How your Annuity and pension are taxed

How your Annuity and pension are taxed

All Government employees and those working with government departments, generally, get pensions after their retirement. Even people in organised sector who have contributed towards Employee Provident Fund (EPF) are also entitled to receive pension under Employee Pension Scheme (EPS), 1995. Not only the employees but also the family members of such employees get pension after death of the employee in both the situations.

In order to help their employees get pension after their retirement, some of the employers also contribute towards superannuation fund. All the government employees have been shifted to New Pension System(NPS) after 1^st January 2004, where the quantum of pension which an employee would receive would depend on the amount contributed by them along with the employer to NPS instead of they being entitled to a fixed amount as pension. Likewise even self employed individuals can also contribute towards NPS to accumulate fund for retirement part of which is used for buying an annuity from an insurance company.

The words pension and annuity, generally, are used interchangeably but strictly speaking the monthly amount received by an employee after retirement from his ex-employer or in connection with his employment is pension and the periodical payment which a person receives from an insurance company is annuity. The income tax laws have different rules in respect of taxation of annuity and pensions. Let us discuss the law.

Pension from ex-Employer:

The pension received from an ex employer is treated as salary and is fully taxable. Salaried and pensioners both can claim standard deduction upto forty thousand rupees from current year.

You can commute certain portion of your pension to receive the present value of such commuted value of pension as lump sum at the time of retirement. All the government employees as well as those working in government companies are entitled to claim entire value of commuted pension as exempt.  However other employees are entitled to claim only 1/3 of pension of the pension as exempt, in case the employee gets gratuity as well at the time of retirement. In case you are not entitled to get any gratuity, you can commute upto 50% of the pension as exempt.

Pension under superannuation policy or employee pension scheme:

In case your employer has contributed towards superannuation fund or has purchased superannuation policy for you, you are entitled to receive pension after your retirement. Such pension is fully taxable under the head Salary as it is received because of your employment. Likewise for pension received directly from your employer as well for  the pension received under superannuation from an insurance Company, you are entitled to claim standard deduction as discussed above. You can commute 1/3 of the annuity under superannuation which would be tax free in your hands.

The pension received under EPS, for contributions made by you towards EPF, is fully taxable in under the head salaried and entitles you to claim standard deduction.

Family pension:

After  death of an  employee the dependent family members of the deceased are entitled to receive pension which is called family pension and is fully taxable in the hands of recipient/s. Since the pension is not received due to services rendered by the recipient it  is not taxable under the head the head “Salaries” but under “Income From Other Source”.

In respect of family pension the dependent is entitled to claim a deduction equal to 1/3 of the pension amount subject to a maximum of fifteen thousand rupees during a year against the deduction of forty thousand rupees available to retired employees against the pension.

Tax on Annuity from insurance company:

In case you have bought an annuity plan from an insurance company,  under which you will get an agreed amount at the agreed interval which is annuity. The amount of such annuity is fully taxable under the head “income from other Sources.” Since this amount does not have any co-relation with any employment, the deduction of standard deduction, however is not available against this amount.

Annuity under NPS account:

The salaried who have opted for NPS instead of EPF account have to mandatorily buy an annuity plan from an Indian insurance company for 40% of the accumulated corpus for which they will get annuity from the insurance company.  Logically speaking such annuity should be taxable under the head Salaries but as the employee can continue to contribute to his NPS account even after he resigns or even when he turns self employed, it is doubtful whether the annuity received, in such situation,  will become taxable under the head “Salaries” or it should be taxable under the head “Income From other Sources”. Likewise self employed taxpayers can also contribute towards the NPS to receive pension. Presently the income tax law does not have any specific provision as to under which head of income tax the annuity should be taxed. In my opinion for salaried the pension should be taxable under the head Salaries and it should be entitled for standard deduction. However as the law is silent on this aspect it is risky to offer it under the head Salaries for claiming standard deduction. Since salaried and self employed themselves can contribute fifty thousand rupees, additionally,  under Section 80 CCD(1B), the head under which the pension received should be taxed and whether one will be entitled to claim standard deduction is a grey area and  a proper amendment of the law would clear the smog around the annuity under NPS.

The writer is tax and investment expert and can be reached at jainbalwant@gmail.com and @jainbalwant

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Income Tax dept to share ITR data with GSTN to detect tax evasion by business

Income Tax dept to share ITR data with GSTN to detect tax evasion by business:

The Central Board of Direct Taxes (CBDT) vide order dated 30th April 2019 stated that  Income Tax dept to share ITR data with GSTN to detect tax evasion by business persons. The move aims at curbing tax evasion by the businesses by cross-checking data between their GST returns and ITR..

Central Board of Direct taxes (‘CBDT’) hereby directs that Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems), New Delhi shall be the specified income-tax authority for furnishing information respecting assessees to the Nodal Officer, Goods and Services Tax Network (‘GSTN’).

While furnishing the information, the specified income-tax authority shall form an opinion that sharing of such information is necessary for the purposes of enabling the specified authority in GSTN to perform its functions under the Goods and Services Tax.

To facilitate the process of furnishing information, Principal Director General of Income­ tax (Systems) or Director General of Income-tax (Systems) would enter into a Memorandum of Understanding (‘MoU’) with nodal officer, GSTN, which inter-alia would include modalities of exchange of data, maintenance of confidentiality, mechanism for safe preservation of data, weeding out after usage etc.

BELOW IS EXTRACT OF ORDER:

F. No. 225/105/2019/ITA.II
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, the 30th April, 2019

Order

In exercise of powers conferred under section 138(1)(a) of the Income tax Act, 1961 (‘Act’), for purposes of sub-clause (i) of section 138(1)(a) of the Act, the Central Board of Direct taxes (‘CBDT’) hereby directs that Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems), New Delhi shall be the specified income-tax authority for furnishing information respecting assessees to the Nodal Officer, Goods and Services Tax Network (‘GSTN’).

2. The data/information to be furnished by the specified income-tax authority shall be:
(a) Request based exchange of data, wherein, important financial fields which are captured in the Income Tax Returns (ITRs) such as (i) status of filing of ITR; (ii) turnover; (iii) gross total income, (iv)turnover ratio; (v)GTI range; (vi) turnover range and (vii) any other field, the modalities of which shall be decided by the concerned specified authorities.
(b) Spontaneous exchange of data, the modalities of which shall be decided by the concerned specified authorities.
(c) Automatic exchange of data, the modalities of which shall be decided by the concerned specified authorities.

While furnishing the information, the specified income-tax authority shall form an opinion that sharing of such information is necessary for the purposes of enabling the specified authority in GSTN to perform its functions under the Goods and Services Tax.

3. To facilitate the process of furnishing information, Principal Director General of Income­tax (Systems) or Director General of Income-tax (Systems) would enter into a Memorandum of Understanding (‘MoU’) with nodal officer, GSTN, which inter-alia would include modalities of exchange of data, maintenance of confidentiality, mechanism for safe preservation of data, weeding out after usage etc. The time line for furnishing information shall also be decided by Pr. Director General of Income-tax (Systems) or Director General of Income-tax (Systems) in consultation with concerned nodal officer and included in the said MoU.

4 A copy of MoU shall be forwarded to this division for record purposes.

5. This issues with the approval of Chairman, CBDT.

(Rajarajeswari R.)
Under Secretary, (ITA-11), CBDT

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Starbucks found Guilty of Profiteered Rs. 4.51 cr. from Customers

Starbucks found Guilty of Profiteered Rs. 4.51 cr. from Customers

In an investigation conducted by Director General of Anti- profiteering (DGAP) has found that Tata Starbucks profiteered by not passing on the Goods and Service Tax (GST) cuts to cus­tomers.

The coffee chain, a joint ven­ture between Tata and Star­bucks, was investigated by the anti-profiteering agency over allegation of profiteering from the consumers.

