, such document shall, after notice to the party, be returned
for compliance and if there is a failure to comply within seven days from the
date of return, the same shall be placed before the Registrar who may pass
appropriate orders.<br />
<br />
(3) The Registrar may for sufficient cause return the said document for
rectification or amendment to the party filing the same, and for this purpose
may allow to the party concerned such reasonable time as he may consider
necessary or extend the time for compliance.<br />
<br />
(4) Where the party fails to take any step for the removal of the defect within
the time fixed for the same, the Registrar may, for reasons to be recorded in
writing, decline to register the pleading or document.<br />
<br />
<b>Registration of proceedings admitted.</b>- On admission of appeal or
petition or caveat or application, the same shall be numbered and registered in
the appropriate register maintained in this behalf and its number shall be
entered therein.<br />
<br />
<b>Calling for records.-</b> On the admission of appeal or petition or
application the Registrar shall, if so directed by the Tribunal, call for the
records relating to the proceedings from any adjudicating authority and
retransmit the same.<br />
<br />
<b>Production of authorization for and on behalf of an association.- </b>Where
an appeal or application or petition or other proceeding purported to be
instituted by or on behalf of an association, the person or persons who sign
(s) or verify (ies) the same shall produce along with such application, for
verification by the Registry, a true copy of the resolution of the association
empowering such person(s) to do so: Provided that the Registrar may at any time
call upon the party to produce such further materials as he deems fit for
satisfying himself about due authorization:<br />
<br />
Provided further that it shall set out the list of members for whose benefit
the proceedings are instituted.<br />
<br />
Interlocutory applications.- Every Interlocutory application for stay,
direction, condonation of delay, exemption from production of copy of order
appealed against or extension of time prayed for in pending matters shall be in
prescribed form and the requirements prescribed in that behalf shall be
complied with by the applicant, besides filing an affidavit supporting the
application.<br />
<br />
<b>Procedure on production of defaced, torn or damaged documents.- </b>When
a document produced along with any pleading appears to be defaced, torn, or in
any way damaged or otherwise its condition or appearance requires special
notice, a mention regarding its condition and appearance shall be made by the
party producing the same in the Index of such a pleading and the same shall be
verified and initialed by the officer authorized to receive the same.<o:p></o:p></span></div>
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<br /></div>
<div align="center" style="background: rgb(208, 203, 176); text-align: center;">
<b><span style="font-family: Arial, sans-serif; font-size: 14pt;">To File in NCLT contact CA. K S KOHLI, at Ph no: 9810012983 </span></b><span style="font-family: Arial, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-91984536324970915172017-08-22T02:55:00.004-07:002017-08-22T02:55:55.391-07:00Interlocutory applications: NCLT<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="Default">
<b><span style="font-family: "Arial Black","sans-serif"; font-size: 13.0pt;">Interlocutory
applications: </span></b><span style="font-family: "Arial Black","sans-serif"; font-size: 13.0pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "Arial Black","sans-serif"; font-size: 13.0pt;"><br /></span></b></div>
<br />
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<span style="font-family: "Arial Black","sans-serif"; font-size: 11.5pt; line-height: 115%;">The meaning of the word <b><i>interlocutory </i></b>is
interim or provisional which is not finalized yet. The Interlocutory actions
are taken by the courts only when a Question of Law has to be answered by an
appellate court before a trail may proceed. Another reason for issuance of
interlocutory order is prevention from irreparable harm that could be occurred
to the person or property during the pendency of law suits or proceeding.</span><span style="font-family: "Arial Black","sans-serif";"><o:p></o:p></span></div>
</div>
CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-65386725471797412372017-08-22T02:36:00.001-07:002017-08-22T02:36:15.524-07:00Draft Petition before NCLT to restore the Company under Section 252 of Companies Act 2013<div dir="ltr" style="text-align: left;" trbidi="on">
<strong style="background-color: white; border: 0px; color: maroon; font-family: "Average Sans", Tahoma, Verdana, Arial; font-size: 13.3333px; font-stretch: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">National Company Law Tribunal - To get Draft Petition before NCLT to restore the Company under Section 252 of Companies Act 2013<br /></strong><br />
<div style="text-align: justify;">
<span style="color: maroon; font-family: Average Sans, Tahoma, Verdana, Arial;"><span style="background-color: white; font-size: 13.3333px;"><b>Get in touch with :</b></span></span></div>
<div style="text-align: justify;">
<span style="color: maroon; font-family: Average Sans, Tahoma, Verdana, Arial;"><span style="background-color: white; font-size: 13.3333px;"><b><br /></b></span></span></div>
<div style="text-align: justify;">
<span style="color: maroon; font-family: Average Sans, Tahoma, Verdana, Arial;"><span style="background-color: white; font-size: 13.3333px;"><b>CA. K S KOHLI, MOB. 9810012983<br />OFFICE : NARAINA, NEW DELHI</b></span></span></div>
<div style="text-align: justify;">
<span style="color: maroon; font-family: Average Sans, Tahoma, Verdana, Arial;"><span style="background-color: white; font-size: 13.3333px;"><b><br /></b></span></span></div>
</div>
CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-64335670314287962932017-07-06T05:39:00.004-07:002017-07-06T05:39:50.369-07:00What is FORM 26QC ?<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="background: white; color: #444444; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;"></span></div>
