Start Company in India, CA in Delhi India, Business set up in India, New company registration, New company registration India, new company registration, company registration timeline, CA in Delhi, CA in India

1. RAJPUT CONSULTANCY SERVICES PVT LTD
CORPORTAE OFFICE: P-6/90, CONNAUGHT CIRCUS, CONNAUGHT PLACE, NEW DELHI-110001, INDIA. www.caindelhiindia.com
PROFESSIONAL UPDATES FOR THE 3rd
WEEK OF JULY 2014, BY RAJPUT CONSULTANCY SERVICES
PVT LTD TEAM,
COMPANIES ACT, 2013:
 MCA issued clarifications with regard to provisions of Corporate Social Responsibility under section 135 of the
Companies Act, 2013 [General Circular No. 21/2014, Dated: 18th June, 2014].
 Unlisted Companies (including private companies) with paid up share capital of 5 cores or more and all listed
companies to have full time Company Secretary[MCA Notification of 09-06-2014].
 Ministry of Corporate Affairs issued Notification No. G.S.R 386 (E) dated 06-06-2014 pertaining to Companies
(Acceptance of deposits) Amendment Rules, 2014. The same is available
at http://www.mca.gov.in/Ministry/pdf/Acceptance_of_ Deposits_Amendment.pdf.
 Due to practical problems, voting through electronic means optional till 31-12-2014. Clarifications on issues in e-
voting procedure [MCA Circular 20 of 17-06-2014].
 Clarification on Share Transfer Forms executed before 01.04.2014 and delegation of powers by board under rule
6(2)(a) General Circular No. 19/2014- dated 12th
June, 2014, MCA.
 Clarification on rules relating to appointment and qualification of Independent Directors [MCA General Circular
14/2014 of 09-06-2014.
 Annual return on foreign liabilities and assets reporting by Indian Companies – Revised format issued
by RBI/2013-14/646 A.P. (DIR Series) [Circular No. 145 dated June 18, 2014].
DIRECT TAX:
 Company and an assessee being individual or HUF is liable to audit u/s 44 AB are required to furnish FORM BB
(Return of Net Wealth) electronically under digital signature for assessment year 2014-15 and
onwards. Notification No. 32/2014 dated 23/06/2014
 SC: Dismisses Revenue's SLP; “Precaution” can't be equated to “concealment” u/s 271(1)(c), held HC (Durr India
Pvt. Ltd.)
 CBDT has released ITR-5 which is applicable for Income Tax Return (ITR) of firms, AOPs, BOIs and LLPs for
A.Y. 2014-2015. CBDT has released Java utility of ITR-5 and we expect Excel utility also to be released soon.
 S. 50/ 112: Though gains on depreciable assets held for more than 3 years have to be treated as STCG u/s 50, the
gains have to be taxed at the rate applicable to a LTCG. Smita Conductors Ltd vs. DCIT (ITAT Mumbai)
 S. 254(2): Pendency of an appeal filed in the High Court u/s 260A bars the hearing of a MA filed u/s 254(2) even
if the appeal is not admitted RW Promotions Pvt. Ltd vs. ACIT (ITAT Mumbai)
 Bar in S. 269SS/ 269T does not apply to loans/ advances accepted/ repaid via journal entries. Limitation period for
S. 271D penalty is as per S. 275(1)(c) & not 275(1)(a) CIT vs. WorldWide Township Projects Ltd (Delhi High
Court)
 ITAT : Sec. 37(1) Explanation inapplicable for procedural provision breach, absent unlawfulness in payment
'purpose' Jai Surgicals Ltd.