Director General of Anti- profiteering (DGAP) has revealed that Tata Starbucks, the equal three way partnership between the Tata and international espresso chain Starbucks, had hiked the bottom value of 1 its espresso variant after the GST Council minimize tax charges on eating places from 18 per cent to five per cent with impact from November 15, 2017.

According to the sources, DGAP has concluded its investigation in March and located that Starbucks profiteered Rs 4.51 crore.

The DGAP submitted its re­port to National Antiprofi­teering Authority (NAA) re­cently. The case is now being heard by the NAA for a final deci­sion.

The investigation started after a customer complained to the anti-profiteering authorities that the coffee chain had not reduced the price of its product despite a reduction in the GST rate from 18% to 5%.

Following that, restaurants were supposed to adjust their base price after taking into account the unavailability of credit on input. However, there have been complaints from customers that restaurants have hiked their base price of the products in such a way that the final sale price remained the same both pre and post GST rate cut.

After finding out the books of accounts of an organization, the DGAP provides its report back to the NAA for additional motion. If the NAA finds a agency responsible of profiteering then the quantity profiteered must be refunded to shoppers by the corporate.

Source: ET

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ICAI’s President Message – May 2019 – (30-04-2019)

ICAI’s President Message – May 2019 – (30-04-2019)

It is a well-established fact that since inception small and medium-sized practices (SMPs) have been playing a critical role in the growth of accountancy profession across the globe and comprise vast majority of the global professional fraternity.

Globally, ICAI has always represented the concerns of SMPs of not just Indian but South Asian region too, at all possible international platforms including IFAC, Edinburgh Group, CAPA and SAFA, which address the concerns of SMPs and endeavour to build their capacities and competencies. It is a matter of pride that ICAI has always held the Chair of the SMP Committee at SAFA. At IFAC too, ICAI has been representing the concerns of SMPs at its SMP Committee as member for about a decade in the past.

Recently, the Edinburgh Group, a coalition of 16 accountancy bodies from across the world, which champions the interests of SMEs and SMPs, among others, has brought out a special report titled The SMP of the Future in a Changing World, where our members have also contributed. In June 2018, ICAI had requested its members to participate in the research of the Edinburgh Group, so that concerns of the Indian SMPs be duly represented. Considered the engines of growth and innovation, IFAC says, SMEs are crucial to the health, stability, and sustainable economic growth of both developed and developing economies. Despite an absence of consensus in defining SMEs, the Edinburgh Group reported that more than 95 per cent of enterprises globally are SMEs and these contribute significantly to the GDP and employment generation in their respective jurisdictions.

Moreover, the foundations of profession will keep on strengthening corresponding to the development of our knowledge and to the inventing and reinventing of our skills, particularly regarding decisionmaking, planning and execution, and consultancy and guidance. However, having small clientele and restricted resourcefulness, SMPs must preserve their energies on building strong stakeholder relations. They should keep updating their skills as they put their best foot forward to make their deliverables more effective. At the same time, SMPs need to be in constant touch with the reality and manage their finances, which helps them sustain and thrive in the market. SMPs that have many partners and staff, will have to work on their image-building too, so as to strengthen their standing in the market and create an identity of their own.

Considered crucial for sustainable growth worldwide, the professionally-competent SMPs have been serving the industry in India, particularly to the SMEs of the nation, with their services ranging from book-keeping, auditing, assurance, income tax, GST and other taxation, regulatory compliances, credit/risk management and fiscal management. Being the bedrock of SMEs, today SMPs also offer services in XBRL, e-commerce, m-commerce, e-governance, cloud-computing and information system audit.

In view of the vibrant global scenario, ICAI has been providing comprehensive guidance, skillbuilding training and effective IT-enabled services to the SMPs helping in their consolidation and empowerment. Of late, ICAI has provided relevant auditing and accounting software, antivirus software, professional indemnity and health/medical insurance, loan schemes, etc., to the SMPs. Organising such interactive programmes, etc., helps ICAI keep in touch with the SMPs, and the SMPs get focused using such networking platforms, which eventually helps them in understanding the needs of their times, particularly regarding professional compliance and global businesses including the regulatory environment therein. This also enables the ICAI to suitably represent their concerns to the competent authorities in the Government, as and when the situations require. Let us resolve to consolidate our SMPs that in turn strengthen our national economy.

ICAI’s Contribution in GST Recognised

I am happy to inform that ICAI has been felicitated in recognition of its contribution and support in the development of GST ecosystem by the GSTN on its foundation day, i.e. 5th April 2019, by the Chief Guest and former GSTN Chairman Shri Navin Kumar in presence of Revenue Secretary and present GSTN Chairman Shri Ajay Bhushan Pandey and Chief Economic Advisor Dr. Krishnamurthy Subramanian. I along with ICAI Vice-President CA. Atul Gupta and ICAI’s GST and Indirect Taxes Committee Chairman CA. Sushil Goyal were present on the occasion to accept the Certificate of recognition. This honour has come to us in response to our various initiatives and dedication to the cause of GST. ICAI has been and will remain supportive to both Central and State Government(s) in their endeavours pertaining to the ambit of our professional expertise and excellence.

Recent Developments in GST

• Testing of Software for Taxpayers: GST Council has mandated the Goods and Services Tax Network (GSTN) to provide free software to taxpayers having a turnover of less than 1.5 crore, with features of invoicing, accounting, trial balance and return filing. Responding to their request, ICAI has helped the GSTN in testing the software for the aforesaid application.
• —GST Portal: Based on GSTN’s request for suggestions for improving the GST portal, ICAI submitted 38 suggestions to improve various forms/ interfaces available on the Portal including filing return, making payment and login.
• Taxation in Infrastructure: GST Council had proposed to impose tax at the rate of 1% and 5% on affordable housing properties and for the residential properties outside affordable segment respectively, at its 33rd meeting. Now, favourably responding to ICAI’s eight suggestions in that regard, the GST Council at its 34th meeting held on 19th March 2019 has decided that these new rates would be mandatory only for new projects that would start from 1st April 2019 and taxpayers have been given freedom to opt for the new scheme in the running project, if they so desired.
• Updated e-Learning Modules on Customs and FTP: ICAI has come up with an updated series of e-Learning on Customs and foreign trade policy (FTP) comprising recorded video sessions, which cover almost all relevant topics in that regard.
• 7th Edition of Background Material on GST: Seventh edition of the Background Material on GST has been published, which is in line with the changes brought about in the month of April 2019. Containing clause-by-clause analysis of the GST laws, this explains with the help of flowcharts, diagrams, MCQs and FAQs. The publication may be downloaded from www.idtc.icai.org.

ICAI Provides Technical Support to ICA Nepal

You would recall, ICAI has entered into an MoU with the Institute of Chartered Accountants of Nepal (ICAN) in the august presence of our Hon’ble Prime Minister in the year 2017. Recently, we provided technical assistance to the ICAN in further strengthening of their examination systems. Representatives from ICAN who were with us to observe and learn the intricacies involved in the system of examinations, keenly appreciated our efforts in serving their cause. Quite willingly, ICAI has supported the cause of setting up of accountancy institutions in various developing countries, offering its technical and infrastructural support in the past. Here I would like to express my sense of pride in such endeavours of our Institute, which among others led to the establishment of Nepal’s accountancy institution.

