ICSI Announcement for June 2021 Examination Enrolment

ICSI Announcement for June 2021 Examination Enrolment

ATTENTION STUDENTS !

All Foundation, Executive and Professional Programme students eligible for appearing in June,2021 Session of Examinations are advised to go through the following important guidelines to be followed by them during the examination enrollment and while appearing in the examinations. Students are advised to take note of the same for strict compliance.

EXAMINATION ENROLLMENT FOR JUNE,2021 SESSION OF EXAMINATIONS

LAST DATE FOR SUBMISSION OF EXAMINATION FORM

25TH MARCH,2021 (23:59 HOURS)

(LATE FEE IS ADMISSIBLE AFTER 25THMARCH,2021)

LAST DATE FOR SUBMISSION OF EXAMINATION FORM(WITH LATE FEE )

9TH APRIL,2021 (23:59 HOURS)

(STUDENTS WILL NOT BE ALLOWED SUBMIT EXAMINATION FORM AFTER 9TH APRIL,2021)

MODE OF ENROLLMENT:ONLINE MODE ONLY

(OFFLINE APLICATIONS WILL NOT BE ACCEPTED)

STUDENTS MAY CONTACT THE INSTITUTE THROUGH :

Grievance Portal at http://support.icsi.edu

IMPORTANT INSTRUCTIONS

1. Students are advised to select the Examination Centre, Combination of Module(s), Medium of Examination (English OR Hindi), etc. carefully. Students are advised to verify the parameters selected by them meticulously since for all changes in enrollment status, even if allowed upto certain stipulated dates, additional fee as decided from time to time will be levied.

2. Students are advised toretain a copy of the receipt for the examination fee remitted by them during the examination enrollment process. The Fee Receipt is automatically generated by the system for all successful transactions.

3. Students may please note that for all the transactions (including failed transactions), Request Id and Transaction Id are generated by the system. Therefore, generation of Request Id and Transaction / Payment Id does not always result in a successful transaction. It is in the interest of the students to verify the payment status to avoid complications at a later stage. Please re-submit the examination forms wherever the payments are NOT successful.

4. All examination applications without a valid fee receipt shall be rejected without notice. In case the amount is deducted from the bank / debit/ credit card account but the acknowledgement is not automatically generated by the system, students should verify the status of payment from their banker.

5. In case of payment of examination fee through Canara Bank Challan, the Date Of Deposit of Cash with the branches of Canara Bank will be treated as the eligibility date. Students will have to wait for atleast 3-4 days from the date of deposit of cash for reconciliation & transfer of the amount into the Institute’s Bank Account. They shall be able to generate formal payment receipt / acknowledgement only after realisation of the amount in the Institute’s bank account. In case the payment does not get reconciled within 3-4 days, students are advised to send a copy of the Challan at http://support.icsi.edu for verification of receipt of payment.

6. Students generating the Challan up to 25thMarch, 2021 have to deposit the cash on or before 25thMarch, 2021 to avoid applicability of Late Fee failing which they will have to re-generate the Challan and deposit the cash inclusive of the late fee. Similarly, Students generating Challan during the period from 26th March, 2021 to 9thApril, 2021 will have to deposit the cash with the bank on or before 9th April, 2021. The examination enrollment applications in respect of students who deposit the cash with bank after 9th April,2021will be rejected without further notice. Please ascertain bank holidays, if any, to ensure that the cash is deposited well in advance to avoid rejection of application.

7. In every examination session, lakhs of students are expected to seek enrollment and to avoid difficulties at the online portal due to peak load, students are encouraged to submit the examination form well in advance without waiting for the last dates. The Institute may not be held responsible for failure of submission of form and/ or payment due to technical or other problems.

8. Students will not be allowed to submit the examination form and fee after the stipulated dates and such examination forms will be summarily rejected without notice.

9. Students are advised to verify the preliminary enrollment details in their online accounts to avoid complications at a later stage.

10. Students may please note that changes in the enrollment status are not ordinarily allowed. However, in unavoidable circumstances, they may seek change of Examination Centre, Combination Module(s), Medium of Examination and Cancellation of Paper-wise Exemptions granted during the periods mentioned below :-

Stage	Start Date for submission of Online Requests for change of Examination Centre, Medium & Combination of Modules	Last Date for submission of Online Change Requests / Cancellation of Exemption
Foundation, Executive & Professional Programme Examinations	10th April,2021	1st May,2021
Fee applicable for each change	Rs. 250/=
(In case of submission of request for Change of Examination Centre from any of the Centres located in India to Dubai, Surcharge of US$ 100 or its equivalent amount in Indian rupee i.e. 7229/= will be applicable in addition to the prescribed fee of Rs.250/-).

REQUESTS FOR CHANGES, IF ANY, RECEIVED AFTER THE LAST DATES MENTIONED ABOVE WILL BE REJECTED WITHOUT FURTHER NOTICE.

11. Registration Denovo: Students whose registrations have expired on completion the validity period of five years are required to seek Registration Denovo through the online facility available at www.icsi.edu (after logging into the student account at www.icsi.edu). Students must seek Registration Denovo well in advance so that they shall able to seek examination enrollment by 9thApril,2021 to become eligible for seeking enrollment to June,2021 session of examinations. The Institute may not be held responsible for any delay on the part of students to seek Registration Denovo timely resulting in non-submission of examination form.

12. Paper-wise Exemption on the basis of Higher Qualifications: Even if the students fulfil the eligibility conditions of paper-wise exemption on the basis of higher qualifications viz. ICAI-Cost Final Pass and LL.B. Pass with 50% Marks, the last date for submission of such applications for Paper-wise exemption is 9th April,2021 to become eligible for grant of such exemptions & its applicability in June,2021 session of examinations. Students who submit the paper-wise exemption applications after 9th April,2021, even if they are eligible, will not be considered for the purpose of June,2021 Examinations. Students may submit the request for Paper-wise exemption through this portal.

13. Paper-wise exemptions based on scoring 60% marks criteria: Exemptions based on their performance in December,2020 examinations will be granted to the students by the Institute and in case the students are not interested in availing the exemption, they may seek cancellation of the same by submitting online request at https://smash.icsi.in well in advance but in any case by1st May,2021.

