PPT on Moving towards Goods and Service Tax
This PPT is discuss about short comings of existing system of Indirect taxes in the country. It compares existing system with Proposed GST regime and what GST promises. The PPT explains about new concepts of GST like:-
- GST is destination based taxation system
- Dual model of taxation i.e Center and State GST (CGST & SGST)
- revenue will go the state where the good and services have been consumed
- State governments will be empowered to charge tax on services, etc.
- Inter stage GST (IGST)
- Common Returns for Center and State taxes.
It also explain how tax collection mechanism will work on national level through IT and one Clearing house.
PPT Further discusses discussed about grey areas of GST like
- there will be Cascading effects
un-organized sector
strong regulator
constitutional amendments
Author have also given suggestion for effective GST system in the country.
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Customs – Regarding adjudication of appraising related cases
Circular No. 14/2014 -Customs
Dated :11.12.2014
Attention is invited to Board Circular No 44/2011-Cus dated 23.09.2011 regarding adjudication of appraising related cases.
- Para 5 of the Board Circular No 44/2011- Cus dated 23.09.2011 clarified that the officers of DRI and DGCEI shall not exercise authority in terms of section 28(8) of the Customs Act, 1962 even though they have been assigned the function of 'proper officers' for the purposes of section 17 and section 28 of the Customs Act 1962 vide notification No 44/2011- Cus (N.T.) dated 6.07.2011.
- Pursuant to the Cadre structuring /reorganization of CBEC, new posts in the rank of Commissioners of Customs have been created in DRI and DGCEI for adjudication of cases relating to cases investigated by DRI and DGCEI.
- In the light of the aforementioned development, Board has decided that henceforth, specified officers of DRI and DGCEI may attend to work relating to adjudication of case where show cause notices of short levy / non levy of customs duty have been issued under section 28 of the Customs Act 1962.
- Board Circular No. 44/2011- Cus dated 23.09.2011 stands modified to the above extent.
6. Difficulty faced if any may be brought to the notice of the Board.
F. No. 450/145/2014-Cus IV
Yours faithfully
(Pawan Khetan)
OSD (Cus-IV)
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BUT SEBI NEVER DISCLOSE NAMES OF DEFAULTINzG SILENT COMPANIES NAMES EVER!!!!!
SEBI cautions investor – Issues list of 51 Companies
SEBI Press Release No. PR No. 165/2014
Dated -December 11, 2014, Mumbai
Caution to Investors
It has come to the notice of Securities and Exchange Board of India (SEBI) that certain companies / entities unauthorisedly, without obtaining registration and illegally are collecting / mobilising money from the general investors by making false promises, assuring high return, etc. Investors are advised to be careful if the returns offered by the person/ entity is very much higher than the return offered by the regulated entities like banks, deposits accepted by Companies, registered NBFCs, mutual funds etc.
Wherever SEBI has found such schemes to be in the nature of Collective Investment Schemes (CIS) appropriate action has been taken against the entity/ies and its Directors. In this regard, since January 01, 2011, SEBI has passed orders against 51 entities and its Directors carrying on unregistered CIS. As part of interim directions SEBI directs the entities and its Directors to stop collecting further money under existing / new schemes, not to launch any new scheme or float any new companies/firm to raise fresh moneys, not to divert or alienate any assets or money collected etc., and through final directions SEBI debars the company and its Directors from accessing the Capital markets, etc. List of the Companies against whom order has been passed by SEBI is given below with this press release. The orders are also available on SEBI website at www.sebi.gov.in.
However, it has been observed that certain entities collect / mobilize money under existing / new schemes even after SEBI has directed the entity not to collect any further money, not to launch any new schemes etc, which is unauthorised and illegal.
Investors and general public are hereby cautioned that other than "GIFT Collective Investment Management Company Limited" no other entity is registered with SEBI under the CIS Regulations. If any of the following entities are found to be collecting / mobilising money, investors are advised not to subscribe to such schemes and to report the same to SEBI, State authorities including Police authorities immediately, along with appropriate details / documents.