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<span style="color: #444444; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;">What is FORM 26QC ?<o:p></o:p></span></div>
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<span style="background: white; font-family: Arial, sans-serif; font-size: 12pt; line-height: 115%;"><span style="color: red;">The active payment challan
format not yet launched. </span><span style="color: #444444;"><o:p></o:p></span></span></div>
</div>
CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-65998457099065586732017-07-06T05:38:00.001-07:002017-07-06T05:38:17.986-07:00What is FORM 26QC ?<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;"><a href="http://blog.tdsman.com/2017/06/section-194ib-tds-rent-individuals-huf/" target="_blank"><span style="background: white; border: none windowtext 1.0pt; color: #ba0000; font-family: "Arial","sans-serif"; mso-border-alt: none windowtext 0in; padding: 0in;">SECTION 194IB – TDS ON RENT (FOR INDIVIDUALS & HUF)</span></a><o:p></o:p></span></div>
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<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-outline-level: 1; vertical-align: baseline;">
<span style="color: #444444; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;">What is FORM 26QC ?<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;"><br />
</span><span style="background: white; color: #444444; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">From 1</span><sup><span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">st</span></sup> June, 2017 individuals & HUF’s who are not under
Tax audit(under section 44AB) while paying the rent of Rs. 50,000 or more (for
a month) needs to deduct 5% TDS from the rent as per section 194IB. <br />
<br />
TDS shall be paid to the credit of Central Government and be deposited in the
authorized bank within 30 days from the end of month when tax was
deducted. <br />
<br />
This deposit has to be accompanied by the newly introduced
challan-cum-statement of deduction of tax in Form No. 26QC. <br />
<br />
This payment needs to be made in electronic mode. The active payment challan
format not yet launched. <o:p></o:p></div>
<div style="background: white; vertical-align: baseline;">
<b><u><span style="color: #444444; font-family: "Arial","sans-serif"; mso-font-kerning: 18.0pt;">What is </span></u></b><b><u><span style="color: #444444; font-family: "Arial","sans-serif";">Form 16C</span></u></b><span style="color: #444444; font-family: "Arial","sans-serif";"> ?<br />
<br />
<b>Form 16C</b> is the newly introduced TDS
certificate to be issued by rent payer (deductor) i.e. individuals & HUF’s
who are not under Tax audit (under section 44AB), paying a rent of Rs. 50,000/-
or above per month, to the rent receiver (deductee) as per section 194IB.<o:p></o:p></span></div>
<div style="background: white; margin: 1.71429rem; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "Arial","sans-serif";">Form 16C contains the following details of the deductor and
deductee i.e. name, address and PAN and other details like certificate number,
financial year of deduction, unique acknowledgement number, amount paid, date,
amount of tax deducted and deposited and challan details.<o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
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</span></span><!--[endif]--><span style="font-size: 12.0pt; line-height: 115%;">tax
deducted is to be deposited accompanied by a challan-cum-statement in Form
No.26QC electronically within thirty days from the end of the month in which
the deduction is made.”<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-size: 12.0pt; line-height: 115%; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: Calibri; mso-hansi-font-family: Calibri;">-<span style="font-size: 7pt; font-stretch: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><span style="font-size: 12.0pt; line-height: 115%;">certificate
of deduction of tax at source in Form No.16C within fifteen days from the due
date for furnishing the challan, rule 31A after generating and downloading the
same from the web portal<o:p></o:p></span></div>
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CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-88103304302181170552017-07-06T05:37:00.003-07:002017-07-06T05:37:46.825-07:00SECTION 194IB – TDS ON RENT (FOR INDIVIDUALS & HUF)<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;"><a href="http://blog.tdsman.com/2017/06/section-194ib-tds-rent-individuals-huf/" target="_blank"><span style="background: white; border: none windowtext 1.0pt; color: #ba0000; font-family: "Arial","sans-serif"; mso-border-alt: none windowtext 0in; padding: 0in;">SECTION 194IB – TDS ON RENT (FOR INDIVIDUALS & HUF)</span></a><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-outline-level: 1; vertical-align: baseline;">
<span style="color: #444444; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;">What is FORM 26QC ?<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;"><br />
</span><span style="background: white; color: #444444; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">From 1</span><sup><span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">st</span></sup> June, 2017 individuals & HUF’s who are not under
Tax audit(under section 44AB) while paying the rent of Rs. 50,000 or more (for
a month) needs to deduct 5% TDS from the rent as per section 194IB. <br />
<br />
TDS shall be paid to the credit of Central Government and be deposited in the
authorized bank within 30 days from the end of month when tax was
deducted. <br />
<br />
This deposit has to be accompanied by the newly introduced
challan-cum-statement of deduction of tax in Form No. 26QC. <br />
<br />
This payment needs to be made in electronic mode. The active payment challan
format not yet launched. <o:p></o:p></div>
<div style="background: white; vertical-align: baseline;">
<b><u><span style="color: #444444; font-family: "Arial","sans-serif"; mso-font-kerning: 18.0pt;">What is </span></u></b><b><u><span style="color: #444444; font-family: "Arial","sans-serif";">Form 16C</span></u></b><span style="color: #444444; font-family: "Arial","sans-serif";"> ?<br />
<br />