14. It may be noted that in some cases, the exemptions granted in accordance with the various provisions contained under the regulations are inter-related with other exemptions granted and cancellation (or appearance) in any one of the papers may result in cancellation of exemptions in all the inter-related papers. For example, if a candidate has been granted paper-wise exemptions in three papers on the basis of scoring 60, 62, 58 & 10 Marks respectively in the four papers contained under Module-I of Executive Programme in previous session and in case he/she appears or cancels the exemption in any one out of the three exempted papers, all the three exemptions shall be cancelled since the exemption criteria in this case is applicable only if all the three papers are taken together. Candidates are, therefore, advised to be extremely careful while seeking cancellation or while appearing in the exempted papers, as the final result will be computed considering the actual marks scored on reappearance and/ or the deemed absence in the papers as the case may be. In other words, candidates appearing in the exempted papers despite an endorsement to the effect in the Admit Card shall be doing so at their own risk and responsibility and the Institute may not be held responsible for any eventuality which may arise at a later date. In case of any doubt regarding the applicability of rules regarding the exemptions, it would be better if the candidates seek prior clarifications from the Institute by writing at Grievance Portal at http://support.icsi.edu before appearing in the examination of exempted subjects or seeking cancellation of exemptions granted.

15. If any student appears in the examinations disregarding the exemption(s) so granted under the 60% marks criteria and shown in the Admit Card, the appearance will be treated as valid for the purpose of computation of results and the exemption granted will be cancelled without notice.Students are advised to be extremely careful while cancelling the exemptions and while appearing in exempted papers as it shall lead to cancellation of paper-wise exemptions in all the inter-related papers which may have an adverse impact at the time of computation of results.

16. Compulsory switchover from Executive and Professional Programme (Old Syllabus) to Executive and Professional Programme(New Syllabus) :

It may please be noted that the last examination under Executive & Professional Programme (Old Syllabus) shall be held during June,2021 Session. From December,2021 Session onwards, all students under Executive & Professional Programme (Old Syllabus) shall be compulsorily required to switchover to Executive & Professional Programme (New Syllabus).

17. Corresponding Exemptions:

1. Scheme of Corresponding Exemptions on switching over from 2012 Syllabus to 2017 Syllabus of Executive Programme

MODULE 1		Paper Code		Paper Code
1	Company Law	321	Company Law	422
2	Cost and Management Accounting	322	Corporate and Management Accounting	425
3	Economic and Commercial Laws	323	Economic, Business and Commercial Laws	427
4	Tax Laws and Practice	324	Tax Laws	424
MODULE 2
5	Company Accounts and Auditing Practices	325	Corporate and Management Accounting	425
6	Capital Markets and Securities Laws	326	Securities Laws & Capital Markets	426
7	Industrial, Labour and General Laws	327	Jurisprudence, Interpretation and General Laws	421

2 Scheme of Corresponding Exemptionson switching over from 2007 Syllabus to 2012 Syllabus and from 2012 Syllabus to 2017 Syllabus of Professional Programme

Passed / Exempted Paper under 2007 Syllabus	Paper Code (2007 Syllabus)	Corresponding Exemption under 2012 Syllabus on switchover from 2007 Syllabus	Paper Code (2012 Syllabus)	Corresponding Exemption Paper under New (2017) Syllabus on switchover from 2012 Syllabus	Paper Code (2017 Syllabus)
Company Secretarial Practice	231	Advanced Company Law and Practice	331	Resolution of Corporate Disputes, Non-Compliances & Remedies	436
Drafting, Appearances and Pleadings	232	Drafting, Appearances and Pleadings	338	Drafting, Pleadings and Appearances	433
Financial, Treasury and Forex Management	233	Financial, Treasury and Forex Management	335	Corporate Funding & Listings in Stock Exchanges	437
Corporate Restructuring & Insolvency	234	Corporate Restructuring, Valuation and Insolvency	333	Corporate Restructuring, Insolvency, Liquidation & Winding-up	435
Strategic Management, Alliances & International Trade	235	Elective Subject shall be exempted	341 to 345	Elective Subject shall be exempted	441 to 448
Advanced Tax Laws and Practice	236	Advanced Tax Laws and Practice	337	Advanced Tax Laws	432
Due Diligence and Corporate Compliance Management	237	Secretarial Audit, Compliance Management and Due Diligence	332	Secretarial Audit, Compliance Management and Due Diligence	434
Governance, Business Ethics and Sustainability	238	Ethics, Governance and Sustainability	336	Governance, Risk Management, Compliances and Ethics	431
		Information Technology and Systems Audit (code No. 334) under 2012 Syllabus shall be exempt for all students switching over from 2007Syllabus to 2012.

18. Pre-Examination Test

All Students desirous of appearing in the June, 2021 CS Executive and Professional Programmes Examinations under New Syllabus (2017) are required to successfully complete a Pre-Examination Test to become eligible for appearing in the main examinations. Students are advised to refer to detailed FAQ available at the website www.icsi.edu or at https://www.icsi.edu/media/webmodules/e-learning_Pre-Exam.pdf

19. One Day Orientation Programme:

All Students pertaining to Foundation & Executive Programme stage registered from June,2019 onwards and desirous of appearing in the CS Examinations are required to successfully complete One Day Orientation Programme to become eligible for main examinations.

SUMMARISED CHECK POINTS FOR STUDENTS TO AVOID COMPLICATIONS IN EXAMINATION ENROLLMENT (Please also go through the detailed instructions given above)

Have you correctly filled up the following?

1. Examination Centre

2. Combination of Module(s)

3. Medium of Examination

Have you checked the following?

1. Availability of correct photograph and signature in your online account

2. Preliminary enrollment details in your online account

3. Validity of your existing registration

Have you gone through the following ?

1. Guidelines of paper-wise exemption and complied with the requirements thereof

2. Guidelines of switchover to new syllabus and complied with the requirements thereof

Have you successfully remitted the examination fee and downloaded the fee receipt /acknowledgement?

Have you regularised your provisional registration to Foundation Programme / Executive Programme by submitting the proof of passing 10+2 Examinations / Bachelor’s Degree Examinations respectively?

NOTE : In case your answer to any of the questions given above is “NO”, there is every chance of rejection of your examination enrollment request. Therefore, please make it a point to ensure compliance with all the check points given above to avoid complications in your examination enrollment.

