accounting tally taxation tutorials: e-Filing

Showing posts with label e-Filing. Show all posts

Saturday, July 9, 2016

no tds, foreign tax credit, online filing of TDS TCS returns, amendment 206C, TCS us 206C(1D), higher rate section 206AA etc

1. No TDS shall be made on the payments of the nature specified in clause (23DA) of section 10 received by any securitisation trust (Notification No.46/2016 dated 17th June, 2016)

No TDS shall be made on any income of a securitization trust from the activity of securitisation. Securitisation trust is defined in clause (d) of the Explanation to section 115TC of the Income Tax Act, 1961. Securitisation means as assigned to it under Securities Contracts (Regulation) Act, 1956.

For notification .Click here

2. No TDS shall be made on specified transactions in case such payment is made by a person to a bank excluding a foreign bank (Notification No. 47/2016 dated 17th June, 2016)

No TDS shall be made on following payments made by any person to a bank listed in the Second Schedule to the Reserve Bank of India Act, 1934 excluding a foreign bank, or to any payment systems company authorized by the Reserve Bank of India under Sub-section (2) of Section 4 of the Payment and Settlement Systems Act, 2007. Payments :-

• bank guarantee commission

• cash management service charges

• depository charges on maintenance of DEMAT accounts

• charges for warehousing services for commodities

• underwriting service charges

• clearing charges (MICR charges) including interchange fee or any other similar charges by whatever name called charged at the time of settlement or for clearing activities under the Payment and Settlement Systems Act, 2007

• credit card or debit card commission for transaction between merchant establishment and acquirer bank

For notification Click here

3. Income–tax (15th Amendment) Rules, 2016.

CBDT vide notification dated 20th June, 2016 has amended Rule 114H of the Income Tax Rules, 1962. In order to provide sufficient time to the reporting Financial Institutions for completing the due diligence procedure in respect of other reportable account referred to in Rule 114H (3)(d)(ii), which is high value account as on 31st December, 2015, the timeline specified for review of pre-existing individual account has been extended from 30th June, 2016 to 31st December, 2016. The timeline in case of U.S. reportable account which is low value account as on the 30th June, 2014, shall continue to be 30th June, 2016.

Similarly, in respect of other reportable account referred to in Rule 114H(5)(e)(i), timeline specified for review of pre-existing entity account has been extended from 30th June, 2016 to 31st December, 2016. The timeline in case of a U.S. reportable account shall continue to be 30th June, 2016.

For notification Click here

4. Amendment in section 206C of the Income Tax Act vide Finance Act, 2016-Clarification

CBDT vide Circular no. 23/2016 dated 24th June, 2016 clarified following regarding TCS u/s 206C:-

Q. Whether tax collection at source u/s 206C (1D) @ 1% will apply in cases where the sale consideration received is partly in cash and partly in cheque and the cash receipt is les than 2 lakhs.

A. No, Tax collection at source will not be levied if the cash receipt does not exceed two lakh rupees even if the sale consideration exceeds two lakhs rupees.

Q. Whether TCS u/s 206C(1D) will apply only to cash component of the sale consideration or in respect of whole of sale consideration.

A. Under 206C(1D), tax is required to be collected at source on cash component of the sales consideration and not on the whole of sales consideration.

For notification and Illustrations. Click here

5. Income–tax (16th Amendment) Rules, 2016

CBDT notifies dates for general anti avoidance rules implementation as 1st Day of April 2017.Notification No. 49/2016-Income Tax dated 22nd June, 2016.

Also, Provisions of General Anti-Avoidance Rule (GAAR) shall be applicable with effect from 1.4.2017.

For notification. Click here

6. Relaxation from deduction of tax at higher rate under section 206AA - Income– tax (17th Amendment) Rules, 2016

In the case of a non-resident, not being a company, or a foreign company (deductee) and not having permanent account number, the provisions of section 206AA shall not apply in respect of payments in the nature of interest, royalty, fees for technical services and payments on transfer of any capital asset, if the deductee furnishes the following details :-

(i) name, e-mail id, contact number

(ii) address in the country or specified territory outside India of which the deductee is a resident

(iii) a certificate of his being resident in any country or specified territory outside India from the Government of that country or specified territory if the law of that country or specified territory provides for issuance of such certificate

For notification. Click here

7. Online filing of TDS/TCS returns (Notification 11/2016 dated 22nd June 2016)

Income Tax Department has allowed the e-filing of TDS/TCS return on Income Tax e filing site free of cost. However only original return can be filed. Further Digital signature is must to avail this facility, but now procedure has been changed and now deductor may file return on e-filing site with EVC code.

