Category Archives: GS – March 2014 Series

Updates on Corporate and Allied Law – March 2014

Shree Guru Kripa’s Institute of Management

“Gyaan Smriti” – CORPORATE LAW UPDATES – March 2014 Series

Updates in Corporate and Allied Law

S. No. Act

Particulars

Link

1

Companies Act, 2013

Clarifications on Registration of Companies/LLP’s with words National/Bank/Exchange in their names. Circular No.2/2014 [F.No.2/2/2014-Cl-V], Dated 11-2-2014

2

Companies Act, 2013

Section 372A of Companies Act, 1956 is applicable till Section 186 of Companies Act, 2013 is Notified w.r.t Loans to Directors, etc. General Circular No.3/2014 [No.1/12/2013-Cl.V], Dated 14-2-2014

3

Companies Act, 2013

1st day of April, 2014 shall be the date on which the provisions of section 135 and Schedule VII of the said Act shall come into force. Notification No. SO 582(E)[F.No.1/15/2013-Cl.V], Dated 27-2-2014

4

Companies Act, 2013

Notification of CSR Rules, 2014 by Central Government which shall come into force on 1st day of April, 2014 Notification [File No.1/18/2013-Cl.V], Dated 27-2-2014

5

Companies Act, 2013

Expansion of scope of activities for the purpose of Corporate Social Responsibility by amendment to Schedule VII of Companies Act, 2013. Notification [File No.1/15/2013-Cl-V], Dated 27-2-2014

6

FEMA, 1999

Clarifications On Import Of Gold/Gold Dore By Nominated Banks/Agencies/Entities A.P. (DIR Series 2013-14) Circular No. 103, DATED 14-2-2014

7

FEMA, 1999

Non requirement for the tripartite agreement where documentary evidence on third party payments for Import / Export payments. A.P. (DIR Series 2013-14) Circular No. 100, DATED 4-2-2014

8

FEMA, 1999

Development of Export Data Processing and Monitoring System (EDPMS) to simplify the process of various returns filed. A.P. (DIR Series 2013-14) Circular No. 101, DATED 4-2-2014

9

FEMA, 1999

Operationalization of EDPMS system w.e.f. February 28, 2014. A.P. (DIR Series 2013-14) Circular No. 109, DATED 28-2-2014

10

FEMA, 1999

Revision of Form FC – GPR to capture the details of specific investments by the Companies. A.P. (DIR Series 2013-14) Circular No. 102, DATED 11-2-2014

11

FEMA, 1999

Modification of Part – E of ECB-2 return applicable from the month of April, 2014. A.P. (DIR Series 2013-14) Circular No. 105, DATED 17-2-2014

12

FEMA, 1999

Monthly report instead of Quarterly report of Statement of No. of applicants and total amount remitted for the balances in NRO Accounts. A.P. (DIR Series 2013-14) Circular No. 106, DATED 18-2-2014

13

FEMA, 1999

Issue of Specified securities by SSIs to Non-resident upto 24% of its paid-up capital. A.P. (DIR Series 2013-14) Circular No. 107, DATED 20-2-2014

14

FEMA, 1999

Line of credit by EXIM Banks to Republic of Nicaragua. A.P. (DIR Series 2013-14) Circular No. 108, DATED 24-2-2014

1.    CIRCULAR NO.2/2014 [F.NO.2/2/2014-CL-V], DATED 11-2-2014

SECTION 7 OF THE COMPANIES ACT, 2013 – INCORPORATION OF COMPANY – CLARIFICATIONS ON REGISTRATION OF COMPANIES/LIMITED LIABILITY PARTNERSHIPS (LLPs) WITH THE WORD ‘NATIONAL’ IN THEIR NAMES

It is being intimated that no company should be allowed to be registered with the word ‘National’ as part of its title unless it is a government company and the Central/State government(s) has a stake in it. This should be stringently enforced by all Registrar of Companies (ROCs) while registering companies. Similarly, the word ‘Bank’ may be allowed in the name of an entity only when such entity produces a ‘No Objection Certificate’ from the RBI in this regard. By the same analogy the word “Stock Exchange” or “Exchange” should be allowed in name of a company only where ‘No Objection Certificate’ from SEBI in this regard is produced by the Promoters.

