DVAT Department has extended the last date of filing of online / hard
copy of second quarter return in Form DVAT-16 , DVAT-17 and DVAT-48 for the year
2014-15, from 25/10/2014 to 10/11/2014. The dealers
filing the returns through digital signature are not required to file hard copy
of the return/Form DVAT-56.
Sunday, October 26, 2014
ST-3 Due Date extended from 25th October to 14th November
CBEC vide Order No. 02/2014-ST dated 24th October, 2014 has extended the date of submission of the Form ST-3 for
the period from 1st April 2014 to 30th September 2014, from 25th October, 2014 to 14th November, 2014
Tuesday, October 21, 2014
New E-Form ADT-1 for Intimation to MCA for Appointment of Auditor
MCA has introduced new e Form ADT-1 for appointment of auditor for filing
w.e.f 20th Oct
2014. Earlier ADT -1 was to be filed as an attachment with GNL -2 a
general form for informing MCA where no specific form issued. Now MCA has issued E- Form ADT-1. It is to be filed independently
like 23B used to be filed earlier.
The Form ADT – 1 has some new
features like details of joint
auditors, Number of financial year(s) to which appointment relates,
whether the appointment of auditor is within the limits of twenty companies as
specified in section 141(3)(g) of the Companies Act, 2013. Many of the columns
are same of Form 23B applicable earlier for the same purpose.
Further following documents
are mandatory required to be attached with the Form ADT – 1, Copy of the
intimation letter sent by Company to the auditor, Copy of written consent given
by auditor & Copy of resolution passed by the Company. ( All the attachment
has already given in earlier article on this issue )
Only Specimen of letter intimation
by company to their auditors will be uploaded very soon.
For the companies who have
already filed ADT-1 as an attachment with GNL-2 need not file again and Keep the
SRN No. in record as MCA has not approved the forms filed and may ask for
resubmission of the E-form ADT-1 in lieu of GNL-2 already submitted under same
SRN Number.
Saturday, October 18, 2014
Clarification on levy of service tax on activities related to inward remittances to beneficiaries in India from abroad
Service Tax Department has issued Circular No. 180/06/2014-ST dated 14th October,
2014 in suppression of Circular No. 163/14/2012-ST
dated 10th July, 2012.
As per Circular No. 163/14/2012–ST dated 10.07.12 - There is no service tax per se on the foreign exchange
remitted to India from outside
for the reason that money does not constitute a service and that conversion
charges or fee levied for sending such money would also not be liable to
service tax as the person sending money and the company conducting the
remittance are both located outside
India.
The foreign money
transfer service operator (MTSO), conducting remittances to beneficiaries in
India, have appointed Indian Banks/financial entities as their agents in India
who provide agency /representation service to such MTSO for furtherance of
their service to a beneficiary in India. The agents are paid a commission or
fee by the MTSO for their services.
The entire sequence of
transactions in remittances of money from overseas through the MTSO route is as
under:
Step 1: Remitter R ( outside
India ) approaches a B ( Bank- MTSO Transfer
Service Operator (MTSO) located outside India ) for remitting the money
to a beneficiary in India ‘R’ Pays
to B’.
Step 2: ‘B’ avails the services of an IE ( Indian Entity/ Agent)
for delivery of money to the UR - ultimate
recipient of money in India B pays to IE
.
Step 3: IE’ may avail service of SA ( Indian sub-agent ) IE’ Pays to SA’.
Step 4: ‘IE or ‘SA’, delivers the money
to ‘UR’
Now Clarifications was sought
- Whether such agents
(referred in Step 2 above) would fall in the category of intermediary, and if
so, whether service tax would be leviable on the commission/fee amount charged
by such agents.
- Whether the services
provided by sub agent (referred in step 3 & 4 above) are leviable to service tax and on certain other related
issues.
Circular No. 180/06/2014-ST dated 14th October,
2014 now clarifies as follows,-
|
S.