For detailed procedure and notification. Click here

8. Clarifications on the Income Declartion Scheme, 2016

The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all 45% of such undisclosed income declared.

In this regard, Circular No. 17 of 2016 dated 20th May, 2016 issued by the Board provided clarifications to 14 queries.

Now, CBDT vide Circular No. 24/2016 dated 27th June 2016 clarified 11 more queries received from public about various provisions of the Scheme.

For answers to queries and circular click here

9. CBDT notifies rules for Foreign Tax Credit- Income–tax (18th Amendment) Rules, 2016

To provide relief to corporates with income abroad, the tax department has notified 'Foreign Tax Credit' rules allowing companies to claim credit for taxes, surcharge and cess paid overseas. The rules, which come into effect from April 1, 2017, allow taxpayers to claim credit of foreign tax under dispute once it is finally settled.

Foreign tax credit (FTC) will be available against tax, surcharge and cess payable under the Act, including minimum alternate tax (MAT) but not in respect of interest, fee or penalty.

The rules also provide that disputed foreign tax will be allowed as credit for the year in which the income is taxed in India, subject to certain conditions.

To avail of the credit, the taxpayer will have to furnish evidence of settlement of the dispute and evidence of payment of the foreign tax. The taxpayer is also required to provide an undertaking that no refund, directly or indirectly, will be claimed for this foreign tax.

Taxpayers claiming FTC shall now be required to file a Statement of Income from a foreign country with details of tax paid in the prescribed Form 67.

The Central Board of Direct Taxes (CBDT) has also allowed tax payers to give self-certified statement, giving the nature of income and the amount of foreign tax deducted or paid accompanied with the counterfoil or acknowledgment of taxes paid and/or proof of taxes having been deducted at source, for claiming FTC.

The tax credit, the rule said, "shall be the aggregate of the amounts of credit computed separately for each source of income arising from a particular country or specified territory outside India”.

For text of notification. Click here

We would be pleased to receive reader’s feedback with any comments, questions or queries, if any at akashtyagi197@gmail.com. Mail us to receive this update via email on time or whatsapp id on 9811755904.

Thursday, May 14, 2015

Doubts have been expressed regarding increase the rate of service tax from 12.36% to 14%.

Doubts have been expressed in various forums regarding the proposed increase in the rate of service tax from 12.36% (including education cesses) to 14% on the value of taxable service.

It may be noted that changes proposed in the Budget have/are coming into effect on various dates as already indicated in JS (TRU-II) D.O. letter dated 28th February, 2015. Certain amendments made in the Finance Act, 1994, including the change in service tax rate, will come into effect from a date to be notified by the Government after the enactment of the Finance Bill, 2015.

In this regard your attention is invited to clause 106 of the Finance Bill, 2015 and paragraph 3 of JS (TRU-II) D.O. letter, which is reproduced below:-

Service Tax Rate:

The rate of Service Tax is being increased from 12% plus Education Cesses to 14%. The ‘Education Cess’ and ‘Secondary and Higher Education Cess’ shall be subsumed in the revised rate of Service Tax. Thus, the effective increase in Service Tax rate will be from the existing rate of 12.36% (inclusive of cesses) to 14%, subsuming the cesses.

In this context, an amendment is being made in section 66B of the Finance Act, 1994. Further, it has been provided vide clauses 179 and 187 respectively of the Finance Bill, 2015 that sections 95 of the Finance Act, 2004 and 140 of the Finance Act, 2007, levying Education Cess and Secondary and Higher Education Cess on taxable services shall cease to have effect from a date to be notified by the Government.

The new Service Tax rate shall come into effect from a date to be notified by the Central Government after the enactment of the Finance Bill, 2015.