<b>Form 16C</b> is the newly introduced TDS
certificate to be issued by rent payer (deductor) i.e. individuals & HUF’s
who are not under Tax audit (under section 44AB), paying a rent of Rs. 50,000/-
or above per month, to the rent receiver (deductee) as per section 194IB.<o:p></o:p></span></div>
<div style="background: white; margin: 1.71429rem; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "Arial","sans-serif";">Form 16C contains the following details of the deductor and
deductee i.e. name, address and PAN and other details like certificate number,
financial year of deduction, unique acknowledgement number, amount paid, date,
amount of tax deducted and deposited and challan details.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-size: 12.0pt; line-height: 115%; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: Calibri; mso-hansi-font-family: Calibri;">-<span style="font-size: 7pt; font-stretch: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><span style="font-size: 12.0pt; line-height: 115%;">tax
deducted is to be deposited accompanied by a challan-cum-statement in Form
No.26QC electronically within thirty days from the end of the month in which
the deduction is made.”<br /><br /><o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-size: 12.0pt; line-height: 115%; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: Calibri; mso-hansi-font-family: Calibri;">-<span style="font-size: 7pt; font-stretch: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><span style="font-size: 12.0pt; line-height: 115%;">certificate
of deduction of tax at source in Form No.16C within fifteen days from the due
date for furnishing the challan, rule 31A after generating and downloading the
same from the web portal<o:p></o:p></span></div>
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CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-11540373622161768342017-06-22T05:49:00.002-07:002017-06-22T05:49:36.041-07:00How is 'Services' defined in GST?<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="panel-heading" id="h28" role="tab" style="background: rgb(255, 255, 255); border-bottom: 0px rgb(221, 221, 221); border-left-color: rgb(221, 221, 221); border-right-color: rgb(221, 221, 221); border-top-color: rgb(221, 221, 221); border-top-left-radius: 3px; border-top-right-radius: 3px; box-sizing: border-box; color: #333333; font-family: "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; padding: 0px;">
<h4 class="panel-title" style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: 16px; font-weight: 500; line-height: 1.1; margin: 0px; text-rendering: optimizeLegibility;">
<a aria-controls="c19" aria-expanded="true" class="" data-parent="#accordion2" data-toggle="collapse" href="https://www.jiogst.com/gst-faqs#c19" role="button" style="background: url("../images/plusminus.png") 15px -175px no-repeat rgb(249, 249, 249); box-sizing: border-box; cursor: pointer; display: block; outline-offset: -2px; outline: -webkit-focus-ring-color auto 5px; padding: 15px 15px 15px 45px; text-decoration-line: none;">How is 'Services' defined in GST?</a></h4>
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Services is defined in GST as anything other than goods.</div>
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Money and securities have specifically been excluded from the definition of services. However specified transactions in money have been included – activity relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination to another form, currency or denomination for which a separate consideration is charged.<br style="box-sizing: border-box;" />Thus the meaning of service is much enlarged from the existing meaning in service tax law. There was a view that real estate can now be termed as service as it is not “goods”. However,in the final CGST Act sale of land and buildings has been listed as one of the transactions that will be treated as neither a supply of goods or of service under Schedule III of the CGST Act.</div>
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CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-41485430456658344752017-06-22T05:46:00.002-07:002017-06-22T05:46:45.595-07:00What is the meaning of supply under GST?<div dir="ltr" style="text-align: left;" trbidi="on">
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<a aria-controls="c13" aria-expanded="true" class="" data-parent="#accordion2" data-toggle="collapse" href="https://www.jiogst.com/gst-faqs#c13" role="button" style="background: url("../images/plusminus.png") 15px -175px no-repeat rgb(249, 249, 249); box-sizing: border-box; cursor: pointer; display: block; padding: 15px 15px 15px 45px; text-decoration-line: none;">What is the meaning of supply under GST?</a></h4>
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Supply is defined to include all forms of supply of goods and/or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business. It also includes importation of services for a consideration whether or not in the course or furtherance of business.</div>
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Normally a supply will involve two independent persons. However, GST makes transactions between two branches of the same legal entity in different States/ countries or two different registrations within the same State also taxable under GST.</div>
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Transactions of supply of goods between principals and agents which are not subject to tax in present regime are taxable supplies under GST as these have been treated as supplies under Schedule I of the CGST Act.</div>
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The definition of supply is inclusive and thus of the widest possible connotation.</div>
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CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-43729042962719225022017-06-22T05:43:00.002-07:002017-06-22T05:43:32.752-07:00What is the charging event for levy of GST?<div dir="ltr" style="text-align: left;" trbidi="on">
