Now E Verify Your ITR Without Login
Income tax department is launching ‘e-Verify Return’ for e-Verification of ITR without login. The same can be accessed by clicking ‘e-Verify Return’ button in home page under ‘Quick Links’
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ICSI gives Representation for inclusion of CS in definition of Accountant
The Institute of Company Secretaries of India (ICSI) has given representation for inclusion on CS in the definition of Accountant under explanation to section 288(2) of the Income Tax Act, 1961. Accordingly, we request your good self to kindly consider amendment in the explanation to Section 288(2) of the Income. Tax Act, 1961 so as to include the Company Secretaries as defined under clause (c) of sub-section (1) of section 2 of the Company Secretaries Act, 1980 who shall be deemed “to be in practice” under sub-section (2) of section 2 of the Company Secretaries Act. 1980 in the definition of “Accountant”.
BELOW IS COMPLETE TEXT OF THE REPRESENTATION
THE INSTITUTE OF
Company Secretaries of India
IN PURSUIT OF PROFESSIONAL EXCELLENCE
Statutory body under an Act of Parliament
(Under the Jurisdiction of Ministry of Corporate Affairs)
CS Ranjeet Pandey
PRESIDENT
ICSI:PFP:2019
August 2, 2019
Smt. Nirmala Sitharaman
Hon’ble Minister of Finance and Corporate Affairs
North Block
New Delhi – 110 001
Madam,
Sub,: Request for inclusion of Company Secretary in the Definition of “Accountant” given under Explanation to Section 288(2) of the Income Tax Act, 1961.
The Institute of Company Secretaries of India (ICSI) is a premier professional body established under an Act of Parliament, namely, the Company Secretaries Act, 1980. The ICSI has nationwide presence with its headquarters at New Delhi, Four Regional offices at New Delhi, Chennai, Kolkata and Mumbai, a Centre for Corporate Governance, Research and Training at Navi Mumbai, a Centre or Excellence at Hyderabad and 74 Chapters spread all over India. The ICSI has on its register over 58,000 members and around 3,50,000 students.
We wish to inform that the Company Secretary has been bestowed upon statutory recognition of Key Managerial Personnel (KMP) of a company under the Companies Act, 2013. The functions of the Company Secretary as a KMP include reporting and advising the Board about compliance with all laws applicable to a company. The role of Company Secretary is more pronounced and recognized in practicing arena with Secretarial Audit under the Companies Act, 2013 which has been exclusively assigned thereto. Additionally, the Company Secretary has been entrusted with the audit and certification various documents and act as authorized Representatives before various Regulatory Authorities.
Recognition to Company Secretaries
a) The Company Secretaries in Practice have been authorized to appear as an authorized representative under various legislations including Income Tax Act, GST Law, TRAI Act, 1997, Trade Marks Act, 1999, Companies Act, 2013, Competition Act, 2002, SEM Act, 1992, Central excise Act, 1944, Customs Act, 1962, Service Tax and State VAT legislations and are acting as extended arms of the regulatory mechanism.
b) Company Secretaries are specifically recognised as Registered Valuer for valuation of asset class of Securities or Financial Assets under the Companies (Registered Valuers and Valuation) Rules, 2017.
c) Regulation 56(1)(d) of the SEBI (LOOR) Regulations, 2015 recognizes Company Secretary in Practice for issuance of a half yearly certificate regarding maintenance of hundred percent asset cover in respect of listed non-convertible debt securities.
d) Allowed to conduct internal audit under section 138 of the Companies Act, 2013 as professional.
e) Authorised to conduct internal audit of Portfolio managers, Registrar to an issue and Share Transfer Agent, Stock Brokers/Trading Members/ Clearing Members, Credit Rating Agencies, Investment Advisers, Research Analysts.
f) Recognized for issuance of Certificate in relation to Reconciliation of Share Capital i.e, reconciliation of total issued capital, listed capital and Capital held by depositories in dematerialized term.
g) Company Secretaries in Practice are authorised to conduct Concurrent Audit in case of Demat Account Opening, Control and Verification of Delivery Instruction Slips.
h) Company Secretary can act as a Customs Broker under sub -clause (ii) clause (h) sub-regulation (1) regulation (5) of Customs Brokers licensing Regulations, 2018.
i) Authorized to issue various Certificates wider various Regulations issued by the SEBI, Reserve Bank of India under Foreign Exchange Management Act, 1999, Companies Act, 2013 etc.