2.    GENERAL CIRCULAR NO.3/2014 [NO.1/12/2013-CL.V], DATED 14-2-2014

SECTION 185 OF THE COMPANIES ACT, 2013, READ WITH SECTION 372A OF THE COMPANIES ACT, 1956 – LOAN TO DIRECTORS, ETC. – CLARIFICATIONS AS TO APPLICABILITY OF SECTION 372A VIS-A-VIS SECTION 185 IN RESPECT OF LOANS MADE, GUARANTEE GIVEN OR SECURITY PROVIDED UNDER SECTION 372A

It is clarified that any guarantee given or security provided by a holding company in respect of loans made by a bank or financial institution to its subsidiary company, exemption as provided in clause (d) of sub-section (8) of section 372A of the Companies Act, 1956 shall be applicable till section 186 of the Companies Act, 2013 is notified. This clarification will, however, be applicable to cases where loans so obtained are exclusively utilized by the subsidiary for its principal business activities.

 3.    NOTIFICATION NO.SO 582(E)[F.NO.1/15/2013-CL.V], DATED 27-2-2014

SECTION 1 OF THE COMPANIES ACT, 2013 – ACT – ENFORCEMENT OF – NOTIFIED DATE ON WHICH PROVISIONS OF SECTION 135 & SCHEDULE VII OF SAID ACT SHALL COME INTO FORCE

In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 1st day of April, 2014 as the date on which the provisions of section 135 and Schedule VII of the said Act shall come into force.

 4.     NOTIFICATION [FILE NO.1/18/2013-CL.V], DATED 27-2-2014

COMPANIES (CORPORATE SOCIAL RESPONSIBILITY POLICY) RULES, 2014

In exercise of the powers conferred under section 135 and sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government has made the Companies (Corporate Social Responsibility) Rules, 2014.

5.    NOTIFICATION [FILE NO.1/15/2013-CL-V], DATED 27-2-2014

SECTION 467 OF THE COMPANIES ACT, 2013 – POWER OF CENTRAL GOVERNMENT TO AMEND SCHEDULES – AMENDMENT IN SCHEDULE VII

In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government has made amendments to Schedule VII of Companies Act, 2013.

The Scope of activities that a company can include as part of its Corporate Social Responsibility policies has been expanded by this notification.

6.    A.P. (DIR SERIES 2013-14) CIRCULAR NO. 103, DATED 14-2-2014

CLARIFICATIONS ON IMPORT OF GOLD/GOLD DORE BY NOMINATED BANKS/AGENCIES/ENTITIES

Clarifications were issued with respect to Advance Authorisation (AA) and Duty Free Import Authorisation (DFIA) for immediate effect as follows:

(a) In case of AA/DFIA issued before August 14, 2013, the condition of sequencing imports prior to exports shall not be insisted upon even in case of entities/units in the SEZ and EoUs, Premier and Star Trading Houses.
(b) The imports made as part of the AA/DFIA scheme will be outside the purview of the 20:80 scheme. Such Imports will be accounted for separately and will not entitle the Nominated Agency/Banks/Entities for any further import.
(c) The Nominated Banks/Agencies/Entities may make available gold to the exporters (other than AA/DFIA holders) operating under the Replenishment Scheme. They can resort to import of gold for the purpose, if considered necessary. However, such import will be accounted for separately and will not entitle them for any further import.
(d) Import of gold in the third lot onwards will be lesser of the two:
i. Five times the export for which proof has been submitted; or
ii. Quantity of gold permitted to a Nominated Agency in the first or second lot.

For import of Gold Dore, it is clarified that

(i) The refiners are allowed to import Gold Dore of 15% of their licence for each of the first two months.
(ii) In case, the quantity has already been identified by DGFT for first two lots, import of such quantity will be in compliance with the guidelines issued vide A.P. (DIR Series) Circular No. 82 dated December 31, 2013.
(iii) DGFT, through a notification, may include new refiners, and fix licence quantity for them.

 7.    A.P. (DIR SERIES 2013-14) CIRCULAR NO. 100, DATED 4-2-2014

THIRD PARTY PAYMENTS FOR EXPORT/IMPORT TRANSACTIONS

it has been decided that the specified requirement for tripartite agreement may not be insisted upon in case where documentary evidence for circumstances leading to third party payments/name of the third party being mentioned in the irrevocable order/ invoice has been produced subject to given conditions.

8.    A.P. (DIR SERIES 2013-14) CIRCULAR NO. 101, DATED 4-2-2014

EXPORT OF GOODS AND SERVICES – EXPORT DATA PROCESSING AND MONITORING SYSTEM (EDPMS)

In order to simplify various returns filed by the banks like XOS, ENC, EBW, ETX, etc.  A comprehensive IT- based system called EDPMS has been developed which will facilitate the banks to report all the above mentioned returns through a single platform. AD banks are required to download and upload the data on daily basis.