| S.N. | Case Name | Date of SEBI Order |
| 1 | Sun-plant Agro Ltd | 03-05-2011 |
| 2 | NGHI Developers India Limited | 06-11-2012 |
| 3 | MPS Greenery Developers Limited | 06-12-2012 |
| 4 | Nicer Green Forest Ltd | 12-03-2013 |
| 5 | Maitreya Services Pvt. Ltd | 25-03-2013 |
| 6 | Osian's Connoissurers of Art Ltd | 15-04-2013 |
| 7 | Saradha Realty India Ltd | 23-04-2013 |
| 8 | Ken Infratech Ltd | 18-06-2013 |
| 9 | Alchemist Infra Realty Ltd | 21-06-2013 |
| 10 | Sumangal Industries Ltd | 09-07-2013 |
| 11 | HBN Dairies & Allied Ltd | 12-07-2013 |
| 12 | Sai Prasad Foods Ltd. | 17-07-2013 |
| 13 | Sai Prasad Properties Ltd | 17-07-2013 |
| 14 | Maitreya Plotters & Structures Pvt. Ltd | 30-08-2013 |
| 15 | MVL Limited | 26-09-2013 |
| 16 | Samruddha Jeevan Foods India Ltd | 31-10-2013 |
| 17 | Servehit Housing & Infrastructure India Ltd | 31-10-2013 |
| 18 | Orient Resorts (India) Pvt. Ltd | 26-11-2013 |
| 19 | Kim Infrastructure & Developers Ltd | 05-12-2013 |
| 20 | Green Ray International Limited | 03-02-2014 |
| 21 | Royal Twinkle Star Club Ltd. | 07-03-2014 |
| 22 | Ecogreen Realestate (India) Limited | 26-03-2014 |
| 23 | Peers Allied Corportaion Ltd | 23-04-2014 |
| 24 | Green Buds Agro Farm I Ltd | 16-05-2014 |
| 25 | M/s. KBCL India Ltd | 26-05-2014 |
| 26 | Adel Landmarks Ltd (Era Landmarks Ltd) | 05-06-2014 |
| 27 | JSR Dairies Ltd | 05-06-2014 |
| 28 | Nikhara Bharath Construction Company Ltd. | 12-06-2014 |
| 29 | Haldhar Realty and Enterprises Ltd | 17-06-2014 |
| 30 | Rose Valley Real Estate & Constructions Ltd. | 18-06-2014 |
| 31 | Beetal Livestocks & Farms (Pvt) Ltd | 25-06-2014 |
| 32 | Ramel Industries Ltd | 11-07-2014 |
| 33 | Remac Realty India Ltd | 15-07-2014 |
| 34 | Sunshine Agro Global Ltd (Sunshine Forestry Pvt. Ltd) | 15-07-2014 |
| 35 | Ally Multi-Trade India Pvt. Ltd. | 22-07-2014 |
| 36 | Sai Prasad Corporation Ltd | 22-07-2014 |
| 37 | Nicer Green Housing and Infrastructure Developers Limited | 28-07-2014 |
| 38 | Dhanolty Developers Ltd | 30-07-2014 |
| 39 | JSV Developers India Ltd. | 31-07-2014 |
| 40 | HNC Infrastructures and Shares India Ltd | 05-08-2014 |
| 41 | Shubham Kroti Foods Pvt. Ltd | 08-08-2014 |
| 42 | Viswas Real Estates and Infrastructure India Ltd | 08-08-2014 |
| 43 | IHI Developers India Ltd | 11-08-2014 |
| 44 | PACL | 22-08-2014 |
| 45 | Step Up Marketing Pvt. Ltd. | 22-08-2014 |
| 46 | SPNJ Land Projects and Developers India Ltd | 17-09-2014 |
| 47 | G N Dairies Limited | 31-10-2014 |
| 48 | Sheen Agro and Plantation Ltd | 14-11-2014 |
| 49 | Garima Real Estate and Allied Ltd. | 24-11-2014 |
| 50 | Raghav Capital & Infrastructure Ltd. | 24-11-2014 |
| 51 | Shree Sai Space Creation Ltd | 24-11-2014 |
Investors are also advised that SEBI does not regulate any scheme or arrangement made or offered by Cooperative Society, Deposits accepted by Non-Banking Financial Companies (NBFCs), Deposits accepted under 58A of Companies Act, Chit Fund Business, Contract of Insurance, Pension Scheme or Insurance Scheme, Nidhi or mutual benefit society and any other activities which are regulated by any other Authority or banned under any existing law viz., Multi Level Marketing, Pyramid schemes, etc. Accordingly, investors are cautioned not to invest in any company which is not registered and regulated and bring such schemes to the notice of various authorities i.e SEBI, Reserve Bank of India (RBI), Central Bureau of Investigation (CBI), Ministry of Corporate Affairs (MCA), Pension Fund Regulatory and Development Authority (PFRDA), Insurance Regulatory and Development Authority (IRDA) and State / Police Authorities, etc.
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Comment. You have no authority to access Income Tax Account from out side India NOW.