2. RAJPUT CONSULTANCY SERVICES PVT LTD
CORPORTAE OFFICE: P-6/90, CONNAUGHT CIRCUS, CONNAUGHT PLACE, NEW DELHI-110001, INDIA. www.caindelhiindia.com
 The provisions of section 269SS of the Income Tax Act does not gets attracted where the amount is transferred to
a loan account in the form of book entry [CIT vs. Worldwide Township Projects Ltd., High Court of Delhi]
 ITAT : No TDS on member interest payments by co-operative society „carrying banking business‟ Bagalkot
District Central Co-operative Bank
 CBDT Press Release dated 04th July, 2014: One mobile number or email ID can now be used for 10 Income Tax
Accounts.
 ITAT : Landlord services to tenant 'optional', payment not rental but business income Green Valley Agro Mills
Ltd.
INDIRECT TAX:
 CX - Duty demanded on Cigarettes at higher rates by retro application of FA, 2012 - Provisional Collection of
Taxes Act does not provide for recovery of any dues when rates are amended upwards subsequent to introduction
of bill - Stay granted: CESTAT Mumbai, July 04
 CENVAT - Appellant taking credit on inputs purchased by job workers without receiving goods in premises was
provided by erstwhile CER, 1944 - similar provision is implied from rule 4(5)(a) in as much as if final products
are allowed from job worker's premises it implies job worker could procure part of inputs needed for
manufacturing: CESTAT Mumbai, July 04
 Haryana VAT – WCT Rate increased to five percent
 CBEC issued rate of exchange of conversion of each of the foreign currency with effect from the 4th July, 2014
vide Notification 49/2014-Cus(NT), dated 03-07-2014
 Cenvat Credit : Management Consultancy Services availed by an assessee for merger of a company into it are
eligible for input service credit (Mumbai - CESTAT)
 Cus - Purchase order & invoice were available at time of filing BoE, therefore, as per CBEC Manual, amendment
in BoE is required to be allowed although goods have been given out of charge - appeal is allowed:
CESTAT Mumbai, July 01
 UP VAT- CS, CMA included in definition of Accountant & allowed to do VAT Audit by amending Rule 2(e)
vide Uttar Pradesh Value Added Tax (Fifth Amendments) Rules 2014
 CENVAT - Credit taken on extra copy of invoice, Xerox is inadmissible as per rule 9 - in order to claim benefit,
substantial compliance is not enough & procedures prescribed in statute should be mandatorily followed:
CESTATMumbai, July 01
 Haryana WCT rate increased from 4% to 5% w.e.f. 20-06-2014 [Notification number S.O.
67/HI.A.6/203/S.24/2014 of 20-06-2014].
 CX - Duty demanded on Cigarettes at higher rates by retro application of FA, 2012 - Provisional Collection of
Taxes Act does not provide for recovery of any dues when rates are amended upwards subsequent to introduction
of bill - Stay granted: CESTAT (Mumbai, July 04)
 Cus - Purchase order & invoice were available at time of filing BoE, therefore, as per CBEC Manual, amendment
in BoE is required to be allowed although goods have been given out of charge - appeal is allowed:
CESTAT Mumbai, July 01

3. RAJPUT CONSULTANCY SERVICES PVT LTD
CORPORTAE OFFICE: P-6/90, CONNAUGHT CIRCUS, CONNAUGHT PLACE, NEW DELHI-110001, INDIA. www.caindelhiindia.com
OTHER NEWS:
 RBI released on its website the ‘Timelines for Regulatory Approvals’ and ‘Citizens’ Charter’ for delivery
of services as part of implementation of the non-legislative recommendations of the Financial Sector
Legislative Reforms Commission (FSLRC).
 As per news received by us Union Government to present Rail Budget on 8th July 2014, and Union
Budget on 10th July 2014.
 The Institute of Chartered Accountants of India signed a Memorandum of Understanding with the Saudi
Organization for Certified Public Accountants (SOCPA) at ICAI Bhawan, New Delhi.
 RBI issued Circular number RBI/2013-14/646, A.P. (DIR Series), Circular No.145 dated 18.06.2014
regarding Annual Return on foreign liabilities and assets reporting by Indian Companies - Revised
format.
 One mobile number and e-mail id for maximum four assesses in PAN login. Update for your clients as
can’t proceed without it. Give CA mobile and e-mail in secondary contact.
 No application of section 2(22)(e), where shareholding of each partners of assessee-firm as well as of
assessee-firm in closely held company is less than 10%, even though their cumulative shareholding is
more than 10%[CIT vs. Octave Apparels, Punjab & Haryana High Court].
 The Peer Review Board is organizing a one day training programme at "ICAI Bhawan”, sector-62,
Noida - 201309 on June 21, 2014 from 9.30 am to 5.30 pm for members desirous of becoming peer
reviewer. Email: peerreviewboard@icai.in. Mobile: 09310470274
 NIRC of ICAI is organizing CA Utsav on 28th June, 2014, Saturday at Talkatora Stadium, New
Delhi, from 02.00 PM - 04.30 PM a motivational speaker by Shri Vivek Bindra and CA Raj Kumar
Minocha, Executive Director, Indian Railway Board. Cultural evening 05.00 PM - 09.30 PM with Miss
India, Koyal Rana Ji, followed by Dinner. You are requested to join with your family.
IMPORTANT DATES
 Due date for second and final installment for payment in respect of Voluntary Compliance
Encouragement scheme (VCES) is on 30th June, 2014. If you make payment after 30th June, 2014
then service tax will be with interest payable under VCES.