NEWSLETTER February 2015 - talatiandtalati.com filelakh but also raised the deduction under Section 80C of the Income Tax Act, 1961, by Rs 50000. ... Section 80C: Making the most of

NEWSLETTER

February 2015NEWSLETTER

February 2015

Preface

Private & Confidential02 |

It’s February and we are back with monthly edition of our Talati & Talati Newsletter.

The Narendra Modi Government will present its first full and perhaps its most crucial budget

on 28th of this month against the economic drawback of a still nascent recovery in the

economy and an even more nascent one in investment and consumption.

India's growth prospects in 2014 -15 look much better when compared to the situation a year

ago. Inflation which had been a persistent worry has finally moved to a downward path.

Latest numbers indicate inflationary pressure waning, with both wholesale and retail prices

reporting softening. Further, our current account position which was a dominant risk factor

until last year has been suppressed to a large extent. The global oil prices have softened and

the exchange rate is projected to remain pretty much stable. Export growth has also been

steady so far this year. The economy is certainly on the mend and the government has

provided a big dose of confidence to the potential investors. However, India is still away from

the point where a shift can be made to a higher growth trajectory which can be sustained

going ahead. Hence, hoping for the best in the up-coming budget.

Our this month newsletter consists topic on Section 80C – Making the most of it, Role of

Auditor under New Companies Act, 2013, 17 crore PAN holders in India & only 3.5 crore files

Income Tax Return, Few notifications related to Income Tax and a Case Law on M/s. Fortune

Ploymers Industries Pvt. Ltd. vs. DCIT (ITAT Delhi), ITA No. 1036/Del/2013.

We hope to forward to you, on a regular basis, updating you on recent developments and

other points of interest in our profession. Looking forward for your reviews, suggestions &

feedbacks.

Happy Reading!!!!!!!!!

Regards,Editorial Team

Talati & Talati

Feb. 2015


The Union Budget 2014-15 has been very good for individual tax payers. The finance minister not only hiked the basic exemption limit to Rs 2.5 lakh from Rs 2 lakh but also raised the deduction under Section 80C of the Income Tax Act, 1961, by Rs 50000. Thus, from the current financial year, individuals can get a maximum of Rs 1.5 lakh deduction under Section 80C, taking the total deduction (basic plus available under Section 80C) to Rs 4 lakh. This means if planned properly, income of Rs 4 lakh per annum can become totally tax-free. Planning investments under Section 80C in advance will help to take the maximum advantage as most people end up paying taxes due to lack of liquidity towards the end of the year.

Most salaried people get the benefit of Employees' Provident Fund (EPF). The minimum amount an employee needs to contribute towards EPF is 12% of basic salary plus dearness allowance. The employer, too, needs to contribute a similar amount. The employee can voluntarily invest more but the employer may limit his contribution to a maximum of 12% basic salary. Investment by employees in EPF can get deduction under Section 80C. Thus, an additional amount can be contributed to EPF to get up to Rs 1.5 lakh deduction under Section 80C. The rate

Private & Confidential|

Section 80C: Making the most of it

Feb. 2015

on EPF for the current financial year is 8.75%. This rate is revised every year to align with the market. The interest received from EPF is tax-free.

Public Provident Fund (PPF) is the most commonly used tool to get benefit under Section 80C. The maximum yearly limit for PPF till the last financial year was Rs 1 lakh per person. Now that the limit under Section 80C has been revised to Rs 1.5 lakh, the maximum yearly limit in PPF, too, has been increased to Rs 1.5 lakh from the current financial year. Assessees with exposure to PPF can enjoy tax-free interest rate of 8.7%. They can also enjoy the benefit under Section 80C if the contribution is made in the name of a minor child. PPF is a 15-year account, which can be renewed for five years any number of times. This is a good option for non-salaried people such as business owners, pensioners, and professionals.

Existing insurance policies will continue to get deduction under Section 80C. Avoid committing more money to insurance policies just to claim benefit under Section 80C. If sufficiently insured, look at pure investment options to get tax benefit. If not sufficiently insured, then use the opportunity to get a larger cover through a term plan and invest the remaining amount in other pure investment options.

A tax-saving fixed deposit (FDs) is another option to look at if there is need for money within the maturity of long-term options such as PPF and EPF. Most nationalized, private and co-operative banks offer tax-saving FDs, which carry a lock-in of 60 months. The rates on these FDs range from 8.5% to 9.5%, with additional benefits to senior citizens. The interest from these FDs is treated like that on other FDs and is taxable and subject to tax deduction at source (TDS). Investors can invest Rs 1.5 lakh in a tax-saving FD to get deduction under Section 80C. They can take the option of cumulative or regular interest payment depending on the need for cash flow.