 9.    A.P. (DIR SERIES 2013-14) CIRCULAR NO. 109, DATED 28-2-2014

EXPORT OF GOODS AND SERVICES – EXPORT DATA PROCESSING AND MONITORING SYSTEM (EDPMS)

The EDPMS has been operationalized with effect from February 28, 2014 and the same would be available to AD banks with effect from March 01, 2014. Accordingly, AD banks are advised to use web link https://edpms.rbi.org.in/edpms for accessing the system. The user credentials for accessing the system have already been shared with the AD banks.

Both the old and new systems will run parallel to each other for some time before the old system is discontinued.

10. A.P. (DIR SERIES 2013-14) CIRCULAR NO. 102, DATED 11-2-2014

FOREIGN DIRECT INVESTMENT – REPORTING UNDER FDI SCHEME: AMENDMENTS IN FORM FC-GPR

Indian companies are required to report the details of the amount of consideration received for issuing shares and convertible debentures under the Foreign Direct Investment (FDI) scheme to the Regional Office of the Reserve Bank in whose jurisdiction the Registered Office of the company operates, within 30 days of receipt of the amount of consideration. Further, in terms of Para 9 (1) B of Schedule ibid, the companies are required to report the details of the issue of shares/convertible debentures in form FC-GPR, to the Regional Office concerned, within 30 days of issue of shares/convertible debentures.

In order to further capture the granular details of FDI as regards Brownfield/Greenfield investments and the date of incorporation of investee company, Form FC-GPR has been revised. Accordingly, the details of FDI should, henceforth, be reported in the revised Form FC-GPR, enclosed as Annex-I.

11. A.P. (DIR SERIES 2013-14) CIRCULAR NO. 105, DATED 17-2-2014

EXTERNAL COMMERCIAL BORROWINGS (ECB)- REPORTING ARRANGMENTS

In order to capture details of the financial hedges contracted by corporates, of their foreign currency exposure relating to ECB and their foreign currency earnings and expenditure, the format of ECB-2 Return has been modified (Part-E). The reporting in the modified ECB-2 Return will be applicable from the return of the month April 2014 onwards.

There is no change in the reporting procedure and corporates raising ECB continue to submit ECB-2 Return on a monthly basis duly certified by the designated AD Category-I bank so as to reach Department of Statistics and Information Management (DSIM) of Reserve Bank of India within seven working days from the close of month to which it relates.

12. A.P. (DIR SERIES 2013-14) CIRCULAR NO. 106, DATED 18-2-2014

FACILITIES TO NRIs/PIOs AND FOREIGN NATIONALS – LIBERALISATION OF REPORTING REQUIREMENT

AD – Category I banks may furnish on a monthly basis, a statement on the number of applicants and total amount remitted, as per proforma annexed, to the Chief General Manager-in-Charge, Foreign Exchange Department, Foreign Investments Division (NRFAD), Reserve Bank of India, Central Office, Mumbai-400001 within 7 days of the end of the reporting month. The data may be sent preferably by e-mail as per the proforma.

It may be noted that the proforma has been revised to also include “Transfers from NRO to NRE account”.

13. A.P. (DIR SERIES 2013-14) CIRCULAR NO. 107, DATED 20-2-2014

FDI INTO A SMALL SCALE INDUSTRIAL UNDERTAKINGS (SSIs)/MICRO & SMALL ENTERPRISES (MSEs) AND IN INDUSTRIAL UNDERTAKING MANUFACTURING ITEMS RESERVED FOR SSIs/MSEs

An Indian company which is a small scale industrial unit and which is not engaged in any activity or in manufacture of items included in Annex A, may issue shares or convertible debentures to a person resident outside India, to the extent of 24% of its paid -up capital provided that such company may issue shares in excess of 24% of its capital subject to given conditions.

14. A.P. (DIR SERIES 2013-14) CIRCULAR NO. 108, DATED 24-2-2014

EXIM BANK’S LINE OF CREDIT OF USD 10 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF NICARAGUA

The goods, services, machinery and equipment including consultancy services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement.

No agency Commission is payable under the above LOC.

Corporate Social Responsibility – An Analysis

Sec. 135 of Companies Act, 2013

Corporate Social Responsibility – An Analysis Covering the Act / Rules

By S Sundar Raman, FCA

 

Sec.135 of Companies Act, dealing with Corporate Social Responsibility is notified on 27th February, 2014, which shall be effective from 1st of April, 2014.

