Monthly Archives: August 2014

Statutory Compliance Chart – September 2014

DATE

COMPLIANCE REQUIRED
(Dates circled are due dates)

FORM NO. / CHALLAN NO.

SEPTEMBER 2014

5

EXCISE: PAYMENT OF EXCISE DUTY FOR AUG 2014

GAR 7

SERVICE TAX: PAYMENT OF SERVICE TAX FOR AUG 2014 BY CORPORATES

6

EXCISE: E-PAYMENT OF EXCISE DUTY FOR AUG 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 AUG 2014 BY CORPORATES
NOTE: E-PAYMENT IS MANDATORY IF ST PAID>=1 LAKH IN FY 2013-14

8

INCOME TAX: DEPOSIT OF TDS/TCS COLLECTED DURING AUG 2014

281

10

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

ER 1

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

ER 2

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

ER 6

15

EPF: PAYMENT OF EPF CONTRIBUTION FOR AUG 2014

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

12A

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

5/10

INCOME TAX: DUE DATE FOR PAYMENT OF FIRST INSTALMENT OF ADVANCE INOCME TAX FOR NON-CORPORATE ASSESSEES AND SECOND INSTALMENT FOR CORPORATE ASSESSEES FOR FY.2014-15

280

INCOME TAX: STATEMENT IN RESPECT OF INCOME DISTRIBUTION BY UTI/MUTUAL FUNDS TO UNIT HOLDERS FOR THE FY. 2013-14

20

CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING AUGUST 2014 IF THE MODE OF PAYMENT OF VAT AND CST IS BY CASH/CHEQUE/DD

FORM 1 / FORM I

22

ESI: DEPOSIT OF ESI CONTRIBUTIONS AND COLLECTIONS FOR AUGUST 2014

CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING AUGUST 2014 IF THE MODE OF PAYMENT OF VAT AND CST IS BY ELECTRONIC MODE

FORM 1 / FORM I

30

INCOME TAX: LAST DATE FOR RETURN OF INCOME/WEALTH FOR THE PY.2013-14 IN CASE OF AN ASSESSEE (WHOSE BOOKS OF ACCOUNTS ARE REQUIRED TO BE AUDITED) AND WORKING PARTNER OF A FIRM WHOSE ACCOUNTS ARE REQUIRED TO BE AUDITED

ITR 3/4/5/6/7/8WT: BA

Note:

INCOME TAX: AUDIT REPORT U/S 44AB FOR THE PY.2013-14 IN CASE OF CORPORATE ASSESSEES OR NON CORPORATE ASSESSEE  – DUE DATE HAS BEEN EXTENDED TO 30TH NOVEMBER, 2014 VIDE ORDER U/S 119 DATED 20TH AUGUST 2014

Updates in Direct Taxes – August 2014

Shree Guru Kripa’s Institute of Management

“GyaanSmriti” – Direct Tax Law Updates–August 2014 Series

Updates in Direct Taxes

1.                [2014] 46 taxmann.com 300 (SC)

Sanjeev Lal v. Commissioner of Income-tax, Chandigarh

Section 54, read with section 2(47), of the Income-tax Act, 1961 regarding Capital gains and Exemption of, profits or sale of residential house property (Purchase of new property) for Assessment year 2005-06, Whether where assessee having executed an agreement to sell in respect of a house property, purchased a new residential property within one year from date of agreement to sell and subsequently sale deed could not be executed within prescribed time due to an order passed by competent court, in such peculiar facts, a valid transfer took place within meaning of section 2(47) by even executing agreement to sell and, consequently, relief under section 54 was to be granted to assessee in respect of purchase of new residential property subject to fulfilment of other conditions. Held Yes – In favour of the Assessee.

2.                [2014] 48 taxmann.com 1 (Delhi)

Comverse Networks Systems India (P.) Ltd. v. Commissioner of Income-tax, Delhi -XVI 

In terms of section 163, relevant period to be considered is not date of appointment of statutory agent, but period covering year of account and, thus, where a person in respect of whom agent is sought to be made a representative assessee, does not attain status of non-resident during relevant accounting period, provisions of section 163 cannot be invoked in such a case.