Private & Confidential04 | Feb. 2015


Equity-linked savings scheme (ELSS) is the only pure investment option available under Section 80C through which investors can take exposure to equity shares. ELSS comes with a lock-in of three years, which is the lowest among all the options available to get benefit under Section 80C. ELSS is a regular mutual fund with an additional benefit of tax exemption under Section 80C. Though the lock-in period is three years, the investment should be done with a long-term view as equity is a volatile asset class. Also, investors can chose to invest through the systematic investment plan (SIP) route instead of lump sum to make the most of the volatility.

There is no upper limit for investment in ELSS but the maximum benefit is limited to Rs 1 lakh. Capital appreciation in ELSS is tax-free as the gain will be classified as long-term capital gain from equity funds. Dividends, too, will be tax-free without any implication of dividend distribution tax. Securities transaction tax of 0.001% will be applicable on the redeemed value.

Since ELSS is an equity fund, there is no guarantee of return on investment. But looking at the historical performance, ELSS has outperformed traditional options such as PPF, EPF and tax-saving FDs over a long period of time.

Conclusion

Make the most of raised limit under Section 80C, and save as much as possible to get maximum tax benefit. Redeeming from a tax-saving option and reinvesting it in another tax-saving instrument can be a good tool for those with tight liquidity and for whom investing additional amount is not poss

Feb. 2015


Sections 138 to 148 of the Companies Act deal with accounts, audit and auditors. These provisions will have far reaching implications for the audit profession. In this article some important provisions contained in the companies act, 2013 are discussed.

• Understanding the definition of auditor

An auditor is an independent professional person qualified to perform an audit. In accounting, an auditor is someone who is responsible for evaluating the validity and reliability of a company or organization’s financial statements. The term is sometimes synonymous with “comptroller”.

• Appointment of auditor

As per section 139, it is a prime requirement that every company shall at the first annual general meeting appoint an auditor who can either be an individual or a firm. Appointment includes reappointment.The manner and procedure of selection of auditors by the members of the company will be such as may be prescribed. It is a mandatory condition that before such appointment is made, the written consent of the auditor to such appointment, and a certificate from him stating that the

Role of auditor under new Companies Act, 2013

Feb. 2015


appointment, if made, shall be in accordance with the conditions as may be prescribed, shall be obtained from the auditor.

• Tenure

Company can appoint an individual as an auditor for more than one term of five consecutive years and an audit firm as an auditor for more than two terms of five consecutive years.

• Eligibility, Qualifications and Disqualifications of auditors

A person will be qualified to be appointed as an auditor of a company only if he is a chartered accountant. Where a firm is appointed as an auditor of a company, only the partners who are chartered accountants shall be authorized to act and sign on behalf of the firm. A person will be disqualified if he is falling under the following: a) an officer or employee of the company; b)a person whose relative is a director or is in the employment of the

company’s a director or key managerial personnel;

c) a person who has been convicted by a court of an offence involving fraud and a period of ten years has not elapsed from the date of such conviction;

• Removal and Change of Auditora) Special resolution

The auditor appointed may be removed from his office before the expiry of his term only by a special resolution of the company, after obtaining the previous approval of the Central Government in that behalf in the prescribed manner.

b) Resignation

The auditor who has resigned from the company shall file within a periodof thirty days from the date of resignation, a statement in the prescribed form with the company and the Registrar, and in case of

Feb. 2015

Government company with the Comptroller and Auditor-General of India, indicating the reasons and other facts as may be relevant with regard to his resignation. In case of non compliance he shall be punishable with fine ranging between INR 50,000 to 5 lakh.

c) Tribunal

The Tribunal either suo motu or on an application made to it by the Central Government or by any person concerned, if it is satisfied that the auditor of a company has, whether directly or indirectly, acted in a fraudulent manner in relation to the company or its directors or officers, it may, by o r d e r , d i r e c t t h e c o m p a n y t o c h a n g e i t s a u d i t o r s .In the case of such an application by the Central Government for change of Auditors, the Tribunal can, within 15 days, pass an order that the auditor shall not function as such and the Central Government will be able to appoint another auditor.

• Consequences

a)The auditor who is removed by the Tribunal cannot be appointed as an auditor of that company for 5 years.

b)Punishment with imprisonment for a minimum term of six months which may extent to 10 years and shall also be liable to pay a minimum fine of an amount involved in the fraud which may extend to 3 times the said amount.

c)If the fraud involves public interest the minimum period of imprisonment will be 3 years.