Stage	Examination Fee (Rs.)
Foundation Programme	1200/-
Executive Programme	1200/- Per Module
Professional Programme	1200/- Per Module
Late Fee (for all Stages)	250/-
Fee for Change of Examination Centre/ Combination of Module(s) / Medium of Examination	250/-
Surcharge applicable for appearing from Dubai Centre	US$100 or its equivalent amount in Indian Rupees i.e. 7229/=.

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PLI Scheme to Promote Telecom & Networking Products Manufacturing In India

PLI Scheme to Promote Telecom & Networking Products Manufacturing In India

MINISTRY OF COMMUNICATIONS

(Department of Telecommunications)

NOTIFICATION

New Delhi, the 24th February, 2021

SUBJECT: PRODUCTION LINKED INCENTIVE (PLI) SCHEME TO PROMOTE TELECOM AND NETWORKING PRODUCTS MANUFACTURING IN INDIA

F.No. 13-01/2020-IC.—1. Background

The Telecommunication sector has a pivotal role in facilitating the growth of economy. Telecom is key infrastructure and a key enabler of digital connectivity and Digital India. In the above context, it is necessary and desirable to incentivise manufacturing of Telecom Products in India.

2. Objectives

The Production Linked Incentive (PLI) Scheme will promote Telecom and Networking Products manufacturing in India. Accordingly, a financial incentive is proposed to boost domestic manufacturing and attract investments in the target segments of telecom and networking products in order to encourage “Make in India”. The Scheme is also expected to boost export of telecom and networking products “Made in India”.

3. Target Segments

Support under the Scheme will be provided to companies/entities engaged in manufacturing of specified telecom and networking products in India as listed in Annexure-1.

4. Eligibility

4.1 Eligibility will be subject to achievement of a minimum threshold of cumulative incremental investment over a period of four years and incremental sales of manufactured goods net of taxes (as distinct from traded goods) over the Base Year. The cumulative investment can be made at one go, subject to annual cumulative threshold as prescribed for four years being met. An applicant is expected to meet all the minimum threshold conditions to be eligible for disbursement of incentive. The Company/entity may invest in single or multiple eligible products to meet minimum incremental investment and sales threshold. The Scheme will also include contract manufacturers as defined in the FDI Policy Circular of 2017.

4.2 There will be a minimum investment threshold of ₹ 10 Crores for MSME and ₹ 100 Crores for others. Land and building cost will not be counted as investment.

4.3 Any beneficiary under this PLI Scheme will not be eligible to take benefit for the same products under any other PLI Scheme of Central Government. However, eligibility under PLI Scheme will not affect eligibility under any other Scheme being implemented by State/UT Governments and vice-versa.

4.4 Total number of beneficiaries will be limited owing to the fixed ceiling of the budgetary outlay. The beneficiaries will be decided through a transparent mechanism, to be finalized by the Competent Authority as per the Scheme Guidelines. Each beneficiary will have to meet the minimum incremental net sales criteria over the Base Year, as per column C of the table given in Annexure-2, to become eligible for the incentive. The amount of incentive given to each beneficiary will also be capped with a ceiling as per column D of the table or as decided by the Empowered Group of Secretaries (EGoS).

5. Base Year

Financial Year 2019-20 shall be treated as the Base Year for computation of cumulative incremental sales of manufactured goods net of taxes (as distinct from traded goods). Baseline information pertaining to production of beneficiary manufacturers will be captured to deduce and verify the cumulative incremental production over the base year.

6. Tenure of the Scheme

The scheme will be effective from 1st April, 2021. The investment will be permitted to be made in four years, subject to qualifying incremental annual thresholds, the support under the Scheme shall be provided for a period of five (5) years.

7. Review and Monitoring

Empowered Group of Secretaries (EGoS) chaired by Cabinet Secretary will monitor the PLI Scheme, undertake periodic review of the outgo under the Scheme, and take appropriate action to ensure that the expenditure is within the prescribed outlay. The Department of Telecommunications will finalize and notify the Scheme Guidelines. EGoS, within, the contours of Cabinet approval, can carry out any amendments in the Scheme Guidelines to ensure successful implementation on ground. Selection of the applicants to the Scheme will be done by the Department of Telecommunications.

8. Incentive Outlay

The PLI Scheme will be implemented within the overall financial limits of ₹ 12,195 Crores only (Rupees Twelve Thousand One Hundred and Ninety-Five Crore only) for implementation of the Scheme over a period of 5 years.

9. Applicable Incentives

The applicable incentive percentage for MSMEs will be 7% for Year 1 & Year 2, 6% for Year 3, 5% for Year 4 and 4% for year 5 on eligible sales over the base year. For category other than MSME, the applicable incentive percentage will be 6% for Year 1 & 2, 5% for Year 3 & 4 and 4% for year 5 on eligible sales over the base year. The incentive will be given subject to annual investment targets having been met.

10. Incentive per Company

The incentive per company will be applicable on sales of manufactured finished goods net of taxes, discounts, commissions etc. (as distinct from traded goods) subject to ceilings as indicated in the table at para 4.4 above (or as decided by the EGoS from time to time) and the company meeting the cumulative investment criteria as well. Total possible incentive for each applicant will be capped based on total investment committed at the time of application. This will be informed to the applicant at approval stage.

RAJESH KUMAR PATHAK, Dy. Director General (IC)

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SC directed UOI to file affidavit regarding technical glitches faced in filing GST TRAN-01

SC directed UOI to file affidavit regarding technical glitches faced in filing GST TRAN-01

The Hon’ble Supreme Court of India in Union of India & Ors. v. M/s National Engineering Co. [Special Leave Petition (Civil) Diary No(s). 2701/2021, dated February 15, 2021] directed Union of India (“the Petitioner”) to file an affidavit within 4 weeks, answering the assertion regarding technical glitches and problems faced by the taxpayers while uploading and filing Form GST TRAN-01 details. Further stated that, the factual assertions in this regard will be dealt with concretely and expressly and if required, by taking the help of experts.

Furthermore, granted stay over the judgement/ order of Hon’ble Punjab & Haryana High Court in M/s National Engineering Co. v. Union of India & Ors. [CWP No. 27891 of 2019 (O&M) decided on November 4, 2019] wherein taxpayers were allowed to file or revise their already filed incorrect TRAN-1 either electronically or manually statutory Form GST TRAN-01 on or before November 30, 2019. Further, it was held that Department cannot deprive taxpayers from their valuable right of credit and cannot deny the taxpayers from carry forwarding legitimate claim of CENVAT / Input Tax Credit on the ground of non-filing of Form GST TRAN-01 by December 27, 2017.

