Relaxation of additional Fees and extension of last date of in filing Annual Return-MCA

The Ministry of Corporate Affairs, Government of India has given another relief to the stakeholders from the additional annual filing fee by the General Circular No. 08/2016 date 29.07.2016.

The Ministry have revised Form AOC-4 which would be deployed shortly. Further Form AOC-4 (XBRL) and Form AOC-4 (CFS) are also under revision and this may be available for deployment by the end of August, 2016.
 As per the provisions of Companies Act, 2013, the companies are required to file Financial Statements (Standalone and/or consolidated) within 30 days and the Annual Return within 60 days from the conclusion of Annual General Meeting (AGM) or form the date when the Annual General Meeting (AGM) ought to  be held i.e. due date of AGM. On the filing of the financial statements and annual return after due date, additional fees are required to be paid.

However, by the above mentioned latest circular, the companies, which are required to hold their Annual General Meetings (AGM) on or after 01.04.2016, are not required to pay additional fee for the filing of Financial Statements and Annual Return on or before 29.10.2016.

GeneralCircular

Extension of the last date of filing VAT Return for Q.E. 30/06/2016

Since there are compelling reasons to extend the due date of submission of return under section 32 of the West Bengal Value Added Tax Act, 2003, read with rule 34A and rule 34AA of the West Bengal Value Added Tax Rules, 2005, now therefore, in exercise of the power conferred upon me under rule 37A of the rules ibid, the due date of submission of return is extended as mentioned in the table below:

Period in respect of which return is required to be furnished Form of return Last date of payment of net tax, interest, if any, payable according to that return Extended date of transmission of data electronically of that return Last date of receipt of Form 14e/15e, if applicable
Q.E.30.06.2016 Form 14/14D 31.07.2016 24.08.2016 08.09.2016
Q.E.30.06.2016 Form 15 31.07.2016 24.08.2016 08.09.2016

Mandatory Submission of Return using Digital Signature under WBVAT

In its continuous endeavour to promote e-governance among citizens, the Directorate has decided to extend the facility of submission of return using digital signature to larger number of registered dealers with effect from quarter ending 30th June, 2016. Accordingly the West Bengal Value Added Tax Rules 2005, has been amended through Notification No. 1024-F.T. dated 21.07.2016.

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Happy CA Day

CADAY

One Day Registration for all dealers Under WBVAT

This Directorate has taken significant initiatives to grant quick and hassle-free registration under the West Bengal Value Added Tax Act, 2003 and the Central Sales Tax Act, 1956 to the dealers through the online process since August, 2011. It may be noted that one-day registration scheme for dealers applying under the Tatkhanik Scheme has already been in service w.e.f. 27.05.2015 vide Trade Circular no. 10/2015.

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No recovery from assessee where tax has been deducted but not deposited by deductor

SECTION 199 OF THE INCOME-TAX ACT, 1961 – DEDUCTION OF TAX AT SOURCE – CREDIT FOR TAX DEDUCTED – NON-DEPOSIT OF TAX DEDUCTED AT SOURCE BY THE DEDUCTOR

OFFICE MEMORANDUM F.NO.275/29/2014-IT(B), DATED 11-3-2016

Vide letter of even number dated 1-6-2015, the Board had issued directions to the field officers that in case of an assessee whose tax has been deducted at source but not deposited to the Government’s account by the deductor, Continue reading →

Result of the Chartered Accountants Intermediate (IPC) Examination held in May, 2015 to be declared on Friday, 31.07.2015

The result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in May, 2015 is likely to be declared on Friday, the 31st July, 2015 around 4.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks Continue reading →

Result of the Insurance & Risk Management [IRM] Examination held in May, 2015 to be declared on Friday, the 31.07.2015

The result of the Insurance & Risk Management [IRM] Examination held in May, 2015 is likely to be declared on Friday, the 31st July, 2015 around 4.00 P.M. at the Institute’s office at New Delhi.

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A Very Welcome Step by ICAI — Mechanism to Monitor Tendering by CA Firm

With a view to contain the tendering system for attest functions, the Council at its special (338th) meeting considered the report of the Group constituted under the convenorship of CA. Tarun Jamnadas Ghia, Member, Central Council and decided as under:
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What is Escrow Agent

Escrow Agent is a trusted third-party which holds an asset or document on behalf of a first-party for delivery to beneficiary after a specified time frame or upon the occurrence of a condition or event specified in the escrow agreement.

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