Response to Global Developments

• Meetings of SAFA Board and Committees: I along with ICAI Vice-President CA. Atul Gupta attended the SAFA Board meeting recently on 6th April 2019, where the IFAC President Dr. In-Ki Joo briefed the Board on key focus areas of the IFAC. Meetings of SAFA Committees had also been organised, where my Central Council colleague CA. Charanjot S. Nanda chaired the meeting of SAFA Committee on Education, Training and CPD. He had also presented a paper at SAFA Conference, which was held on 4th April 2019.
• IIRC Meeting: I attended the meeting of the International Integrated Reporting Council (IIRC) as the ICAI representative on 10th-11th April 2019 where discussions took place on developments on corporate reporting and bringing clarity in its landscape, theory of change in view of capitalism and governance models, multi-capitalism and its impact on corporate reporting, among others.
• International Conference at Dubai Chapter: I and ICAI Vice-President CA. Atul Gupta recently addressed at the 37th Dubai Annual Conference organised by our Dubai Chapter on 19th-20th April 2019; this was attended by around 1000 members based in the Middle-East countries, along with a galaxy of ICAI past Presidents. ICAI had also exhibited at the Conference venue to promote the 21st WCOA that ICAI is organising on 18th-21st November 2022 in Mumbai. We met UAE Tolerance Minister Sheikh Nahyan bin Mubarak Al Nahyan and Education Minister Mr. Hussain bin Ibrahim Al Hammadi, and discussed, inter alia, long-term visa for CAs and equivalence of CA degree with postgraduation. We also had a meeting with the Indian Ambassador to UAE Shri Navdeep Singh Suri during our visit

Suggestions Invited for Pre-Budget Memorandum – 2019

ICAI makes it a point to regularly submit its pre and post-budget memorandum to the Ministry of Finance or respective State Ministry, in order to improve their taxcollection, reduce/ minimise litigations, rationalise the provisions of taxation laws and remove administrative and procedural difficulties. In this regard, I request all my professional colleagues to submit their suggestions to the Institute with regard to the laws relating to direct (including international) and indirect taxes, which will help us in identifying the relevant issues for inclusion in our Pre-Budget Memorandum-2019. You may provide suggestions on how to widen tax base, increase tax revenue, check tax avoidance and reduce litigations. You may give your inputs at https://appforms.icai.org/preBudgetSuggestion/index.html.

Suggestions Submitted on Draft Form No. 3CD

In response to the request of the MAT-Ind AS Committee constituted by the CBDT, suggestions/ inputs on the proposed draft Form No. 3CD applicable for the Assessment Year 2019-20 were submitted.

New Standard on Accounting for Leases Notified

In the larger interest of our economy, ICAI has always ensured that Indian Accounting Standards (Ind AS) Framework remains converged with the globallyaccepted International Financial Reporting Standards (IFRSs) all the time, by constantly monitoring the global financial reporting scenario. It plays a critical role in our standard-setting framework by formulating new Ind ASs and amending the existing ones, as required, in line with the IFRSs as issued by the IFRS Foundation. I am happy to inform that Ind AS 116, Leases which is applicable for accounting periods beginning on or after 1st April 2019, has been recently notified by the Ministry of Corporate Affairs. Replacing the existing standard Ind AS 17, Leases, the new Standard will usher in pathbreaking reform in accounting for leases and improve the quality of financial information. This will bring substantial visibility of lease commitments of companies, financing and operating model and, above all, will better reflect the economic reality.

While complexity in businesses and financial reporting, and use of decision-skills have remarkably increased in the accountancy profession, scepticism in profession has not caught the attention of professional accountants globally in that proportion. It is generally accepted that quality audit never gets over without the application of professional scepticism. Then it is also true that auditors generally have retained their urge to doubt, prod and question the numbers that are at the surface, in order to ensure that the story beneath is the same as well. Rabindranath Tagore says: Facts are many, but the truth is one. Such an affirmation can only be managed through careful, plausible and real questioning in a well-timed and drafted effort corresponding to the nature, scope and deadline of the assignment.

Scepticism which is intrinsic and usually the second nature of auditors across the globe should be in the repertoire of all professional accountants. This needs to be enhanced proportionately especially in view of rising complexity in business procedures and regulatory compliances, and advances in communication and technology and other relevant sectors, since professional scepticism helps the professional accountants generally in making quality decisions and particularly in identification and assessment of risk in businesses. Let us continue to exercise scepticism as we carry out our professional responsibilities.

Before I conclude, I would like to extend my heartfelt wishes on the birth anniversary of our philosopher and teacher Gautam Buddha (18th May) who taught the world to follow the middle path away from the extremes of our life. We will also celebrate the birth anniversary of Rabindranath Tagore (9th May) who taught us to welcome our generation next and accept them with their ideas and vision. Let us have an open mind to learn from the wisdom of the great men.

I also take this opportunity to congratulate the people of Gujarat and Maharashtra on their State’s formation day which falls on 1st May.

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TAX DISCUSSIONS OVER A CUP OF TEA

TAX DISCUSSIONS OVER A CUP OF TEA:

Mr. Pappu, is an NRI who is of the opinion that the Indian Financial system is very weak and requires a lot of reforms. After returning to India, he noticed that India runs on Chai (Unlike the country from where he comes from which runs on other drinks) and enters a tea shop to have a hot chai as he wants to understand the madness behind Chai. There, he meets Mr. Chowkidar, who runs the Tea shop and engages with a conversation with him.

Pappu: GST on real estate has become a separate subject as such. How can a common man understand such things? (Orders tea)

Chowkidar: Pappu, now carefully listen to me. I have read all the notifications and understood the crux of real estate impact due to the recent changes. You better tell your brother in law, mother, sister whoever dealing in real estate to be careful!!!

(Hands over tea to Pappu)

Pappu: (Shocked that Chowkidar knows about his family very well!!)

Chowkidar: Basically, these changes can be categorised into three areas:

• Rate Changes
• Input Tax Credit Changes
• Transitional provisions

Now, Pappu listen to me. I will explain the rate changes and ITC Changes. Transitional provisions for ITC has been very well explained in the Annexure I and Annexure II of the notification with the examples. I will tell you the essence of the transitional provisions. Let us look at the Rate changes:

To make it simple, we can divide the rate changes further as given below:

• 0.75%(after 1/3rd deduction for land it becomes 0.5%)
• 3.75%(after 1/3rd deduction for land, it becomes 2.5%)
• 6%(after 1/3rd deduction for land, it becomes 4%)
• 9%(after 1/3rd deductoin for land, it becomes 6%)

Types of projects that would fall under the 0.75% category:

• Construction of affordable residential apartments by a promoter in Residential Real Estate Project(RREP)
• Construction of affordable residential apartments by a promoter in a Real Estate Project other than RREP

Types of projects that would fall under the 3.75% category:

• Construction of other than affordable residential apartments by a promoter in Residential Real Estate Project(RREP)
• Construction of other than affordable residential apartments by a promoter in a Real Estate Project other than RREP
• Construction of commercial apartments in an RREP

Common conditions for the above types of construction is that these apartments may commence on or after 1.4.2019 or

1. these may be in an Ongoing project in respect of which the promoter has not exercised an option to pay central tax at the old rates;
2. The above apartments are intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after the issuance of the completion certificate, where required by the competent authority or after its first occupation, whichever is earlier.

