Monthly Archives: April 2014

Statutory Compliance Chart – May 2014

DATE COMPLIANCE REQUIRED FORM NO. / CHALLAN NO.
MAY 2014
5 EXCISE: PAYMENT OF EXCISE DUTY FOR APR 2014 GAR 7
SERVICE TAX: PAYMENT OF SERVICE TAX FOR APR 2014 BY CORPORATES
6 EXCISE: E-PAYMENT OF EXCISE DUTY FOR APR 2014 GAR 7
NOTE: E-PAYMENT IS MANDATORY IF ED PAID>=10 LAKH IN FY 2013-14
SERVICE TAX: E-PAYMENT OF SERVICE TAX FOR APR 2014 BY CORPORATES
NOTE: E-PAYMENT IS MANDATORY IF ST PAID>=1 LAKH IN FY 2013-14
7 INCOME TAX: DEPOSIT OF TDS/TCS COLLECTED DURING APR 2014 281
10 EXCISE: MONTHLY RETURNS FOR PRODUCTION AND REMOVAL OF GOODS AND CENVAT CREDIT FOR APR 2014 ER 1
EXCISE: MONTHLY RETURNS OF EXCISABLE GOODS MANUFACTURED & RECEIPT OF INPUTS & CAPITAL GOODS BY UNITS IN EOU, STP, HTP FOR APR 2014 ER 2
EXCISE: MONTHLY RETURNS OF INFORMATIONS RELATING TO PRINCIPAL INPUTS FOR APR 2014 BY MANUFACTURER OF SPECIFIED GOODS WHO PAID DUTY>=RS. 1 CRORE DURING FY 2013-14 BY PLA/CENVAT/BOTH ER 6
12 ESI: HALF YEARLY RETURN OF ESI CONTRIBUTION FOR THE HALF YEAR ENDING 31ST MAR 2014 6 A
CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING APR 2014 FOR ASSESSEES WHOSE YEARLY SALES TURNOVER > RS. 200 CRORES IN THE FY 2013-14 IF THE MODE OF PAYMENT OF VAT AND CST IS BY CASH/CHEQUE/DD FORM 1 / FORM I
14 CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING APR 2014 FOR ASSESSEES WHOSE YEARLY SALES TURNOVER > RS. 200 CRORES IN THE FY 2013-14 IF THE MODE OF PAYMENT OF VAT AND CST IS BY ELECTRONIC MODE FORM 1 / FORM I
15 EPF: PAYMENT OF EPF CONTRIBUTION FOR APR 2014
EPF: CONSOLIDATED STATEMENTS OF DUES AND REMITTANCES UNDER EPF AND EDLI FOR APR 2014 12A
EPF: MONTHLY RETURNS OF EMPLOYEES WHO JOINED/LEFT THE ORGANISATION IN APR 2014 5/10
INCOME TAX: QUARTERLY RETURNS FOR TDS MADE FOR QUARTER ENDING MAR 2014 24Q/26Q
INCOME TAX: QUARTERLY RETURNS FOR TCS MADE FOR QUARTER ENDING MAR 2014 27EQ
INCOME TAX: STATEMENT OF TDS FROM INTEREST, DIVIDEND OR ANY OTHER SUM PAYABLE  TO NON-RESIDENTS FOR QUARTER ENDING MAR 2014 27Q
20 CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING APR 2014 FOR ASSESSEES WHOSE YEARLY SALES TURNOVER < Rs. 200 CRORES IN THE FY 2013-14 IF THE MODE OF PAYMENT OF VAT AND CST IS BY CASH/CHEQUE/DD FORM 1 / FORM I
21 ESI: DEPOSIT OF ESI CONTRIBUTIONS AND COLLECTIONS FOR APR 2014
22 CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING APR 2014 FOR ASSESSEES WHOSE YEARLY SALES TURNOVER < Rs. 200 CRORES IN THE FY 2013-14 IF THE MODE OF PAYMENT OF VAT AND CST IS BY ELECTRONIC MODE FORM 1 / FORM I
30 INCOME TAX: ISSUE OF TDS CERTIFICATE FOR TDS MADE FOR QUARTER ENDING MAR 2014 EXCEPT ON SALARIES 16A
31 INCOME TAX: ISSUE OF TDS CERTIFICATE FOR DEDUCTIONS FROM SALARY FOR THE FY 2013-14 16
INCOME TAX: RETURN OF TDS FROM CONTRIBUTIONS PAID BY THE TRUSTEES OF AN APPROVED SUPERANNUATION FUND 22
INCOME TAX: APPLICATION FOR ALLOTMENT OF PERMANENT ACCOUNT NUMBER – PAN, IF THE TOTAL INCOME DURING PRIOR PREVIOUS YEAR EXCEEDS THE MAXIMUM AMOUNT NOT CHARGEABLE TO TAX 49A