Till the time the revised rate comes into effect, the ‘Education Cess’ and ‘Secondary and Higher Education Cess’ will continue to be levied in Service Tax.”

The paragraph reproduced above is self-explanatory and it is clear that the new Service Tax rate shall come into effect from a date to be notified by the Central Government after the enactment of the Finance Bill, 2015. The date will be notified in due course after the enactment.

Similarly, certain doubts have been raised with regard to abatement on value of services provided in relation to serving of food or beverages by a restaurant, eating joint or a mess, having the facility of air-conditioning or central air-heating in any part of the establishment, at any time during the year. Valuation of services provided in relation to serving of food or beverages by a restaurant, eating joint or a mess is determined as provided in rule 2C of the Service Tax (Determination of Value) Rules, 2006.

In the Union Budget, 2015, no change has been made in these rules; therefore, any confusion is unwarranted. Further, as explained above, the rate of service tax on the specified portion of the amount charged for such supply which is 40% continues to be 12.36% (including cesses) at present i.e. 4.944 %. The rate of Service tax, as discussed above, will continue unchanged till a date which will be notified in due course.

Wide publicity may be given so that the assesses and public are aware of the above. All the major Industry/Trade Associations may be informed accordingly.

Tuesday, May 12, 2015

TRACES UPDATES: Online Correction, Refund Functionality, Enhanced Features, Replace Challan Etc.,

The Online Correction functionality is now enabled for TDS Statements prior to FY 2012-13 also (Financial Year 2007-08 onwards), provided at leastone correction for the relevant statement has been processed by CPC (TDS).

Enhanced features has been enabled "without Digital Signature" for Financial Year 2012-13 onwards, however, Digital Signature will be required for PAN Correction.

Tag/Replace Challan has been enabled on TRACES.

Deductor can close all those demands which are not generated by TDSCPC through Tag/Replace Challan.

The Refund functionality is now enabled on TRACES under 'Statement / Payment -> Request for Refund'

Deductor can submit Refund request only with a valid Digital Signature registered on TRACES for Authorised Person.

Tax payers can make payment of demand raised by CPC - TDS against TDS on Sale of Property has been enabled on TIN-NSDL . You can make payment by entering PAN of Seller, PAN of Buyer, Acknowledgement Number, Assessment Year.

Details of manual and processed demands based on financial year are now available through a link on TRACES deductor dashboard.

The original statement will be put on hold for 7 days if Challan Mismatch / Challan Overbooked / PAN Errors has been identified in the preliminary check. Please make online correction to correct Challan Mismatch / Challan Overbooked / Pan Errors so that your statement is not processed for defaults.

CPC (TDS) prompts you to first close the Short payment defaults before submission of request for download of TDS Certificates (Forms 16/ 16A). Short Payment default that can be closed by Online Correction displayed when submitting request of Form 16 / 16A

Monday, May 4, 2015

Checklist for Incorporation of Company

Step-1

1.Obtaining Directors Identification Number (DIN)

Checklist for Obtaining DIN (If Applicant does not have the DIN)

Signed copy of PAN
Signed copy of Address Proof
Color Photograph
Area of Occupation (Self employed, Professional, home maker, Student, Serviceman)
Educational Qualification Certificate
Email address
Mobile number
Place of birth

Note: - For Obtaining DIN applicant must have the Digital Signature.

For obtaining Digital Signature following documents are required:-

Signed original application
One color photograph of the applicant
Photograph should be crossed signed on the application
Signed copy of PAN
Signed copy of Address proof
Email
Mobile number

Step-2

(Selecting a name)

The promoter under a proposed name shall make an application for Reservation of name in Form INC-1 to Registrar of Companies of the state in which registered office of company is proposed to be situated.
Applicant is required to give 6 alternative names to the registrar.
The proposed name shall not be Identical/ similar to the name of a Company already exist.
The proposed name shall not be registered in the Trade marks
If the proposed name contains name of any other person than promoters or their close blood relatives then NO Objection Certificate from that other person would be required.
If the proposed name includes name of the relatives then proof of relation would be required.
Minimum 2 Directors in case of a private company and 3 in case of a Public Limited company.