Types of projects that would fall under the 6% category:

Predominantly, Composite supply of works contract as defined in clause 2(119) of the Act supplied by way of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation, or alteration is charged at 6%. However, for the following services relating to supply of works contract Services, the rate shall be changed automatically to .75%/3.75% rate slab unless an option to pay tax at 6% is exercised by filing the prescribed form by 10^th May 2019:

• Composite supply of works contract services of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation, or alteration of
  • a civil structure or any other original works pertaining to a scheme under Jawaharlal Nehru National Urban Renewal Mission or Rajiv AwaasYojana-
  • a civil structure or any other original works pertaining to the “ln-situ redevelopment of existing slums using land as a resource, under the Housing for All (Urban) Mission/ Pradhan Mantri Awas Yojana (Urban)
  • a civil structure or any other original works pertaining to the “Beneficiary led individual house construction / enhancement” under the Housing for All (Urban) Mission/Pradhan MantriAwasYojana
  • a civil structure or any other original works pertaining to the “Economically Weaker Section (EWS) houses” constructed
  • under the Affordable Housing in partnership by State or Union territory or local authority or urban development authority under the Housing for All (Urban) Mission/ Pradhan Mantri Awas Yojana (Urban);
  • a civil structure or any other original works pertaining to the “houses constructed or acquired under the Credit Linked Subsidy Scheme for Economically Weaker Section EWS)/ Lower Income Group (LIG)/ Middle Income Group-1 (MlG-1)/ Middle Income Group-2 (MlG-2)” under the Housing for All (Urban) Mission/ Pradhan Mantri Awas Yojana (Urban)
  • a single residential unit otherwise than as a part of a residential complex
  • low-cost houses up to a carpet area of 60 square metres per house in an affordable housing project which has been given infrastructure status vide notification of Government of India, in Ministry of Finance, Department of Economic Affairs vide F. No. 13/6/2009-INF, dated the 30^th March,2017.
  • a residential complex predominantly meant for self-use or the use of their employees or other persons specified in paragraph 3 of the Schedule III of the Central Goods and Services Tax Act, 2017

Further the Composite supply of works contract as defined in clause 2(119) of the Act supplied by way of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation, or alteration of affordable residential apartments which commences on or after 01.04.2019 or in an ongoing project where the option to pay concessional tax by the promoter has not been exercised, the tax shall be payable @ 6%. In other words where the promoter pays the tax at 0.75%/3.75% depending on the category of the apartments, the sub-contractor shall charge 6% as the rate for his services to the promoter.

Types of projects that would fall under the 9% category:

For the following types of projects, the rate shall be changed automatically to 0.75%/3.75% rate slab unless an option to pay tax at 9% is exercised by filing the prescribed form by 10^th May 2019:

 

• Construction of commercial apartments by a promoter in a REP other than RREP.
• Construction of on-going residential apartments other than affordable projects (If it is an affordable project one has to compulsorily opt for the revised concessional rates unless it falls under any of the special schemes of the Govt., given above.) But an option is given for an on-going other than affordable residential project.

Pappu: (Can’t believe Chowkidar’s knowledge on these matters and wants to test them). Now, tell me what is an RREP, Affordable apartments and on-going project..

Chowkidar: (Chai! Garam Chai! Kadak Chai!-sells tea)

RREP– where the carpet area of the commercial apartments is not more than 15% of the total carpet area of all the apartments

Affordable apartments– residential apartment in a project which commences on or after 1st April, 2019, or in an ongoing project in respect of which the promoter has not exercised option in the prescribed form to pay central tax on construction of apartments at the older rates, having carpet area not exceeding 60 square meter in metropolitan cities or 90 square meter in cities or towns other than metropolitan cities and for which the gross amount charged is not more than forty five lakhs rupees.

Pappu, I can understand that you can’t understand this definition. In simple terms, this means an apartment where the area is less than 60/90 square meters in metropolitan/non-metropolitan cities and the value is less than Rs.45 Lakhs and the promoter has not opted to pay tax at older rates.

Metropolitan cities are Bengaluru, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai (whole of MMR) with their respective geographical limits prescribed by an order issued by the Central or State Government in this regard

It would also cover the apartments being constructed under the special schemes of the Government where the option to pay tax at 6% has not been availed.

On-going project– Simply speaking, it is those projects commencement certificate has been obtained on or before 31.3.19 and completion certificate has not been obtained before 31.3.19 and will include apartments being constructed that have been partly or wholly booked on or before 31.3.19.

Pappu (Orders another Chai to listen more carefully): Now Chowkidar, tell me about the conditions attached to these concessional rates and non-concessional rates. 

Chowkidar (Provides a sugar less tea to Pappu- to signify that the forthcoming conversation is a sugar coated pill to the real estate sector):

The forced concessional rates (on new projects) and the optional concessional rates on the on-going projects have some stringent conditions, which I had referred to as input tax credit changes above. These are:

• Tax shall be paid by way of Cash Only. Pappu!! not literally cash(which you would want to pay). But by way of debiting the Electronic Cash Ledger. Electronic Credit Ledger shall not be used unless one has a transitional credit available as calculated in the manner provided in Annexure I and Annexure II.
• Eighty percent of value of input and input services, [other than services by way of grant of development rights, long term lease of land (against upfront payment in the form of premium, salami, development charges etc.) or FSI (including additional FSI), electricity, high speed diesel, motor spirit, natural gas], used in supplying the service shall be received from registered supplier only
• If the taxpayer fails to procure 80% from registered persons, then he shall pay the tax on Reverse Charge Basis at 18% to compensate the shortfall.
• However, if cement is purchased from an unregistered dealer, then tax has to be paid on RCM at the rate specified for cement and the other items shall be paid at an RCM of 18%.
• Project wise account of inward supplies from registered and unregistered dealers to be maintained.
• Tax liability on the shortfall of inward supplies from unregistered person so determined shall be added to his output tax liability in the month not later than the month of June following the end of the financial year.

(Pappu meanwhile keeps the tea down, takes a paper and pen and starts writing down what the Chowkidar is saying so that the same can be conveyed to his brother in law.)

• Tax on cement shall be received from unregistered person shall be paid in the month in which cement is received.
• Another compliance change/burden is that ITC Not availed shall be reported every month as ineligible credit in GSTR-3B.

(Pappu takes a deep breath and completes the notes).

This is not yet over Pappu!!. If the sub-contractor is engaged by a promoter where he is building affordable projects, the rate for which is 6%, the following conditions shall apply:

• Carpet area of affordable residential apartments is at least 50% of the total carpet area of all the apartments
• If this condition gets violated, then the promoter shall be liable to pay at RCM of the shortfall arising on account of tax payable on the service at the applicable rate and 6% concessional rate.

Pappu: Alright saab, but can you tell me what are the transitional provisions applicable to the promoters w.r.t ITC?

Chowkidar: The notification explains the maths behind arriving that portion of Input tax credit where I have opted to pay tax at concessional rates and I will explain the logic. You can refer the notification as the same is quite clear and it involves formulae which you can’t understand Pappu.

The crux is to arrive at ITC attributable to projects where the time of supply is after 01.04.2019 on the ITC taken from the 1^st of July 2017 to 31^st March 2019, as the condition is that one should not take any ITC Credit for concessional projects.

Hence, if a project is on-going one, a promoter would have enjoyed the ITC benefit by taking the credit of the same during the period before 31.3.19. The objective is to ensure that unjust enrichment shall not take place as the ITC pertaining to projects where time of supply is after 01.04.19 are not allowed to be taken credit for. This is a dangerous move, as far the Government is concerned as it involves relooking of the ITC Credit from 01.07.17 to 31.3.19 and working out the eligible credits. Hope this is a one-time exercise and redoing it for any other reason in the future would only cause confusion amongst the taxpayers. As the law is still at its nascent stage, one can afford to do such a big exercise. The details of the scheme is explained in a straight forward manner in the notification no 03/2019.

You can go home and read now for a better understanding.

Pappu runs away after Chowkidar’s deep understanding of the law (as usual without paying for the Chai).

Chowkidar: Abhi kown hei chor??

Disclaimer: The above article is an entertainment based article comprising tax related updates along with spoofs of news, articles, events and incidents. The author does not intend either directly or indirectly to hurt the sentiments of any individual, community, race or religion. Readers are advised to read the article purely in the spirit of infotainment. Any information contained in this article is subject to change. Readers of this article are advised to seek their own professional advice before taking any course of action or decision, for which they (the readers) are entirely responsible, based on the contents of this article. The author expressly disclaim any liability arising from the same.

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ICAI Conducting Virtual Management and Communication Skills Course

ICAI Conducting Virtual Management and Communication Skills Course

The candidates who have qualified CA Final exam w.e.f. November 2002 onwards till 2018 but had not applied for Membership of the Institute due to non completion of GMCS (Course) /Management and Communication Skills Course (MCS Course) can undergo Management and Communication Skills (MCS Course) through Virtual mode.