Updates of Corporate and Allied Law – April 2014 Series

Shree Guru Kripa’s Institute of Management

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

Updates in Corporate and Allied Law

 

S. No.

Act

Particulars

Link

1

Companies Act, 1956

It’s the right to file the compliant against the petitioner i.e.heir of the employee u/s 630 for wrongfully withheld quarter. Sangeeta v. Texmaco Infrastructure & Holdings Ltd.

2

Companies Act, 1956

Where there is no entry debit not in the account, defence that goods supplied were of defective quality is sham. Karan Agarwal v. PRL Projects & Infrastructure Ltd.

3

Companies Act, 1956

Extension of service period to the members of Company Law Board till constitution of NACLT.

 

Notification no. GSR 197(e) [f.no.a-12018/1/2011-ad.iv], dated 20-3-2014

4

Companies Act, 2013

Commencement of 183 new Sections of Companies Act, 2013 in addition to the 98 Sections. Commencement Notification. Dated 26.03.2014

5

Companies Act, 2013

Staggered roll out plan of various forms under Companies Act, 2013 and continuance of forms under provisions of Companies Act, 1956

 

General circular no.6/2014[f.no. Mca21/28/2014], dated 28-3-2014

6

Companies Act, 2013

Online payment of stamp duty and court fee stamp for issue of certified copies of documents filed with Registrar of Companies General Circular No.5/2014 [No.Hq/7/2012-Computerisation], Dated 28-3-2014

7

Companies Act, 2013

Clarification with regard to resolution passed u/s 293 of Companies Act, 1956 prior to 12-9-2013 with reference to borrowings to be regarded as sufficient compliance of requirements of section 180 for a specified period. General Circular No.4/2014 [No.1/32/2013-Cl.V(Pt.File)], Dated 25-3-2014

8

FEMA, 1999

Money Transfer Service Scheme (Mtss)  – ‘Direct To Account’ Facility A.P. (DIR Series 2013-14) Circular NO. 110, Dated 4-3-2014

9

FEMA, 1999

Rupee Drawing Arrangement – Increase In Trade Related Remittance Limit A.P. (DIR Series 2013-14) Circular No. 111, Dated 13-3-2014

10

FEMA, 1999

Foreign Portfolio Investor – Investment Under Portfolio Investment Scheme, Government And Corporate Debt A.P. (DIR Series 2013-14) Circular No.112, Dated 25-3-2014

11

FEMA, 1999

External Commercial Borrowings (Ecb) For Civil Aviation Sector A.P. (DIR Series 2013-14) Circular No.113, Dated 26-3-2014

12

FEMA, 1999

Risk Management And Inter Bank Dealings – Relaxation on restrictions already prevailing subject to given conditions. A.P. (DIR Series 2013-14) Circular No.114, Dated 27-3-2014

13

FEMA, 1999

Merchanting Trade Transactions – Revised Guidelines A.P. (DIR Series 2013-14) Circular No.115, Dated 28-3-2014

14

FCRA,

1976

Donations accepted by Political Parties from Indian Company being the Subsidary of the foreign Company is donations from “Foreign Sources” and it’s a blatant violation of FCRA, 1976. Association For Democratic Reforms v. Union of India

 

 

  1. 1.    [2014] 43 taxmann.com 274 (Delhi)

Sangeeta v. Texmaco Infrastructure & Holdings Ltd.

 

Issue:- Respondent-company had become owner of a quarter by virtue of a scheme of arrangement which was wrongfully withheld by petitioner i.e. heir of deceased employee

Decision:- Held, respondent had locus to file complaint under section 630 against petitioner and petitioner was to be directed to vacate that quarter.

Reasoning:- All rights and liabilities of Mill stood vested in respondent by virtue of a sanctioned scheme of arrangement, respondent had become owner of quarter in question and was well within its rights to file instant complaint under section 630 of Companies Act, 1956 (i.e. Sec. 452 in Companies Act, 2013).