Submission
We wish to submit that a Company Secretary is a competent professional and is provided exhaustive exposure by the ICSI through compulsory coaching, examinations, rigorous training and continuing professional development programmes and is governed by the Code of Conduct contained in the Company Secretaries Act, 1980.
In view of the exhaustive exposure, detailed study of the Accountancy and Taxation papers in curriculum of Company Secretary Course, it is submitted that Company Secretaries are equally equipped to be included in the definition of Accountant under explanation to section 288(2) of the Income Tax Act, 1961. Accordingly, we request your good self to kindly consider amendment in the explanation to Section 288(2) of the Income. Tax Act, 1961 so as to include the Company Secretaries as defined under clause (c) of sub-section (1) of section 2 of the Company Secretaries Act, 1980 who shall be deemed “to be in practice” under sub-section (2) of section 2 of the Company Secretaries Act, 1980 in the definition of “Accountant”.
The text of the Explanation after incorporating the proposed amendment is as under:
Explanation-In this section, “accountant” means a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 (38 of 1949), who holds a valid certificate of practice under sub-section of Section 6 of that Act or a Company Secretary as defined under clause (e) of sub-section (1) of Section 2 of the Company Secretary Act, 1980 who shall he deemed “to be in practice” under sub-section (2) of section 2 of the Company Secretaries Act, 1980.
Justification in support of Submission
We wish to apprise your good self that the curriculum of Company Secretaryship Course includes, inter cilia, detailed study of the papers of Financial, Corporate and Management Accountancy, Financial Management, Direct Taxes, Indirect Taxes including GST. The weightage given to every paper is 100 marks. The brief of respective papers is as under:
1. Fundamental of Accounting & Auditing covering Accounting Process, Bank Reconciliation Statement, Depreciation Accounting, Preparation of Final Accounts for Sole Proprietors, Partnership Accounts, Introduction to Company Accounts, Accounting for Non-Profit Organizations, Computerized accounting environment, Auditing, Audits and Auditor’s Reports etc.
2. Corporate & Management Accounting covering Introduction to Financial Accounting, Introduction to Corporate Accounting, Accounting for Share Capital, Accounting for Debentures, Related Aspects of Company Accounts, Financial Statements Interpretation, Consolidation of Accounts as per Companies Act, 2013, Corporate Financial Reporting, Cash Flow Statements, Accounting Standards (AS), National and International Accounting Authorities, Adoption, Convergence and Interpretation of International Financial Reporting Standards (IFRS) and Accounting Standards in India.
An Overview of Cost, Cost Accounting Records & Cost Audit under Companies Act, 2013, Budget, Budgeting and Budgetary Control, Ratio Analysis, Management Reporting, Decision Making Tools, Valuation Principles & Framework, Valuation of Shares, Business and Intangible Assets, Accounting for Share based payments, Methods of Valuation
3. Financial and Strategic Management covering Nature and Scope of Financial Management, Capital Budgeting, Capital Structure, Sources of raising long-term finance and Cost of Capital, Project Finance, Dividend Policy, Working Capital, Security Analysis, Portfolio Management etc.
4. Tax Laws covering Direct Taxes at a Glance, Basic concepts of Income Tax, Incomes which do not form part of Total Income, Computation of Income under Various Heads, Clubbing provisions and Set Off and / or Carry Forward of Losses, Deductions from Gross Total income & Rebate and Relief, Computation of Total Income and Tax Liability of various entities, Procedural Compliance, Basics of Goods and Services Tax, Concept of Time, Value & Place of Taxable Supply, Input Tax Credit & Computation of GST Liability, Procedural Compliance under GST, Basic overview on Integrated Goods and Service Tax (IGST), Union Territory Goods and Service tax (UTGST), and GST Compensation to States, Customs Act etc.