The aforestated candidates can undergo the course anytime anywhere. After completion of the Virtual MCS course of 90 hours they can apply for membership of the Institute. The window for registration in the virtual MCS course is open till 31st December, 2019.

Thereafter any aforestated candidate who is unable to complete MCS course through virtual mode shall be undergoing the regular MCS course. No further extension shall be given for doing the course through virtual mode.

Features of Virtual Management and Communication Skills Course-

• No class room teaching. The student will be undergoing the course through online mode. The duration of Virtual MCS course shall be 90 hours. The video lectures shall be for 1 hour each and the student can view the video lecture anytime and from anywhere. Total recorded video lectures will be for 90 hours.
• Per student fee (non-refundable) shall be Rs.12000/-.
• Maximum time allowed to the student for completing the course is 180 days. Incase the student is not able to complete the course during the aforestated period; extension of 90 days shall be given to the student. The student has to pay 50% of the course fee for revalidation of the registration in the aforestated course.
• Separate portal/Learning Management system (LMS) is there where the student can register and undergo the course.
• The student will be able to view day wise session in seriatim.
• At the end of the each session, there will be an objective type online test. The certificate will be issued after student clears all the test. 50% marks are mandatory for clearing the test. In case, student is not able to clear the online test, the student will appear in test again.

The link for the registering in Virtual MCS course is https://virtualmcs.icai.org. For any queries/clarification kindly contact at +91-638 163 3524/ 0120-3045915 or mail at virtual.mcs@icai.in.

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Govt planning to launch GST e-invoices to curb tax evasion

Govt planning to launch GST e-invoices to curb tax evasion

Govt planning to launch a system where businesses above a certain turnover limit will have to generate ‘e-invoice’ on government or GST portal for every sale, thereby effectively reducing the room for tax evasion.

To start with, businesses above a specified threshold will just get a unique number for every electronic invoice or e-invoice generated. This number can be matched with the invoices reported in the sales return and taxes paid, an official said.

Going forward, businesses will be required to generate full electronic-tax invoice or e-invoice recording entire value of sales.

The official said that businesses beyond a turnover threshold would be provided software which will be linked to GST or a government portal for generating e-invoice.

The threshold can also be fixed on the basis of the value of the invoice. “The requirement of e-invoice generation could be either on the basis of turnover of the registered person or value of invoice. The thinking is, ideally, it should be based on the turnover threshold so as to avoid splitting of sales,” an official told PTI.

Giving example, the official said that if the minimum invoice value is fixed at Rs 1,000, there is a possibility of businesses of splitting the bills to avoid the invoice-based threshold cap.

E-invoice generation method will be similar to the one being followed for e-way bill on the ‘ewaybill.nic.in’ portal or payment of Goods and Services Tax on the GSTN portal.

The proposed system of e-invoice will eventually replace the requirement of a generation of e-way bill for movement of goods, as invoices would be generated through a centralised government portal. Currently, e-way bill is required for moving goods exceeding Rs 50,000.

The official further said that once full e-tax invoice starts getting generated, it would significantly ease burden of return filing by businesses as invoice wise data would be auto-populated in the return forms.

“We will have to study global models followed by countries like Latin America, South Korea and Europe. We will also look at ways to incentivise businesses to adopt the method of e-invoice generation,” the official said.

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Corporate Compliance Calendar for the month of May 2019

Corporate Compliance Calendar for the month of May 2019

About Article :

This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.”

Compliances under:

1. Compliance Requirement Under Income Tax Act, 1961
2. Compliance Requirement Under Goods & Services Act, (GST) 2017
3. Compliance Under Other Statutory Laws
4. Compliance Requirement Under LLP ACT, 2008
5. Compliance Requirement Under SEBI (Listing Obligations And Disclosure Requirements) (LODR) Regulations, 2015
6. Compliance Requirement For Companies Act, 2013

1. Compliance requirement under Income Tax act, 1961

Applicable Laws/Acts	Due Dates	Compliance Particulars	Forms/ (Filing mode)
Income Tax Act, 1961	07.05.2019	Due date for deposit of Tax deducted/collected for the month of April, 2019. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan.	TDS & TCS
Income Tax Act, 1961	15.05.2019	Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of March, 2019	TDS Certificate u/s 194-IA
Income Tax Act, 1961	15.05.2019	Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of March, 2019	TDS Certificate u/s 194-IB
Income Tax Act, 1961	15.05.2019	Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of April, 2019 has been paid without the production of a challan	Form 24G
Income Tax Act, 1961	15.05.2019	Quarterly statement of TCS deposited for the quarter ending March 31, 2019
Income Tax Act, 1961	15.05.2019	Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the ?system for the month of April, 2019?	Form 3BB
Income Tax Act, 1961	30.05.2019	Submission of a statement (in Form No. 49C) by non-resident having a liaison office in India for the financial year 2018-19	Form No. 49C
Income Tax Act, 1961	30.05.2019	?Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of April, 2019	challan-cum-statement u/s 194-IA
Income Tax Act, 1961	30.05.2019	?Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of April, 2019	challan-cum-statement u/s 194-IB
Income Tax Act, 1961	31.05.2019	Quarterly statement of TDS deposited for the quarter ending March 31, 2019
Income Tax Act, 1961	31.05.2019	Return of tax deduction from contributions paid by the trustees of an approved superannuation fund
Income Tax Act, 1961	31.05.2019	?Due date for furnishing of statement of financial transaction (in Form No. 61A) as required to be furnished under sub-section (1) of section 285BA of the Act respect of a financial year 2018-19.	Form No. 61A
Income Tax Act, 1961	31.05.2019	?Due date for e-filing of annual statement of reportable accounts as required to be furnished under section 285BA(1)(k) (in Form No. 61B) for calendar year 2018 by reporting financial institutions.	Form No. 61B
Income Tax Act, 1961	31.05.2019	Application for allotment of PAN in case of non-individual resident person, which enters into a financial transaction of Rs. 2,50,000 or more during FY 2018-19 and hasn’t been allotted any PAN.?
Income Tax Act, 1961	31.05.2019	?Application for allotment of PAN in case of person being managing director, director, partner, trustee, author, founder, karta, chief executive officer, ?principal officer or office bearer of the person referred to in Rule 114(3)(v) or any person competent to act on behalf of the person referred to in Rule 114(3)(v) and who hasn’t allotted any PAN.?

2. Compliance Requirement under Goods & Services Act,  (GST) 2017

Applicable Laws/Acts	Due Dates	Compliance Particulars	Forms/  (Filing mode)
GST, Act, 2017	10.05.2019	Form GSTR-7 for the month of April, 2019 (TDS Deductor)	GSTR-7
GST, Act, 2017	10.05.2019	TCS Collector (for the month of April, 2019)	GSTR – 8
GST, Act, 2017	11.05.2019	Return of outward supplies of taxable goods and/or services for the Month of April 2019 (for Assesses having turnover exceeding 1.5 Cr.) Monthly Return.	GSTR – 1
GST, Act, 2017	13.05.2019	Due date for Furnishing return of April 2019 by Input Service Distributors (ISD)	GSTR – 6
GST, Act, 2017	Payment of tax shall be made by 20th of the month succeeding the month to which the liability pertains.	Payment of self-assessed tax	PMT-08
GST, Act, 2017	20.05.2019	Summary of outward taxable supplies and tax payable by Non-Resident taxable person & OIDAR respectively. (for the month of March, 2019)	GSTR-5 & GSTR – 5A
GST, Act, 2017	20.05.2019	Simple GSTR return for the month of April, 2019	GSTR – 3B

 

3. Compliance under Other Statutory Laws

Applicable Laws/Acts	Due Dates	Compliance Particulars	Forms / (Filing mode)
EPF (The  Employees’ Provident Funds And Miscellaneous Provisions Act, 1952)	15.05.2019	PF Payment for April, 2019	ECR
ESIC (Employees’ State Insurance Act, 1948)	15.05.2019	ESIC Payment for April, 2019	ESI Challan

4. Compliance under LLP Act, 2008

• Filing LLP Annual Return

Annual Return or Form 11 is a summary of an LLP’s Partners and indication of change in the management.

Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days of closer of financial year i.e. has to be filed on or before 30th May every year.

5. Compliance Requirement under SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015

FILING MODE(s) : For BSE                     : BSE LISTING CENTRE For NSE                     : NEAPS Portal

Annual Compliances

Sl. No.	Regulation No.	Compliance Particular	Compliance Period (Due Date)
1	Regulation 14	Listing fees & other Charges	Payment manner as specified by the Board of by Recognised Stock Exchange.
2	Regulation 34*  (shall be amended w.e.f. April 2019)	Annual Report	Within 21 working days from the AGM Date

Event based Compliances 

Sl. No.	Regulation No.	Compliance Particular	Compliance Period(Due Date)
1.	Regulation 7 (5)	Intimation of appointment  / Change of Share Transfer Agent.	Within 7 days of Agreement with RTA.
2.	Regulation 17(2)	Meeting of Board of Directors	The board of directors shall meet at least 4 times a year, with a maximum time gap of 120 days between any two meetings.
3.	Regulation 18(2)	Meeting of the audit committee	The audit committee shall meet at least 4 times in a year and not more than 120 days shall elapse between two meetings.
4.	Regulation 29	Notice for Board Meeting to consider the prescribed matters.	The Company shall give an advance notice of: a) at least 5 days for Financial Result as per Regulation 29 1 (a)  b) in case matters as stated in regulation 29 1 (b) to (f) – 2 Working days in advance (Excluding the date of the intimation and date of the meeting) to Stock Exchange. c)  11 working days in case matter related to alteration in i) Securities ;ii) date of interest or redemption of Debenture / bond as per regulation 29(3) (a) ,(b).
5	Regulation 30	Outcome of Board Meeting (Schedule III Part A- (4)	within 30 minutes of the closure of the meeting
6.	Regulation 31	Holding of specified securities and shareholding pattern	Reg. 31(1)(a):  1 day prior to listing of its securities on the stock exchange(s);Reg. 31(1)(c): within 10 days of any capital restructuring of the listed entity resulting in a change exceeding 2 % of the total paid-up share capital.
7	Regulation 46	Company Website:Listed entity shall disseminate the information as stated in Regulation 46 (2)	Shall update any change in the content of its website within 2 working days from the date of such change in content.
8	Regulation 33	Financial Results (along with Limited review report/Auditor’s report for the quarter ended December 2018)	Within 45 days from quarter end (except in case of Annual Financial Result, within 60 days from end of Financial Year)

SEBI (Prohibition of Insider Trading) Regulations, 2015

Sl. No.	Regulation No.	Compliance Particular	Compliance Period (Due Date)
1	Regulation 7(2)“Continual Disclosures”	Every promoter, employee and director of every company shall disclose to the company the number of such securities acquired or disposed of within two trading days of such transaction if the value of the securities traded, whether in one transaction or a series of transactions over any calendar quarter, aggregates to a traded value in excess of ten lakh rupees (10,00,000/-) or such other value as may be specified.	Every company shall notify; within two trading days of receipt of the disclosure or from becoming aware of such information

SEBI Takeover Regulations 2011

Disclosure of Acquisition and Disposal

Sl. No.	Regulation No.	Compliance Particular	Compliance Period(Due Date)
1	Regulation 29(1)	Any acquirer who acquires shares or voting rights in a target company which taken together with shares or voting rights, if any, held by him and by persons acting in concert with him in such target company, aggregating to five per cent (5%) or more of the shares of such target company, shall disclose their aggregate shareholding and voting rights in such target company in such form as may be specified	Reg. 29(3):The disclosures required under Reg. 29 (1) and Reg. 29 (2) shall be made within two working days of the receipt of intimation of allotment of shares, or the acquisition of shares or voting rights in the target company to,— i) every stock exchange where the shares of the target company are listed; and ii) the target company at its registered office.
2	Regulation 29(2)	Any acquirer, who together with persons acting in concert with him, holds shares or voting rights entitling them to five per cent(5%) or more of the shares or voting rights in a target company, shall disclose every acquisition or disposal of shares of such target company representing two per cent(2%) or more of the shares or voting rights in such target company in such form as may be specified.

6. Compliance Requirement UNDER Companies Act, 2013 and Rules made thereunder;

Applicable Laws/Acts	Due Dates	Compliance Particulars	Forms / Filing mode
Companies Act, 2013	Within 180 Days From The Date Of Incorporation Of The Company	As per Section 10 A (Commencement of Business) of the Companies Act, 2013, inserted vide the Companies (Amendment) Ordinance, 2018 w.e.f. 2nd November, 2018, a Company Incorporated after the ordinance and having share capital shall not commence its business or exercise any borrowing powers unless a declaration is filed by the Director within 180 days from the date of Incorporation of the Company with the ROC.Link	MCA E- Form INC 20A
Companies Act, 2013	30 Days From The Date Of Deployment of E-Form on MCA Portal	Every existing body corporate other than a company governed by the NFRA Rules (Rule 3(1)), shall inform the (“NFRA”) about details of the auditor(s) as on 13th November 2018.	Form NFRA-1 (e-form not yet deployed Ministry (ROC))
Companies Act, 2013	within 30 days of the form being made available by the MCA	All Specified Companies (i.e. Companies who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed 45 days from the date of acceptance or the date of deemed acceptance of the goods or services as per section 9 of the Micro, Small and Medium Enterprises Development Act, 2006) to file details of all outstanding dues to Micro or small enterprises suppliers existing on 22nd January, 2019 within thirty days.Link of the MCA notification	Form MSME -1 One time return is required to be filed within 30 days of the form being made available by the MCA (earlier within 30 days of publication of this order i.e. 21.02.2019.) Due date of subsequent returns is mentioned below: a) For Half year period ‘April to September’ – 31st October b) For half year period ‘October to March’ – 30th April
Companies Act, 2013	On or before 8th of May, 2019 (i.e. within 90 days from the date of notification)	A person having Significant beneficial owner shall file a declaration to the reporting company Link	Form BEN-1
Companies Act, 2013	Within 30 Days	Filing of form BEN-2 under the Companies (Significant Beneficial Owners) Rules, 2018.(Within 30 days from the date of receipt of declaration in BEN-1) Link	Form BEN – 2 (e-form not yet deployed by Ministry (ROC))
Companies Act, 2013	On or before 15.06.2019	Filing of the particulars of the Company & its registered office. (by every company incorporated on or before the 31.12.2017.) Due date extended- Link	Active Form INC -22A
Companies Act, 2013	Within 30 Days from the date of deployment of revised e-form	Every Person holding DIN as on 31.03.2019 (including Directors having disqualified DIN) Penalty after due date is Rs. 5000/-	E-Form DIR – 3 KYC

­

Note:

Form DPT-3

Due date: 30 Days from the Date of Availability of Form

http://s3-ap-southeast-1.amazonaws.com/eminds-clr1/uploads/2019/04/12184708/CircularDPT-3Form_12042019.pdf

Onetime Return For Disclosure Of Details Of Outstanding Money Or Loan Received By Company But Not Considered As Deposits In Terms Of Rule 2(1)(C) Of The Companies (Acceptance Of Deposits) Rules, 2014 (New e-form not yet deployed by Ministry (ROC)

Note: Every Company (Other Than Government Company) Shall File A Onetime Return Of Outstanding Receipt Of Money Or Loan From 01st April, 2014 Till 22nd January, 2019, Which Are Not Considered As Deposits, In Form DPT-3 Within Ninety Days of 22nd January, 2019.