Registrar after examining all the documents may reserve the name of the Proposed Company which will be valid for 60 days from the date of application.

Step-3

(Filing of various Documents after getting the Name Approval)

An Application shall be filed, with the Registrar within whose jurisdiction the registered office of the company is proposed to be situated, in Form INC-7 for Incorporation of Company

Form INC-7 is required to be filed for Incorporation of the Company

Section 7 (1):

Following documents and information to be filed with the Registrar within whose jurisdiction the registered office of a company is proposed to be situated, namely:

The MOA & AOA duly signed by all the subscribers to the memorandum.
A declaration in form INC-8 to be filed by an advocate, a chartered accountant, cost accountant or company secretary in practice, who is engaged in the formation of the company on Rs. 10 stamp paper duly notarized.
An affidavit in form INC-9 from each of the subscribers to the memorandum and from persons named as the first directors on Rs. 10 stamp paper duly notarized.
Verification of Signature of Subscribers in Form INC-10.
The address for correspondence till its registered office is established.
The particulars of name, including surname or family name, residential address, nationality and such other particulars of every subscriber to the memorandum along with proof of identity, as may be prescribed.
Number of shares Subscribed by each Subscriber.
The particulars of the persons mentioned in the articles as the first directors of the company, their names, including surnames or family names, the Director Identification Number, residential address, nationality and such other particulars including proof of identity as may be prescribed.
The particulars of the interests of the first directors of the company in, other firms or bodies corporate along with their Consent to act as a Director of the company in Form DIR-2.

(2) The Registrar on the basis of documents and information filed under sub-section (1) shall register all the documents and information referred to in that subsection in the register and issues a certificate of incorporation in the prescribed form to the effect that the proposed company is incorporated under this Act.

(3) On and from the date mentioned in the certificate of incorporation issued under subsection(2), the Registrar shall allot to the company a corporate identity number, which shall be a distinct identity for the company and which shall also be included in the certificate.

(4)Form INC-7 to be filed within sixty days from the date of application of reservation of name in Form INC-1

Step-4

(Filing of Form INC -22)

1) Verification of Registered office to be filed in Form INC-22 with Registrar within 30 days from the date of incorporation.

Any of the following documents shall be attached along with the form, namely -

The registered document of the title of the premises of the registered office in the name of The Company.
the notarized copy of lease / rent agreement in the name of the company along with a copy of rent paid receipt not older than one month, if any.
The authorization from the owner or authorized occupant of the premises along with proof of ownership or occupancy authorization, to use the premises by the company as its registered office, if any.
The proof of evidence of any utility service like telephone, gas, electricity, etc. depicting the address of the premises in the name of the owner or document, as the case may be, which is not older than two months.

Tuesday, April 28, 2015

Income Tax Due Dates for the Month of May-2015

7 May 2015

Due date for deposit of Tax deducted/collected for the month of April, 2015.

15 May 2015

Quarterly statement of TDS/TCS deposited for the quarter ending March 31, 2015.

22 May 2015

Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of April, 2015.

30 May 2015

Quarterly TDS/TCS certificates in respect of tax deducted (for payment other than salary) or tax collected during the quarter ending March 31, 2015.

30 May 2015

Submission of a statement by non-resident (under Section 285) having a liaison office in India for the financial year 2014-15.

31 May 2015

Certificate of tax deducted at source to employees in respect of salary paid and tax deducted during 2014-15.

31 May 2015

Return of tax deduction from contributions paid by the trustees of an approved superannuation fund.

Tuesday, April 21, 2015

TO BE KEPT IN MIND WHILE FILING ITR FOR THE A.Y. 2015-2016. By.Piyush Tanwar

Notification No. 41/2015 dated 15th April 2015

Deemed to have come into force w.e.f. 01st April 2015

ITR-1 (SAHAJ) & ITR-4S (Sugam) cannot be filed by individual who has earned any income from source outside India.
Introduction of EVC for verification of return of income filed as an option to send ITR-V to CPC, Bangalore.
Super Senior citizens are now allowed to file ROI in paper form even though their income exceeds Rs 5 lakhs subject to other conditions.