How to access Income tax Account from Bank Account
If you have forgotten your e-Filing login password and you are unsuccessfull with the other options of resetting password, then you can use the new facility to get direct access to your Income Tax Department e-Filing account using the net-banking facility of your bank.
At this time the facility of direct e-Filing Login through Net banking is available through the following banks:
- Corporation Bank-Retail Banking: https://www.corpretail.com/RetailBank
- Corporation Bank-Corporate Banking: https://www.corpbank.biz/CorpBank/
- Union Bank of India: https://www.unionbankonline.co.in/
- Oriental Bank of Commerce: https://www.obconline.co.in/
- City Union Bank Ltd: https://www.onlinecub.net/
- Bank of India: http://www.bankofindia.co.in/english/home.aspx
- Kotak Mahindra Bank: https://www.kotak.com/
- Punjab National Bank: https://netbanking.netpnb.com/
The detailed steps are as follows -
- Taxpayer should be a registered user of Income Tax e-Filing Portal.
- Taxpayer should have already submitted the PAN details to the Bank. PAN is required to identify the taxpayer's e-Filing account with the Income Tax Department.
- Taxpayer have to first go to the Internet/ Net / Online Banking website of the Bank which has already registered for this facility with the Department.
- Taxpayer after logging into his Net Banking account should select "Income Tax e-Filing Login" tab/menu item
- Taxpayer should Select the account number and enter the PAN for verification and click Submit
- Taxpayer should Accept the Rules and Regulations details
- Taxpayer should confirm that he may be redirected to his Income Tax Department e-Filing account – home page.
- Taxpayer can now reset the password and also avail of all services provided by the e-Filing Website of Income Tax Department, including, filing Income Tax Return.
Advantages of using this new facility
- Taxpayer gets direct access to his e-Filing account even if he has forgotten his password.
- Taxpayer gets a secure and safe way to login into his e-Filing account.
- Taxpayer can safeguard his e-Filing account by selecting/opting for "Password Resetting" only by using Digital Signature Certificate or through this new facility of direct login from his net-banking account, thereby preventing others from unauthorized access to his account. (coming soon….)
- Other benefits (coming soon…..)
Detailed steps using example of Corporation Bank Net banking
Go to https://www.corpretail.com/RetailBank/
Login in to your Corporation Bank Net banking account using your Bank provided User ID and password
Corporation Bank Net banking Homepage < Select Utility Payments < Select "Income Tax e-Filing Login"
- Select Account Number (IFSC Code) from the drop down– Enter PAN
- Accept the Terms & Conditions
– Click on Submit
Click OK to get re-directed and automatically logged into Income tax Department e-Filing account (https://incometaxindiaefiling.gov.in)
You will get re-directed to Income Tax Department e-Filing website (https://incometaxindiaefiling.gov.in) and the home page showing the "Dashboard" after login will appear.
e-Filing Portal Taxpayer Dashboard
You may now reset your password using "Profile Settings" or avail of any service offered.
Remember: This facility is a safe and secure method for direct login to your Income Tax Department e-Filing account only and is available ONLY through your Bank website after you have logged in and not through any other organization or entity or website.
Note: Your net-banking User ID or password is NOT shared by the bank to the Department
Online facility to provide Grievance relating to Income Tax CPC
The facility to provide Grievance relating to the CPC is made available to the assessee in the e-Filing portal. After Login, select Helpdesk –> Submit Grievance–> CPC then from the drop down select Assessment Year, category and sub category of the grievance.
Source- CBDT
Online facility to provide response against outstanding income Tax demand
The facility to provide response against outstanding tax demand is made available to the assessee in the e-Filing portal. After Login, select e-File then select Response to Outstanding Tax Demand and the most appropriate options may be selected to provide response.
CII wants CST to reduced to 1%
Union Budget – opportunity to facilitate enabling environment to enhance investor attractiveness -Dec 10, 2014
In the pre-budget consultations with the Revenue Secretary Mr Shaktikanta Das and his team of senior officers from the Ministry of Finance, while appreciating the efforts of the Government in announcing string of measures towards stimulating growth, promoting investments, containing inflation and facilitating ease of doing business, CII strongly emphasized on the need of taking implementation steps by the Government to revive the economy.
CII team, comprised of representatives of key sectors, was led by Dr. Arun Bharat Ram, Past President, who urged the Ministry to continue bring in simplicity, clarity and stability in the tax policy regime, putting in place technology based e-governance initiatives on procedural simplification, to help boost investor sentiment, take the 'Make in India' initiative to a new level and galvanize the economy to a higher and inclusive growth path.