DISCLAIMER: The views expressed are strictly of the author and A2Z Taxcorp LLP. The contents of this article are solely for informational purpose. It does not constitute professional advice or recommendation of firm. Neither the author nor firm and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon.

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CBIC extend the levy of ADD on Melamine originating in or exported from China PR

CBIC extend the levy of ADD on Melamine originating in or exported from China PR

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)

Notification No. 10/2021-Customs (ADD)

New Delhi, 25th February, 2021

G.S.R.–(E). -Whereas, the designated authority vide initiation notification No. 7/32/2020-DGTR, dated the 22nd September, 2020, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 22nd September, 2020, has initiated review in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act) read with rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 (hereinafter referred to as the said rules), in the matter of continuation of anti-dumping duty on imports of ‘Melamine’ (hereinafter referred to as subject goods) originating in or exported from China PR (hereinafter referred to as subject country), imposed vide notification of the Government of India, in the Ministry of Finance (Department of Revenue) No. 2/2016-Customs (ADD), dated the 28th January, 2016, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 122(E), dated the 28th January, 2016, and had requested for extension of the said anti-dumping duty in terms of sub-section (5) of section 9A of the Customs Tariff Act;

And whereas, the Central Government had extended the anti-dumping duty on the subject goods, originating in or exported from the subject country up to and inclusive of the 28th February, 2021, vide notification of the Government of India, in the Ministry of Finance (Department of Revenue) No. 1/2021-Customs (ADD), dated the 6th January, 2021, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 7(E), dated the 6th January, 2021;

And whereas, the designated authority has requested for further extension of the antidumping duty on the subject goods originating in or exported from the subject country.

Now, therefore, in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, read with rules 18 and 23 of the said rules, the Central Government hereby makes the following further amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 2/2016- Customs (ADD), dated the 28th January, 2016, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 122(E), dated the 28th January, 2016, namely:-

In the said notification, in paragraph 3, for the figures and word “28th February, 2021”, the figures and word “31st March, 2021” shall be substituted.

[F. No. 354/28/2004-TRU (Pt-II)]

(Rajeev Ranjan)
Under Secretary to the Government of India

Note: The principal notification No. 2/2016-Customs (ADD), dated the 28th January, 2016 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 122(E), dated the 28th January, 2016 and was last amended vide notification No. 1/2021-Customs (ADD), dated the 6th January, 2021, published vide number G.S.R. 7 (E), dated the 6th January, 2021.

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FAQs for Seek VC & Seek VC adjournment

FAQs for Seek VC & Seek VC adjournment

What is VC?

Answer: VC stands for ‘Video Conferencing’. Using the VC facility, an assessee is enabled to express or submit one’s response orally before an Income Tax Authority who has initiated the proceeding and expect the response from the user.

This facility has been enabled by the department as a substitute for personal appearance/hearing before an Income Tax Authority.

The facility for oral submission is in addition to submitting response in writing.

Who can avail VC?

Answer: It can be availed by only those taxpayers for whom a hyperlink VC is enabled against a notice, as appearing in the e-Proceeding module, under the column “Video Conferencing”.

Login to e-Filing->e-Proceeding->Select Proceeding Name ->

 

What is the process to seek VC facility?

Answer: If a VC hyperlink is found against a notice issued by the department under the column “Video Conferencing”, the user needs to click on that hyperlink.

On clicking, another window appears with the notice details prefilled.

• Click on the hyperlink “Seek VC”.

 

• On click on the same, a window appears. The user needs to choose the appropriate reason from the drop-down values. If there are no predefined dropdown, the user may select “Others” and enter the description in text box.
• Thereafter, a text box will appear wherein user needs to provide reasons in detail for seeking VC and also can provide the date on which the user desires to submit oral submission. (Maximum 4000 characters)
• If the user wants to upload any document supporting such a claim, there is provision to attach the same by click the button “choose File”. The document that are PDF format can only be attached and should not exceed 5 MB.
• Now Click, submit button. A success message will be displayed on submission of request.

 

How to check the status of VC request raised?

Answer: VC request raised by assessee will either be approved or rejected. If approved, then the department will send an email and SMS communication informing the date and time for VC along with VC URL. The VC details will be displayed in the user’s e-proceeding VC Notice schedule. The login password will be shared 2 hours before the scheduled time of VC on to the registered mobile number. If rejected, then rejection remarks and rejection letter will be displayed to the assessee in VC Notice schedule in addition to email and SMS communication.

Below are the steps to check the status of VC request :

• Login to e-Filing->e-Proceeding->Select Proceeding Name ->
• Click VC hyperlink under the Video conferencing column. On click of VC hyperlink, the details of VC request submitted will be displayed.

 

• If request is approved, scheduled date & time of VC will be displayed under the column “VC date & Time” and status will be displayed as “Approved”. Under ITD Remarks column “VC Schedule Notice” will be displayed in hyperlink to view and download. ‘VC link’ will be visible 2 hours before the scheduled time of VC under the ‘VC link details’ column.

 

• If request is rejected, status will be displayed as “Rejected”. Under ITD Remarks column “Remarks” and “Rejection letter” will be displayed in hyperlink to view and download along with email & SMS communication.

 

What if VC date and time given is not suitable?

Answer: If the VC date and time given by the department is not suitable for any reason an adjournment request to some another date and time from the existing date and time can be submitted through a functionality “Seek VC adjournment”. The request for adjournment will have to be submitted before the expiry of VC date and time. Once expired, no request for adjournment can be submitted.

How to avail VC adjournment?

Answer: A hyperlink “Seek VC adjournment” is enabled in VC window against a notice in the e-Proceeding module under the column “Video Conferencing”.

• Login to e-Filing->e-Proceeding->Select Proceeding Name ->
• Click VC hyperlink against a notice issued by the department under the column “Video Conferencing”.
• Click on the hyperlink “Seek VC Adjournment”.
• On click on the same, a window appears. The user needs to choose the appropriate reason from the drop-down values. If there are no predefined dropdown, the user may select “Others” and enter the description in the text box.
• Thereafter, a text box will appear wherein user needs to provide reasons in detail. (Maximum 4000 characters)
• If the user wants to upload any document supporting such a claim, there is provision to attach the same by click the button “browse”. The document that can be attached are in PDF and should not exceed 5 MB.
• Now Click, submit button. A success message will be displayed on submission of request.