ITR-1

Introduction of furnishing Aadhar Card Number in ROI. Which will be used for EVC system introduced as mentioned above.
Details of all bank accounts with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as on 31.03.2015 mandatorily to be provided. Even those accounts which are closed during the year.

ITR-2

Introduction of furnishing Aadhar Card Number in ROI. Which will be used for EVC system introduced as mentioned above.
Details of Foreign Travel made if any (For resident and non resident both) includes, Passport No, Issued at, name of country, number of times travelled and expenditure.
Details of utilization of amount deposited in capital gain account scheme for years preceding to last two assessment years. Particulars asked include year of utilization, amount utilized, amount unutilized lying idle in capital gain account scheme till the date of filing of return of income.
In case of LTCG & STCG not chargeable to tax to Non-resident on account of DTAA benefit, It is required to furnish Country name, Article of DTAA, TRC obtained or
For Non-resident, Income from other sources, If any income chargeable to tax at special rate provided in DTAA, It is now required to provide details of Name of Country, Relevant article of DTAA, Rate of Tax, Whether TRC obtained or not?, Corresponding rate of tax under income tax act.
Details of all bank accounts with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as on 31.03.2015 mandatorily to be provided. Even those accounts which are closed during the year.
In schedule FA- Foreign assets disclosure, following details added:-

Foreign Bank accounts details: It is now further require to furnish Account number, account opening date, Interest/income accrued from such account, If any along with details of head of income and schedule under which such income is shown, if offered to tax in India.
In similar manner, details of income from financial interest in any entity outside India along with details of income offered to tax in ITR-2 from such income.
Similar disclosure requirement is also required for Immovable property outside India, capital asset held outside India, trust held outside India

ITR-4S

Introduction of furnishing Aadhar Card Number in ROI. Which will be used for EVC system introduced as mentioned above.
Details of all bank accounts with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as on 31.03.2015 mandatorily to be provided. Even those accounts which are closed during the year.

Saturday, April 18, 2015

Director Identification Number (DIN) - FAQ

What is Director Identification Number (DIN)?
It is an unique Identification Number allotted to an individual who is an existing director of a company or intends to be appointed as director of a company pursuant to section 153 & 154 of the Companies Act, 2013

Who can file an application for allotment of DIN ?
Every individual, intending to be appointed as a director of the company, can file an application for allotment of DIN.

Who will allot the DIN ?
Central Government (Office of Regional Director (Northern Region), Ministry of Corporate Affairs) will allot the DIN.

What is the procedure of obtaining DIN?
Any person intending to apply for DIN shall have to make an application in eForm DIR-3 and should follow the following procedure:

eForm DIR-3 has to follow the online e-Filing process . For more details regarding the same visit e-Filing FAQ's .
Attach the photograph and scanned copy of supporting documents i.e. proof of identity, and proof of residence as per the guidelines. Physical documents are not required to submit at DIN cell.
Along with the supporting documents, Verification as per Form DIR-4 shall also be attached. This shall contain the Name, Father’s name, date of birth and text of declaration and physical signature of the applicant.
The eForm shall have to be digitally signed and shall be uploaded on MCA21 portal.
Upon upload, Pay the fees for eForm DIR-3. Only electronic payment of the fees shall be allowed (I.e. Netbanking / Credit Card). No challan payment will be accepted under revised procedure of DIN allotment.

The applicant is required to get himself/herself registered on the MCA21 Portal to obtain login id, which is necessary for payment of the fees. After obtaining the login-id, Login to the MCA21 portal and click on 'eForm upload' link available under the 'eForms' tab for uploading the eForm DIR-3 . eForm DIR-3 will be processed only after the DIN application fee is paid.

Upon upload and successful payment,

Form DIR-3 is mandatorily to be signed by an Applicant and a practicing professional or secretary (who is a member of ICSI) in whole time employment or the Director of the existing company

Approved DIN shall be generated in case the form is being signed by a practicing professional and details have not been identified as potential duplicate. Provisional DIN shall be generated in case form is signed by secretary in whole time employment or Director of existing company and details have been found as potential duplicate. A suitable informational message and an email shall be provided to the user that the DIN shall be approved after due verification by the DIN cell.

