MCA : Extends deadline/relaxes additional fees for annual filing of cos. registered in TN & Puducherry

MCA relaxes additional fees payable on e-Form AOC – 4, AOC – 4 XBRL (Financial Statements) and e-Form MGT – 7 (Annual Returns) for the companies registered in State of Tamil Nadu and Union Territory Puducherry, also extends that last date of filing up to January 30, 2016: MCA

WISH ALL OF YOU HAPPY NEW YEAR 2016

Schedule for various Cut-Off Dates for the year 2016 pertaining to the Students

Schedule for various Cut-Off Dates for the year 2016 

pertaining to the Students 

Note: Please note that Admission / Registration Applications, Examination Enrollment applications, Applications for claiming paper-wise Exemptions, Applications for Registration in De-novo / Extension etc. shall be accepted through online mode only. Therefore, it is clarified that on the scheduled cut-off date even if there is Holiday/Off-day, there shall be no change in the prescribed cut-off date, as online services can be availed 24x7 any time from any where at Institute’s website www.icsi.edu 

www.icsi.edu/Student.aspx

Schedule of the cut off Dates for the year 2016pertaing to the students

Note: Please note that Admission / Registration Applications, Examination Enrollment applications, Applications for claiming paper-wise Exemptions, Applications for Registration in De-novo / Extension etc. shall be accepted through online mode only. Therefore, it is clarified that on the scheduled cut-off date even if there is Holiday/Off-day, there shall be no change in the prescribed cut-off date, as online services can be availed 24x7 any time from any where at Institute’s website www.icsi.edu






http://www.icsi.edu/Student.aspx

UPDATES:

1.  No assessment can be made in the hands of non-existing company. [M/s PVP Ventures Ltd. vs. DCIT: ITAT Chennai]
2. Revenue cannot adjust operating costs in allowing capacity adjustment under Transfer Pricing. [DCIT vs. Claas India Pvt. Ltd. Delhi Bench of ITAT.
3. Wax used for producing cotton yarn should be treated as Raw Material – Supreme Court in the case of M/S. MERIDIAN INDUSTRIES LTD. vs Commissioner of Central Excise.
4. MCA clarified that the last date for Annual Filing Forms is 30 Dec 2015 and no further extension would be accorded after this date.
5. SEBI mulls collective issue of orders, not via a single officer in a bid to improve accountability and ensure every order is looked upon as a regulatory action.
6. RBI has extended the deadline for exchanging pre-2005 currency notes of various denominations, including Rs 500/-and Rs 1,000/-, by another six months to June 30, 2016.
7. From 1st Jan, 2016 LPG subsidy will not be available to Consumers with Taxable Income of 10 lakhs or more in FY 2015-16.
8. Cheque bounce cases are to be filed at the Place of Presentation of Cheque and not the place of issue (as per Negotiable Instruments (Amendment) Bill.

Govt directs taxman to quote email, phone number in e-notice

In an attempt to bring authenticity to e-mail based communication to taxpayers, the Finance Ministry has asked Income Tax department officials to mandatorily mention their email and official phone numbers in such letters and notices.

An official order, accessed by PTI, in this regard was issued by the Ministry sometime back on the directions of Revenue Secretary Hasmukh Adhia.

“Henceforth any notice, letter, communication issued by any officer under Department of Revenue, including CBDT, its directorates and field formations to the taxpayers, members of public should invariably contain mention of email address and office phone numbers, of the officers signing such, communications, notice, letters for facilitating tax payers’ electronic interface with the department.

“All are requested to kindly ensure that the above directions are strictly followed,” the order said.

A senior official explained the step had been taken to lend the required “authenticity” to electronic communications which at times are fraught with the danger of being fake or a phishing attempt on the taxpayer.

“In case of doubt, the recipient or taxpayer could check the authenticity of the notice or letter sent by the Assessing Officer or the IT officer. The attempt is to make e-communication by IT department safe, secure and reliable,” the official said.

The department has recently launched a first-ever pilot project to begin an email based scrutiny assessment of taxpayers in select cities.

The Central Board of Direct Taxes, the policy-making body of the IT department, had recently also notified use of emails as the new mode of communication between the taxman and taxpayers, as part of the government’s e-initiative to reduce human interface and complaints of harassment and corruption in conducting tax-related jobs.

Henceforth, the taxman can now send official communication to “email address available in the income-tax return furnished by the addressee to which the communication relates or the email address available in the last income tax return furnished by the addressee or in the case of addressee being a company, email address of the company as available on the website of ministry of corporate affairs”.

The department, in order to reduce the taxpayers’ visit to the IT office, had launched the ‘pilot’ project and the first set of e-communications have been decided to be mailed to 100 chosen people each in Delhi, Mumbai, Bengaluru, Ahmedabad, and Chennai regions.

The CBDT had recently asked the department to “initiate the concept of using email for corresponding with taxpayers and sending through emails the questionnaire, notice etc. at the time of scrutiny proceedings and getting responses from them.”

“This would eliminate the necessity of visiting the Income Tax offices by the taxpayers, particularly in smaller cases, involving limited issues and where taxpayer is able to provide details required by the Assessing Officer (AO) without necessitating his physical presence,” the order had said.

Most of Us Spoil our Present to Plan for Future which we would never See. 

Whatever One Experiences, it is in his Present and What-ever it misses,

It becomes past and ire-reversible. 

Let us enjoy out TO-DAY before it becomes YESTERDAY 

          

         and  

Not WAIT for TOMORROW which would never come.

ICA

 WISHES

    ALL OF YOU

     MARRY XMAS

        & 

A VERY VERY HAPPY

AND

PROSPEROUS

NEW YEAR 

2  0  1  6

RBI sets up helpline for startups on fund-raising

Mumbai: With startups raising funds from a variety of offshore sources, including individuals, private equity players and crowdsourcing, the RBI has set up a dedicated helpline for advice on cross-border remittances which are subject to guidelines issued under the foreign exchangemanagement act.

Although businesses are supposed to know the law %before they raise capital, many of the startups are being promoted by very young and inexperienced individuals. Moreover, the amount raised by some of them run into only a few lakhs, making it difficult for them to hire %law firms.

The helpline is actually an email ID (helpstartup@rbi.org.in) through which RBI will respond to queries. The central bank said that it will offer guidance/assistance to them for undertaking cross-border transactions within the %ambit of the regulatory framework.

"While seeking guidance, the enterprises should provide complete information to the RBI and mention the specific issues on which they need guidance in relation to the Foreign Exchange Management regulations. This would enable the personnel attending the helpline to offer timely and effective information."

In his Independence Day speech, Prime Minister Narendra Modi had announced that government would take measures to promote startups in the country. Since then, the government has sought inputs from investors like SoftBank president Nikesh Arora and Snapdeal CEO Kunal Bahl and former Infosys director Mohandas Pai. The department of industrial policy and promotion had drawn up an action plan to address concerns of entrepreneurs. One of the issues raised was the cumbersome process in complying with the Foreign Exchange Management Act (FEMA) documentation.

Startups usually undertake a wide range of cross-border transactions including those related to investment. Cross-border transactions of resident Indians are subject to the regulatory regime provided by the Foreign Exchange Management Act, 1999.