• Powers of Auditors

a)Right to access :

Every auditor of a company shall have right to access at all time to book of accounts and vouchers of the company. The Auditor shall be entitled to require from officers of the company such information and

Private & Confidential08 | Feb. 2015


explanation as he may consider necessary for performance of his duties.There is an inclusive list of matter for which auditor shall seek

information and explanation. This list helps auditor to take special care on serious issues. The list includes issues related to:

i. Proper security for Loan and advances, ii. Transaction by book entries iii. Sale of assets in securities in loss iv. Loan and advances made shown as deposits, v. Personal expenses charged to revenue account vi. Case received for share allotted for cash

The auditor of holding company also has same rights.

b) Auditor to sign audit reports :

The auditor of the company shall sign the auditor’s report or sign or certify any other document of the company and financial transactions or matters, which have any adverse effect on the functioning of the company mentioned in the auditor’s report shall be read before the company in general meeting and shall be open to inspection by any member of the company.

c) Auditor in general meeting:

It is a prime requirement under section 146, that the company must send all notices and communication to the auditor, relating to any general meeting, and he shall attend the meeting either through himself or through his representative, who shall also be an auditor. Such auditor must be given reasonable opportunity to speak at the meeting on any part of the business which concerns him as the auditor.As per section 101, notice of general meeting must be given before 21 days either in writing or through electronic mode to the auditor in such manner as may be prescribed. Every notice of a meeting shall specify the

Feb. 2015


place, date, day and the hour of the meeting and shall contain a statement o f t h e b u s i n e s s t o b e t r a n s a c t e d a t s u c h m e e t i n g .

d) Right to remuneration

The remuneration of the auditor of a company shall be fixed in its general meeting or in such manner as may be determined therein. It must include

the expenses, if any, incurred by the auditor in connection with the audit of the company and any facility extended to him but does not include any remuneration paid to him for any other service rendered by him at the request of the company.

e)Consent of auditor

As per section 26, the company must mention in their prospectus the name, address and consent of the auditors of the company.

• Duties of Auditors

a)Make report

The auditor shall make a report to the members of the company on accounts examined by him on every financial statement. The auditor report shall also state:

i. Whether he has sought and obtained all the necessary information and explanations,

ii.Whether proper books of account have been kept, iii.Whether company’s balance sheet and profit and loss account are in

agreement with books of accounts and returns,(Refer to section 143 for detailed list)

b)Audit report of Government Company :

The auditor of the government company will be appointed by the Comptroller and Auditor-General of India and such auditor shall act according to the directions given by them. He must submit a report to

Feb. 2015


them which should include the action taken by him and impact on accounts and financial statement of the company.

The Comptroller and Audit – General of India shall within sixty days of receipt of the report have right to (a) conduct a supplementary audit and (b) comment upon or supplement such audit report.The Comptroller and Audit – General of India may cause test audit to be conducted of the accounts of such company.

c) Liable to pay damages

As per section 245, the depository and members of the company have right to file an application before the tribunal if they are of the opinion that the management or conduct of the affairs of the company are being conducted in a manner prejudicial to the interests of the company They also have right to claim damages or compensation from the auditor including audit firm of the company for any improper or misleading statement of particulars made in his audit report or for any fraudulent, unlawful or wrongful act or conduct.

d)Branch Audit :

Where a company has a branch office, the accounts of that office shall be audited either by the auditor appointed for the company, or by any other person qualified for appointment as an auditor of the company. The branch auditor shall prepare a report on the accounts of the branch examined by him and send it to the auditor of the company who shall deal with it in his report in such manner as he considers necessary.

e)Auditing Standards :

Every auditor shall comply with the auditing standards. The Central Government shall notify these standards in consultation with National Financial reporting Authority. The government may also notify that

Feb. 2015


auditors’ report shall include a statement on such matters as notified.

f) Fraud Reporting :

If an auditor of a company, in the course of the performance of his duties as auditor, has reason to believe that an offence involving fraud is being or has been committed against the company by officers or employees of the company, he shall immediately report the matter to the Central Government within such time and in such manner as may be prescribed.

g) Winding up

As per section 305, at the time of voluntary winding up of a company it is a mandatory requirement that auditor should attach the copy of the audits of the company prepared by him.

Feb. 2015


PAN has been allotted to around 17 crore entities while IT returns have been filed by only 3.5 crore entities. The gap between PAN card holders and number of taxpayers is growing over time. While the number of PAN card holders increased by 175 per cent during FY200506 to FY20 1011, the number of taxpayers in the same period rose only by 17 per cent.

