Archives for 2017

MCA:

MCA has notified that Form SPICe (INC-32) will be revised w.e.f 21st January 2017 so as to include the functionality of applying for Company PAN and first TAN (allotted by Income Tax Deptt) in the Incorporation form itself. Applying for PAN / TAN will be compulsory for all fresh incorporation applications filed in the new version of the SPICe form on or after 23 January 2017. For cases marked for resubmission prior to 23 January 2017, stakeholders are required to download older version of SPICe form for resubmission. Stakeholders may, therefore, kindly note that filing of SPICe forms (including resubmissions) will NOT be permitted temporarily w.e.f from 1 PM on 20th January until 8 AM on 23rd January, 2017. Thereafter, MCA21 system will accept new version of SPICe for fresh filings, as well as old version of SPICe for filing of previously marked resubmission cases. No PAN or TAN will be allotted for cases which were marked for resubmission prior to 23 January 2017. Stakeholders may also kindly note that the revised version of Form SPICe (INC-32) will mandatorily require application for both PAN and TAN also. MCA21 system will auto generate the pre-filled application forms 49A (PAN) and 49B (TAN) after submission of SPICe, which the stakeholders will be required to download, affix digital signature and then upload both signed forms on MCA21 system as linked forms. New version of SPICe incorporation applications will be processed only after Forms 49A & 49B are duly signed, uploaded and payment is confirmed by MCA. PAN (as allotted by Income Tax Deptt) will be printed in the Certification of Incorporation, and TAN will be separately communicated to the stakeholders by email. All the stakeholders are advised to download new version of SPICe form for all fresh applications from this date.

SEBI

SEBI has notified the Securities And Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2017. In the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014, the word “Shares” shall be substituted for the words “Securities in the primary and secondary markets including shares”. Further, regulation 21 (4) in clause (e) after sub-clause (vii) the following sub-clauses shall be inserted “(viii) transactions by Category I and II foreign portfolio investors, in corporate bonds, as may be specified by the Board; (ix) transactions on the electronic book provider platform of recognized stock exchanges;” and existing sub-clause (viii) shall be re-numbered as sub-clause (x). The Amendments shall come into force on the date of their publication in the Official Gazette.

PCS Helpline – Technical Issues Relating To E-Filing

NIRC of ICSI has decided to start fortnightly "PCS HELPLINE" to provide guidance / counseling in respect of problems and difficulties being faced by our members. In this series, NIRC is organizing "PCS HELPLINE” program tomorrow, the 18th January, 2017, to resolve the queries over telephone regarding Technical / Procedural / Interpretation issues relating to the topic “Technical Issues Relating To E-Filing” by CS S Bhasker, Principal Consultant, MCA21 Project of MCA, Infosys LTD, will be available to answer the queries telephonically, on 18th January, 2017 from 3.00 PM to 4.30 PM at 011-49343001.

GST

The Goods and Services Tax (GST) Council on Monday broke a deadlock over issues of administrative control over assessees and broadly agreed to roll out the GST from July 1, instead of the earlier deadline of April 1. Whether a state or the Centre will assess an entity would be decided by a computer programme. The Council also resolved a logjam over the right to tax economic activities within 12 nautical miles from India’s coasts. The Centre agreed the states would have the powers to administer 90 per cent of assessees with an annual turnover of up to Rs 1.5 crore. The Centre will have the powers to audit, send notices and scrutinize the remaining 10 per cent. However, if there is a dispute between states over the place of supply, the Centre will have the power to administer those assessees. In all situations, the Centre will retain the power to collect this tax.

DGFT

The Director General of Foreign Trade has amended the Handbook of Procedure w.r.t the Modification/ change of Branch Office/Head Office/Registered Office address in its IEC and which involves a shift in its jurisdictional RA. Accordingly, a request to that effect will have to be made to RA concerned under whose jurisdiction the applicant exists. On the basis of this request, the RA (custodian of the IEC file till now) will process such requests and amend IEC, if found appropriate, under intimation to the RA under whose jurisdiction the applicant wants transfer. The new RA shall allow the person in its new address to carry out necessary functions and also apply for eligible benefits as per FTP. Further, applicants are required to pay fees of 500/- (Rupees five hundred only)for IEC application. If the application is rejected, applicant shall be able to rectify the grounds on which previous application was rejected, without any further fees.

PCS Helpline – Technical Issues Relating To E-Filing

NIRC of ICSI has decided to start fortnightly "PCS HELPLINE" to provide guidance / counseling in respect of problems and difficulties being faced by our members. In this series, NIRC is organizing "PCS HELPLINE” program tomorrow, the 18th January, 2017, to resolve the queries over telephone regarding Technical / Procedural / Interpretation issues relating to the topic “Technical Issues Relating To E-Filing” by CS S Bhasker, Principal Consultant, MCA21 Project of MCA, Infosys LTD, will be available to answer the queries telephonically, on 18th January, 2017 from 3.00 PM to 4.30 PM at 011-49343001.

MCA

MCA has Revised INC-7 form for incorporating Part 1 companies and companies with more than 7 Subscribers is made available on the portal of Ministry of Corporate Affairs w.e.f. 15th January, 2017 for filing purposes. For incorporating OPCs (One person Companies) and Companies (with up to seven subscribers), SPICe (INC-32) should only be used. Stakeholders are advised to check the latest version before filing. The said Forms are available on MCA’s website under Forms & Downloads section.