How to check the status of VC adjournment request raised?

Answer : VC adjournment request raised will either be approved or rejected. If approved, then department will share the fresh date and time for VC and VC link through email as well as displayed in the e-filing account. The password will be shared 2 hours before the scheduled time of VC on the registered mobile number. If rejected, then rejection remarks will be displayed as well as send by email.

Steps to Check to VC adjournment request

• Login to e-Filing->e-Proceeding->Select Proceeding Name ->
• Click VC hyperlink under the Video conferencing column. On click the details of VC request submitted will be displayed.
• If adjournment request is approved, new date & time of VC will be displayed under the column “VC date & Time” along with email and SMS communication. The status will be displayed as “Approved”. Under ITD Remarks column “Remarks” and “Adjournment acceptance Letter” will be displayed in hyperlink to view and download. VC link will be visible 2 hours before the scheduled time of VC under the VC link details column.
• If adjournment request is rejected, status will be displayed as “Rejected”. Under ITD Remarks column “Remarks” will be displayed in hyperlink to view along with email and SMS communication.

How to join video conferencing?

Answer :

• Copy the VC URL communicated by the department on to an Internet browser URL address bar and press enter key
• The VC site will open to provide User name and password.
• User name should be of the taxpayer to whom the notice is issued and the password would be that is communicated to the taxpayer’s e-filing registered primary mobile number two hours prior to the VC date and time.
• The VC URL details can also be obtained from the e-filing Login under e-Filing->e-Proceeding->Select Proceeding Name ->
• Click on VC hyperlink against the respective notice->click VC link hyperlink to view the link to join VC

What other additional points to be taken in consideration while joining VC?

Answer :

• Kindly keep identification document like Aadhaar, PAN Card, Passport or any other government issued identification document handy and share when asked for.
• Kindly keep handy softcopy of all the documents on which you want to place reliance during the Video Conference (VC) which may be shared during video conference.
• Switch on the video & audio and make sure that your face is properly visible and voice is audible.

What will happen if Video conferencing couldn’t be conducted due to any technical issues/other issues?

Answer: If VC couldn’t be conducted on scheduled date and time due to any technical issue/other issue, Department will cancel the existing scheduled VC and share new date and time for video conferencing and VC link and password (2 hours before the scheduled time of VC on the registered mobile number) for joining the meeting along with email and SMS communication.

Steps to Check the details of cancelled and rescheduled video conferencing

• Login to e-Filing->e-Proceeding->Select Proceeding Name ->
• Click VC hyperlink under the Video conferencing column. On click the details of VC will be displayed.

Who can join VC? Can Authorized Representative also join the VC meeting?

Answer : Only assessee can join VC. If any authorized representative has been appointed through the e-filing account for such proceeding, then both assessee and authorized representative can join.

Would department provide the copy of the recording of video conferencing? If yes, how to obtain the same?

Answer: Yes, after video conferencing is successfully conducted. ‘VC recording’ hyperlink will be displayed under “VC link details” column. Under the ‘VC recording’ hyper link, the URL details from which the recording can be downloaded will be mentioned. The Status and VC recording noting made by the Income Tax Authority will be available under “ITD Remarks”. The recording will be made available within a reasonable period, not exceeding two days of recording. The recoding can be downloaded from the portal through which the video conferencing was held.

Steps to check the recording of video conferencing availability and the URL details from which it can be downloaded.

• Login to e-Filing->e-Proceeding->Select Proceeding Name ->
• Click VC hyperlink under the Video conferencing column. On click the details of VC will be displayed.

• Click on VC recording hyperlink, a pop up will open with the link of VC recording. Enter the URL link in an internet browser address bar to view and download recorded VC.

FAQs – on Seek adjournment

What is seek adjournment?

Answer: Seek adjournment is a functionality provided to an assessee to submit a request to extend the response due date of a notice issued by an Income Tax Authority if the assessee is unable to submit response within the notice submission timelines mentioned.

Who can avail seek adjournment facility?

Answer: Those taxpayers for whom a hyperlink “Seek” is enabled against a notice, as appearing in the e-Proceeding module under the column “Seek/View adjournment”.

 

How to seek adjournment?

Answer :

• Login to e-Filing->e-Proceeding->Select Proceeding Name ->
• Click Seek hyperlink against a notice issued by the department under the column “Seek/View adjournment”.

• Click on the hyperlink “Seek Adjournment”.
• On click on the same, a window appears. The user needs to choose the ‘adjournment sought up to date’ by choosing any date from the calendar provided against this menu. Select appropriate reason from the drop-down values. If there are no predefined as a dropdown, the user may select “Others” and enter the description in the text box.
• It may be noted that at any given point of time, an adjournment request exceeding 15 calendar days from the notice due date shall be entertained.
• Thereafter, a text box will appear wherein user needs to provide reasons in detail.(Maximum 4000 characters)
• If the user wants to upload any document supporting such a claim, there is provision to attach it by click the button “browse”. The document that can be attached are in PDF and should not exceed 5 MB.
• Click Submit button and a success message will be displayed on submission of request.

Is there any date limit up to which adjournment request can be sought?

Answer : Yes,

• If adjournment is sought before the response due date then up to 15 calendar days from notice response due date
• If adjournment is sought after response due date then up to 15 calendar days from the date of seeking adjournment.
• However, no adjournment request can be raised for a date falling within 7 days prior to the “Proceeding Limitation Date”.

How to know the status of adjournment request raised?

Answer : Adjournment request will either be approved or rejected. If approved, the approved extended date will reflected under “Adjourned date for submission of response” and the taxpayer can submit response till such extended date. If rejected, then taxpayer can submit response till the existing response due date or till such period the Income Tax Authority permits such submission. Both email and SMS communication will be send on the status of the request submitted.

Steps to Check to adjournment request

• Login to e-Filing->e-Proceeding->Select Proceeding Name ->
• Click View hyperlink under the “Seek/View Adjournment” column. On click the details of adjournment request submitted will be displayed.

• If request is approved, Adjourned date will be displayed under “Adjourned date for submission of response” column and status will be displayed as “Approved”.

• If request is rejected, status will be displayed as “Rejected”. Under ITD Remarks column “Remarks” will be displayed.