 

  1. 2.    2014] 43 taxmann.com 179 (Delhi)

Karan Agarwal v. PRL Projects & Infrastructure Ltd.

 

Issue:- Petitioner filed winding up petition u/s 433 (ie.u/s 271 of the Companies Act, 2013) against respondent-company on ground that amount due to him towards supply of goods were not discharged completely despite of statutory notice.

Respondent disputed petition contending that goods supplied by petitioner were defective and accordingly a debit note was issued to petitioner

Decision:- Where no entry for debit note on account of defective material appeared in ledger accounts of respondent, defence that goods supplied by petitioner were defective was sham and was liable at be rejected at threshold.

Reasoning:- Whether since debit note on account of defective material did not find any mention in ledger account of respondent, that by itself indicated that no such debit note was issued at material time.

Form C furnished by respondent to petitioner also indicated that there was no dispute with respect to value of invoices and, thus, respondent was unable to discharge debt due to petitioner despite notice.

  1. 3.    NOTIFICATION NO. GSR 197(E) [F.NO.A-12018/1/2011-AD.IV], DATED 20-3-2014

COMPANY LAW BOARD (QUALIFICATIONS, EXPERIENCE AND OTHER CONDITION OF SERVICE OF MEMBERS) (AMENDMENT) RULES, 2014 – AMENDMENT IN RULE 8

 

In exercise of the powers conferred by sub-section (2A) of section 10E read with clause (a) of sub-section (1) of section 642 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Company Law Board (Qualifications, Experience and other Conditions of Service of Members) Rules, 1993.

In the Company Law Board (Qualifications, Experience and Other Conditions of Service of Members) Rules, 1993, in rule 8, the following proviso shall be inserted, namely:—

“Provided that the Central Government may, if it considers it necessary in public interest so to do, give extension in service to the Chairman, Vice Chairman and Members upto a maximum period of one year or till constitution of the National Company Law Tribunal, whichever is earlier”.

 

  1. 4.    Commencement Notification. Dated 26.03.2014

In exercise of powers conferred u/s 1(3) of Companies Act, 2013, the Central Government hereby appoints 1st Day of April, 2014 as the date on which mentioned 183 of the said act shall come into force.

For the list of Notified Sections – Click Here

 

  1. 5.    GENERAL CIRCULAR NO.6/2014[F.NO. MCA21/28/2014], DATED 28-3-2014

 

STAGGERED ROLL OUT PLAN OF VARIOUS FORMS UNDER COMPANIES ACT, 2013 AND CONTINUANCE OF FORMS UNDER PROVISIONS OF COMPANIES ACT, 1956

 

In order to facilitate the completion of notified sections this Ministry has planned a staggered roll out of various forms. It has been decided to waive fees for all event based filing whose due date falls between 1-4-2014 to 30-4-2014. For the same, a separate Circular is being issued by the Policy Cell of this Ministry.

For Further Details – Click Here

 

  1. 6.    GENERAL CIRCULAR NO.5/2014 [NO.HQ/7/2012-COMPUTERISATION], DATED 28-3-2014

SECTION 399 OF THE COMPANIES ACT, 2013 – INSPECTION, PRODUCTION AND EVIDENCE OF DOCUMENTS KEPT BY REGISTRAR – ONLINE PAYMENT OF STAMP DUTY AND COURT FEE STAMP FOR ISSUE OF CERTIFIED COPIES OF DOCUMENTS FILED WITH REGISTRAR OF COMPANIES

With a view to identify and improve the component causing delay in issue of certified copy the Ministry has enabled payment of Stamp Duty as well as Court Fee online through MCA portal. This would enable the respective ROCs to send the certified documents without awaiting for physical stamp papers and any formal application (with Court Fee Stamp) in this regard.

The Stamp Duty would be calculated based on document, number of copies requested and the State wherein the registered office of the company is situated. Separate SRN will be generated for payment of Stamp Duty.

The certified copy of the documents requested shall be sent to the stakeholder by the jurisdictional Registrar of Companies within 15 days by post.