3.               [2014] 47 taxmann.com 247 (Delhi)

Zaheer Mauritius v. Director of Income-tax (International Taxation) -II

Gains from sale of CCDs in Joint Venture Company by foreign partner to Indian partner under exit option is not “interest” u/s 2(28A) but “capital gains” even if the exit option assures a minimum assured return. Whether a Compulsorily Convertible Debenture is a loan simplicitor or whether it is in the nature of equity, is not material in determining whether the gain on the sale of the debentures by its holder is a capital gain or not. This depends entirely on whether the debentures are capital assets in the hands of its holder. It is common in any joint venture agreement for the co-venturers to include covenants for buying each-others’ stakes. Although, the SHA enables the petitioner to exit the investment by receiving a reasonable return on it, and in that sense it is assured of a minimum return, the same cannot be read to mean that the CCDs were fixed return instruments, since the petitioner also had the option to continue with its investment as an equity shareholder of the JV Company.

 4.               CIRCULAR NO. 12/2014 [F.NO.178/84/2012-ITA.I], DATED 18-7-2014

 It has been represented by the software industry that there is only a limited pool available with a software developer of skilled, talented and experienced manpower with domain knowledge. Given the highly technical and competitive nature of software development, some technical persons having prior experience are required to manage the critical functions of software development in a new unit. It has thus been submitted that movement of technical manpower from an existing unit to a new SEZ unit should not be a constraint in availing deduction u/s 10AA of the Income-tax Act. Attention has also been drawn to Instruction No.70 dated 9-11-2010 issued by the Ministry of Commerce which states that there is no bar on transfer of manpower to SEZ units. It has also been submitted that while there is a specific prohibition on transfer of plant or machinery from an existing unit to a new SEZ unit [Sec.10AA(4)(iii)], subject to a ceiling of 20 per cent, no such bar on transfer or redeployment of manpower has been explicitly laid down in the section.

This Circular shall be applicable only in the case of assessees engaged in the development of software or in providing IT Enabled Services in SEZ units eligible for deduction u/s 10A or u/s 10AA of the Act.

 5.               LETTER [F.NO.IRSA(AIB)/EC/RES./UK-DR/5], DATED 15-7-2014

SECTION 80G OF THE INCOME-TAX ACT, 1961 – DEDUCTIONS – DONATIONS TO

In this regard, vide  Letter No. IRSA(AIB)/EC/Res./UK-DR/4 dated 5-6-2014 it was brought to the kind notice that 100% deduction under section 80G of the Income-tax Act is available on contributions made for Uttarakhand disaster relief. In this regard, it may further be informed that this 100% deduction is available as per section 80G(2)(iiihf) of the Income-tax Act and PAN of CM Relief Fund Uttarakhand, for claim of the deduction, is AAAGM0036M.

6.               NOTIFICATION NO. GSR 492(E) [F.NO.6-1/2011-NS-II], DATED 11-7-2014

W.e.f. 01.04.2014 Interest rate applicable to deposits made under Senior Citizen Savings Scheme Rules, 2004 shall be 9.2% p.a. – Senior Citizen Savings Scheme (Amendment) Rules, 2014.

7.               NOTIFICATION NO. GSR 496(E) [F.NO.6-1/2011-NS-II (PT.II)], DATED 11-7-2014

In pursuance of section 5 of the Public Provident Fund Act, 1968 (23 of 1968), the Central Government hereby notifies that the subscriptions made to the Fund on or after the 1st day of April, 2014 and the balances at the credit of the subscriber shall bear interest at the rate of 8.7 per cent.