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ITAT deletes Capital Gain brought to tax under Section 50C of Income Tax Act

ITAT deletes Capital Gain brought to tax under Section 50C of Income Tax Act

IN THE INCOME TAX APPELLATE TRIBUNAL

The Text of the Order as follows :

This is an appeal of the assessee against the order dated 24.05.2019 of CIT(A)-6, Bengaluru, relating to Assessment Year 2011-12. At the time of hearing, learned Counsel for the assessee submitted that he does not wish to press for adjudication ground No.2 raised by the Revenue with regard to the challenge to the validity of initiation of reassessment proceedings under section 148 of the Income Tax Act, 1961 (hereinafter called ‘the Act’).

2. The only ground that needs to be adjudicated int his appeal is as to whether the Revenue authorities were justified in bringing to tax as capital gain a sum fo Rs.25,53,315/- by invoking the provisions of section 50C of the Act.

3. The assessee is an individual. For Assessment Year 2011-12, he filed return of income on 16.09.2011 declaring a total income of Rs.18,83,160/-. This return was accepted under section 143(1) of the Act. Subsequently, the assessment was reopened under section 148 of the Act by issue of a notice dated 30.03.2018. The reasons for issue of notice were that the Assessee sold two shops at Cavalry Road, Bangalore (hereinafter referred to as “the property”) under a sale deed dated 10.8.2009 for a sale consideration of Rs.32,27;010/-. The value adopted by the registering authority for the purpose of stamp duty and registration charges i.e., as per guideline valuation was Rs:57,80,325/-. The Assessee had not disclosed the capital gain on sale of the property, the AO initiated proceedings for reassessment to assess capital gain that escaped assessment.

4. In the reassessment proceedings, the Assessee took a stand that Section 45(1) of the Act clearly lays down that any gain arising on the transfer of the capital asset effected in the previous year shall be chargeable to income tax under the head “capital gain” and shall be deemed to be the income of the previous year in which the transfer took place. Section 2(47) of the Act defines transfer which includes a sale. The sale deed was executed by the Assessee on 10.08.2019 and was presented for registration on 10.08.2009. Since the parties disputed the value adopted by the registering authorities for the purpose of stamp duty and registration, the matter was referred to the District Registrar and determined the value of the property for the purpose of stamp duty and registration at a sum of Rs.57,80,325/-. This order of the District Registrar was passed on 31.03.2010. The assessee paid the stamp duty as demanded by the registering authorities on 26.06.2010 and the document was registered on 26.06.2010. Since the sale deed was executed on 10.08.2009 which falls within the Financial Year 2009-10 relevant to the Assessment Year 2010-11, the capital gain in question cannot be brought to tax in Assessment Year 2011-12.

5. The AO however wanted to tax the difference between the value adopted by the registering authorities at Rs.57,80,325/- and the sale consideration between the parties at a sum of Rs.32,23,000/- viz., a sum of Rs.25,53,315/- in Assessment Year 2011-12 on the ground that since the document was ultimately registered on 26.06.2010 Assessment Year 2011-12 will be the year in which the provisions of section 50C of the Act would be attracted and according brought to tax a sum of Rs.25,53,315/-. The AO held that since higher value was fixed for stamp duty purpose during the AY.2011-12 and as such the deemed capital gains accrued to the assessee for AY: 2011-12. The AO also observed that the Assessee’s stand that capital gain on sale of property it is assessable for AY 2010-11, is only for the reason that, it is not possible to re-open the assessment for AY 2010-11 now, as the-same is already barred by limitation of time for re-opening. For the above reasons, the AO brought to tax additional capital gain of Rs.25,53,315/-, which accrued to the assessee, by applying provision of.Sec.50C, for the AY 2011-12, being the year of accrual.

6. It was the case of the assessee before the CIT(A) that there was no transfer of the capital asset in the previous year relevant to Assessment Year 2011-12 because the sale deed is dated 10.08.2009 which falls within Assessment Year 2010-11. It was further pleaded by the assessee that the date on which the document is registered is not the date of transfer and it is only the date of sale deed which can be regarded as the date of transfer. The assessee placed reliance on the provisions of section 47 of the Indian Registration Act, 1908, which provides that a registered document shall operate from the time from which it would have commenced to operate if no registration thereof had been required or made, and not from the time of its registration. The CIT(A) however did not agree with the stand taken by the assessee and he agreed with the view of the AO that section 50C would be applicable in Assessment Year 2011-12 because it is only in Assessment Year 2011-12 that the value for the purpose of stamp duty and registration was fixed by the registering authorities. The CIT(A) also drew support from the decision of the Hon’ble Calcutta High Court in the case of M/s. Bagri Impex Pvt. Ltd., Vs. ACIT (2013) 31 taxmann.com 39 (Calcutta). In that case, full consideration on transfers was received in one year and the registration of the sale deed happened in a subsequent Assessment Year. The application of section 50C of the Act in another Assessment Year, which is neither the year of receipt of sale consideration nor the year of determination of valuation by the registering authority u/s.50C, was upheld by the Hon’ble Calcutta High Court.

7. Aggrieved by the order of the CIT(A), the assessee has preferred the present appeal before the Tribunal. Learned Counsel for the assessee reiterated the stand of the assessee as was put forth before the CIT(A). He further relied on the decision of the Hon’ble Supreme Court in the case of Gurbax Singh Vs. Kartar Singh and Others 254 ITR 112 (SC). In the aforesaid decision, the Hon’ble Supreme Court took a view that in view of the provisions of section 47 of the Indian Registration Act, 1908, a document will take effect from the time when it was executed and not from the time of its registration. The learned Counsel also distinguished the decision of the Hon’ble Calcutta High Court by pointing out that in that case, the assessee offered capital gains for taxation in the year of receipt i.e., 2006-07 but the sale deed had been executed in Assessment Year 2007-08 and registration took place in the year 2008-09. The assessee had offered the capital gain to tax in Assessment Year 2006-07. The Hon’ble Calcutta High Court upheld levy of capital gain in AY 2006-07 by applying provisions of Sec.50C of the Act. He pointed out that the decision has to be read with the peculiar facts and circumstances of that case and not applicable to the present case. He also pointed out that section 50C of the Act was amended w.e.f. 01.10.2009 substituting the word ‘assessed’ by the word ‘assessable’. It was in this context that the Hon’ble Kolkata High Court upheld the Revenue’s contention. Learned DR for the Revenue reiterated the stand of the Revenue as contained in the order of AO and CIT(A). He also relied on a decision of the ITAT Hyderabad Bench in the case of Sri J.Appa Rao Vs. ACIT ITA No.`518/Hyd/2010 order dated 29.11.2013.