“Corporate Social Responsibility (CSR)” means and includes but is not limited to:-

a)    Projects or programs relating to activities specified in Schedule VII to the Act; or

b)    Projects or programs relating to activities undertaken by the board of directors of a company (Board) in pursuance of recommendations of the CSR Committee of the Board as per declared CSR Policy of the Company subject to the condition that such policy will cover subjects enumerated in Schedule VII of the Act.

Covered Companies:  Every Company (including its Holding or Subsidiary, including a Foreign Company having a Branch or Project office in India) having, any time during the financial year:-

  • Net worth of Rs.500 Crores or more, or
  • Turnover of Rs.1000 Crores or more, or
  • Net Profit of Rs.5 or more

For a Foreign Company, the Networth, Turnover or Net Profit shall be computed based on the financial statements prepared u/s 381(1)(a)

Ceases to Apply: Every Company which ceases to be a covered company for 3 consecutive financial years shall not be required to constitute a CSR Committee and comply with these provisions till such time it meets the criteria specified.

CSR Committee:  The Covered Company shall constitute a Corporate Social Responsibility Committee of the Board consisting of 3 or more directors, out of which at least 1 Director shall be an Independent Director.

Role of CSR Committee:

  • Formulate and recommend to the Board, a CSR Policy which shall indicate the activities to be undertaken by the company as specified in Schedule VII.
  • Recommend the amount of expenditure to be incurred on the activities.
  • Monitor the CSR Policy of the company from time to time.

Duty on the Board:

  • Shall take into account the recommendations made by the CCR Committee, approve the CSR Policy for the company and disclose contents of such Policy in its report and also place it on the company’s website.
  • Ensure that the activities as are included in CSR Policy of the company are undertaken by the company.

Minimum Amount of Expenditure: The Board of every company shall ensure that the company spends, in every financial year, at least 2% of the average Net Profits (Computed as per Sec.198) of the company made during the 3 immediately preceding financial years, in pursuance of its CSR Policy.

Meaning of “Net Profit”:

It means the Net Profit of a Company as per its financial statement prepared in accordance with the applicable provisions of the Act, but shall not include the following, namely:-

a)    Any profit arising from any overseas branch or branches of the company, whether operated as a separate company or otherwise; and

b)    Any dividend received from other companies in India, which are covered under and complying with the provisions of section 135 of the Act:

c)    Net profit in respect of a financial year for which the relevant financial statement were prepared in accordance with the provisions of the Companies Act, 1956 shall not be required to be re-calculated in accordance with the provisions of the Act.

d)    In case of a Foreign Company covered under these rules, net profit means the net profit of such company as per profit and loss account prepared in terms of Section 381(1)(a) read with Section 198 of the Act.

Local Area Development: Company shall give preference to the local area and areas around it where it operates, for spending the amount earmarked for CSR Activities.

Board’s Report: The Board’s Report u/s 134(3) shall disclose

  • The composition of the CSR committee and its Responsibility.
  • The reasons for not spending the amount

Eligible Activities for CSR [Schedule VII]:

  1. Eradicating Hunger, Poverty and Malnutrition, Promoting Preventive Health Care and Sanitation and making available Safe Drinking Water;
  2. Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly, and the differently abled and livelihood enhancement projects;
  3. Promoting gender equality, empowering women, setting up homes and hostels for women and orphans; setting up old age homes, day care centres and such other facilities for senior citizens and measures for reducing inequalites faced by socially and economically backward groups;
  4. Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources and maintaining quality of soil, air and water;
  5. Protection of national heritage , art and culture including restoration of buildings and site of historical importance and works of art; setting up public libraries; promotion and development of traditional arts and handicrafts;
  6. Measures for the benefit of armed forces veterans, war widows and their dependents;
  7. Training to promote rural sports, nationally recognised sports, paralympic sports and Olympic sports;
  8. Contribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government for socio-economic development and relief and welfare of the Scheduled Castes, the Scheduled Tribes,  other backward classes,  minorities and women;
  9. Contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government;
  10. Rural development projects.