No.
|
Issues
|
Clarification
|
|
1
|
Whether service tax is payable on remittance received in
India from abroad?
|
No service
tax is payable per se on the
amount of foreign currency remitted to India from overseas. As the remittance
comprises money, it does not in itself constitute any service as per clause
(44) of section 65B. define service of
the Finance Act 1994.
|
|
2
|
Whether the service of an agent or the representation
service provided by an Indian entity/ bank to a foreign money transfer
service operator (MTSO) in relation to money transfer falls in the category
of intermediary service?
|
Yes. The Indian bank or other entity acting as an agent to
MTSO in relation to money transfer,
facilitates in the delivery of the
remittance to the beneficiary in India. In performing this service, the
Indian Bank/entity facilitates the provision of Money transfer Service by the
MTSO to a beneficiary in India. For
their service, agent receives commission or fee. Hence, the agent falls in
the category of intermediary as defined in rule 2(f) of the Place of
Provision of Service Rules, 2012.
|
|
3
|
Whether service tax is leviable on the service provided,
as mentioned in point 2 above, by an intermediary/agent located in India (in
taxable territory) to MTSOs located outside India?
|
Service provided by an intermediary is covered by rule 9
(c) of the Place of Provision of Service Rules, 2012. As per this rule, the
place of provision of service is the location of service provider. Hence,
service provided by an agent, located in India (in taxable territory), to
MTSO is liable to service tax.
The value of intermediary service provided by the agent to
MTSO is the commission or fee or any similar amount, by whatever name called,
received by it from MTSO and service tax is payable on such commission or
fee.
|
|
4.
|
Whether service tax would apply on the amount charged
separately, if any, by the Indian bank/entity/agent/sub-agent from the person
who receives remittance in the taxable territory, for the service provided by
such Indian bank/entity/agent/sub-agent
|
Yes. As the service is provided by Indian
bank/entity/agent/sub-agent to a person located in taxable territory, the
Place of Provision is in the taxable territory. Therefore, service tax is
payable on amount charged separately, if any.
|
|
5.
|
Whether service tax would apply on the services provided
by way of currency conversion by a bank /entity located in India (in the
taxable territory) to the recipient of remittance in India?
|
Any activity of money changing comprises an independent
taxable activity. Therefore, service tax applies on currency conversion in
such cases in terms of the Service Tax (Determination of Value) Rules.
Service provider has an option to pay service tax at prescribed rates in
terms of Rule 6(7B) of the Service Tax Rules 1994.
|
|
6.
|
Whether services provided by sub-agents to such Indian
Bank/entity located in the taxable territory in relation to money transfer is
leviable to service tax?
|
Sub-agents also fall in the category of intermediary.
Therefore, service tax is payable on commission received by sub-agents from
Indian bank/entity.
|
Wednesday, October 15, 2014
Company Law Settlement Scheme 2014 Date Extended upto 15.11.2014
In continuation to the
Ministry’s General Circular No. 34 dated 12 th Agust has issued General Circular No.40 dated 15th October 2014 to extend the due date of the Company Law Settlement Scheme (CLSS
2014) upto 15th November, 2014.
Wednesday, October 8, 2014
Auditor’s Appointment In Form ADT-1 Due Date 15.10.2014
Contributed by CA Surekha Ahuja
There is a provision in Company Law for filing of intimation to Registrar of Companies, Ministry of Corporate Affairs of appointment of statutory auditor in the Annual General Meeting by shareholders. This provision of filing intimation is an annual provision in Companies Act, 1956 and continued in Section 139 of Companies Act, 2013.
There is a provision in Company Law for filing of intimation to Registrar of Companies, Ministry of Corporate Affairs of appointment of statutory auditor in the Annual General Meeting by shareholders. This provision of filing intimation is an annual provision in Companies Act, 1956 and continued in Section 139 of Companies Act, 2013.
Companies Act,
2013, there are a few changes in
-
Procedure for filing of such Intimation.
-
Due date for filing of intimation,
-
The responsible person to file such intimation with MCA/ ROC.
Appointment of Auditor in Companies Act, 2013
Every company
shall, at the first Annual General Meeting, appoint an individual or a firm as
an auditor to hold office from the conclusion of that meeting till the
conclusion of its sixth annual general meeting and thereafter till the
conclusion of every sixth meeting. ( Section 139 of the Companies Act, 2013 )
Further it
shall be duty of the Company to place the matter relating to such appointment
for ratification by members at every Annual General Meeting. Before appointment,
Auditor shall be liable to provide the
written consent to the Company for such appointment, along with a
certificate to the effect that the appointment and that appointment shall be in
accordance with the prescribed conditions.