MCA Announcements : April 2019

1. Stakeholders are requested to please note that Filing of affidavits (from each of the subscribers to the memorandum and from persons named as the first directors, if any, in the articles that he is not convicted of any offence in connection with the promotion, formation or management of any company, or that he has not been found guilty of any fraud or misfeasance or of any breach of duty to any company under this Act or any previous company law during the preceding five years and that all the documents filed with the Registrar for registration of the company contain information that is correct and complete and true to the best of his knowledge and belief) as per Section 7(1)(c ) of the Companies Act, 2013 read with rule 15 of the Companies (Incorporation) Third Amendment Rules has been dispensed with vide the Companies (Amendment) Act,2017- from 27th July 2018. Only declaration by first subscriber(s) and director(s) in INC-9 is mandatory and affidavit is NOT required to be filed. Stakeholders may kindly note the above provisions while filing SPICe forms for incorporation of Companies.

2. Advisory on Charge related e-Forms dated 25.04.2019

http://www.mca.gov.in/Ministry/pdf/AdvisoryChargeRelatedeForms_25042019.pdf

3. Manufacturing & Allied Activities Were Restricted In LLPs Vide OM No. CRC/LLP/E-Forms Dated 06.03.2019. This OM Invoking The Restriction Regarding Manufacturing & Allied Activities Has Been Withdrawn With Immediate Effect.

4. Ministry has clarified that DIN KYC through MCA E-form DIR-3 KYC is an Annual Exercise, however the e-form presently is not designed in such manner and thus the due date for filing the e-form would be 30 days from the date of deployment of revised E-Form.

Clarification Letter link : http://s3-ap-southeast-1.amazonaws.com/eminds-clr1/uploads/2019/04/12184708/CircularDPT-3Form_12042019.pdf

5. Deadline extended For E-Form DPT-3 (MCA circular dated 12.04.2019)

a) Additional fee, as provided under the Companies (Registration Offices and Fees) Rules, 2014, shall be levied after 30 days from the date of deployment of the DPT- 3 form on MCA 21 portal

b) Data on deposits should be filed upto 31st March, 2019 (as opposed to 22nd January, 2019 which was originally indicated in the said Rule).

Circular link: http://www.mca.gov.in/Ministry/pdf/CircularDPT-3Form_12042019.pdf

6. Relaxation of additional fees and extension of last date of filing e-form CRA-2 (Form of intimation of appointment of cost auditor by the company to Central Government) in certain cases under the Companies Act 2013

Last date for filing of e-form CRA-2 without payment of additional fees extended upto 31.05.2019

Circular link: http://www.mca.gov.in/Ministry/pdf/GeneralCircular042019_05042019.pdf

This article is updated till 29^th April, 2019 with all Laws / Regulations and their respective amendments.

Corporate-Compliance-Calendar-_-May-2019

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Is DIR-3 KYC Due date for FY 2019-20 is 20th April 2019

Is DIR-3 KYC Due date for FY 2019-20 is 20th April 2019: 

As per rule 12A of the Companies (Appointment and Qualification of Directors) Rules 2014, “every individual who has been allotted a Director Identification Number (DIN) as on 31st March of a financial year as per these rules shall, submit e-form DIR-3-KYC to the Central Government on or before 30th April of immediate next financial year.

Provided that every individual who has already been allotted a Director Identification Number (DIN) as at 31st March, 2018, shall submit e-form DIR-3 KYC on or before 5th October,2018.”

DIR-3 KYC  Compliances has been made mandatory from Financial year 2018-19. For Financial year 2018-19 Any person who has been allotted “Director Identification Number (DIN/DPIN)” on or before 31st March 2018 and the status of such DIN is ‘Approved’, needs to file form DIR-3 KYC to update KYC details in the system on or before 5th October 2018.

For Financial year 2019-20 onwards – Every Director who has been allotted DIN on or before the end of the financial year, and whose DIN status is ‘Approved’, would be mandatorily required to file form DIR-3 KYC before 30th April of the immediately next financial year.

After expiry of the respective due dates, system will mark all non-compliant DINs against which DIR-3 KYC form has not been filed as ‘Deactivated due to non-filing of DIR-3 KYC’.

Is DIR-3 KYC Due date for FY 2019-20 is 20th April 2019

Stakeholders may please note that DIN holders are required to file the DIR-3 KYC form every year, so that they are aware of and confirm the data & information as available in the MCA21 system.

With the objective of making the form more user friendly, the form is presently being modified to enable pre-filling of data & information so that annual filings can be done by DIN holders in a simple and user friendly manner.

The revised form, which will be shortly deployed, can be filed without any fee within a period of 30 days from the date of deployment. Accordingly, DIN holders who had filed DIR-3 KYC form earlier and complied with the said provisions may kindly await the deployment of the modified form for fulfilling their compliance requirements

Few days ago MCA has clarified that DIN holders are required to file the DIR-3 KYC form every year before 30th April of the immediately next financial year.

So Due date for DIR-3 for Financial year 2019-20 is 30th April 2019. The Answer is No. 

MCA has clarified DIR-3 KYC can be filed without any fee within a period of 30 days from the date of deployment of the Form. Accordingly, the Due date is 30 days from deployment of the Form and till date MCA has not issued any form for the Compliance of DIR-3 KYC. 

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Registrations open for Post Qualification Diploma in International Taxation.

Registrations open for Post Qualification Diploma in International Taxation.

The Committee on International Taxation of ICAI has decided to commence the batches of the Post Qualification Course in International Taxation as per following schedule. Eminent experts and learned Speakers drawn from all over India will give value addition to the participants.
Interested members can register themselves by making an online payment of Rs. 40,000/- which is to be followed by the hard copy of the duly filled registration form to be sent to the Secretariat at the below mentioned address. The details of the entire course are given in the link below:
http://www.icai.org/new_post.html?post_id=13126

The registration will be on ‘first come first serve’ basis.

Branch/Region Tentative Course Venue Tentative Date/ Month Of Commencement Registration LAST DATE 20.05.2019* Delhi(NCR) Golden Tulip Hotel and Suites, C-5, Sector 18, Vasundhara, Ghaziabad-201012 Near Vaishali Metro Station 01st June, 2019 Online Payment Registration Form Pune Hotel Ramee Grand Address – Plot No. 587, CST No. 1221/C, Apte Road, Shivaji Nagar, Pune-411004 01st June, 2019 Online Payment Registration Form Mumbai The Institute of Chartered Accountants of India, ICAI Tower, Plot No.C-40, ‘G’ Block, Bandra-Kurla Complex, Bandra East, Mumbai – 400051 08th June, 2019 Online Payment Registration Form Bangalore Gokulam Grand Hotel and Spa 115 Gokula Extension, BEL Circle, Bangalore 560054 08th June, 2019 Online Payment Registration Form

*Registrations will be closed prior to the last date announced in case the seats are full.

Please send your duly filled registration forms along with required documents at the below address:

Secretariat,
Committee on International Taxation,
The Institute of Chartered Accountants of India
ICAI Bhawan,
6th Floor, Hostel Block
A-29, Sector-62Noida-201309 (U.P)

Tel: 0120-3045923Email: citax@icai.in

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is

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CS Executive Question Papers & Suggested Answers of Last 10 years

CS Executive Question Papers & Suggested Answers of Last 10 years

In the Following article Students can download the CS Executive Question Papers of Past Exams. Students can Download December 2018 CS Executive Question Papers in the PDF Format. Old and New Syllabus Of CS Executive Question papers of CS Executive Available Here in PDF Format.

Download CS Executive  Question paper Dec 2018. Free Download CS Executive Question Papers From June 2009 to Dec 2018. Today in this post/ article we are providing CS Executive Question Papers for past attempts and Dec 2018 . Now you can download CS Executive Question Papers of old syllabus and new syllabus. There are two  Modules in CS Executive syllabus i;e Module – 1, Module – 2.