8.               NOTIFICATION NO.33/2014 [F.NO.133/1/2014-TPL]/SO 1902(E), DATED 25-7-2014

New Tax Audit Forms 3CA, Form No. 3CB, Form No. 3CD have been notified.
Link:
https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/Notification%20No.332014.pdf

Updates of Corporate and Allied Law – August 2014 Series

Shree Guru Kripa’s Institute of Management

“GyaanSmriti” – CORPORATE LAW UPDATES –August 2014 Series

Updates in Corporate and Allied Law

 

S. No.

Act

Particulars

Link

1

Companies Act, 2013

MGT-14 w.r.t to the conditions specified will be taken on record through STP Mode

GENERAL CIRCULAR NO.28/2014  F.NO.1/9/2013-CL-V], DATED 9-7-2014

2

Companies Act, 2013

Names of the Companies shall be in consonance with provisions of Emblems and Names (Prevention of improper use) act, 1950

GENERAL CIRCULAR NO. 29/2014 [F.NO.2/2/2014-CL-V], DATED 11-7-2014

3

Companies Act, 2013

Clarifications on matters relating to Related party transactions u/s 188.

(i)        RP to be taken in the context of Contract.

(ii)      Transaction dealt with under Companies Act, 1956 – Companies Act, 2013 not applicable.

(iii)    Sec. 188 Not Applicable for Contracts covered by Sec. 297 of Companies Act, 1956 unless there is modification

GENERAL CIRCULAR NO. 30/2014 [NO.1/32/2013-CL-V(PT.)], DATED 17-7-2014

4

Companies Act, 2013

Sec.3 – Extension of validity of reserved names upto 18th August, 2014.

GENERAL CIRCULAR NO.31/2014 [F.NO. MCA21/152/2014-EGOV.CELL], DATED 19-7-2014

5

Companies Act, 2013

Applications under sections 58A(9) and 58AA of the Companies Act, 1956 prior to 6-6-2014 pending in the Regional Benches shall be disposed and no further applications shall be received under above sections.

CIRCULAR NO.1-2014 [F.NO.10/54/2014-CLB], DATED 22-7-2014

6

Companies Act, 2013

Resolutions passed by companies under relevant applicable provisions of the Old Act during the period from 1st September, 2013 to 31st March, 2014, can be implemented, in accordance with provisions of the Old Act subject to the given conditions.

GENERAL CIRCULAR NO.32/2014 [NO.1/25/13-CL-V], DATED 23-7-2014

7

Companies Act, 2013

Appointment of Auditors – Clarification on applicability of provisions of section 139(5) and 139(7)

GENERAL CIRCULAR NO.33/2014 [F.NO.1/33/13-CL-V], DATED 31-7-2014

8

Companies Act, 2013

In sub-clause (v) of clause (76) of section 2, for the words “or holds”, the words “and holds” shall be substituted. NOTIFICATION NO. SO 1820(E) [F.NO.2/5/2014-CL.V], DATED 9-7-2014

9

Companies Act, 2013

Application forms pending with CG, RD etc. submitted prior to commencement of Rule 11, shall be disposed of as per the rules made under the Companies Act, 1956. NOTIFICATION NO. GSR 506(E)[F.NO. 1/25/2013-CL-V], DATED 17-7-2014

10

Companies Act, 2013

Companies (Specification Of Definitions Details) Amendment Rules, 2014 – Amendment In Rule 3 – Inserting of words “other than an Independent Auditor” NOTIFICATION NO. GSR 507(E) [F.NO. 01/13/2013 (PART-I)-CL-V], DATED 17-7-2014

11

Companies Act, 2013

Companies (Management and Administration) second amendment rules, 2014 – amendment in rules 9, 13, 23 and 27 NOTIFICATION NO. GSR 537(E) [F.NO.01/34/2013-CL-V PART-I], DATED 24-7-2014

12

Companies Act, 2013

In section 2 of the Companies Act, 2013, in clause (76), in sub-clause (iv), after the word “manager”, the word “or his relative” shall be inserted. NOTIFICATION NO. SO 1894(E) [F.NO.2/14/2014-CL.V], DATED 24-7-2014

13

Companies Act, 2013

Section 203 of the Companies Act, 2013 – appointment of KMP – notified class of companies for purposes of second proviso to section 203(1). NOTIFICATION NO. SO 1913(E) [F.NO.1/5/2013-CL-V], DATED 25-7-2014