While lauding the initiatives of the Government to introduce the Constitutional Amendment Bill on GST in the ongoing winter session of Parliament, Mr Arun Bharat Ram stated, "It may be appreciated that CII is deliberating in a constructive manner on the possible solutions for fundamental design issues on GST. This will require further dialogue with the Government officials to be able to arrive at mutually satisfactory outcomes. The industry needs the opportunity for regular interaction with the officials dealing with these aspects."
Elaborating further on the subject, CII suggested the removal of anomalies in customs duty and reducing the CST rate from 2% to 1% due to the delay in implementation of GST. The short-term stimulus package involving reduction of excise duty on certain goods to continue up to March 15, 2015 was strongly emphasized by CII. In the Union budget 2014-15, this reduction in the range of 2-6 per cent was provided up to 31st December 2014. CII further suggested for rationalization of CENVAT credit scheme by doing away with the negative list.
During discussions CII advocated that investment allowance should be extended to the infrastructure sector in order to further spur investment activity in the economy. Further infrastructure companies should be exempted from paying MAT.
"The MAT on SEZs should be abolished. Similarly, the government should do away with dividend distribution tax at SPV level to make REITs attractive", said one of the members in the CII delegation.
CII further advocated the promotion of manufacturing activity as one of the priorities to augment growth. During the meeting, CII stressed on the need for incentivizing R&D to give a thrust to the Make in India Initiative. The benefit of weighted deduction on R&D should be extended to expenditure on building exclusively for R&D. Moreover, the negative list as given in the Eleventh Schedule be removed in the context of section 35(2AB).
CII also sought the revamping of dispute resolution by strengthening the authority on advance ruling (AAR) and Advance Pricing Authority (APA). The provisions of advance ruling should include private companies. The branches of AAR and APA should be strengthened. Similarly, the benches of CESTAT should be increased to resolve indirect tax litigation where there is a huge pendency on excise and service tax cases. This would unlock funds stuck in tax disputes, according to CII.
Mr Arun Bharat Ram in his concluding remarks also suggested to "Strengthen Dispute Resolution Panel (DRP) with full time and independent members, and empower DRPs to enter into negotiated settlement with tax payers on the basis of 'no further appeals to high court'."
According to CII, the economy is turning the corner and green shoots of recovery are gradually becoming visible. Hence, this is an opportune time to take the reform agenda forward which would transform the economy and take the country back to higher orbit of growth path. Source- CII
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CPC (TDS) – Consequances of Non-Registration on TRACES
As per the records of Centralized Processing Cell (TDS), there are many deductors who have filed TDS return for different quarters, but not not yet registered on the web portal TRACES
Such Un-registered Deductor will not be able to download TDS Certificates (Form 16/ 16A) and avail several other facilities offered by TRACES unless they register.
Please refer to the following provisions of the Income Tax Act, 1961 which may attract due to non-registration :
Downloading of TDS Certificates from TRACES made mandatory:
In this regard, your attention is invited to the CBDT circulars 04/2013 dated 17.04.2013, No. 03/2011 dated 13.05.2011 and No. 01/2012 dated 09.04.2012 on the Issuance of certificate for Tax Deducted at Source in Form 16/16A as per IT Rules 1962. It is now mandatory for all deductors to issue TDS certificates after generating and downloading the same from "TDS Reconciliation Analysis and Correction Enabling System" or http://www.tdscpc.gov.in (hereinafter called TRACES Portal).
TDS Certificates downloaded only from TRACES hold valid :
In view of above circulars, it may kindly be noted that the TDS Certificates downloaded only from TRACES Portal will be valid. Certificates issued in any other form or manner will not comply to the requirements referred in the Income-tax Act 1961 read with relevant Rules and Circulars issued in this behalf from time to time.
Due Date for downloading and Penalty for non-compliance:
Please be advised that under the provisions of section 203 of the Income Tax Act, 1961 read with rule 31A, Certificate of tax deducted at source is to be furnished within fifteen (15) days from the due date for furnishing the statement of tax deducted at source. Failure to comply with the provisions of the Act will attract penalty under the provisions of section 272A of the Act, a sum of one hundred rupees for every day during which the failure continues.
You can access web portal TRACES on following link – https://tdscpc.gov.in/
e-Tutorial on Registration on Traces can be accessed at the following link -http://contents.tdscpc.gov.in/en/deductor-registration-login-etutorial.html for assistance on Registration and Login
For any further assistance, you can also write to ContactUs@tdscpc.gov.in or call toll-free number of Traces 1800 103 0344.
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CPC (TDS) - Consequances of Non-Registration on TRACES As per the records of Centralized Processing Cell (TDS), there are many deductors who have filed TDS return for different quarters, but not not yet register... | |||||||
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