Corporate Updates 30 April 2014

TDS: 

Centralized Processing Cell (TDS) has observed from its records that C9 Corrections for Quarterly TDS Statements have repeatedly been submitted during Financial Year 2013-14. Please note that CPC (TDS) does not encourage frequent submission of C9 corrections. C9 Corrections are known as Revision of TDS Statement by way of Adding a new Challan and underlying deductees or the TDS data has not been reported correctly by way of omission of deductees, at the time of filing Original statements. It is very important to report correct and valid particulars of the deductor, PAN of the deductees in the TDS statement and Addition of new deductee rows and thereby, challans is not encouraged by CPC (TDS), except for inadvertent errors.

SEBI: 

SEBI specifies requisite infrastructure and controls for proper functioning of Foreign Portfolio Investors regime, infrastructure facilities and submission of periodic reports. it is imperative that SEBI approved Designated Depository Participants (“DDPs”) should have adequate infrastructure facilities and appropriate systems and controls in place. Every DDP shall submit periodic reports in the Annexure A to SEBI and such other reports as may be required by SEBI on the Segregation of activities, Infrastructure, Manual, Monitoring of systems and controls of FPI’s. To download & view Notification, please click here.

Corporate Updates 28 April 2014

RBI: 

RBI through its Notification allows use of transaction based reporting format for cross border wire transfer and every reporting entity is required to maintain the record of all transactions including the record of all cross border wire transfers of more than Rs. 5 lakh or its equivalent in foreign currency, where either the origin or destination of the fund is in India. FIU-IND has advised that the information of all such transactions may be furnished to Director, FIU-IND by 15th of the succeeding month. The information may be furnished electronically in the FIN-Net module developed by FIU-IND.

TDS: 

NSDL has developed software called e-TDS/TCS Return Preparation Utility (RPU) to facilitate preparation of e-TDS/ TCS returns. This is a freely downloadable VB based utility. Separate utilities are available for preparation of each type of return. File Validation Utility (FVU) version 2.138 (for statements pertaining to FY 2007-08 to FY 2009-10) and FVU version 4.2 (for statements pertaining to FY 2010-11 onwards) are available for download from TIN website and the same is mandatory with effect from April 26, 2014 and e-TDS/TCS RPU (Version 3.9) for Statements from FY 2007-08 is available for download from TIN website (applicable from April 26, 2014).