 

  1. 7.    GENERAL CIRCULAR NO.4/2014 [NO.1/32/2013-CL.V(PT.FILE)], DATED 25-3-2014

SECTION 180 OF THE COMPANIES ACT, 2013 – POWERS OF BOARD – RESTRICTIONS ON – CLARIFICATION WITH REGARD TO RESOLUTION PASSED U/S 293 OF COMPANIES ACT, 1956 PRIOR TO 12-9-2013 WITH REFERENCE TO BORROWINGS TO BE REGARDED AS SUFFICIENT COMPLIANCE OF REQUIREMENTS OF SECTION 180 FOR A SPECIFIED PERIOD

 

It is hereby clarified that the resolution passed under section 293 of the Companies Act, 1956 prior to 12-9-2013 with reference to borrowings (subject to the limits prescribed) and/or creation of security on assets of the company will be regarded as sufficient compliance of the requirements of section 180 of the Companies Act, 2013 for a period of one year from the date of notification of section 180 of the Act.

 

  1. 8.     A.P. (DIR SERIES 2013-14) CIRCULAR NO. 110, DATED 4-3-2014

MONEY TRANSFER SERVICE SCHEME (MTSS)  – ‘DIRECT TO ACCOUNT’ FACILITY

 

In order to facilitate receipt of foreign inward remittances directly into bank account of the beneficiary, it has been decided to allow foreign inward remittances received under MTSS to be transferred to the KYC compliant beneficiary bank account through electronic mode, such as NEFT, IMPS etc.

For knowing the procedures to be followed – Click Here

 

  1. 9.    A.P. (DIR SERIES 2013-14) CIRCULAR NO. 111, DATED 13-3-2014

RUPEE DRAWING ARRANGEMENT – INCREASE IN TRADE RELATED REMITTANCE LIMIT

 

On a review of the Permitted Transactions under the Rupee Drawing Arrangements (RDAs), it has been decided to increase the limit of trade transactions from the existing Rs 2,00,000/- (Rupees Two Lakh only) per transaction to Rs 5,00,000/- (Rupees Five Lakh only) per transaction, with immediate effect.

 

10. A.P. (DIR SERIES 2013-14) CIRCULAR NO.112, DATED 25-3-2014

FOREIGN PORTFOLIO INVESTOR – INVESTMENT UNDER PORTFOLIO INVESTMENT SCHEME, GOVERNMENT AND CORPORATE DEBT

 

The extant guidelines for Portfolio Investment Scheme for Foreign Institutional Investor (FII) and Qualified Foreign Investor (QFI) have since been reviewed and it has been decided to put in place a framework for investments under a new scheme called ‘Foreign Portfolio Investment’ scheme.

For Featrues of the Scheme – Click Here

Any foreign institutional investor who holds a valid certificate of registration from SEBI shall be deemed to be a registered foreign portfolio investor (RFPI) till the expiry of the block of three years for which fees have been paid as per the Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995. A QFI may continue to buy, sell or otherwise deal in securities subject to the SEBI (FPI) Regulations, 2014 for a period of one year from the date of commencement of these regulations, or until he obtains a certificate of registration as foreign portfolio investor, whichever is earlier.

 

11. A.P. (DIR SERIES 2013-14) CIRCULAR NO.113, DATED 26-3-2014

EXTERNAL COMMERCIAL BORROWINGS (ECB) FOR CIVIL AVIATION SECTOR

 

External Commercial Borrowings (ECB) can be raised by airline companies for working capital as a permissible end-use, under the approval route, subject to the conditions stipulated in the Circular A.P. (DIR Series) Circular No. 113 dated April 24, 2012. It has been decided that this scheme of raising ECB for working capital for Civil Aviation Sector will continue till March 31, 2015.

12. A.P. (DIR SERIES 2013-14) CIRCULAR NO.114, DATED 27-3-2014

RISK MANAGEMENT AND INTER BANK DEALINGS

 

As per the extant guidelines relating to hedging of currency risk of probable exposures based on past performance by residents,

a.

Exporters are allowed to hedge currency risk on the basis of a declaration of an exposure up to an eligible limit computed as the average of the previous three financial years’ (April to March) actual export turnover or the previous year’s actual export turnover, whichever is higher.

b.

Importers are allowed to hedge up to an eligible limit computed as 25 percent of the average of the previous three financial years’ actual import turnover or the previous year’s actual import turnover, whichever is higher.

c.

All forward contracts booked under this facility by both exporters and importers are required to be on fully deliverable basis. In case of cancellation, exchange gain, if any, should not be passed on to the customer.