8. I have given a careful consideration to the rival submissions and I find that the sale deed in the present case was executed by the assessee selling two shops at Cavalry Road on 10.08.2009. The sale deed operates from the date on which it was executed and there are no covenants regarding the period of operation of sale under the sale deed to have been postponed. Because of dispute with regard to valuation, the registration could be completed only on 26.06.2010. That will not postpone the date of vesting of title in favour of the transferee from the date of sale. As per section 47 of the Indian Registration Act, 1908, the sale by the assessee to the transferee would operate from 10.08.2009. Therefore transfer by way of sale of the property took place on 10.8.2009.

9. Under section 45(1) of the Act, the charge on capital gain is in the year of transfer. Section 45(1) of the Act clearly lays down that any gain arising on the transfer of the capital asset effected in the previous year shall be chargeable to income tax under the head “capital gain” and shall be deemed to be the income of the previous year in which the transfer took place. Section 2(47) of the Act defines transfer which includes a sale. The transfer in the present case is “sale” and since sale in the present case has taken place in the previous year relevant to Assessment Year 2010-11, the capital gain in question cannot be brought to tax in Assessment Year 2011-12. This aspect has been accepted by the AO in the order of assessment. Because the assessment for Assessment Year 2010-11 was barred by time and could not be reopened, he resorted to the provisions of Sec.50C of the Act and taxed deemed accrued capital gain. Section 48 of the Act lays down that capital gain has to be computed by reducing from the full value of consideration received or accruing as a result of transfer expenditure incurred wholly and exclusively in connection with such transfer and the cost of acquisition of the asset and the cost of improvement if any. Sec.50C of the Act is a Special provision for full value of consideration in certain cases and it lays down that where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed [or assessable] by any authority of a State Government (hereafter in this section referred to as the “stamp valuation authority:”) for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed [or assessable] shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer. Sec.50C of the Act substitutes the full value of consideration received or accruing on transfer which otherwise would be the value as envisaged u/s.48 of the Act. Sec.50C of the Act is therefore an exception to Sec.48 of the Act in certain circumstances. Section 50C of the Act does not operate to change the year of transfer as laid down in section 45(1) of the Act.

10. Section 45 of the Act is a charging section as far as capital gain on transfer of capital asset is concerned. Section 48 is a machinery or computation provision. A transaction to which those provisions cannot be applied must be regarded as never intended by Section 45 of the Act to be a subject of charge. This inference flows from the general arrangement of the provisions in the Act whereunder each head of income the charging provision is accompanied by a set of provisions for computing the income subject to that charge. Referring to the fundamental integrality of the statutory scheme provided for capital gains, the Supreme Court observed in B.C. Srinivasa Betty’s case 128 ITR 294 (SC) at p. 299 of the report;

“Section 45 charges the profits or gains arising from the transfer of a capital asset to income-tax. The asset must be one which falls within the contemplation of the section. It must bear that quality which brings s. 45 into play. To determine whether the goodwill of a new business is such an asset, it is permissible, as we shall presently show, to refer to certain other sections of the head, “Capital gains“. Section 45 is a charging section. For the purpose of imposing the charge, Parliament has enacted detailed provisions in order to compute the profits or gains under that head. No existing principle or provision at variance with them can be applied for determining the chargeable profits and gains. All transactions encompassed by s. 45 must fall under the governance of its computation provisions. A transaction to which those provisions cannot be applied must be regarded as never intended by s. 45 to be the subject of the charge. This inference flows from the general arrangement of the provisions in the Income-tax Act, where under each head of income the charging provision is accompanied by a set of provisions for computing the income subject to that charge. The character of the computation provisions in each case bears a relationship to the nature of the charge. Thus the charging section and the computation provisions together constitute an integrated code. When there is a case to which the computation provisions cannot apply at all, it is evident that such a case was not intended to fall within the charging section. Otherwise one would be driven to conclude that while a certain income seems to fall within the charging section there is no scheme of computation for quantifying it. The legislative pattern discernible in the Act is against such a conclusion. It must be borne in mind that the legislative intent is presumed to run uniformly through the entire conspectus of provisions pertaining to each head of income. No doubt there is a qualitative difference between the charging provision and a computation provision. And ordinarily the operation of the charging provision cannot be affected by the construction of a particular computation provision. But the question here is whether it is possible to apply the computation provision at all if a certain interpretation is pressed on the charging provision. That pertains to the fundamental integrality of the statutory scheme provided for each head.” (emphasis supplied)

The reverse inference that can be drawn on the basis of the aforesaid observations underlined, is that if there is no charge to tax on capital gain in AY 2011-12 u/s.45(1) of the Act, the computation provision u/s.48 of the Act, cannot operate to create a charge.

11. The decision referred to by the learned Counsel for the Revenue of the Calcutta High Court is on different facts and not applicable to the present case. In the case of Bagri Impex (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle-9, Kolkata, (2013) 31 taxmann.com 39 Calcutta, the facts were that the Assessee was owner of 2/5th share in a land situate at Kolkata. The case of the assessee was that the land in question or the interest of the assessee was agreed to be sold on 15th October, 1996 to 15 several buyers. Deeds of conveyance in favour of five buyers were executed on 15.1.1998. The balance 10 deeds of conveyance were executed on 26th May, 2006 and registered on 27th November, 2007. The stamp duty was assessed on 27th November, 2007. The assessee offered capital gain on sale for taxation in AY 2006-07. Therefore in AY 2006-07 neither the sale deed was executed nor registered. The AO applied the provisions of Sec.50-C of the Act and determined capital gain based on the value adopted by the registering authority for the purpose of stamp duty and registration charges. Case of the assessee was that it had received money before executing the deed of conveyance and therefore the provisions of Sec.50C of the Act were not applicable. Sec.50C of the Act was inserted by the Finance Act, 2002 w.e.f 1-4-2003 and was as follows:

“Special provision for full value of consideration in certain cases.

50C.(1) Where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed by any authority of a State Government (hereafter in this section referred to as the “stamp valuation authority:”) for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer.”

The provisions were amended by the Finance Act, 2009 w.e.f 1-10-2009 by adding the word “Assesseable” after the word adopted or assessed. After the amendment with effect from 1st October, 2009 the provision of Section 50C stood as follows:

“Special provision for full value of consideration in certain cases.