Guidelines / Conditions for CSR Activities: (Rule 4)

  • CSR activities shall be undertaken as per CSR Policy.
  • It can be executed as projects or programs or activities (either new or ongoing), excluding activities undertaken in pursuance of its normal course of business.
  • It can be executed through a registered trustee or a registered society or a Company established by the Company or its holding or subsidiary or associate company u/s 8 of the Act or otherwise.
  • If the activities carried out through these entities which is not floated by the Company or its holding or subsidiary or associate company, it shall have an established track record of 3 years in undertaking similar programs or projects and the company has specified the project or program to be undertaken through these entities, the modalities of utilization of funds on such projects and programs and the monitoring and reporting mechanism.
  • A company may also collaborate with other companies for undertaking projects or programs or CSR activities in such a manner that the CSR Committees of respective companies are in a position to report separately on such projects or programs in accordance with these rules.
  • The CSR projects or programs or activities undertaken in India only shall amount to CSR Expenditure.
  • The CSR projects or programs or activities that benefit only the employees of the company and their families shall not be considered as CSR activities.
  • Companies may build CSR capacities of their own personnel as well as those their Implementing agencies through Institutions with established track records of at least 3 financial years but such expenditure shall not exceed 5% of total CSR expenditure of the company in 1 financial year.
  • Contribution of any amount directly or indirectly to any political party shall not be considered as CSR activity.

CSR Committee:

Unlisted Company

CSR Committee Composition

An unlisted public company or a private company – does not required an Independent director u/s 149 Committee can be constituted without such director
A Private company having only 2 directors on its Board

2 Directors

Foreign Company

2 Person (1 shall be nominated by Foreign Company)

Note: The CSR Committee shall institute a transparent monitoring mechanism for implementation of the CSR projects or programs or activities undertaken by the company.

CSR Policy:

The Board of Directors shall ensure that activities included by a company in its Corporate Social Responsibility Policy are related to the activities included in Schedule VII of the Act.

  • List of CSR Projects or Programs
  • Modalities of execution
  • Monitoring process
  • Should not contain any item which is other than the normal course of business of a company.
  • Surplus arising out of the CSR projects or programs activities shall not form part of the business profit of a company.

CSR Expenditure:

CSR expenditure shall include all expenditure including contribution to corpus for projects or programs relating to CSR activities approved by the Board on the recommendation of its CSR Committee, but does not include any expenditure on an item not in conformity or not in line with activities given in Schedule VII of the Act.

Display of CSR activities on its website:

The Board of Directors of the company shall, after taking into account the recommendations of CSR Committee, approve the CSR Policy for the company and disclose contents of such policy in its report and the same shall be displayed on the company’s website, if any, as per the particulars specified in the Annexure.

CSR Reporting:

The Board’s Report of a company covered under these rules pertaining to a financial year commencing on or after the 1st day of April, 2014 shall include an Annual Report on CSR containing particulars.

In case of a Foreign Company, the balance sheet filed shall contain an Annexure regarding reporting on CSR.

 

CSR Report – (To form part of Board Report)

Particulars

Details

Brief outline of the company’s CSR policy, including overview of projects or programs proposed to be undertaken and reference to the web-link to the CSR policy and projects or programs.
Composition of the CSR Committee
Average net profit of the company for last 3 financial years
Prescribed CSR Expenditure (2% percent of the amount as in item 3 above)
Details of CSR spent during the financial year.

(a) Total amount to be spent for the financial year;

(b) Amount unspent, if any;

(c) Manner of Spending (Table 2) In case the company has failed to spend the 2% of the average net profit of the last 3 financial years or any part thereof, reasons for not spending the amount CSR Responsibility Statement of the CSR Committee that the implementation and monitoring of CSR Policy, is in compliance with CSR objectives and Policy of the company.

Table – 2

Manner in which the amount spent during the financial year is detailed below.

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

S.No

CSR Project or activity identified

Sector in which the Project is covered

Projects or programs (1) Local area or other

(2) Specify the State and district where projects or programs was undertaken.

Amount outlay

(budget) project or programs wise

Amount spent on the projects or programs

Sub-heads:

(1) Direct expenditure on projects or programs.

(2) Overheads:

Cumul-

ative expend

-iture upto to the reporting period.