It has been decided to relax the restriction at paragraph (c) above. Henceforth, contracts booked up to 75 percent of the eligible limit mentioned at paragraph (a) and (b) above may be cancelled with the exporter/importer bearing/being entitled to the loss or gain as the case may be. Contracts booked in excess of 75 percent of the eligible limit mentioned at paragraph (a) and (b) above shall be on a deliverable basis and cannot be cancelled, implying that in the event of cancellation, the exporter/importer shall have to bear the loss but will not be entitled to receive the gain.

 

13. A.P. (DIR SERIES 2013-14) CIRCULAR NO.115, DATED 28-3-2014

MERCHANTING TRADE TRANSACTIONS – REVISED GUIDELINES

It has been decided to issue revised guidelines merchanting trade transactions.

For the revised Guidelines – Click Here

The merchanting traders have to be genuine traders of goods and not mere financial intermediaries. Confirmed orders have to be received by them from the overseas buyers. AD banks should satisfy themselves about the capabilities of the merchanting trader to perform the obligations under the order. The overall merchanting trade should result in reasonable profits to the merchanting trader.

Reporting for merchanting trade transactions for compilation of R-return should be done on gross basis, against the specicfied codes.

14. [2014] 43 taxmann.com 443 (Delhi)

Association For Democratic Reforms v. Union of India

Issue:- Whether the Political Parties accepting donation from a Company incorporated outside India but having more than half of its  Share Capital held by one or more citizens of India or by one or more bodies corporate incorporated in India, or by one or more citizens of India and one or more bodies corporate incorporated in India, whether singly or in the aggregate after citing to section 591(2) of Companies Act, 1956 is a donation from “Foreign Sources”?

 

Decision:- Where more than one half of nominal value of share capital of companies Sterlite and Sesa was held by Vedanta, a corporation incorporated in a foreign country or territory within meaning of section 2(e)(vi)(c) of Foreign Contribution (Regulation) Act, 1976, donations accepted by political parties from Sterlite and Sesa accrued from ‘Foreign sources’ and was a blatant violation of FCRA, 1976.

 

Reasoning:- The nationality of a company is determined exclusively on the touchstone of the situs of its incorporation and there exists a profusion of judicial authorities to this effect.

The nationality of its shareholders or directors have no bearing upon the nationality of a company, the company being a distinct jural entity having an existence independent of its constituents.

There is nothing contained in the language of Clause (2) of Section 591 which affords an interpretation that it militates against the recognized principle of law that the nationality of a company is premised on the situs of incorporation de hors the nationality of its constituents.

 

 

Updates of Direct Taxes – April 2014 Series

Shree Guru Kripa’s Institute of Management

“GyaanSmriti” – DIRECT TAX LAW UPDATES –April 2014 Series

Updates in Direct Tax Law

 

  1. 1.   [2014] 43 taxmann.com 446 (SC)

Commissioner of Income-tax –III v. Calcutta Knitwears

Issue:-At what stage of proceedings under Chapter XIV-B does the assessing authority require to record his satisfaction for issuing a notice under section 158BD?

Decision:-The Assessing Officer could record his satisfaction for issuing notice under section 158BD in the case of person other than searched person even after the completion of assessment of searched person.

Reasoning:- Section 158BD provides that the satisfaction note could be prepared by the Assessing Officer either at the time of initiating proceedings for completion of assessment of a searched person under Section 158BC or during the stage of the assessment proceedings.

It didn’t mean that after completion of the assessment, the assessing officer couldn’t prepare the satisfaction note to the effect that there exists undisclosed income belonging to person other than the searched person.

 

  1. 2.   [2014] 43 taxmann.com 400 (Delhi)

Director of Income-tax v. Guru Harkishan Medical Trust

Issue:- Whether Registration can be granted u/s 12A of the Income Tax Act, 1961 for a trust which is illegally formed, snubing it’s legality.

Decision:- If the creation of a trust is illegal and contrary to law , no registration can be granted to it under section 12A especially when a civil court has held that establishment of trust is illegal and contrary to law.

Reasoning:- There is no dispute that if the creation of the Trust is held to be illegal, no exemption can be granted under Section 12A.

There is mandate to question or re-appreciate the civil court’s decision in income-tax appeals filed before HC under section 260A of the Act. The HC while dealing with IT appeals under section 260A shall regard civil court decision as final subject to any further appellate interference.