Here you can download CS Executive Question Papers of June and December attempts from 2009 to 2018.

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Download  CS  Executive Question Papers December 2018 [NEW]

Module 1

Paper 1 Jurisprudence, Interpretation and General Laws

Paper 2 Company Law

Paper 3 Setting up of Business Entities and Closure

Paper 4 Tax Laws

Module 2

Paper 5 Corporate and Management Accounting

Paper 6 Securities Laws and Capital Markets

Paper 7 Economic, Business and Commercial Laws

Paper 8 Financial and Strategic Management

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Download  CS  Executive Question Papers December 2018 [OLD]

Module 1

Paper 1 Company Law

Paper 2 Cost & Management Accounting

Paper 3 Economic & Commercial Laws

Paper 4 Tax Laws & Practice

Module 2

Paper 5 Company Accountants and Auditing Practices

Paper 6 Capital Markets and Securities Laws

Paper 7 Industrial, Labor and General Laws

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Download  CS  Executive Question Papers June 2018

Module 1

Paper 1 Company Law

Paper 2 Cost & Management Accounting

Paper 3 Economic & Commercial Laws

Paper 4 Tax Laws & Practice

Module 2

Paper 5 Company Accountants and Auditing Practices

Paper 6 Capital Markets and Securities Laws

Paper 7 Industrial, Labor and General Laws

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Download  CS Executive Question Papers December 2017

Module 1

Paper 1 Company Law

Paper 2 Cost & Management Accounting

Paper 3 Economic & Commercial Laws

Paper 4 Tax Laws & Practice

Module 2

Paper 5 Company Accountants and Auditing Practices

Paper 6 Capital Markets and Securities Laws

Paper 7 Industrial, Labor and General Laws

---

Download  CS  Executive Question Papers June 2017

Module 1

Paper 1 Company Law

Paper 2 Cost & Management Accounting

Paper 3 Economic & Commercial Laws

Paper 4 Tax Laws & Practice

Module 2

Paper 5 Company Accountants and Auditing Practices

Paper 6 Capital Markets and Securities Laws

Paper 7 Industrial, Labor and General Laws

---

Download  CS  Executive Question Papers December 2016

Module 1

Paper 1 Company Law

Paper 2 Cost & Management Accounting

Paper 3 Economic & Commercial Laws

Paper 4 Tax Laws & Practice

Module 2

Paper 5 Company Accountants and Auditing Practices

Paper 6 Capital Markets and Securities Laws

Paper 7 Industrial, Labor and General Laws

---

Download  CS  Executive Question Papers June 2016

Module 1

Paper 1 Company Law

Paper 2 Cost & Management Accounting

Paper 3 Economic & Commercial Laws

Paper 4 Tax Laws & Practice

Module 2

Paper 5 Company Accountants and Auditing Practices

Paper 6 Capital Markets and Securities Laws

Paper 7 Industrial, Labor and General Laws

---

Download  CS  Executive Question Papers December 2015

Module 1

Paper 1 Company Law

Paper 2 Cost & Management Accounting

Paper 3 Economic & Commercial Laws

Paper 4 Tax Laws & Practice

Module 2

Paper 5 Company Accountants and Auditing Practices

Paper 6 Capital Markets and Securities Laws

Paper 7 Industrial, Labor and General Laws

---

Download  CS  Executive Question Papers June 2015

Module 1

Paper 1 Company Law

Paper 2 Cost & Management Accounting

Paper 3 Economic & Commercial Laws

Paper 4 Tax Laws & Practice

Module 2

Paper 5 Company Accountants and Auditing Practices

Paper 6 Capital Markets and Securities Laws

Paper 7 Industrial, Labor and General Laws

---

Download  CS  Executive Question Papers December 2014

Module 1

Paper 1 Company Law

Paper 2 Cost & Management Accounting

Paper 3 Economic & Commercial Laws

Paper 4 Tax Laws & Practice

Module 2

Paper 5 Company Accountants and Auditing Practices

Paper 6 Capital Markets and Securities Laws

Paper 7 Industrial, Labor and General Laws

---

Download  CS  Executive Question Papers June 2014

Module 1

Paper 1 Company Law

Paper 2 Cost & Management Accounting

Paper 3 Economic & Commercial Laws

Paper 4 Tax Laws & Practice

Module 2

Paper 5 Company Accountants and Auditing Practices

Paper 6 Capital Markets and Securities Laws

Paper 7 Industrial, Labor and General Laws

---

Download  CS  Executive Question Papers December 2013 [OLD]

Module 1

Paper 1 General And Commercial Laws

Paper 2 Company Accounts, Cost & Management Accounting

Paper 3 Tax Laws

Module 2

Paper 4 Company Law

Paper 5 Economics And Labour Laws

Paper 6 Securities Laws And Compliances

---

Download  CS  Executive Question Papers June 2013

Module 1

Paper 1 General And Commercial Laws

Paper 2 Company Accounts, Cost & Management Accounting

Paper 3 Tax Laws

Module 2

Paper 4 Company Law

Paper 5 Economics And Labour Laws

Paper 6 Securities Laws And Compliances

---

---

Download  CS  Executive Question Papers December 2012

Module 1

Paper 1 General And Commercial Laws

Paper 2 Company Accounts, Cost & Management Accounting

Paper 3 Tax Laws

Module 2

Paper 4 Company Law

Paper 5 Economics And Labour Laws

Paper 6 Securities Laws And Compliances

---

Download  CS  Executive Question Papers June 2012

Module 1

Paper 1 General And Commercial Laws

Paper 2 Company Accounts, Cost & Management Accounting

Paper 3 Tax Laws

Module 2

Paper 4 Company Law

Paper 5 Economics And Labour Laws

Paper 6 Securities Laws And Compliances

---

---

Download  CS  Executive Question Papers December 2011

Module 1

Paper 1 General And Commercial Laws

Paper 2 Company Accounts, Cost & Management Accounting

Paper 3 Tax Laws

Module 2

Paper 4 Company Law

Paper 5 Economics And Labour Laws

Paper 6 Securities Laws And Compliances

---

Download  CS  Executive Question Papers June 2011

Module 1

Paper 1 General And Commercial Laws

Paper 2 Company Accounts, Cost & Management Accounting

Paper 3 Tax Laws

Module 2

Paper 4 Company Law

Paper 5 Economics And Labour Laws

Paper 6 Securities Laws And Compliances

---

---

Download  CS  Executive Question Papers December 2010

Module 1

Paper 1 General And Commercial Laws

Paper 2 Company Accounts, Cost & Management Accounting

Paper 3 Tax Laws

Module 2

Paper 4 Company Law

Paper 5 Economics And Labour Laws

Paper 6 Securities Laws And Compliances

---

Download  CS  Executive Question Papers June 2010

Module 1

Paper 1 General And Commercial Laws

Paper 2 Company Accounts, Cost & Management Accounting

Paper 3 Tax Laws

Module 2

Paper 4 Company Law

Paper 5 Economics And Labour Laws

Paper 6 Securities Laws And Compliances

---

---

Download  CS  Executive Question Papers December 2009

Module 1

Paper 1 General And Commercial Laws

Paper 2 Company Accounts, Cost & Management Accounting

Paper 3 Tax Laws

Module 2

Paper 4 Company Law

Paper 5 Economics And Labour Laws

Paper 6 Securities Laws And Compliances

---

Download  CS  Executive Question Papers June 2009

Module 1

Paper 1 General And Commercial Laws

Paper 2 Company Accounts, Cost & Management Accounting

Paper 3 Tax Laws

Module 2

Paper 4 Company Law

Paper 5 Economics And Labour Laws

Paper 6 Securities Laws And Compliances

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