INTIMATION OF APPOINTMENT OF STATUTORY AUDITOR TO MCA
It is duty of
the Company to file form for intimation of the appointment
of Statutory Auditor in Form ADT.1 as
attachment with E-form GLN.2 with MCA. The
Company has to inform the
auditor concerned of their appointment, and also file a notice of such
appointment with the MCA within fifteen days of the meeting in which the auditor is appointed. ( Companies Act 2013 )
Since the
last date for conducting the AGM for most companies was 30th
September’2014 and the auditors would have been appointed in the AGM,
therefore the notice of appointment of auditors is to be filed with the
Registrar by the 15th October’2014.
As per Section
139 of the Act, read with Rule 5 of Companies (Audit and Auditors) Rules, 2014,
the auditor who has already been auditor for five consecutive years or 10 years
in case of firm (two terms of five consecutive years in case of firm) would be re-appointed for 5 years but the
re-appointment term will be 3 years in the following cases :
a) Listed
Companies or Unlisted Public Companies having paid up capital of Rs.10
Crores or more or
b) Private
Companies having paid up capital of Rs. 20 Crores or more or
c) Companies
having public borrowings from Banks, Public Financial Institutions or
Public Deposits of Rs. 50 Crores or more.
The AGM
resolution shall contain 2019 in case re-appointment is for 5 years and 2017 in
case re-appointment is for 3 years.
Earlier under Companies Act, 1956, it was duty of the
Auditor to file form 23B with
MCA for an appointment as Statutory Auditor.
Intimation of appointment of First Auditor to MCA -
Companies Act, 2013:
Company
is under an obligation to give notice of appointment to the MCA / Registrar in
Form No.ADT.1 through E-form GLN.2 in case of appointment of auditors
under section 139(1) i.e other than
first auditor.
Company is
under no obligation to give notice of
appointment of First Auditor to the MCA/ Registrar as the appointment of
first auditors by the Board of directors of a company is as per section 139(6)
ON THE LETTER HEAD OF THE COMPANY CONTAING CIN, ADDRESS AND E MAIL
ID OF THE COMPANY
CERTIFIED
TRUE COPY OF THE RESOLUTIONS PASSED AT THE ANNUAL
GENERAL MEETING HELD ON TUESDAY, 30.09.2014 OF THE OF THE COMPANY HELD AT
----------------------------------------
APPOINTMENT
OF AUDITOR:
“RESOLVED THAT pursuant to the provision of section 139 and other
applicable provision, if any of the Companies Act, 2013 read with the
underlying rules viz. Companies (Audit and auditors) Rules, 2014 as may be
applicable the retiring auditors M/s.XYZ Chartered Accountants having FRN --------/ Mem
No.--------------, be re-appointed as statutory auditors of the company to hold
office from the conclusion of this Meeting until the conclusion of the Annual
General Meeting (AGM) of the company to be held in the year 2017/2019 subject to ratification of the appointment
at every AGM at a remuneration (including term of payment) to be fixed by the
board of Direction of the company, plus service tax and such other tax(es), as
may be applicable & reimbursement of all out-of-pocket expenses in
connection with the audit of the accounts of the company.”
For
and on behalf of the Board
Place: New Delhi
Date:
30.09.2014
Auditors Consent and Certificate
[Pursuant to the provisions of Section 139 of
Chapter X of the Companies Act, 2013]
The Board of Directors,
ABC PRIVATE LIMITED
REgd Office :
Dear Sir(s),
In connection with re-appointment of our firm / Individual
Mr, X Chartered Accountant / M/s. XYZ Chartered Accountants ,
as auditors of ABC Private Limited in accordance with the provisions of the
Companies Act, 2013 and The Companies (Audit and Auditors) Rules, 2014 I the
undersigned representing the Firm in the capacity of a sole proprietor/partner and the Firm hereby certify that:
1. We hereby give our consent to be appointed as Auditor of the
Company u/s 139 of the Act.
2. we are eligible to be re-appointed as auditors, and we have
not incurred any disqualifications under the Act;
3. we are not disqualified for appointment under the provisions
of Chartered Accountants Act, 1949 and rules and regulations made there under;
4. the proposed appointment is as per the terms provided under
the Act;
5. the proposed appointment is within the limits laid down by
or under the authority of the Act;
6. no orders have been issued and there are no proceedings
pending against the firm or any other partner of the firm with respect to
professional matters of conduct before the Institute of Chartered Accountants of India, any competent authority , or any
court.