14

 FEMA, 1999

Restore of limit of ODI/FC under automatic route, RBI approval required if FC Exceeds USD 1 Crore. A.P. (DIR SERIES 2014-15) CIRCULAR NO. 1, DATED 3-7-2014

15

FEMA, 1999

Clean Credit for import of Rough, Cut and Polished Diamonds, may be permitted for a period not exceeding 180 days from the date of shipment. A.P. (DIR SERIES 2014-15) CIRCULAR NO. 2, DATED 7-7-2014

16

FEMA, 1999

Issue of partly paid shares and warrants by Indian company to foreign investors A.P. (DIR SERIES 2014-15) CIRCULAR NO. 3, DATED 14-7-2014

17

FEMA, 1999

Liberalised Remittance Scheme (LRS) for resident individuals, increase in the limit from USD 75,000 to USD 125,000. A.P. (DIR SERIES 2014-15) CIRCULAR NO. 5, DATED 17-7-2014

 

1.            GENERAL CIRCULAR NO.28/2014 [F.NO.1/9/2013-CL-V], DATED 9-7-2014

SECTION 448, READ WITH SECTION 447 OF THE COMPANIES ACT, 2013
PUNISHMENT FOR FALSE STATEMENT – CLARIFICATION

The following E-Forms with the conditions mentioned along with will be processed and taken on record using the Straight Through Process mode.

S.No.

E-Form

Conditions

1

MGT-14

(Filing of Resolutions and agreements to the Registrar)

All cases except for change of Name, change of object, resolution for further issue of capital and conversion of companies will be STP Mode.

Effective from 21-07-2014.

(Trivia: STP mode performs by allowing information that has been electronically entered to be transferred from one party to another in the settlement process without manually re-entering the same).

2.            GENERAL CIRCULAR NO. 29/2014 [F.NO.2/2/2014-CL-V], DATED 11-7-2014

NAMES OF THE COMPANIES SHALL BE IN CONSONANCE WITH PROVISIONS OF EMBLEMS AND NAMES (PREVENTION OF IMPROPER USE) ACT, 1950

It is hereby directed that while allotting names to Companies/LLP’s, the Registrar of Companies concerned should exercise due care to ensure that the names are not in contravention of the provisions of the Emblems and Names (Prevention of Improper Use) Act, 1950.

3.            GENERAL CIRCULAR NO. 30/2014 [NO.1/32/2013-CL-V(PT.)], DATED 17-7-2014

Sec. 188 – CLARIFICATIONS ON MATTERS RELATING TO RELATED PARTY TRANSACTIONS

The term ‘related party’ w.r.t Second proviso to sub-section (1) of section 188 refers only to such related party as may be a related party in the context of the contract or arrangement for which the said special resolution is being passed.

Transactions arising out of Compromises, Arrangements and Amalgamations dealt with under specific provisions of the Companies Act, 1956/Companies Act, 2013, will not attract the requirements of section 188 of the Companies Act, 2013.

Contracts entered into after making necessary compliances under Sec. 297 of the Companies Act, 1956 will not require Special approval under Sec. 188 of Companies Act, 2013. Any modifications in the contract after 01.04.2014 Sec. 188 is applicable.

 

4.            GENERAL CIRCULAR NO.31/2014 [F.NO. MCA21/152/2014-EGOV.CELL], DATED 19-7-2014

Sec.3 – MEMORANDUM – EXTENSION OF VALIDITY OF RESERVED NAMES

The validity of 1930 of the 9522 cases for reservations of names which have expired as on the date of this circular is hereby extended upto 18th August, 2014. Further, in case of 6864 cases where names have been reserved and are yet to be used, the time period as indicated in the letters of intimations is allowed.

