Tuesday, 17 February 2015

Maharashtra VAT security deposit refund

Grant of refund of security deposit Rs.25000 under mvat act. Voluntary deposit scheme was applicable wef 1.5.2011. As per rule 60A(2)(b) an app for refund of deposit shall be filed after a period of 36 months from d end of month containing d date of effect of d reg certificate but before d end of d period of 48 months from d end of d month containing d said date.
So friends check date of effect of RC of ur client & file app for refund of security deposit. Otherwise u may not get refund..

This is for ur information.
CA Anand Mutha

Small company Redefined

Companies (Removal of Dilficulties) Order, 2015 has been released by MCA dated February 13, 2015

In the Companies Act, 2013 (hereinafter referred to as the said Act, -
(as in section 2, in clause(85), in sub-clause (i), for the word "or" occurring at the end, the word "and" shall be substituted; and (b) in section 186 of the said Act, in sub section (11), in clause (b),after item (iii), the following item shall be inserted, namely:-
"(iv) made by a banking company or an insurance company or a housing finance company, making acquisition of securities in the ordinary
course of its business.".

The impact is as follows:

Small Company - ' A small company is now defined as a company (other than public company) whose paid up capital is upto Rs 50 lakhs AND turnover upto Rs 2 crores. Earlier it was OR.

Amendment in Section-186- The provision of section 186 except sub section (1) shall also not apply to any acquisition made by a banking company or an insurance company or a housing finance company, making acquisition of securities in the ordinary course of its business.

Tuesday, 10 February 2015

Levy of mandatory fee for delayed filing of TDS return & Sec 234E is constitutionally valid

Levy of mandatory fee for delayed filing of TDS return & Sec 234E is constitutionally valid;

Delay in filing TDS returns has cascading effect and IT Department cannot process deductee's tax status until TDS return is filed by deductor; Delay in filing TDS return results in additional burden upon department due to deductor's fault, hence levy of fee u/s 234E is to compensate for additional work burden forced upon the Department ; HC observes that "Section 234E of the Act is not punitive in nature but a fee which is a fixed charge for the extra service which the Department has to provide due to the late filing of the TDS statements"; TDS return is regularised by paying fee u/s 234E, and is a privilege and special service provided to deductor by allowing him to submit TDS return beyond due date; HC rejects petitioner's argument that fee u/s 234E is collected in the guise of tax; Absence of "right to appeal" against Sec 234E fee cannot make levy & section invalid ; HC says " It must be noted that a right of appeal is not a matter of right but is a creature of the statute, and if the Legislature deems it fit not to provide a remedy of appeal, so be it"; Statute relating to economic activities should be viewed with greater latitude than laws touching civil rights  : Bombay HC

The ruling was delivered by Chief Justice Mohit Shah and Justice B. P. Colabawalla.

[TS-44-HC-2015(BOM)]

Recommendations made by the GST Council in its 22nd Meeting held on 6th October 2017

The GST Council, in its 22nd Meeting which was held today in the national capital under Chairmanship of the Union Minister of Finance and C...