Processing of e Form DIR-3

In case, DIR-3 gets certified by the professional (i.e. CA(in whole time practice)/ CS(in whole time practice)/ CWA (in whole time practice)/, the DIN will be approved by the system immediately online (in case it is not potential duplicate).

Post-approval changes in particulars of Form DIR-3

If there is any change in the particulars submitted in eform DIR-3, applicant can submit e-form DIR-6 online. For instance in the event of change of address of a director, he/ she is required to intimate this change by submitting eform DIR-6 along with the required attested documents.

Who can sign e-Form DIR-6?
The e-Form DIR-6 is required to be digitally signed by an Applicant and a Chartered Accountant or a Company Secretary or a Cost Accountant in whole- time practice.

What things should be taken care of while filling form DIR-3?
Please note that Income Tax PAN is mandatory in case of Indian applicants so the applicant details (name, father’s name, date of birth) should be as per the PAN details. The particulars filled in form DIR-3 should match with the details given in the supporting documents to be submitted along with DIN application. Any mis-match will lead to rejection of DIN application.

Whether any fee is payable along with application for allotment of DIN?
Yes, DIN application fee of Rs. 500/- is payable.

How to enquire about the status of the payment made for Form DIR-3?
Status of the payment made for Form DIR-3 can be enquired from 'Track Payment Status' link on the homepage of www.mca.gov.in.

What are the scanned documents required to be attached with eform DIR-3?

High resolution photograph of the applicant
PAN is mandatory now. So copy of pan is mandatory for identity, name, father’s name and date of birth. Proof of father’s name is not required in the case of foreign nationals
Copy of passport is mandatory as an id proof in the case of foreign nationals.
Present Address proof which should not be older than 2 months
Verification as per form DIR-4 as per the format given on the website

What things should be taken care of with regard to supporting documents?
Please ensure following before attaching supporting documents with DIN application:

Documents submitted are currently valid and not expired.
Documents issued by LIC may be enclosed as Date of Birth and Address proof.
Bank Statements, Utility Bills like telephone, electricity bill etc furnished as residence proof are in the applicant's name only and not older than two months.
All supporting documents attached with form DIR-3 must be duly attested by an authorized person/ authority.
In case the director is illiterate, thumb impression should be certified from the concerned revenue authority (where the applicant resides) and then all the documents should be notarized or attested OR if applicant is not in a position to sign the application due to medical reasons and affixed thumb impression on the application then duly attested medical certificate from Government hospital is must with the application stating the reason of his / her ailment.

What are the additional information/ documents required in case of a foreign national?
Details of a valid passport should be filled in form DIR-3 and a certified copy of same should be attached with DIN application. All supporting documents including photograph should be certified by the Indian Embassy or a notary in the home country of the applicant or by the Managing Director / CEO / Company Secretary of the company registered in India, in which applicant is a director. If a foreign director has a valid multiple-entry Indian visa or Person of Indian Origin card or Overseas Citizen of India card, then the attestation could also be done by Public Notary / Gazetted Officer in India or practicing CA / CS / CWA.

What are the grounds for rejection of DIN application?
A provisional DIN is approved only after scrutiny of the documents attached with the application. Some of the common mistakes committed by applicants and on account of which the DIN application gets rejected are as under

Non-submission of supporting documents

The proof of identity of the applicant is not submitted.
The proof of father's name of the applicant is not submitted.
The proof of date of birth of the applicant is not submitted.
The proof of residential address of the applicant is not submitted.
The copy of passport (for foreign nationals) is not submitted

Invalid Application/supporting Documents

The supporting documents are invalid or expired.
The proof of identity submitted has not been issued by a Government Agency.
The application/enclosed evidence has handwritten entries.
The submitted application is a duplicate DIN application and already one application of that applicant is pending or approved.
The submitted application does not have photograph affixed.
The signatures are not appended to the prescribed place.
The applicant's name filled in application form does not match with the name in the enclosed evidence.
The applicant's father's name filled in application form does not match with the father's name in the enclosed evidence.
The applicant's date (DD/MM/YY) of birth filled in application form does not match with the date of birth in the enclosed evidence.
The address details filled in the application do not match with those contained in the enclosed supporting evidence.
The gender is not entered correctly in Form DIR-3.
Identification number entered in application does not match with the identity proof enclosed.
If enclosed documents are not self attested.