5.            CIRCULAR NO.1-2014 [F.NO.10/54/2014-CLB], DATED 22-7-2014

REPAYMENT OF DEPOSITS, ETC., ACCEPTED BEFORE COMMENCEMENT OF THIS ACT – CLARIFICATION ON SECTION 58A(9) AND SECTION 58AA OF THE COMPANIES ACT, 1956

All applications under sections 58A(9) and 58AA of the Companies Act, 1956 prior to 6-6-2014 pending in the Regional Benches shall be disposed of under the provisions of the said Act on top priority basis. Benches of the Company Law Board shall not accept further applications under sections 58A(9) and 58AA of the Companies Act, 1956.

6.            GENERAL CIRCULAR NO.32/2014 [NO.1/25/13-CL-V], DATED 23-7-2014

CLARIFIFICATION ON TRANSITIONAL PERIOD FOR RESOLUTIONS PASSED UNDER COMPANIES ACT, 1956

Resolutions approved or passed by companies under relevant applicable provisions of the Old Act during the period from 1st September, 2013 to 31st March, 2014, can be implemented, in accordance with provisions of the Old Act, notwithstanding the repeal of the relevant provision subject to the conditions

(a) that the implementation of the resolution actually commenced before 1st April, 2014 and

(b) that this transitional arrangement will be available upto expiry of one year from the passing of the resolution or six months from the commencement of the corresponding provision in New Act whichever is later.

It is also clarified that any amendment of the resolution must be in accordance with the relevant provision of the New Act.

7.            GENERAL CIRCULAR NO.33/2014 [F.NO.1/33/13-CL-V], DATED 31-7-2014

APPOINTMENT OF AUDITORS – CLARIFICATION ON APPLICABILITY OF PROVISIONS OF SECTION 139(5) AND 139(7)

It is clarified that the New Act does not alter the position with regard to audit of deemed Government companies u/s 619B of the Old Act through C&AG and thus such companies are covered under sub-sections (5) and (7) of section 139 of the New Act.

Documents like AoA and shareholders agreements etc. envisaging control under section 2(27) are to be taken into account while deciding whether an individual company, is covered under section 139(5)/139(7) of the New Act.

It is clarified that it will primarily be the responsibility of the company concerned to intimate to the C&AG about its incorporation along with name, location of registered office, capital structure of such a company immediately on its incorporation. It is also incumbent on such a company to share such intimation to the relevant Government so that such Government may also send a suitable request to the C&AG.

8.            NOTIFICATION NO. SO 1820(E) [F.NO.2/5/2014-CL.V], DATED 9-7-2014

COMPANIES (REMOVAL OF DIFFICULTIES) FIFTH ORDER, 2014 – AMENDMENT IN SECTION 2

In clause (76) of section 2 of the Companies Act, 2013 define the term ‘related party’, in sub-clause (v) of the said clause, the word ‘or’ has appeared inadvertently and therefore defeating the intention of that clause.

In sub-clause (v) of clause (76) of section 2, for the words “or holds”, the words “and holds” shall be substituted.

9.            NOTIFICATION NO. GSR 506(E)[F.NO. 1/25/2013-CL-V], DATED 17-7-2014

COMPANIES (MISCELLANEOUS) AMENDMENT RULES, 2014 – INSERTION OF RULE 11

In the Companies (Miscellaneous) Rules, 2014 after rule 10, the following rule shall be inserted, namely:—

“11. Applications or forms pending before Central Government, Regional Director or Registrar of companies.—Any application or form filed with the Central Government or Regional Director or Registrar (hereinafter referred to as ‘the authority’) prior to the commencement of these rules but not disposed of by such authority for want of any information or document shall, on its submission, to the satisfaction of the authority, be disposed of in accordance with the rules made under the Companies Act, 1956 (1 of 1956).”

10.         NOTIFICATION NO. GSR 507(E) [F.NO. 01/13/2013 (PART-I)-CL-V], DATED 17-7-2014

COMPANIES (SPECIFICATION OF DEFINITIONS DETAILS) AMENDMENT RULES, 2014 – AMENDMENT IN RULE 3

In the Companies (Specification of Definitions Details) Rules, 2014, in rule 3, after the words ‘a director’ the words ‘other than an independent director’, shall be inserted.