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<a aria-controls="c12" aria-expanded="true" class="" data-parent="#accordion2" data-toggle="collapse" href="https://www.jiogst.com/gst-faqs#c12" role="button" style="background: url("../images/plusminus.png") 15px -175px no-repeat rgb(249, 249, 249); box-sizing: border-box; cursor: pointer; display: block; outline-offset: -2px; outline: -webkit-focus-ring-color auto 5px; padding: 15px 15px 15px 45px; text-decoration-line: none;">What is the charging event for levy of GST?</a></h4>
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The charging event of levy is the event which determines whether an activity attracts the charge. However tax may be collected before or after the event for the sake of administrative certainty or convenience.<br style="box-sizing: border-box;" />GST is leviable on-</div>
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• Supply of</div>
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• Goods /or services</div>
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• By a taxable person</div>
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• At value determined and at such rate as may be notified by Central/State Government on recommendation of the GST Council</div>
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• And collected in the manner as prescribed.</div>
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CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-37562588900385289502017-06-22T05:42:00.002-07:002017-06-22T05:42:32.421-07:00What are the unique features of Indian GST?<div dir="ltr" style="text-align: left;" trbidi="on">
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<a aria-controls="c3" aria-expanded="true" class="" data-parent="#accordion1" data-toggle="collapse" href="https://www.jiogst.com/gst-faqs#c3" role="button" style="background: url("../images/plusminus.png") 15px -175px no-repeat rgb(249, 249, 249); box-sizing: border-box; cursor: pointer; display: block; padding: 15px 15px 15px 45px; text-decoration-line: none;">What are the unique features of Indian GST?</a></h4>
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GST will be a dual levy in India and the eligible transactions will be subject to levy of both Central Tax and State Tax. There shall be Integrated Tax by Centre in the case of inter-State supplies and imports/ exports. Certain goods and services will be subject to a further levy of GST Compensation Cess. Supplies to or from Union Territories will also be treated as inter-State supplies. Supplies within a Union Territory without legislature will be charged to UT Tax. Certain products are out of the ambit of GST e.g. petroleum products, tobacco and tobacco products etc.</div>
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There will be a single common market with goods and services moving seamlessly in the entire country. Tax credits would be available even on inter-State supplies</div>
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CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-91132515854638382232017-06-22T05:41:00.001-07:002017-06-22T05:41:17.695-07:00<div dir="ltr" style="text-align: left;" trbidi="on">
Threshold limit for exemption to be Rs. 20 lac (Rs. 10 lac for
special category States)
<br /> Compounding threshold limit to be Rs. 50 lac with -
<br /><br /> Government may convert existing Area based exemption
schemes into reimbursement based scheme
<br /><br /> Four tax rates namely 5%, 12%, 18% and 28%
<br /><br /> Some goods and services would be exempt
<br /><br /> Separate tax rate for precious metals </div>
CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-26342095532654891782017-06-22T05:39:00.000-07:002017-06-22T05:39:11.259-07:00Which of the existing taxes are not subsumed under GST?<div dir="ltr" style="text-align: left;" trbidi="on">
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<a aria-controls="c5" aria-expanded="true" class="" data-parent="#accordion1" data-toggle="collapse" href="https://www.jiogst.com/gst-faqs#c5" role="button" style="background: url("../images/plusminus.png") 15px -175px no-repeat rgb(249, 249, 249); box-sizing: border-box; cursor: pointer; display: block; padding: 15px 15px 15px 45px; text-decoration-line: none;">Which of the existing taxes are not subsumed under GST?</a></h4>
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The GST will not replace the following taxes:</div>
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<li style="box-sizing: border-box; line-height: 20px;">Taxes currently levied and collected by the Centre: Taxes on income, wealth or gifts (never included in a GST kind of tax); Basic Customs Duty (never included in GST, being tariff barrier); Duty of Excise on tobacco and tobacco products (normally levied over and above GST); Terminal taxes on goods or passengers, carried by railway, sea or air; taxes on railway fares and freights; Central Stamp Duties; Oil Industries Development Act Cess (OIDB Cess) (as petroleum is kept outside GST); Clean Environment Cess. [GST (Compensation to States) Act, 2017 has proposed levy of cess on all goods which are presently subject to Clean Environment Cess at the rate on which such cess is levied presently. This indicates Government’s decision to abolish levy of cess in current form but recover it in a different form The cess levied under GST (Compensation to States) Act will be eligible for input tax credit for payment of cess levied under the same Act as against present levy which is not eligible for input tax credit.] </li>
<li style="box-sizing: border-box; line-height: 20px;">State taxes that would not be subsumed under the GST are: Fees in respect of markets and fairs (Mandi fees); Taxes on lands and buildings (property tax); State Stamp Duties; Taxes on mineral rights; Electricity Duty; Taxes on goods and passengers carried by road or on inland waterways; Taxes on vehicles (Road Transport Authority); Tolls; Taxes on professions, trades, callings and employments; Entertainment tax by local bodies</li>