 

  1. 3.   [2014] 43 taxmann.com 200 (Delhi)

Gulshan Malik v. Commissioner of Income-tax

Isssue:-  From what date the preiod of 36 months u/s 2(42A) should be calculated?

Whether from date of booking/date of allotment application/ confirmation letter where the allotment application/confirmation letter states clearly that no right to provisional or final allotment accrues until Buyer’s agreement is signed and returned to the builder?

Decision:- 36 months period under section 2(42A) for booking rights should be counted from date of buyer’s agreement with builders.

Reasoning:- The capital asset of booking rights accrues to buyer only on the date of signing buyer’s agreement and not on date of allotment application/confirmation letter.

 

  1. 4.   [2014] 43 taxmann.com 300 (Delhi)

Director of Income-tax (Exemption) v. Charanjiv Charitable Trust

Issue:- Trust paid advance to the extent of 95 per cent of cost of property purchased to prohibited person without taking possession and without concluding a proper sale deed even after one year from the date of deal and then canceling the deal and getting the advance back without interest.

Decision:- ITAT cant go simply by assessee’s documentation & ignore normal course of human conduct & probabilities.

Reasoning:-  Section 13(1)(c)(ii) read with Section 13(2)(a) is attracted and this will result in loss of income-tax exemption under section 11.

Tribunal cannot allow itself to be simply led by assessee’s documentation and ignore normal course of business conduct and probabilities in deciding whether section 13 is violated.

 

  1. 5.   [2014] 43 taxmann.com 250 (Bombay)

Coca-Cola India (P.) Ltd. v. vAssistant Registrar representing Income Tax Appellate Tribunal

Issue:-  The ground for issue of  stay of demand when the appeal is pending.

Decision:- The question of irreparable loss not the only consideration while dealing with application for stay of demand . If this were so, every assessee with the means of deposit would be denied a right to seek stay of demand irrespective of the merits of his case. This is insupportable either on principle or on authority.

Reasoning:- In an application for stay, the AO is indeed not expected to analyze the entire evidence. There must however be some consideration of the facts and an indication of the same in the order.

 

  1. 6.   [2014] 43 taxmann.com 444 (Karnataka)

Vodafone South Ltd. v. Deputy Director of Income-tax, International Taxation, Circle -I(1)

Isssue:- Whether the scope and effect of the legislation can  be curtailed by the DTAA if after its entry into force an Act of Parliament is passed which contains contrary provision.

Decision:- The scope and effect of the legislation cannot be curtailed by the DTAA, if after it comes into force an Act of Parliament is passed which contains contrary provision.

Reasoning:- The petitioner had not questioned the validity of the said amendments in this writ. Thus, the Assessing Officer was bound to apply such provisions in determining the taxability of the payments made by the petitioner to the Non-resident Telecom Operators.

 

  1. 7.   NOTIFICATION NO.12/2014 [F.NO.503/02/1997-FTD-I]/SO 663(E), DATED 5-3-2014

AGREEMENT FOR AVOIDANCE OF DOUBLE TAXATION AND PREVENTION OF FISCAL EVASION WITH FOREIGN COUNTRIES – LATVIA

An Agreement was entered into between the Government of the Republic of India and the Government of the Republic of Latvia for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income which was signed at New Delhi on the 18th day of September, 2013.

In exercise of the powers conferred by section 90 of the Income-tax Act, 1961 Central Government hereby notifies that all the provisions of said Agreement shall be given effect to in the Union of India with effect from the lst day of April, 2014.

 

  1. 8.           NOTIFICATION NO. 13/2014 [F.NO.501/10/1995-FTD-I]/SO 680(E), DATED 5-3-2014.

AGREEMENT FOR AVOIDANCE OF DOUBLE TAXATION AND PREVENTION OF FISCAL EVASION WITH FOREIGN COUNTRIES – ROMANIA

 

In exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that all the provisions of said Agreement shall be given effect to in the Union of India with effect from the 16th day of December, 2013.