11.         NOTIFICATION NO. GSR 537(E) [F.NO.01/34/2013-CL-V PART-I], DATED 24-7-2014

COMPANIES (MANAGEMENT AND ADMINISTRATION) SECOND AMENDMENT RULES, 2014 – AMENDMENT IN RULES 9, 13, 23 AND 27

In the Companies (Management and Administration) Rules, 2014,—

(i) in rule 9, after sub-rule (3), the following proviso shall be inserted, namely:—
  “Provided that nothing contained in this rule shall apply in relation to a trust which is created, to set up a Mutual Fund or Venture Capital Fund or such other fund as may be approved by the Securities and Exchange Board of India”.
(ii) in rule 13,—
(a) the words “either value or volume of the shares” shall be omitted;
(b) the Explanation  shall be omitted.
(iii) in rule 23, in sub-rule (1), for the words “not less than five lakh rupees”, the words “not more than five takh rupees” shall be substituted;
(iv) in rule 27, in sub-rule (1) and in the Explanation, for the word “shall”, the word “may” shall be substituted.

 

12.         NOTIFICATION NO. SO 1894(E) [F.NO.2/14/2014-CL.V], DATED 24-7-2014

COMPANIES (REMOVAL OF DIFFICULTIES) SIXTH ORDER, 2014 – AMENDMENT IN SECTION 2 OF THE COMPANIES ACT, 2013  

Difficulties have arisen in interpreting the said clause due to the absence of the word “relative” in sub-clause (iv), although such word has occurred in sub-clauses (i), (ii), (iii) and (v) of the aforesaid clause (76) resulting in a disharmonious interpretation of the said definition.

In section 2 of the Companies Act, 2013, in clause (76), in sub-clause (iv), after the word “manager”, the word “or his relative” shall be inserted.

 

13.         NOTIFICATION NO. SO 1913(E) [F.NO.1/5/2013-CL-V], DATED 25-7-2014

SECTION 203 OF THE COMPANIES ACT, 2013 – APPOINTMENT OF KMP – NOTIFIED CLASS OF COMPANIES FOR PURPOSES OF SECOND PROVISO TO SECTION 203(1)

Public Companies having paid-up share capital of Rs. 100 Crore or more & annual turnover of Rs. 1,000 Crore or more which are engaged in multiple businesses and have appointed CEO for each such business shall be the class of companies for the purposes of the second proviso to sub-section (1) of section 203 of the said Act.

Explanation: For the purposes of this notification, the paid-up share capital and the annual turnover shall be decided on the basis of the latest audited balance sheet.

14.         A.P. (DIR SERIES 2014-15) CIRCULAR NO. 1, DATED 3-7-2014

FINANCIAL COMMITMENT (FC) BY INDIAN PARTY UNDER OVERSEAS DIRECT INVESTMENTS (ODI) – RESTORATION OF LIMIT  

It has been decided to restore the limit of Overseas Direct Investments (ODI)/Financial Commitment (FC) to be undertaken by an Indian Party under the automatic route to the limit prevailing, as per the extant FEMA provisions, prior to August 14, 2013. It has, however, been decided that any financial commitment exceeding USD 1 (one) billion (or its equivalent) in a financial year would require prior approval of the Reserve Bank even when the total FC of the Indian Party is within the eligible limit under the automatic route (i.e., within 400% of the net worth as per the last audited balance sheet).

15.         A.P. (DIR SERIES 2014-15) CIRCULAR NO. 2, DATED 7-7-2014

IMPORT OF ROUGH, CUT AND POLISHED DIAMONDS

Clean Credit i.e. credit given by a foreign supplier to its Indian customer/ buyer, without any Letter of Credit (Suppliers’ Credit)/Letter of Undertaking (Buyers’ Credit)/Fixed Deposits from any Indian financial institution for import of Rough, Cut and Polished Diamonds, may be permitted for a period not exceeding 180 days from the date of shipment.