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CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-52181602699845553282011-04-12T05:12:00.000-07:002011-04-12T05:13:23.508-07:00Amendment in section 80G for Renewal of Approval – Circular 7 / 2010Amendment in section 80G for Renewal of Approval – Circular 7/2010<br /><br /><br />Dear all Professional friends,<br /><br />With effect from 1st October, 2009 the requirement of periodical renewal of approval under section 80G is being dispensed with. All trusts whose approval expires on or after 1st October, 2009 have to apply for approval again.<br /><br />Their approval will continue to be valid in perpetuity unless withdrawn.<br /><br />Those trusts, whose approval expires prior to 1st October, 2009 have to apply once for renewal of their approval.CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-87414519073432897302011-04-11T07:04:00.001-07:002011-04-11T07:04:49.231-07:00LIMITS ENHANCED FOR DISCLOSURE OF PARTICULARS OF EMPLOYEES UNDER 217(2A) OF COMPANIES ACT 1956LIMITS ENHANCED FOR DISCLOSURE OF PARTICULARS OF EMPLOYEES UNDER 217(2A) OF COMPANIES ACT 1956<br /><br /> The Ministry of Corporate Affairs has vide notification dated 31st March 2011 enhanced the limits for the purpose of disclosure of particulars of employees in Directors Report as requisite under Section 217 (2A) read with Companies (Particulars of Employees) Rules, 1975 from the existing limit of Rs. 24 lakh/ year/ Rs. 2 lakh per month to Rs. 60 lakh per year/ Rs. 5 lakh per month and by such notification also covers Government Companies for such disclosures. By such notification, the amended rules may be called as Companies (Particulars of Employees) Amendment Rules, 2011.<br /><br />The effect of the notification shall require the Companies including Government Companies to include a statement showing the name of every specified employee of the Company in their Board Report pursuant to Section 217 (2A) of the Companies Act 1956 read with Companies (Particulars of Employees) Amendment Rules, 2011 which provides:<br /> <br />(i) If employed throughout the financial year, was in receipt of remuneration for that year which, in aggregate, was not less than Rs. Sixty Lakh for the year: or<br />(ii) If employed for a part of the financial year, was in receipt of remuneration for any part, of that year, at a rate which, in the aggregate was not less Rs. Five Lakh per month.CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-72136119868937207622011-04-11T06:56:00.000-07:002011-04-11T06:59:35.539-07:00TDS is not applicable on the interest paid by co-operative banks to the shareholders on their deposits.If a depositor is a shareholder of the co-operative bank TDS is not at all applicable for his deposits, irrespective of any amount. In all other cases Form 15H/ 15G required to be submitted for exemption of TDS. More importantly.<br /><br />TDS is not all applicable irrespective of the amount of share capital held by the shareholder in the co-operative bank.CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-28537803392477800602011-04-11T06:21:00.001-07:002011-04-11T06:21:24.003-07:00How to Avoid TDSHow to Avoid TDS?<br /><br />If two persons are asked about income tax law in India, you will get four opinions. This is specially true when it comes to tax deduction at source (TDS). There is nothing as knotty and tangled as the provisions on TDS.<br /><br />Before looking at ways to avoid TDS, let us see the three types of incomes received by a resident Indian investor that attract the TDS provisions: interest earned on securities, interest other than interest on securities, and income in respect of mutual fund and Unit Trust of India (UTI) units.<br /><br />Interest earned on securities<br />A debenture issued by a company held by an investor is most likely to be categorized under this head. On the debenture, TDS is deductible on the interest, either during the time of actual payment of such interest or during the time of credit of such interest payable to the account of the payee, whichever happens earlier. TDS payment on a debenture can be avoided if the interest earned on the debenture on which interest is to be paid is listed and the interest payer is also a listed company and if the interest paid/payable during that financial year is not in excess of Rs. 2,500 and the interest earned is paid as an account payee cheque. If it is felt by such investors that tax on their total income from all sources for the year is likely to be nil, and they want the interest on securities to be received without any deduction of TDS, they have to fill up the form 15F and file a declaration with the company that is paying them the interest. False declaration should be avoided at all cost, which many investors might want to use to avoid deduction of tax even as their total income is more than the taxable limit. In such a case the investor willfully is making a false statement which amounts to an intentional breach of law. Thus the investor is liable to be prosecuted and punished on conviction.<br /><br />Interest earned other than interest on securities<br />Besides interest on securities, any other type of interest, such as company deposits, is also liable for deduction of TDS, except when the payer is an HUF or an individual. TDS is applicable either during the time of actual payment of the interest or during credit of such interest, whichever happens earlier. 20 per cent of gross interest is the rate at which TDS is deducted if the receiver is a domestic company and 10 per cent of the gross interest at which TDS is deductible if the receiver is a non-corporate resident.<br /><br />Avoiding TDS: No TDS is deductible on the interest earned from some of the government certificates and deposit schemes like, KVP(Kisan Vikas Patras), NSS(National Savings Certificates) and IVP(Indira Vikas Patras), the post office recurring deposit scheme, time deposit and monthly income accounts. Also, There is NO TDS applicable on the amount of interest paid/ payable by co-operative society engaged in banking business or institutions other than a bank during a financial year if that amount is less than Rs 2,500. In the case of time deposits, also called fixed Deposits, with a bank or a financial institution dealing in Home loans like HDFC, no TDS is applicable if the interest payable from that branch for the year does not exceed Rs.10,000/-.