Amount Spent :

Direct or through implementing agency

1                  
2
3
  TOTAL

Details of implementing agency:

Sd/-

(Chief Executive Officer or Managing Director or Director)Sd/-

(Chairman CSR Committee)Sd/-

(Person specified under clause (d) of sub-section (1) of section 380 of the Act)

(wherever  applicable)

Statutory Compliance Chart – March 2014

DATE COMPLIANCE REQUIRED FORM NO. / CHALLAN NO.
MARCH 2014
5 EXCISE: PAYMENT OF EXCISE DUTY FOR FEB 2014 GAR 7
SERVICE TAX:  PAYMENT OF SERVICE TAX FOR FEB 2014 BY CORPORATES
6 EXCISE: E-PAYMENT OF EXCISE DUTY FOR FEB 2014 GAR 7
NOTE: E-PAYMENT IS MANDATORY IF ED PAID>=10 LAKHS IN FY 2012-13
SERVICE TAX:  E-PAYMENT OF SERVICE TAX FOR FEB 2014 BY CORPORATES
NOTE: E-PAYMENT IS MANDATORY IF ST PAID>=1 LAKH IN FY 2012-13
7 INCOME TAX: DEPOSIT OF TDS/TCS COLLECTED DURING FEB 2014 281
10 EXCISE: MONTHLY RETURNS FOR PRODUCTION AND REMOVAL OF GOODS AND CENVAT CREDIT FOR FEB 2014 ER 1
EXCISE: MONTHLY RETURNS OF EXCISABLE GOODS MANUFACTURED & RECEIPT OF INPUTS & CAPITAL GOODS BY UNITS IN EOU, STP, HTP FOR FEB 2014 ER 2
EXCISE: MONTHLY RETURNS OF INFORMATIONS RELATING TO PRINCIPAL INPUTS FOR FEB 2014 BY MANUFACTURER OF SPECIFIED GOODS WHO PAID DUTY>=RS. 1 CRORE DURING FY 2012-13 BY PLA/CENVAT/BOTH ER 6
12 CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING FEB 2014 FOR ASSESSEES WHOSE YEARLY SALES TURNOVER > RS. 200 CRORES IN THE FY 2012-13 IF THE MODE OF PAYMENT OF VAT/CST IS BY CASH/CHEQUE FORM 1 / FORM I
14 CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING FEB 2014 FOR ASSESSEES WHOSE YEARLY SALES TURNOVER > RS. 200 CRORES IN THE FY 2012-13 IF THE MODE OF PAYMENT OF VAT/CST IS BY ELECTRONIC MODE FORM 1 / FORM I
15 EPF: PAYMENT OF EPF CONTRIBUTION FOR FEB 2014
EPF: CONSOLIDATED STATEMENTS OD DUES AND REMITTANCES UNDER EPF AND EDLI FOR FEB 2014 12A
EPF: MONTHLY RETURNS OF EMPLOYEES WHO JOINED/LEFT THE ORGANISATION IN FEB 2014 5/10
INCOME TAX: DUE DATE FOR THIRD INSTALMENT ( IN THE CASE OF NON CORPORATE ASSESSEES) OR FOURTH INSTALMENT (IN THE CASE OF CORPORATE ASSESSEES) FOR PAYMENT OF ADVANCE INCOME TAX FOR FY 2013-14 280
20 CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING FEB 2014 FOR ASSESSEES WHOSE YEARLY SALES TURNOVER < RS. 200 CRORES IN THE FY 2012-13 FORM 1 / FORM I
21 ESI: DEPOSIT OF ESI CONTRIBUTIONS AND COLLECTIONS FOR FEB 2014
22 CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING FEB 2014 FOR ASSESSEES WHOSE YEARLY SALES TURNOVER <RS. 200 CRORES IN THE FY 2012-13 IF THE MODE OF PAYMENT OF VAT/CST IS BY ELECTRONIC MODE FORM 1 / FORM I
31 EXCISE: PAYMENT /E-PAYMENT OF EXCISE DUTTY FOR MARCH 2014 GAR 7
EXCISE: PAYMENT /E-PAYMENT OF EXCISE DUTY FOR QUARTER ENDING MARCH 2014 BY SSIs/REGISTERED DEALERS
NOTE: E-PAYMENT IS MANDATORY IF ED PAID>=10 LAKHS IN FY 2012-13
SERVICE TAX: PAYMENT /E-PAYMENT OF SERVICE TAX FOR MAR 2014 BY CORPORATES
SERVICE TAX: PAYMENT /E-PAYMENT OF SERVICE TAX FOR QUARTER ENDING MAR 2014 BY NON CORPORATES
NOTE: E-PAYMENT IS MANDATORY IF ST/ED PAID>=1 LAKH IN FY 2012-13
INCOME TAX: LAST DATE FOR REVISION OF RETURN FOR THE FY 2011-12 ITR 1/2/3 / 4/5/6/78-BA
INCOME TAX: LAST DATE FOR FILING BELATED RETURN FOR THE FY 2011-12