16.         A.P. (DIR SERIES 2014-15) CIRCULAR NO. 3, DATED 14-7-2014

ISSUE OF PARTLY PAID SHARES AND WARRANTS BY INDIAN COMPANY TO FOREIGN INVESTORS

Eligible Instruments: Partly paid equity shares and warrants issued by an Indian company in accordance with the provision of the Companies Act, 2013 and the SEBI guidelines.

Pricing and receipt of balance consideration:
(a) Partly paid equity shares: The pricing of the partly paid equity shares shall be determined upfront and 25% of the total consideration amount (including share premium, if any), shall also be received upfront; The balance consideration towards fully paid equity shares shall be received within a period of 12 months.  This is not applicable if issue exceeds Rs. 500 Crore.
(b) Warrants: The Balance consideratins towards fully paid up equity shares shall be received within 18months.]

Reporting:
The reporting of issue or transfer of partly paid shares shall be made in form FC-GPR and form FC-TRS respectively.
The identity of non-resident investor shall be disclosed for the purpose of compliance with KYC norms at the time of issuance of warrants.

Compliance:
The onus of giving notice required under the provisions of the Companies Act, 2013 for transfer of partly-paid shares shall also be on the Investee company.

The onus of compliance with individual limit below 10% (ten per cent) of the total paid-up equity capital shall be on each FII/RFPI.

Further, the aggregate investments of all FIIs/RFPIs put together shall not exceed the applicable aggregate limit for each issue of partly paid shares.

17.         A.P. (DIR SERIES 2014-15) CIRCULAR NO. 5, DATED 17-7-2014

LIBERALISED REMITTANCE SCHEME (LRS) FOR RESIDENT INDIVIDUALS-INCREASE IN THE LIMIT FROM USD 75,000 TO USD 125,000

It was decided vide A.P.(DIR Series) Circular No. 138 dated June 3, 2014, to increase the limit to USD 125,000 per financial year (April-March) from USD 75,000. Accordingly, AD Category –I banks have been allowed to remit up to USD 125,000 per financial year, under the Scheme, for any permitted current or capital account transaction or a combination of both. Further, it is clarified that the Scheme can now be used for acquisition of immovable property outside India.

Statutory Compliance Chart – August 2014

DATE COMPLIANCE REQUIRED FORM NO. / CHALLAN NO.
AUGUST 2014
5 EXCISE: PAYMENT OF EXCISE DUTY FOR JULY 2014 GAR 7
SERVICE TAX: PAYMENT OF SERVICE TAX FOR JULY 2014 BY CORPORATES
6 EXCISE: E-PAYMENT OF EXCISE DUTY FOR JULY 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 JULY 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 JULY 2014 281
11 EXCISE: MONTHLY RETURNS FOR PRODUCTION AND REMOVAL OF GOODS AND CENVAT CREDIT FOR JULY 2014 ER 1
EXCISE: MONTHLY RETURNS OF EXCISABLE GOODS MANUFACTURED & RECEIPT OF INPUTS & CAPITAL GOODS BY UNITS IN EOU, STP, HTP FOR JULY 2014 ER 2
EXCISE: MONTHLY RETURNS OF INFORMATIONS RELATING TO PRINCIPAL INPUTS FOR JULY 2014 BY MANUFACTURER OF SPECIFIED GOODS WHO PAID DUTY>=RS. 1 CRORE DURING FY 2013-14 BY PLA/CENVAT/BOTH ER 6
16 EPF: PAYMENT OF EPF CONTRIBUTION FOR JULY 2014
EPF: CONSOLIDATED STATEMENTS OF DUES AND REMITTANCES UNDER EPF AND EDLI FOR JULY 2014 12A
EPF: MONTHLY RETURNS OF EMPLOYEES WHO JOINED/LEFT THE ORGANISATION IN JULY 2014 5/10
20 CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING JULY 2014 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 JULY 2014
22 CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING JULY 2014 IF THE MODE OF PAYMENT OF VAT AND CST IS BY ELECTRONIC MODE FORM 1 / FORM I
31 INCOME TAX: ANNUAL INFORMATION RETURN 61A