7. we hereby declare that the appointment, if made shall be in
accordance with the conditions as prescribed under Rule 4(1) of the Companies
(Audit and Auditors) Rules, 2014 and as provided in section 141 of Companies
Act 2013.
Thanking You,
Yours Faithfully
For XYZ Chartered Accountant
Chartered Accountants
Firm Registration Number:
CA X
Partner/Proprietor
Membership no. 99999
Place: Delhi
Word Format of ADT-1
FORM NO. ADT-1
[See rule 4(2) of the Companies
(Audit and Auditors) Rules, 2014]
Notice of appointment of auditor by
the company
1.(a)
Corporate identity number (CIN) of the company U51909DL2011PTC223725
(b) Global Location Number (GLN) of
company
|
2. (a)
Name of the company: ABC PRIVATE
LIMITED
(b) Address of the registered office
or of the principal place of business in India of the company:
23/7 Old Rajinder Nagar NEW DELHI, PIN-110060
(c) E-mail ID of the company corporate@gmail.com
3. Date of meeting at which the
auditor appointed 26.09.2014
|
4. Category of Auditor Firm
5.(a) Income Tax PAN of Auditor or
auditor’s firm
(b) Name of the Auditor or Auditor’s
firm XYZ Chartered
Accountants
(c ) Auditor’s firm’s registration
number
(d) Address of the Auditor or
auditor’s firm
(e) City New
Delhi
(f) State
Delhi
(g) Pin code
(h) Email id of the auditor or
auditor’s firm
Place:
Date:
|
Verification
I am authorised by the Board of
Directors of the Company vide resolution no…………. dated…………… to sign this form
and declare that all the requirements of Companies Act, 2013 (18 of 2013) and
the rules made there under in respect of the subject matter of this form and
matters incidental thereto have been complied with. I also declare that all
the information given herein above is true, correct and complete including
the attachments to this form and nothing material has been suppressed.
Designation (to be given) : Director
DIN of the person signing the form:
|
Sunday, October 5, 2014
Due Date Calendar for October,2014
|
Date
|
Statutory Act
|
Applicable Form
|
Obligation
|
|
06/10/2014
|
Service Tax
|
Challan No.GAR-7
|
Last date for E- payment of Service
Tax in case of companies for the month September, for the quarter for others.
|
|
06/10/2014
|
Central
Excise
|
Challan
No.GAR-7
|
Monthly-payment of Central Excise Duties for the
previous month –For non SUI units
|
|
10/10/2014
|
Income Tax
|
Challan No.ITNS-281/17
|
Payment of TDS/TCS deducted/collected in September
|
|
10/10/2014
|
Income
Tax
|
Form
No.15G,15H, 27C
|
Submission
of Forms received in Previous month to IT Commissioner
|
|
10/10/2014
|
Excise
|
ER-1 & ER-2
|
Return for Non SSI assessees for June , Return for EOUs
for Sep
|
|
10/10/2014
|
Excise
|
ER-6
|
Return
by units paying duty > 1 crore (CENVAT + PLA) for Sep
|
|
15/10/2014
|
MCA
|
Annual Return,
Balance Sheet and Special Resolutions
|
Annual Return of the
company, Balance Sheet, Special Resolutions and Appointment of Auditors to be
filed if any not filed under CLSS-2014 Scheme
|
|
15/10/2014
|
D-VAT
|
DVAT-20
|
Deposit
of DVAT TDS for Sep
|
|
15/10/2014
|
Provident Fund
|
Electronic Challan Cum Return(ECR)
|
E-Payment of PF for Sep (Cheques to be cleared by 20th)
|
|
15/10/2014
|
ESI
|
ESI
Challan
|
Payment
of ESI of September
|
|
21/10/2014
|
D-VAT
|
D-VAT-20 & Central
|
Deposit of VAT & CST for September
for Monthly Dealers
|
|
30/10/2014
|
MCA
|
Annual Return, Balance Sheet and
Special Resolutions
|
Annual Return of the company,
Balance Sheet, Special Resolutions and Appointment of Auditors to be filed within
30days of AGM
|
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