5. Advanced Tax Laws covering an Overview on Goods and Services Tax, Supply : Meaning & scope, types of supply (composite/mixed inter/ intra); Input Tax Credit & Computation of GST Liability, Procedural Compliance under GST, Demand and Recovery, Advance Ruling, Appeals and Revision, Inspection, search, seizure, offences & penalties, Compliance rating, anti-profiteering, GST practitioners, authorised representative, professional opportunities, Integrated Goods and Service Tax (IGST), Union Territory Goods and Service tax (UIGST), GST Compensation to States, Industry/ Sector Specific. Analysis, Customs Law, Direct Tax & international Taxation etc.
6. Elective paper of Direct Tax Laws & Practice covering An Overview of Income Tax Act, 1961, Computation of Income under the head of Salary, Computation of Income under the head of House Property, Computation of Income – Profits and Gains from Business and Profession, Computation of Income under the head of Capital Gains, Computation of Income from Other Sources, Exemptions/Deduction, Clubbing provisions, Set Off and/or Carry Forward of Losses, Rebate and Relief, Computation of Total Income and Tax Liability, TDS/TCS, Returns, Refund & Recovery, Tax Planning & Tax Management, International Taxation — An Overview etc.
In View of the expertise and exposure of Company Secretaries and the detailed coverage of the Accounting and Taxation papers in the curriculum of Company Secretaryship Course, it is submitted that Company Secretaries are very well conversant with the technicalities of the accountancy and taxation and are at par with other professionals.
Accordingly, it is requested to kindly consider amendment in the explanation to Section 288(2) of the Income Tax Act, 1961 ‘so as to include the profession of Company Secretary within the meaning of the Company Secretaries Act, 1980 in the definition of “Accountant“.
We would be very happy to come and explain our submission in person and would request you to give an opportunity at your earliest convenience.
Wish best regards,
(CS Ranject Pandey)
PRESIDENT
Click Below To Download The Copy of ICSI Representation Letter
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What should be the strategy to invest your retirement funds
By Balwant Jain
The investment strategy at each stage in life has to have different consideration and must change according to peculiar circumstance. For example a person at the initial stage of his career can take risks with his money and invest substantial portion of his savings in aggressive and risky assets like equity but not the one who has stopped earning as the risk taking ability almost diminishes to zero. After retirement the financial situation changes drastically due to stoppage of regular income while the expenses continue and rise as well. In this article I wish to discuss the strategy one has to follow for determining the composition of his investments. While strategising this you have to consider the following points and prepare your investment plan accordingly.
Liquidity requirement
Since one does not have any income after retirement one has to maintain certain amount of liquidity preferably in saving bank accounts or liquid funds with instant redemption facility. This is needed to meet emergency like situations like medical emergency etc. If you have a credit card with good limit, this comes to you very handy in such situations. Even in case of medical emergency, all hospitals do not accept credit card or even cashless facility even if you have health insurance policy. So due to peculiar situation, you have to keep reasonable amount as liquid with you.
Regular income flow
The second aspect to be considered while deciding about composition of your investments at this stage is to take into account the requirement of regular income which you need regularly to meet your day today expenses. While assessing the money needed regularly you have to take into account not only the regular expenses but also the medical expenses which go up rapidly after retirement.
Growth of the investments
With increased life expectancy the risk of living longer has become a fact of life and therefore the period for which your retirement corpus should last has gone up substantially over the years. Though one cannot take risk with his investment after retirement but then risk and rewards go together. All the fixed income products will get you fixed return but will not ensure any growth to your investments. With inflation and taxes, the fixed income products do not get you decent returns in the long run. Retirement is not one post goal but a continuing gone. For ensuring growth of your investments you should invest in equity products. I am not advising you to invest in direct equity but one should invest part of the investment in the equity mutual fund products after taking care of liquidity requirement and regular monthly income.
What should be the ratio of investment in debt and equity and where one should invest the surplus left
The question is not so easy to answer as it seems. The answer would vary from person to person depending on various factors like whether you have any other source of regular income to supplement your monthly expenses. What is the risk taking ability of the person and any whether any other pending goals, in addition to the retirement, is still there.
Since retirement is not one post goal and lasts for an average 25-30 years, one should invest for growth after having provided for liquidity and regular income stream.
The asset allocation between debt and equity is a difficult question to answer but as a thumb rule 100 minus your age can be the component of equity in your portfolio. One should follow this pattern if one does not have any other regular income and is still have some risk taking ability.