Of the total 12.11 crore PAN card holders during FY20101 1, the number of taxpayers stood only at 3.48 crore and has remained almost constant thereafter. To a significant extent, the difference reflects the use of PAN card as a proof of identity for various stipulated economic functions that have no relation to tax. Nevertheless, the gap must have a bearing on the efforts to widen the tax base as also the efficacy of the PAN card distribution system. A huge gap has also been noticed between the numbers of entities to whom tax deduction account number (TAN) has been allotted vis-à-vis number of deductors filing TDS returns/submissions. The reasons need to be comprehensively identified for such a widening gap and whether there is room to enhance the IT base from the information thus obtained.

17 Crore PAN holders in India & only 3.5 crore files Income Tax Return

Feb. 2015


Government of India

Ministry of Corporate Affairs

New Delhi, the 19th January, 2015

G.S.R…. (E) - In exercise of the powers conferred under section 135 and sub-sections(1) and (2) of section 469 of the Companies Act, 2013(18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Corporate Social Responsibility Policy) Rules, 2014, namely:-1. These rules may be called the Companies (Corporate Social

Responsibility Policy) Amendment Rules, 2015.(2) They shall come into force on the date of their publication in the Official

Gazette.2. In the Companies (Corporate Social Responsibility Policy) Rules, 2014, in rule 4, in sub-rule (2),-

(i) for the words “established by the company or its holding or subsidiary or associate company under section 8 of the Act or otherwise”, the words “established under section 8 of the Act by the company either singly or along with its holding or subsidiary or associate company or along with any other company or holding or subsidiary or associate company of such

(1)

NOTIFICATION

Feb. 2015


other company, or otherwise” shall be substituted;(ii) in the proviso, in clause (i), for the words “not established by the company

or its holding or subsidiary or associate company, it”, the words not established by the company, either singly or along with its holding or subsidiary or associate company, or along with any other company or holding or subsidiary or associate company of such other company” shall be substituted.

[F. No. 1/18/2013-CL- V-Part]

Income-Tax Notification no. 05/2015

Dated-20th January, 2015

In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby notifies for the purposes of the said clause, the ‘Tamil Nadu Water Supply and Drainage Board ‘, a Board constituted under the Tamil Nadu Water Supply and Drainage Board Act, 1970 (Tamil Nadu Act No. 4 of 1971) in respect of the following specified income arising to that body, namely:—

a)cent age at rates prescribed by the Government of Tamil Nadu; b)water charges (at Water Tariff fixed by the Government of Tamil Nadu)

collection from local bodies for bulk water supply; c)interest on bank deposits and investments, rent and deposits received

from local bodies.1.This notification shall be subject to the conditions that Tamil Nadu Water Supply and Drainage Board:— a) shall not engage in any commercial activity; b) its activities and the nature of the specified income remain unchanged

throughout the financial year(s), and c)shall file return of income in accordance with the provision of clause (g) of

sub-section (4C) of section 139 of the said Act.

Feb. 2015


This notification shall be applicable for the financial years 2013-14 to 2017-18.

[F.NO.196/28/2013-ITA.I]



In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby notifies for the purposes of the said clause, the ‘Gujarat State Council for Blood Transfusion’, a trust constituted by the Government of Gujarat, in respect of the following specified income arising to the said trust, namely :- a)grants from Government of Gujarat and the Government of India; b)donations; and c)income arising or by way of interest. 1. The Notification shall be effective subject to the conditions that Gujarat State Council for Blood Transfusion:- a)the trust does not engage in commercial activity; b)the activities of the trust and the nature of the specified income derived

remain unchanged throughout the financial years ; and c)the trust files return of income in accordance with the provision of clause

(g) of sub-section (4C) of section 139 of the said Act.This notification shall be applicable for the financial years 2013-14 to 2017-18.

[F. NO. 196/21/2013-ITA.I]



In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby notifies for the purposes of the said clause, the ‘Karnataka Livestock Development Agency’, a body

Feb. 2015


constituted by the Government of Karnataka, in respect of the following specified income arising to the said body, as follows:- a)amount received in the form of grants-in-aid from Government of India;

and b)income arising out or derived from interest on grants-in-aid. 1. The notification shall be subject to the conditions that:- a)the body does not engage in any commercial activity; b)its activities and the nature of the specified income remain unchanged

throughout the financial years; and c)it files return of income in accordance with the provision of clause (g) of

sub-section (4C) section 139 of the said Act.

This notification shall be applicable for financial years 2012-13 to 2016-17.

