Resolutions to be passed to reduce filing fees of MGT14
RESOLUTIONS TO BE PASSED TO REDUCE FILLING FEES OF MGT14 of small & medium size companies, if draft exemption is not passed in parliament
1) First board meetings of small & medium size companies should pass resolutions in respect of following (at least), to reduce cost of filling Form MGT14:
i) Pass resolution for disclosure of interest,
ii) Approval of financial statement and the Board's report,
iii) Delegation of power to:
a) borrow,
b) invest the funds of the company
c) to grant loans or give guarantee or provide security in respect of loans,
iv) Any other resolution , if required from the list below "
Form MGT-14 requires filing for following below mention Resolutions"
Note: if you are required to file DPT4 , a resolution should be passed authorizing a director to file DPT4. Such approval can be in either First Board meeting or in subsequent board meeting.
2) As per New Co Law, gap between two board meetings can not exceeds 120 days. If last board meeting is held on31st March, next board meeting can be held upto 30th July (April 30days +May 31Days +June 30days + July 29 days = 120 Days) & MGT 14 can be filed upto 29th August without penalty.
3) Again, MGT14 is requires to be filled in more than 50 cases including resolution for disclosure of interest in first Board meeting, approval of accounts,Boards report, Delegation of power to borrow, invest, grant loan etc. If more than one resolution required to be filled to ROC are passed in first board meeting of this year , cost of filling MGT14 can be reduced.
4) For approval of filling of DPT4 , a board meeting is also required. This can also be approved in first Board meeting.
5) After approval of financial statement which are to be given to auditor, Board takes record of Audited financial statement . As Board only takes record of such financial statement, (Board do not approve audited financial statement) , no resolution is required to be filed to ROC for this.
CA NITESH MORE
Amendment to Schedule II of Companies Act 2013 related to useful life, residual value & component accounting
Government of India
Ministry of Corporate Affairs
New Delhi, dated the 29th August, 2014
Notification
G.S.R. 237 (E).- In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following amendments further to amend Schedule II of the said Act with effect from the date of publication of this notification in the Official Gazette, namely:-
1. In Schedule II of the Companies Act, 2013,——–
(a) in Part 'A', in paragraph 3, for sub-paragraph (i), the following sub-paragraph shall be substituted, namely:-
"(i) The useful life of an asset shall not ordinarily be different from the useful life specified in Part C and the residual value of an asset shall not be more than five per cent. of the original cost of the asset:
Provided that where a company adopts a useful life different from what is specified in Part C or uses a residual value different from the limit specified above, the financial statements shall disclose such difference and provide justification in this behalf duly supported by technical advice";
(b) after Part `C', under the heading Notes, -
(i) for paragraph 4 the following paragraph shall be substituted namely:-
"4(a) Useful life specified in Part C of the Schedule is for whole of the asset and where cost of a part of the asset is significant to total cost of the asset and useful life of that part is different from the useful life of the remaining asset, useful life of that significant part shall be determined separately.
(b) The requirement under sub-paragraph (a) shall be voluntary in respect of the financial year commencing on or after the 1st April, 2014 and mandatory for financial statements in respect of financial years commencing on or after the 1st April, 2015."
(c) in paragraph 7, in sub-paragraph (b) for the words "shall be recognized", the words "may be recognized" shall be substituted.
File Number 17/60/2012-CL-V
(Amardeep S. Bhatia)
Joint Secretary to the Government of India
Note.- Schedule II of the Companies Act, 2013 came into force with effect from the 1″ April, 2014 and was amended (with effect from 1″ April, 2014) vide notification number SO 237(E), dated the 31″ March, 2014.
How to Calculate Tax on Agricultural income post amendment by Finance (No.2) Act, 2014
CA Sahil Jolly
Taxability of Agricultural income post amendment by Finance (No.2) Act, 2014
Agricultural income is exempt from Income Tax under section 10(1) of the Income Tax Act, 1961. However, its included, for rate purposes, in computing the Income Tax Liability if following two conditions are cumulatively satisfied:
- Net Agricultural income exceeds INR 5,000/- for P.Y. 2014-15, and
- Total income, excluding net Agricultural income, exceeds INR 2,50,000/-.
Kindly note that the aforementioned condition at Serial No.2 shall change to INR 3,00,000/- in case if the Assessee is an individual who falls in the age bracket of 60 to 79 Years during the P.Y. 2014-15, and to INR 5,00,000/- in case if the Assessee is an individual who is of the age of 80 Years or more during the P.Y. 2014-15.
Once the aforementioned conditions are satisfied then we shall compute the Tax liability in the following manner:
- First, include the Agricultural income while computing your income Tax liability. Example – Let us say that an Individual Assessee has a Total income of INR 7,50,000/- (excluding Agricultural income) and a Net Agricultural income of INR 100,000/-. Then, per this step, Tax shall be computed on INR 7,50,000/- + INR 1,00,000/- = INR 8,50,000/-. Thus, income Tax amount as per this step shall be INR 95,000/- for an individual who is below the age of 60 Years during the P.Y. 2014-15.
- Second, add the applicable basic Tax slab benefit, as applicable, to the Net Agricultural income. Thus, per our example mentioned above we shall add INR 2,50,000/- to INR 1,00,000/- as the applicable Tax slab benefit available to an individual below 60 Years of age is INR 2,50,000/-. Now we will compute income Tax on INR 3,50,000/- (Tax slab benefit 2,50,000 + Net Agricultural income 1,00,000). The amount of Tax shall be INR 10,000/-.
- Third, subtract the Tax computed in Second step from the Tax computed in First step = INR 85,000/-. Thus, this is the income Tax liability subject to deductions, Education cess etc., as applicable.
The aforementioned treatment of Agricultural income has been illustrated subject to Finance (No.2) Act, 2014.
Consequences Of Late Filing Of Your Income Tax Return
CA Ashish Aggarwal
While filing your income tax return within due date is important, it does not mean that if for any reason you missed the dead line than you wouldn't be able to file your income tax returns.
But the clock turns on, which means as you have missed the dead line you might receive a notice from the income tax department any time.
You can always file your income tax return (before receiving any notice from the department) within 2 years from the end of the financial year of which return is required to be filed by you. Filing your income tax return after the due date invites some consequences which are as follows:
- In case there are some taxes yet to be paid, filing of income tax return after the due date will attract interest @ 1% per month and part thereof up to the date of filing of the return, on such unpaid tax amount. This interest will be charged only if there is any tax payable by you.
- You will not be allowed to carry forward certain losses if you are filing your income tax return after the deadline.
- You may lose interest on refund u/s 244A as delay in filing is attributable to you for the period by which you have filed late return.
- You may be charged a penalty of Rs 5,000 if you file your income tax return after the expiry of one year of the financial year for which you are filing your income tax return.
- Late returns are not allowed to be revised as compared to a return filed on time which can be revised indefinite times. So late returns are required to be filed with extra consciousness.
So, you can still file your taxes if you have missed the deadline. Just keep in mind the above consequences of filing your taxes late.
(Author is associated with portal www.fileitronline.com which provides online financial services in the nature of online income tax returns filing)
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