RBI

RBI has enhanced the withdrawal limits from ATMs and Current Accounts with immediate effect. The limit on withdrawals from ATMs has been enhanced from the current limit of ₹ 4,500/- to ₹ 10,000/- per day per card (It will be operative within the existing overall weekly limit). The limit on withdrawal from current accounts has been enhanced from the current limit of ₹ 50,000/- per week to ₹ 1,00,000/- per week and it extends to overdraft and cash credit accounts also.

Study Session on the topic “Wealth Management by investing in Financial Markets”

Today, 16th January, 2017, NIRC of ICSI is organizing a Study Session on the topic "Wealth Management by investing in Financial Markets" By Mr. Varun Malhotra, (Alumni IIM-A) Director – EIFS Pvt Ltd, from 5.30 PM onwards at NIRC Auditorium, 4, Prasad Nagar Institutional Area, New Delhi-110005. Participation is FREE: PCH – 2.

SEBI

SEBI has issued Securities Contracts (Regulation) (Stock Exchanges And Clearing Corporations) (Amendment)Regulations, 2017 which shall come into force on the date of their publication in the Official Gazette. In the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 after sub-regulation (3), the following shall be inserted,- “Provided that, – (i) a foreign stock exchange; (ii) a foreign depository; (iii) a foreign banking company; (iv) an foreign insurance company; and (v) a foreign commodity derivatives exchange, may acquire or hold, either directly or indirectly, either individually or together with persons acting in concert, upto fifteen per cent. of the paid up equity share capital of a recognised stock exchange. The persons referred to in clauses (i) to (v) shall mean persons recognised/ incorporated outside India.”

SEBI

SEBI has decided to reduce the fees payable by broker by 25%, i.e. from Rs.20/- per crore of turnover to Rs.15/- per crore of turnover. The board further decided that while publishing performance related information of Mutual Fund, the schemes shall be advertised in terms of CAGR for the past 1 year, 3 years, 5 years. Also, Information in the advertisement shall be published based on last day of month-end preceding the date of advertisement and Celebrity endorsements of Mutual Funds shall be permitted at industry level.

MINISTRY OF FINANCE (MOF)

Ministry of Finance had issued a press release on signing of a Protocol to amend the Double Taxation Avoidance Convention (DTAC) between India and Kazakhstan. The existing Double Taxation Avoidance Convention (DTAC) was made between the two countries on 9th December, 1996 for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. This Protocol provides internationally accepted standards for effective exchange of information on tax matters. The Protocol inserts a Limitation of Benefits Article, to provide a main purpose test to prevent misuse of the DTAC and to allow application of domestic law and measures against tax avoidance or evasion. The Protocol inserts specific provisions to facilitate relieving of economic double taxation in transfer pricing cases which is a taxpayer friendly measure. Further, the Protocol replaces existing Article on Assistance in Collection of Taxes with a new Article to align it with international standards.

NSDL – PAN

NSDL has issued a circular for new design of PAN card effective from 10th January, 2017. From now onwards your Aadhaar number and QR Code will be added in your new PAN card. This has made the paperless PAN application process more clear. All TEN-FCs & PAN Centres are hereby informed that the Income Tax Department (ETD) has prescribed certain changes in the existing design of the PAN Card. Accordingly, with effect from January 10, 2017, PAN cards are being printed as per the new design specifications approved by ITD.

SEBI:

SEBI has issued Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2016. Amendment is made to provide that no employee including key managerial personnel or director or promoter of a listed entity shall enter into any agreement for himself or on behalf of any other person, with any shareholder or any other third party with regard to compensation or profit sharing in connection with dealings in the securities of such listed entity, unless prior approval for the same has been obtained from the Board of Directors as well as public shareholders by way of an ordinary resolution. In case any such agreement, whether subsisting or expired, entered during the preceding three years from the date of coming into force of this sub-regulation, it shall be disclosed to the stock exchanges for public dissemination. Further in case of any such subsisting agreement as on the date of coming into force of this sub-regulation, it shall be placed for approval before the Board of Directors in the forthcoming Board meeting and before the public shareholders in the forthcoming general meeting.

CBEC:

Ministry of Finance, Department of Revenue (CBEC) has initiated the process of migration of its existing Central Excise/Service Tax Assessees to GST. As part of its efforts to ensure implementation of GST by 1st April, 2017, CBEC has taken steps to ensure that its existing taxpayers are migrated to GST in a simple, user-friendly and smooth manner. Once the existing registered Taxpayers (both Central Excise as well as Service Tax) login to CBEC’s Web Portal www.aces.gov.in, a facility will be given in a secure manner the to access the provisional login ID and password given by Goods and Services Tax Network (GSTN). Thereafter, using the same, they can log in to GST Portal (www.gst.gov.in) to fill the required fields and submit scanned documents. However, if they have already initiated the process of migration to GST as a VAT Asssessee under State Commercial Tax Department, no further action is necessary. PAN is mandatory for migration to GST.

RISEnSHINE – KEEPING PACE IN THE MARATHON OF LIFE

NIRC invites you to full day seminar on the theme niro. Depending upon the response, ON the SPOT registration may not be allowed. Online Payment / Registration Facility Available; PCH – 4.