[F.NO.196/16/2014-ITA.I]


Dated: 20th January, 2015

In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, “National Council of Science Museums” an autonomous body under the Ministry of Culture, Government of India, in respect of the following specified income arising to the Council, namely:- a)amount received in the form of grants-in-aid and subsidies from

Government of India; b)fees or subscription by sale of tickets; c)charges for maintenance recovered for use of auditorium and other public

facilities for scientific and educational purposes; and d)income arising or derived by way of interest received from investment.1.The notification shall be subject to the following conditions, that National

Feb. 2015


Council of Science Museums- a)shall not engage in any commercial activity; b)its activities and the nature of the specified income remain unchanged

throughout the financial years; andc)it files return of income in accordance with the provision of clause (g) of

sub-section (4C) section 139 of the said Act.This notification shall be applicable for the financial years 2012-2013 to 2016-2017.

Feb. 2015


M/s. Fortune Ploymers Industries Pvt. Ltd. vs. DCIT (ITAT Delhi), ITA No. 1036/Del/2013

Hon’ble Delhi ITAT has in the case of M/s. Fortune Ploymers Industries Pvt. Ltd. vs. DCIT, has held that Penalty u/s 271(1)(c) cannot be imposed on an un-detailed assessment order passed in a cursory and summary manner.

Facts in brief:- The assessee is a company incorporated in July, 1988. It was engaged in the business of manufacturing of PVC Water Storage Tanks. The manufacturing facility was constituted at Plot no.6B, Site B, Surajpur, Greater Noida, U.P. The company was financed by U.P. Financial Corporation (hereinafter called UPFC) and Pradeshiya Industrial and Investment Corporation of U.P. (hereinafter called PICUP).

On 28.7.1995, the assessee was taken over by UPFC for failure to clear dues. On 13.12.1996, reference was filed u/s 15(1) of the Sick Industrial Companies Act, for declaring the assessee as a sick company. On 18.3.1997 BIFR declared the assessee as a sick company. Thereafter on 30.11.1997 the assessee filed a return for losses. On 23rd Feb.2000 the Board of Industrial and Financial Reconstruction (BIFR) ordered for winding up. Just before passing the order of winding up the AO passed order u/s 143(3) on 10th Feb.2000 determining the assessed income at ‘nil’. Thereafter penalty was levied u/s 271(1) © on deemed income of Rs. 3, 90, 43,136/- being loss claimed and disallowed.

Case Law

Feb. 2015


The Honble Delhi ITAT observed that:

A perusal of the assessment order demonstrates that it has been passed in a cursory and summary manner, de hors of any detail, except for mentioning that certain figures had not tallied any analysis whatsoever or reasons leading to the disallowance, are given by the AO. AO simply says that the assessee has filed reply explaining the discrepancies but does not give any reason as to why the explanation cannot be accepted. Nowhere in the penalty order the charge on which penalty is being levied has been specified. Such an assessment, in view cannot be a basis for levy of penalty u/s 271(1)(c).

And finally the Hon’ble ITAT concluded as under:

As stated the AO has passed the order in a summary manner, without specifying the grounds of disallowance, item wise. The AO has also not specified the charge on which penalty is being levied. The explanation given by the assessee, during the course of assessment proceedings, explaining the variation between the provisional books and the audited records, were not considered by the AO. Under these facts and circumstances, applying the proposition laid down in the case law referred above, it was hold that the penalty levied cannot be sustained. Hence they quash the order levying penalty u/s 271(1)(c) and allow the appeal of the assessee.

ITAT relied on following Judgments:-

New Holland Tractors India (P) Ltd. vs. CIT (Delhi High Court), ITA 182/2002 judgement dt. 25th September, 2014

CIT vs. Manjunatha Cotton and Gining Factory (Karnataka High Court) (2013) 359 ITR 565 judgement dated 13th December, 2012.

Feb. 2015

21 |

MVAT*Monthly payment till JanuaryMVAT Monthly Returns for January.(TAX>1000000)

10th Central ExciseFilling ER-1 Return(Other than SSI Units)Filling Quarterly Return ER-2 by 100% EOUs.Filling monthly ER-6 Returns by specified class of Assessees regarding principal inputs

15th

Prof.TaxPayment for January

*If payment of MVAT made as per time prescribed, additional 10 days are given for uploading e-return

7th

6th

5th

Income tax

Central Excise

SERVICE TAX

TDS Payment of January

Payment of Excise duty for all Assessees(Including SSI Units)

Service tax Payment by Companies for January

31st

Important Dates

Private & Confidential

P.F. Payment for JanuaryP.F.

Feb. 2015

February

20th MVAT*TDS Payment of January

21st E.S.I.CE.S.I.C. Payment for January

Private & Confidential|

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Documents

NEWSLETTER February 2015 - talatiandtalati.com filelakh but also raised the deduction under Section 80C of the Income Tax Act, 1961, by Rs 50000. ... Section 80C: Making the most of