 

  1. 9.           NOTIFICATION NO. 14/2014 [F.NO. 178/77/2010-ITA-I]/SO 756(E), DATED 13-3-2014

 

SECTION 80-IA, SUB-CLAUSE (iii) OF SUB-SECTION (4) OF THE INCOME-TAX ACT, 1961 – DEDUCTIONS – IN RESPECT OF PROFITS AND GAINS FROM INDUSTRIAL UNDERTAKINGS, OR ENTERPRISES ENGAGED IN INFRASTRUCTURE DEVELOPMENT, ETC. – NOTIFIED UNDERTAKINGS

 

In exercise of the powers conferred u/s 80-IA(4)(iii) of the said Act, the Central Government hereby notifies the undertaking from the date of commencement i.e 2-2-2009 being developed and being maintained and operated by M/s Rupa infotech and Infrastructure Limited, as an undertaking and the project named “Platinum Techno Park IT Park”.[msp1]

 

  1. 10.       NOTIFICATION NO. 16/2014 [F.NO.142/1/2014-TPL]/SO 835(E), DATED 20-3-2014

INCOME-TAX (SECOND AMENDMENT) RULES, 2014 – AMENDMENT IN RULE 6AAH

In exercise of the powers conferred by section 295 read with Section 35CCD of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962.

They shall come into force on the date of their publication in the Official Gazette.

[msp2] In the Said rule, the clause (ii) “Training Institute” has been substituted by new definition, to include those institutes which are affiliated to, or approved by, or empanelled by, the National Skill Development Agency and others as specified.

 

  1. 11.       NOTIFICATION NO. 17/2014 [F.NO.196/53/2012-ITA.I]/SO 861(E), DATED 20-3-2014

SECTION 10(46) OF THE INCOME-TAX ACT, 1961 – EXEMPTIONS – STATUTORY BODY/AUTHORITY/BOARD/COMMISSION – NOTIFIED BODY OR AUTHORITY – ANDHRA PRADESH STATE AIDS CONTROL SOCIETY

 

In exercise of the powers conferred by clause (46) of Section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Andhra Pradesh State AIDS Control Society a body constituted by the Government of Andhra Pradesh in respect “Amount received in the form of grants-in-Aid from the Government of India.”

This notification shall be deemed to apply for the period 01.06.2011 to 31.03.2013 and shall apply with respect to the Financial Years 2013-14,2014-15 and 2015-16 subject to the given conditions.

 

  1. 12.       NOTIFICATION NO. 23/2014 [F.NO.501/10/1995-FTD-I], DATED 28-3-2014

AGREEMENT FOR AVOIDANCE OF DOUBLE TAXATION AND PREVENTION OF FISCAL EVASION WITH FOREIGN COUNTRIES – SRI LANKA

In exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that the provisions of DTAA annexed hereto shall be given effect to in the Union of India with effect from the 1st day of April, 2014.

 

  1. 13.       CIRCULAR NO.7/2014 [F.NO.275/27/2013-IT(B)], DATED 4-3-2014

SECTION 200 OF THE INCOME-TAX ACT, 1961 – DEDUCTION OF TAX AT SOURCE – DUTY OF PERSON DEDUCTING TAX – EX-POST FACTO EXTENSION OF DUE DATE FOR FILING TDS/TCS STATEMENTS FOR FYs 2012-13 & 2013-14

 

In exercise of the powers conferred under section 119 of the Act, the Board has decided to, ex-post facto, extend the due date of filing of the TDS/TCS statement prescribed under subsection (3) of section 200 /proviso to sub-section (3) of section 206C of the Act read with rule 31A/31AA of the Income-tax Rules, 1962. The due date is hereby extended to 31.03.2014 for a Government deductor and mapped to a valid AIN for—

(i)   FY 2012-13 – 2nd to 4th Quarter
 i)   FY 2013-14 – 1st to 3rd Quarter

 

Statutory Compliance Chart – April 2014

DATE

COMPLIANCE REQUIRED

FORM NO. / CHALLAN NO.

APRIL 2014

10

EXCISE: MONTHLY RETURNS FOR PRODUCTION AND REMOVAL OF GOODS AND CENVAT CREDIT FOR MAR 2014

ER 1

EXCISE: MONTHLY RETURNS OF EXCISABLE GOODS MANUFACTURED & RECEIPT OF INPUTS & CAPITAL GOODS BY UNITS IN EOU, STP, HTP FOR MAR 2014

ER 2

EXCISE: MONTHLY RETURNS OF INFORMATIONS RELATING TO PRINCIPAL INPUTS FOR MAR 2014 BY MANUFACTURER OF SPECIFIED GOODS WHO PAID DUTY>=RS. 1 CRORE DURING FY 2013-14 BY PLA/CENVAT/BOTH