For asset allocation the retired person should take into account only those assets which are yielding him any income. The residential house should not be taken into account. As most of the social responsibility of marriage of children would have been met and thus the gold invested for this purpose would have been appropriated. No more investments in gold is advised at this level.
Looking at the fact that the risk taking abilities comes down and yet one needs better returns for ensuring growth of the investments, investments in aggressive hybrid equity fund is suggested where the fund manager invests minimum of 65% in equity and the balance maximum of 35% in debt products to take care of volatility in the market. These funds are less volatile than other pure equity funds. Moreover for five year periods the aggressive hybrid funds as category has given better returns than large cap funds as category with lower volatility.
You should always keep sufficient money invested in products which giving regular returns for next five years at any given point of time. For this purpose you should replenish fixed income products every year from the growth yielding investments in mutual funds.
I even do not advise any investment in real estate. So we are left with equity and debt the ratio of which we have already discussed.
Author is tax and investment expert and can be reached at jainbalwant@gmail.com and at @jainbalwant on twitter
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Offline Tools Planned under GST Return
Goods and Services Tax Network (GSTN) has introduced a new trial version of offline tools of GST forms related to supply of goods and services. The offline tools have been released for Annexure of supplies (GST ANX-1) and Annexure of Inward Supplies (GST ANX-2)
The new return has the three components – one main return – FORM GST RET-1 and two annexures FORM GST ANX-1 and FORM GST ANX-2.
These two forms would be part of the proposed GST Return filing system under which a taxpayer would have to file FORM GST RET-1 (Normal) or FORM GST RET-2 (Sahaj) or FORM GST RET-3 (Sugam) on either monthly or quarterly basis.
All the outward supplies will be detailed in GST ANX-1 while GST ANX-2 will contain details of inward supplies auto-populated mainly from the suppliers’ GST ANX-1.
It will also contain details auto-populated from Form GSTR-5 and Form GSTR-6.
“The taxpayer will be required to take action on details of inward supplies contained in Form GST ANX-2 by accepting or rejecting the entries. The taxpayer can also keep the invoice pending by marking the entry accordingly,”
GSTN provides these offline tools that can be downloaded for filing GST returns.
It is important for a taxpayer filing their returns with the Government within stipulated dates to avoid incurring any Interest and Penalty.
A GST calendar can help you remember when to file your returns. Forms GSTR-1 and 3B are to be filed by a person registered under GST for each month other than the people who are registered under the composition scheme. Currently, a person registered under the composition scheme must pay tax quarterly in CMP-08 giving basic details while must file a new version of GSTR-4 every year by 30th April. Until 31st March 2019, a person registered under the composition scheme had to file GSTR-4 under GST for each quarter for both FY 2017-18 and FY 2018-19.
The results of the Chartered Accountants Final Examination(Old course & New Course) and Foundation Examination held in (May-June) 2019 are likely to be declared on Wednesday, the 14th August 2019 around 6.00 P.M. and the same as well as the All India merit (upto the 50th Rank) can also be accessed by candidates on the following websites:
Arrangements have also been made for the candidates of Final Examination (Old course & New Course), and Foundation Examination desirous of having results on their e-mail addresses to register their requests at the website i.e. icaiexam.icai.org from 10th August 2019. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result.
In addition to above, it may be noted that for accessing the result at the above mentioned websites the candidate shall have to enter his/her registration no. or PIN no. along with his/her roll number.
Further facilities have been made for candidates of Final Examination (Old course & New Course) and Foundation Examination held in (May-June) 2019 desirous of knowing their results with marks on SMS. The service will be available through India Times.
For getting results through SMS candidates should type:
i) For Final Examination result the following:-
Final Examination (Old Course)
CAFNLOLD (space) XXXXXX (Where XXXXXX is the six digit Final examination
roll number of the candidate), e.g. CAFNLOLD 000128
Final Examination (New Course)
CAFNLNEW (space)XXXXXX (Where XXXXXX is the six digit Final examination roll
number of the candidate), e.g. CAFNLNEW 000128
ii) For Foundation Examination result the following :-
CAFND (Space)XXXXXX (where XXXXXX is the six digit Foundation Examination
roll number of the candidate), e.g. CAFND 000171
and send the message to: 58888 – for all mobile services – India Times
(S. K. GARG) ADDITIONAL SECRETARY (EXAMS.)
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