<br /><br />Depositors quite often try to circumvent this rule by distributing their deposits across different branches so that the interest in a particular branch in a single financial year is not in excess of Rs. 10,000/-. No TDS is applicable on interest earned on recurring deposits and saving bank accounts. TDS is also not applicable on the interest paid by co-operative banks to the shareholders on their deposits.<br /><br />If for a financial year an investor feels that tax on his income from all sources may be nil, he can file a declaration through form 15H, which may then be submitted to the interest paying institution so that no TDS is deducted.<br /><br />Income Earned from UTI/MFs<br />There is no TDS applicable to all earnings from income from UTI and MFs.CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-15329122509436232472011-04-11T06:16:00.000-07:002011-04-11T06:18:57.571-07:00What are the rules for deducting tax on fixed Deposit? When do the banks deduct TDS on a fixed deposit ?TDS Information<br /><br />What are the rules for deducting tax on fixed Deposit? <br /><br />When do the banks deduct TDS on a fixed deposit? : <br /><br />TDS (Tax Deducted at Source) <br /><br />People prefer to deposit their savings in time deposits as such deposits earn higher rate of interest than normal savings account. However, they face the problem of TDS (Tax Deducted at Source) by banks for fixed deposits. <br />In Income Tax law, one of sources of the income is "Interest Income" and thus directions issued by income tax authorities have to be followed by all bankers. <br /><br />What are the rules for deducting tax on fixed Deposit? When do the banks deduct TDS on a fixed deposit? : <br /><br />Banks deduct tax (TDS), if the total interest earned on all your time deposits in the bank is greater than Rs.10000/- during a financial year. The tax liability for the purpose of TDS is determined at the branch level. Whenever the bank pays an interest on your fixed deposits, it checks it for TDS eligibility. If it qualifies, the TDS is deducted. TDS is also deducted on interest accrued (but not yet paid) at the end of the financial year viz. 31st March every year. The rate at which TDS is deducted varies according to the category of account holders<br /><br /> <br />At present no interest income is exempted from tax (earlier interest income upto Rs.12000/- per year was exempted under Section 80L of the Income Tax Act). However, in certain conditions, no TDS is deducted on the interest earned on fixed deposits, e.g. (a) if the total interest earned on the deposit in a financial year is upto Rs.10000/-.<br /> <br />As per present income tax guidelines, banks are required to deduct tax at source (TDS) on deposits if the total interest earned on all your fixed deposits in a bank is more than Rs.10000 in a financial year. (As per these guidelines even if a fixed deposit is in the name of a minor TDS is deducted). However, the depositors can claim the credit for such TDS in their income tax returns. (In case of minors, this credit for TDS can be claimed by the person who manages the minor's income.<br /> <br />Remember, now a day as and when a bank pays an interest on the fixed deposits, it checks whether the account is exempted from TDS. If it is not exempted, then TDS is deducted. You should also remember that TDS is deducted even on interest accrued (but not yet paid) at the end of the financial year i.e. 31st March every year. <br /><br />In case of resident individual and HUF, TDS is deducted at a rate of 10% (thus total deduction is at the rate of 10.0%). Thus, the present applicable rates are :<br /> <br /> Resident Individuals & HUF Tax Rate Surcharge Education Cess TOTAL<br /> Payment upto 10 lacs 10% ---- 0% 10.00%<br /> <br />If one feels that your total interest income for the year will not fall within overall taxable limits, then one should inform his / her bank not to deduct TDS on deposit, by submitting a form as per the provisions of the Income Tax Act. The forms required for different categories have been listed below:<br /> <br /> Category of Account Form Required<br /> Individual - Srcitiges 15H<br /> Trusts 15AA<br /> Individual - other 15G<br /> <br />Remember that : - <br /><br />(a) You have to obtain [earlier 15AA Form ] certificate from the Assessing Officer of Income Tax department. <br />(b) Even if you submit the 15H / 15AA /15G Form, the tax which has already been deducted by way of TDS during the year prior to submission of 15H Form, is usually not refunded by the banks as they are under obligation to deposit this TDS within a time bound period. . However Certificates will be issued to the customers which can be used while filing his/her tax return. <br />· 15H/15AA Forms are valid only for the particular financial year in which they are issued. <br />· Usually banks ask that a fresh15H form is needed to be furnished for each deposit that is placed with the Bank<br /> <br />However, if the depositor furnishes form 15H/ 15G (which is available free of cost from all banks) and therein declares he / she does not have tax liability at all, the bank will not deduct any TDS from the interest earned by the depositor.<br /> <br />Thus, the above, in a nutshell indicates that if the interest income from a bank branch is more than Rs.10000/- (and you have not submitted form 15H), the Bank will deduct the TDS. For any TDS deducted by the bank, it will issue a Form 16A which can be used; while filing the income tax returns.<br /> <br />Thus, in case you do not want the TDS to be deducted, you can split your Bank Deposits in two or more Banks or branches so that the total interest earned at one branch is less than Rs.10,000/-. (However, remember this does not mean that income earned from such deposits is exempted from income tax. You have to club all such interest income and add to your other income, and pay the tax while filing the income tax return.)<br /><br />TDS provisions are not applicable to 'A' class shares holders of the BankCA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-49956275882860269102011-04-11T06:06:00.000-07:002011-04-11T06:11:06.391-07:00E-Filing of Service Tax Return is not mandatory for all...E-Filing of Service Tax Return is not mandatory ... <br /> <br />Compulsory E-filing of ST returns by specified assessees....