lexspeak
Hi Folks
Not doing anything. Just lost in thoughts. Dreaming. Gazing. Imagining. Wondering all these activities seem to suggest that a person is not productive. Not working. Not utilising his time well. Not efficient. Infact it has become a luxury to be able to NOT DO ANYTHING AND JUST DREAM. Just laze around. In this millennium of constant activity, 24 hours connectivity, 360 degree feedback, end to end information, back to back communication where is the time for a worthless thing like not being connected,
not doing anything, not staying in touch ? It appears all this is possible only if you sign up for a residential yoga or meditation or rejuvenation programme where you pay through your nose to live frugally, eat minimally, remain silent and cut yourself off from the outside world.
May be not, may be you can slip into this UNWINDING phase if you can step into Alice’s shoes for once. Alice in Wonderland – the famous character all of us are familiar with since childhood turned 150 in June. The 7 ½ year old lovable little girl fell into a rabbit hole and opened up a dreamland to all of us, her readers. Perhaps it is time we travel back in the time wrap and learn to dream and unwind…… the most inexpensive rejuvenation therapy, if you ask me.
Well, reality is different……..it is the Greek economic tragedy, it is the ecstatic Wimbeldon victories, it is the stunning IPL verdicts, it is the eye-popping ecomm valuations, it is the exponential start–ups growth story, it is the shocking Vyapam scam……..and of course closer to us, the unromantic, daily grind of keeping in touch with the regulatory changes. This issue of Lexspeak carries the important Master Circulars issued by RBI on various topics, news about how all the taxmen share information about you and scrutinise your service tax returns even if your liability is a small amount, how unprepared MCA is in still readying the e-forms for filing audited financial statements and granting extension upto 31st October (reflects rather poorly on the Ministry which had more than 1.5 years to prepare)……and much more.
Should you wish to refer to any of our older issues of Lexspeak, do visit our Resource Centre at sharadasc.com.

Warm regards

MCA has released the much awaited circular w.r.t. relaxation of additional fees and extension of last date of filing of Form MGT-7 (Annual Return) and AOC–4 (Financial Statement) under the CA 2013.

  • Electronic versions of Forms AOC–4, AOC–4 XBRL and MGT–7 are being developed and shall be made available for electronic filing latest by 30th September 2015.
  • A separate form for filing of Consolidated Financial Statement (CFS) with the nomenclature AOC–4 CFS will be made available latest by October 2015.

Accordingly, additional fee will not be payable upto 31st October, 2015.

Master Circulars for 2015-16

  • Acquisition and Transfer of Immovable Property in India by NRIs / PIOs / Foreign Nationals of Non-Indian Origin
  • Compounding of Contravention under FEMA, 1999
  • Direct Investment by residents in Joint Venture (JV) & Wholly Owned Subsidiary (WOS) Abroad
  • Establishment of Liaison / Branch / Project Offices in India by Foreign Entities
  • Exports of Goods and Services
  • External Commercial Borrowings (ECBs) and Trade Credits
  • Foreign Investment in India
  • Import of Goods and Services
  • Miscellaneous Remittances from India – Facilities for Residents
  • Non-Resident Ordinary Rupee (NRO) Account
  • Remittance Facilities for Non-Resident Indians / Persons of Indian Origin / Foreign Nationals

Service Tax department has issued guidelines on detailed manual scrutiny of service tax w.e.f. 1st August, 2015.

Highlights:

  • Focus on small assessees whose total tax paid (Cash + CENVAT) during FY 14 –15 is less than Rs. 50,00,000 though on the direction of Chief Commissioner, scrutiny of returns can be made for assessee whose monetary limit exceeds even Rs. 50,00,000 but in no case such assessee can be subjected to both Audit & manual scrutiny.
  • Preliminary online scrutiny to be done by range officers after prior intimation to assessee.
  • Reconciliation of ST-3 with ITR returns & Form 26AS and Sales Tax returns etc
  • Scrutiny process of an assessee should be completed within 3 months.
Central Excise and Service Tax assesses can issue digitally signed invoices and maintain electronic records after intimating the officers. CBEC has issued notification power to specify conditions, safeguards and procedure to be followed by an assessee for using digitally signed invoices and electronic records that are to be preserved for 5 Financial Years.
CBDT has introduced Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015. Tax evaders will have to shell out duty and penalty on the fair market value of undisclosed overseas assets such as immovable property, jewellery, bullion, shares and artistic work.

Account holder has an opportunity to declare undisclosed assets abroad by 30th September, 2015 and further 3 months to pay tax and penalty.

Note: The contents of this
Newsletter are only a summary and has not dealt with any issue in detail. Any action
taken or proposed to be taken must be in consultation with professionals and not
merely based on the articles / news updates. Lex Valorem disclaims all liability on action taken without professional advice.

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