50C.(1) Where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed [or assessable] by any authority of a State Government (hereafter in this section referred to as the “stamp valuation authority:”) for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed [or assessable] shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer.”

The case of the assessee was that the provision of Section 50C has no manner of application because on the date when he received the money by way of sale proceeds neither the deed of conveyance had been executed and naturally it could not have been registered on that date. The Hon’ble Calcutta High Court had to decide the following substantial question of law: viz.,

“Whether, on the facts and circumstances of the case, the learned Tribunal was justified in law in not considering that the words “or assessable” was introduced in section 50C(1) of the Income Tax Act, 1961 with effect from 1st October, 2009 and thus erred in taking the value of the capital asset as assessed by the Stamp Valuation Authority on 27th November, 2007 instead of actual transfer price for the relevant assessment year 2006-07?”

The Court held as follows:

“7. We have not been impressed by this submission. It is true that ‘Transfer’ has been defined in Section 2(47) quoted above. But the aforesaid definition was made before Section 50C was introduced to the Income Tax Act. After section 50C was introduced in the year 2003, the value of the land or building or both sold or otherwise transferred has to be the value assessed by the authority of the State Government for the purpose of stamp valuation. The submission that in the financial year 2005-06 when the consideration was received, the Deed of Conveyance had not even been executed has not found favour with us for the simple reason that the intention of the Parliament is that in a case where the land or building or both are sold or otherwise transferred, such transfer shall be deemed to have taken place only after the stamp duty has been assessed by the State Government, because it is on the valuation made for the purpose of stamp duty that the tax is payable under the Income Tax Act. The amendment made in the year 2009 may have made the things simpler, but the intention of the legislature was very clear from the beginning that the value for the purpose of income tax shall be the same as the value for stamp duty. By adopting devices to defeat the provision, the assessee cannot be heard to contend that section 50C would not be applicable merely because the Deed of Conveyance had not at that time been executed or registered. The contention that the property stood transferred in the financial year 2005-06 when the sale proceeds were received on the basis of the definition appearing from s.2(47)(v) of the I.T. Act is without any substance for reasons already discussed. The assessee itself did not follow s.2(47)(v) of the I.T. Act because it did not offer the transfer for taxation in the year 1996 when the possession is claimed to have been made over on the basis of the agreements for sale in accordance with s.2(47)(v) quoted above. Designs to evade tax cannot be permitted. The Assessing Officer on the date of assessment for the assessment year 2006-2007 had before him the valuation made by the State for the purpose of stamp duty and rightly applied the same.”

12. The aforesaid decision is not applicable to the facts of the present case as there was no device adopted by the Assessee to ensure that provisions of Sec.50C of the Act were not applicable to his case. Secondly, the registration was completed in the case before the Hon’ble Calcutta High on 27.11.2007 i.e., in AY 2008-09 but the case before the Hon’ble Court related to AY 2006-07. The Court was interpreting the term “assesseable” and countered the contention of the Assessee that prior to the amendment of Sec.50C of the Act w.e.f 1-10-2009, it is only cases where the valuation is completed in the relevant AY that provisions of Sec.50C of the Act can be applied. In the present case, no such devise to evade tax has been pleaded by the revenue nor a plea has been taken by the Assessee that sale having taken place earlier to the execution or registration of sale , provisions of Sec.50C of the Act are not applicable. As rightly contended by the learned Counsel for the assessee, it was a decision rendered on the scope of amendment to section 50C of the Act w.e.f. 01.10.2009.

13. The decision referred to by the learned DR in the case of J.Appa Rao(supra) is a case where it was held that applicability of the provisions of Sec.50C of the Act is mandatory w.e.f .1-4-2003. This decision does not in any way support the case of the revenue regarding the year in which capital gain is liable to be taxed.

14. For the reasons given above, I hold that the capital gain in question cannot be brought to tax in Assessment Year 2011-12. The Revenue authorities erred in bringing to tax the capital gain in Assessment Year 2011-12. The addition made by the AO is accordingly directed to be deleted.

15. In the result, appeal by the assessee is allowed.

Pronounced in the open court on the date mentioned on the caption page.

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MCA signing Data Exchange MoU with CBIC

MCA signing Data Exchange MoU with CBIC

PRESS RELEASE

A formal Memorandum of Understanding (MOU) was signed today between the Ministry of Corporate Affairs (MCA) and Central Board of Indirect Taxes and Customs (CBIC), Ministry Of Finance for data exchange between the two organizations. The MoU was signed by Shri Manoj Pandey, Joint Secretary MCA and Shri B. B. Gupta, ADG, CBIC in the presence of Secretary, MCA and Chairman, CBIC.

The MoU is in line with the vision of MCA and CBIC to harness data capabilities to ensure effective enforcement. Both the organizations are going to benefit from access to each other’s databases which include details of import-export transactions and consolidated financial statements of companies registered in the country. The data sharing arrangement gains significance in light of development of MCA21 Version 3 which will utilize state of the art technology for enhancing ease of doing business in India and improve the regulatory enforcement and similar steps by CBIC like the launch of ADVAIT (Advanced Analytics in Indirect Taxation) a 360-degree taxpayer profiling tool. AI/ML, data analytics will play a critical role in achieving this synergy.

The MoU will facilitate the sharing of data and information between MCA and CBIC on an automatic and regular basis. It will enable sharing of specific information such as details of Bill of Entry (Imports), Shipping Bill (Exports) Summary from CBIC and financial statements filed with the Registrar by corporates, returns of allotment of shares. The MoU will ensure that both MCA and CBIC have seamless linkage for regulatory purposes. In addition to regular exchange of data, MCA and CBIC will also exchange with each other, on request, any information available in their respective databases, for the purpose of carrying out scrutiny, inspection, investigation and prosecution.

Technology and data will play a critical role going forward in fulfilling the Government’s vision of minimum government, maximum governance and both MCA and CBIC are well placed to fulfill this vision.

The MoU comes into force from the date it was signed and is an ongoing initiative of MCA and CBIC, who are already collaborating through various existing mechanisms. A Data Exchange Steering Group also has been constituted for the initiative, which will meet periodically to review the data exchange status and take steps to further improve the effectiveness of the data sharing mechanism.

The MoU marks the beginning of a new era of cooperation and synergy between the two organizations.

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