<br /><br />General Clarifications Regarding E-Filing<br />Service Tax Returns are mostly filed, manually by the assessee or their representative. In this era of Internet and e-governance, the government has introduced a facility for the electronic filing of Service Tax Returns, which is known as E-Filing.<br />E-Filing of Service Tax Return is not mandatory, it is an option provided to the assessee. Returns of Service Tax can also be filed in a regular manner i.e. Manually by the assessee if he opts not to avail E-Filing facility. However, the government is encouraging the service providers, to file the returns using the e-filing facility. Every Service Tax Office has a help centre to assist the Service Providers in case of any difficulty faced in filing such returns .<br />However, E-filing of service tax return is mandatory effective from <br />01-04-2010 in case the assessee has paid a total Service Tax of rupees ten lakhs or more including the amount paid by utilization of CENVAT credit, in the preceding financial year, is required to file the return electronically under sub-rule (2) of Rule 7 of the Service Tax Rules, 1994. (Service TaxNotification No. 1/2010 – ST dated the 19th February, 2010)<br />In any case if assessee does not succeed in filing of return electronically or in case of e-filing is unable to generate acknowledgement number, he should file manual return to avoid penal provisions.<br />Prerequisites for E-filing are very basic. Assessee is required to possess :<br /> 15 digit Service Tax Payer Code i.e. Popularly known as Service Tax Registration No. based on PAN allotted by Income Tax Department. In case, if assessee is not having PAN Based 15 digit Registration No., he can use temporary 15 digit no. given by the department.<br /> Computer having Internet Connection<br /> Valid E-mail Address<br /> Java Enabled Browser i.e. Internet Explorer 6.0 and above or Netscape Navigator 5.0 and above or Mozilla Firefox 3.0 and above.<br /><br />Step by Step Procedure for E-filing of Service Tax Return<br />(a) Returns can be prepared and filed on line by selecting the ‘File Return’ option under RET module after logging into the ACES<br />(b) All validations are thrown up during the preparation of the return in this mode and the status of the return filed using the online mode is instantaneously shown by ACES.<br />(c) Returns can also be prepared and filed off-line. Assessee downloads the Offline return preparation utility available at http://www.aces.gov.in (Under Download)<br />(d) Prepares the return offline using this utility. The return preparation utility contains preliminary validations which are thrown up by the utility from time to time. <br />(e) Assessee logs in using the User ID and password.<br />(f) Selects RET from the main menu and uploads the return. Instructions for using the offline utilities are given in detail in the Help section, under ‘Download’ link and assessees are advised to follow them.<br />(g) Returns uploaded through this procedure are validated by the ACES before acceptance into the system which may take up to one business day. Assessee can track the status of the return by selecting the appropriate option in the RET sub menu. The status will appear as “uploaded” meaning under process by ACES, “Filed” meaning successfully accepted by the system or “Rejected” meaning the ACES has rejected the return due to validation error. The rejected returns can be resubmitted after corrections.<br />(h) Once the Central Excise returns are filed online in ACES or uploaded to the system using the off-line utility, the same can not be modified or cancelled by the assessee. The Service Tax returns, however, can be modified once as per rules up to 90 days from the date of filing the initial return.<br />(i) Self-assessed CE returns, after scrutiny by the competent officer, may result into modification. Both the ‘Original’ and the ‘Reviewed’ return can be viewed by the assessee online.<br />During e-filing of return the assessee must file details as mentioned in Form ST – 3 and that of duty paying challans. A key number and acknowledgment would be generated by the system along with a copy of Form ST when return is completely submitted.<br />In continuation of its efforts for trade facilitation, CBEC has rolled-out a new centralized, web-based and workflow-based software application called Automation of Central Excise and Service Tax (ACES) in all 104 Commissionerates of Central Excise, service Tax and large Tax Payer Units (LTUs) as on 23rd December, 2009. ACES is a Mission Mode project (MMP) of the Govt. of India under the national e-governance plan and it aims at improving tax-payer services, transparency, accountability and efficiency in the indirect tax administration in India. This application has replaced the current applications of SERMON, SACER, and SAPS used in Central Excise and Service Tax for capturing returns and registration details of the assessees and hence, in supercession of the CBEC Circular No.791/24/2004-CX. dated 1.6.2004 and CBEC Circular No. ST 52/1/2003 dated 11.03.2003, this revised circular is being issued.<br />It has automated the major processes of Central Excise and Service Tax - registration, returns, accounting, refunds, dispute resolution, audit, provisional assessment, exports, claims, intimations and permissions. It is divided into the following modules:<br />1) Access Control of Users (ACL)<br />2) Registration (REGN): Registration of assessees of Central Excise & Service Tax including on-line amendment.<br />3) Returns (RET): Electronic filing of Central Excise & Service Tax Returns<br />4).CLI: Electronic filing of claims, intimations and permissions by assessees and their processing by the departmental officers<br />5) Refund (REF): Electronic filing of Refund Claims and their processing<br />6) Provisional Assessment (PRA): Electronic filing of request for provisional assessment and its processing by the departmental officers.