ER 6

EXCISE: QUARTERLY RETURNS OF PRODUCTION AND REMOVAL OF GOODS BY SSIs FOR THE QUARTER ENDING MAR 2014

ER 3

12

CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING MAR 2014 FOR ASSESSEES WHOSE YEARLY SALES TURNOVER > RS. 200 CRORES IN THE FY 2013-14 IF THE MODE OF PAYMENT OF VAT AND CST IS BY CASH/CHEQUE/DD

FORM 1 / FORM I

14

CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING MAR 2014 FOR ASSESSEES WHOSE YEARLY SALES TURNOVER > RS. 200 CRORES IN THE FY 2013-14 IF THE MODE OF PAYMENT OF VAT AND CST IS BY ELECTRONIC MODE

FORM 1 / FORM I

15

EXCISE: QUARTERLY RETURNS OF ASSESSEES PAYING 1% OR 2% EXCISE AND NOT MANUFACTURING ANY OTHER GOODS FOR QUARTER ENDING MAR 2014

ER 8

EXCISE: QUARTERLY RETURN OF CENVAT BY FIRST STAGE AND SECOND STAGE DEALERS FOR QUARTER ENDING MAR 2014

ER 3

EPF: PAYMENT OF EPF CONTRIBUTION FOR MAR 2014

EPF: CONSOLIDATED STATEMENTS OF DUES AND REMITTANCES UNDER EPF AND EDLI FOR MAR 2014

12A

EPF: MONTHLY RETURNS OF EMPLOYEES WHO JOINED/LEFT THE ORGANISATION IN MAR 2014

5/10

PT: PAYMENT OF PROFESSIONAL TAX FOR HALF YEAR ENDING OCT 2013 TO MAR 2014

1

21

EXCISE: QUARTERLY RETURN OF PRODUCTION, REMOVAL AND CENVAT BY SPECIFIED MANUFACTURERS OF YARNS AND READY MADE GARMENTS FOR QUARTER ENDING MAR 2014

ER 3

CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING MAR 2014 FOR ASSESSEES WHOSE YEARLY SALES TURNOVER < RS. 200 CRORES IN THE FY 2013-14 IF THE MODE OF PAYMENT OF VAT AND CST IS BY CASH/CHEQUE/DD

FORM 1 / FORM I

ESI: DEPOSIT OF ESI CONTRIBUTIONS AND COLLECTIONS FOR MAR 2014

22

CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING MAR 2014 FOR ASSESSEES WHOSE YEARLY SALES TURNOVER < RS. 200 CRORES IN THE FY 2013-14 IF THE MODE OF PAYMENT OF VAT AND CST IS BY ELECTRONIC MODE

FORM 1 / FORM I

25

SERVICE TAX: HALF YEARLY RETURN FOR THE HALF YEAR ENDING 31ST MARCH 2014

ST 3

SERVICE TAX: MEMORANDUM OF PROVISIONAL DEPOSITS – PROVISIONAL ASSESSMENT CASES HALF YEARLY RETURNS

ST 3A

30

INCOME TAX: PAYMENT OF TDS ON CREDITS GIVEN ON 31ST MAR 2014

281

INCOME TAX: QUARTERLY RETURN OF NON-DEDUCTION OF TAX AT SOURCE U/S 206A FOR QUARTER ENDING MAR 2014

26QAA

EXCISE: ANNUAL DECLARATION ON PRINCIPAL INPUTS BY ASSESSEES WHO IN FY 2013-14 PAID>=RS. 1 CRORE AS PLA/CENVAT/BOTH

ER 5

EXCISE: ANNUAL INSTALLED CAPACITY STATEMENT BY ALL ASSESSEES

ER 7

SERVICE TAX: HALF YEARLY RETURN FOR PERIOD ENDING 31ST MAR 2014 BY INPUT SERVICE DISTRIBUTORS

ST 3

EPF: ANNUAL RETURNS SHOWING MONTHWISE RECOVERIES FROM MEMBERS

3A

EPF: CONSOLIDATED ANNUAL CONTRIBUTION STATEMENT

6A

INCOME TAX: FORWARDING OF COPIES OF DECLARATION IN FORM 60/61 (NOT BEING RECEIVED AT THE TIME OF OPENING A BANK ACCOUNT) RECEIVED BETWEEN 1ST OCT AND 31ST MAR TO DIT AND CIT

COPY OF 60/61