My DIN application has been rejected. Am I required to apply for a fresh DIN?
Yes, you will have to apply for fresh a DIN.

My DIN application has been put under Resubmission. Am I required to obtain a fresh DIN?
No. If the DIN application is put under Resubmission due to following reasons, you can submit additional documents for rectifying your DIN application, within a period of 15 days from the date on which it is marked as Resubmission

Proof of Identity/ residence is not enclosed or expired.
Proof of Date of Birth is not enclosed.
Supporting documents are not properly attested .
Non-submission of affidavit (if required).

On resubmitting with the additional documents, same DIN will be approved, if documents are found in correct order as per marked in resubmission.

What procedure has to be followed, if there is any change in particulars of Director?
Director is required to download and fill up eForm DIR-6 for such changes and follow the same process for uploading the same as mentioned for eForm DIR-3. The requested change is taken into the system on verification of the proof enclosed with the application for change request. In the case of change in applicant’s name, gazette notification is must with form DIR-6. Married women, who are having Id proof with their maiden name, can submit marriage certificate along with application. Verification as per Form DIR-7 of Companies Act 2013 also needs to be attached to Form DIR-6 as it is a mandatory attachment now.

Whether provisional DIN can be used for e-Filing?
No, the particulars of the person with the provisional DIN number can not be filled in the eforms and the person cannot sign as a director.

Whether Single Name in applicant’s name or applicant’s father’s name is allowed?
Single name shall be allowed in Form DIR-3 and DIR-6 in Applicant name and Father’s name only if single name is there in Income tax PAN. The same shall be validated from PAN database.

I am a Director of the company and applying for my DIN. Can I sign the eform DIR-3?
Yes, the form DIR-3 is to be signed by Applicant and also to be digitally signed by a Chartered Accountant or a Company Secretary or a Cost Accountant in whole- time practice or Secretary (who is member of ICSI) in whole time employment or director of the existing company.

My DIN application has been identified as a Potential Duplicate. What does it mean?
If the contents specified in the DIN form matches with an already filled DIN application form, then the application shall be marked as a potential duplicate and shall then be processed by DIN Cell.

Whether Income tax PAN is mandatory while applying for DIN?
Income tax PAN is mandatory for Indian nationals. If Income tax PAN is entered, it shall be mandatory to click on ‘Verify income-tax PAN’ button. Applicant’s name (first, middle and last name), applicant father’s name (first, middle and last name) and date of birth should be as per the income-tax PAN details.

In case of foreign nationals, passport number is a mandatory requirement.

What will happen if the details entered in DIN application are not as per the Income tax PAN database?
Filing of DIN application shall not be allowed if the details entered in the form are not as per the Income tax database in case of Indian Nationals.

Is Income tax PAN also mandatory while applying for correction in particulars of Director in Form DIR-6?
In case of Indian national, it is mandatory to enter Income tax PAN in all cases even if there is no change in Income-tax PAN. In such case, it shall be mandatory to click on ‘Verify income-tax PAN’ button. Director’s name (first, middle and last name), Father’s name (first, middle and last name) and date of birth should be verified from the income-tax PAN details.

Moreover, all existing DIN holders who have not furnished their PAN earlier at the time of obtaining DIN, are required to furnish their PAN by filling Form DIR-6.

Saturday, April 11, 2015

INCOME TAX SLAB RATES ASSESSMENT YEAR 2015-16

INCOME TAX SLAB RATES

ASSESSMENT YEAR 2015-16

INDIVIDUAL

Resident - Male

(resident or non-resident)

Taxable income	Tax Rate
Up to Rs. 2,50,000	Nil
Rs. 2,50,000 to Rs. 5,00,000	10%
Rs. 5,00,000 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Add: Surcharge and Education Cess [see Note]
Less: Rebate under Section 87A [see Note]

Note:

(a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).