<br />7) Assessee Running Account<br />8) Dispute Settlement Resolution (DSR): Show Cause Notices, Personal Hearing Memos, Adjudication Orders, Appellate and related processes.Assessee Running Account<br />9) Audit Module<br />10) Export Module for processing export related documents<br /><br />BENEFITS OF E-FILING FOR ASSESEE:<br />1) Reduce Physical Interface with the Department<br />2) Save Time<br />3) Reduce Paper Work<br />4) Online Registration and Amendment of Registration Details<br />5) Electronic filing of all documents such as applications for registration, returns [On-line and off-line downloadable versions of ER 1,2,3,4,5,6, Dealer Return, and ST3], claims, permissions and intimations; provisional assessment request, export-related documents, refund request<br />6) System-generated E-Acknowledgement<br />7) Online tracking of the status of selected documents<br />8) Online view facility to see selected documents<br />9) Internal messaging system on business-related matters<br /><br />Automation of Central Excise and Service Tax (ACES), is a right step to curb corruptionCA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-66414426192075934822011-04-11T02:57:00.000-07:002011-04-11T02:58:02.359-07:00Which section 194 H or 194C for TDS on payment to Clearing & Forwarding Agents ?Combined reading of provisions of sections 194C and 194J vis-a-vis C.B.D.T. Circular No. 720 makes it abundantly clear that payment made <br />to the C and F Agents, was for the services which was predominantly for "carrying out work", inter alia, relating to storage despatch, transportation, loading and unloading of goods, etc. Thus, deducted tax at source under section 194C of the Act.CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-28164472194215327392011-04-11T02:50:00.000-07:002011-04-11T02:52:44.120-07:00Is Sitting Fee Paid to Director Taxed as Salary or Income From Other Sources ?Sitting fees received by the director on attending the board meeting is taxable under which head . If on sitting fees TDS has been deducted <br />under 194J ie professional will it be taxed under salary or other source.<br />There has to be employer & employee relationship for treating a receipt by a person from from another person as salary.<br />Sitting fee is received by a director for attending meeting of the Board, or a committee thereof, attended by him.<br />By virtue of sub-section (2) of Section 198 of the Companies Act, such sitting fee paid to directors shall not be reckoned for the purpose of calculating Directors Remuneration.In fact ,Rule 10-B of Companies (Central Governments) General Rules and Forms, 1956 provides that companies having a paid-up capital and free reserves of Rs. 10 crores or above or companies having a turnover of Rs. 50 crores or above can pay sitting fees not exceeding Rs. 20,000 and other companies can pay sitting fees up to Rs. 10,000.<br />Therefore the sitting fee received by a director has to be taxed under the head “income from other source “ and not salary.<br />There is no provision for TDS on sitting fees payment and certainly not u/s 194J of the I T ActCA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com1tag:blogger.com,1999:blog-4343866758646221519.post-19398845555831697502011-04-11T02:46:00.000-07:002011-04-11T02:48:50.674-07:00DIN - MCA plans online DIN allotment<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiaunCHeQ6jPLopNoeNvfB6MP7rTHMLoO0yQvuLAZDon7iRwxmVtKNNobCqLpKdV0lCemKqzrIKBLHdEy7Gfp8gxy2xXRn9wwDyw0OJdfaWvXd6MnODkwvMAvbDQcwncY2R6yno8JuUsc/s1600/DIN+ONLINE+ALLOTMENT+-+11.4.11.png"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 320px; height: 260px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiaunCHeQ6jPLopNoeNvfB6MP7rTHMLoO0yQvuLAZDon7iRwxmVtKNNobCqLpKdV0lCemKqzrIKBLHdEy7Gfp8gxy2xXRn9wwDyw0OJdfaWvXd6MnODkwvMAvbDQcwncY2R6yno8JuUsc/s320/DIN+ONLINE+ALLOTMENT+-+11.4.11.png" border="0" alt=""id="BLOGGER_PHOTO_ID_5594260720388713746" /></a><br />Ministry of Corporate Affairs have issued circular asking all Directors Identification Number (DIN) holders who have not given their PAN , to file PAN by 31st July 2011 . It has also stated that following fields will now be mandatory in DIN-1 form<br />1. Name of the Applicant<br />2. Father’s name of Applicant<br />3. Date of Birth<br />4. Income Tax permanent Account Number<br />5. Passport in case of all foreign nationalsCA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com0tag:blogger.com,1999:blog-4343866758646221519.post-23187823016662755222011-04-09T10:34:00.001-07:002011-04-09T10:35:04.952-07:00ICAI - CPE HOURS(01-01-2011 to 31-12-2013)CPE hours requirements for various categories of members of the Institute for the Block period of 3 years (01-01-2011 to 31-12-2013)<br /><br />All the members who are holding Certificate of Practice (except those members who are residing abroad), unless exempted, are required to:<br /><br /> <br /> a) Complete at least 90 CPE credit hours in each rolling three-year period of which 60 CPE credit hours should be of structured learning.<br /> <br /> b) Complete minimum 20 CPE credit hours of structured learning in each year.<br /> <br />All the members who are not holding Certificate of Practice or are residing abroad (whether holding Certificate of Practice or not), unless exempted, are required to:<br /> <br />(a) Complete at least 45 CPE credit hours of structured/unstructured learning in each rolling three-year period<br /> <br />(b) Complete minimum 10 CPE credit hours of structured/unstructured learning in each year.<br /> <br />All the members (above 60 years of age) who are holding Certificate of Practice, unless exempted, are required to:<br /> <br />a) Complete at least 70 CPE credit hours (structured/unstructured) in each rolling three-year period.<br /><br /> <br />b) Complete minimum 10 CPE credit hours of structured/ unstructured in the first year i.e. 2011<br /> <br /> c) Complete minimum 20 CPE credit hours of structured/ unstructured in the second and third year i.e. 2012 & 2013.<br /><br /> <br />All the members (above 60 years of age) who are not holding Certificate of Practice are required to:<br /> <br />a) Complete at least 35 CPE credit hours (structured/unstructured) in each rolling three-year period.<br /> <br />b) Complete minimum 5 CPE credit hours of structured/ unstructured in the first year i.e. 2011<br /> <br />c) Complete minimum 10 CPE credit hours of structured/ unstructured in the second and third year i.e. 2012 & 2013.CA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.com1