Dear friends,
Please find herewith Revised guidelines for e-furnishing Form 15CA.
Form 15CA should be used for furnishing information of remittances in e-mode in accordance with the provisions of section 195 (6) of the Income-tax Act, 1961. The information should be furnished after obtaining a certificate in Form 15CB from an accountant as defined in the Explanation to section 288 of the Income-tax Act, 1961. The print out Form 15CA should be signed and submitted to the Reserve Bank of India/authorized dealer prior to remitting the payment.
The Form should be furnished at the website of the Tax Information Network www.tin-nsdl.com.
Fields marked with (*) are mandatory.
Select the values from the drop down wherever provided.
Each transaction detail should be filled in separately.
Guidelines for Part A of Form 15CA:
Remitter:
Permanent Account Number (PAN) and Tax Deduction and collection Account Number (TAN) allotted by the Income Tax Department should be mentioned. TAN is mandatory in cases where-
tax has been deducted or will be deducted at source;
the remitter has obtained an order under section 195 (2) of the Income-tax Act from the Assessing Officer.
In case an invalid PAN and/or TAN is filled in by the remitter, the Form will not be generated.
In case the remitter does not have a TAN, it is mandatory to quote PAN of the remitter.
PAN of the remitter should invariably be given. However, the same is mandatory if status of entity is Company or Firm. If PAN is not given in such cases, the remitter will not be allowed to generate the Form.
Details in at least two address fields for remitter shoule be mentioned.
Name of the entity should be mentioned in the “Name of remitter” field.
No value is to be provided in Area code, AO type, Range code & AO number.
The fields will be entered by the system after validating the PAN and/or TAN.
Email id and mobile no., if any, should be provided.
Recipient of remittance:
Complete address of recipient of remittance, separated by coma, should be provided.
PAN, allotted by the Indian Income Tax Department should be mentioned.
If status of entity is “company”, then provide type of company i.e., “domestic” or “other than domestic”.
In the field “ Principal Place of Business”, the country of tax residence of the recipient of the remittance should be mentioned.
Information for accountant
Enter name of the Chartered Accountant in the field “Name of the accountant”.
Details in at least two address fields should be mentioned.
Date of certificate should not be a future date.
Registration no. should be numeric.
Details of accountant are not required if point no. 15 is selected i.e. any order u/s 195 (2)/ 195 (3)/ 197 of the Income-tax Act has been obtained from Assessing Officer.
Certificate number is an alphanumeric field.
Guidelines for PART B of the Form (Particulars of Remittance and TDS)
Provide the values as per the accountant certificate obtained in Form 15CB.
In case name of the country is not available in drop down list, select value “other” from the drop down and provide name of the country.
In case currency name is not available in drop down then select value “other” from the drop down and provide name of the currency.
Proposed date of remittance should be current date or a future date.
Amount of TDS should be less than amount of remittance.
Actual amount of remittance after TDS should be less than amount of remittance.
Select type of the bank:
Indian Bank (Bank of India, Dena Bank, Kotak Mahindra Bank Ltd. etc.)
Foreign Bank (Standard Chartered Bank, HSBC, Citi Bank etc.)
In case of “Indian Bank”, user will be required to provide “Name of the branch” and “BSR code”
In case of “Foreign Bank”, user will be required to provide details of location of bank as below:
Located in India
Located outside India
In case of foreign bank located in India, user will be further required to provide “Name of the branch” and “BSR code”
In case of foreign bank located outside India, user will be further required to provide:
Name of the branch
BSR code (This will be optional)
Code of branch (This will be mandatory)
Rate of TDS as per DTAA (if applicable) should be mentioned upto two decimal places.
Amount should be mentioned upto 2 decimal places.
Select any one out of fields 12, 13, 14 and 16. One form is to be filled for one type of remittance.
Details of “responsible person” should be mentioned for verification.
If no tax has been deducted then value “0.00” should be mentioned in “Amount of TDS” field (foreign currency and Indian Rs.)
Value for “rate of deduction as per the Income-tax Act” should be “0.00” if no tax has been deducted and “amount of TDS in Indian and foreign currency” should be “0.00”.
Generation of Form 15CA
After filling up the information, click “submit”. On submission of details if system shows any errors, rectify and re-submit the form.
A confirmation screen with all the data filled by the user will be displayed. The same can be either confirmed or edited.
On confirmation, a filled up Form 15CA with an acknowledgement number will be displayed. Print out of the Form should be taken, signed and submitted prior to remitting the payment.
Form 15CA can be re-printed by selecting the re-print option. For re-printing, please enter “acknowledgement no.”, “PAN” and/or “TAN” mentioned in the Form.
With regards,
Bipul Kumar
Wisdom Management Consultancy Private Limited
--------------------------------------------------
Reg. Office: B-94/9, Dharni Chamber, Joshi Colony, IP Extension, New Delhi-110092.
+91-9560084833 [Cell]
-------------------------------------------------------------------------------------------------------------
This message and any attachment are confidential and may be privileged or otherwise protected from disclosure. If you are not the intended recipient, please telephone or email the sender and delete this message and any attachment from your system and permanently destroy any copies or printouts thereof. If you are not the intended recipient you must not copy this message or attachment or disclose the contents to any other person. Although this email and its attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and Wisdom Management Consultancy Private Limited does not accept any responsibility for any loss or damage arising in any manner whatsoever from its use.
Wisdom Management Consultancy Private Limited is a limited liability company incorporated in India under number U74900DL2011PTC219663. The company's registered office is at B-94/9, Dharni Chamber, Joshi Colony, IP Extension, New Delhi-110092.
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Wednesday, December 21, 2011
Monday, December 12, 2011
MCA updates through Business standard
MCAturnaboutcouldn’tsave Loop-Essar
BS REPORTERS
New Delhi, 12 December
In the final analysis, the change of mind by the ministry of corporate affairs (MCA) since 2009 on the alleged culpabilility of Loop Telecom and its promoters in the 2G telecom spectrum allocation scam hasn’t stopped other government agencies from penal action in this regard.
The company got a pan-India licence in 2008 with nine others under the controversial regime of former communications minister A Raja. In 2009, the MCA under Salman Khurshid said the company was a front for the Essar Group, which included relatives of the Ruias, the promoters (sister Kiran Khaitan and brother-in-law IP Khaitan). The department found numerous linkages through various loans, non-convertible debentures and investments made by the Essar Group and the Khaitans together in Loop.
Under the the Unified Access Service Licence (UASL) rules, a company could not have more than 10 per cent stake in another competing telco in the same telecom circle. Essar had 33 per cent stake at that time in Vodafone Essar (which they later sold) and much more than 10 per cent in Loop, MCA alleged .
However, in 2011, in a complete volte face, MCA (now under Murli Deora’s ministership) gave a clean chit to the Essar Group. It said the Ruias-promoted group had only a 2.15 per cent stake in Loop at the time of application for alicence in September 2007. In its letter to the department of telecommunications, the MCA said the documents examined did not substantiate the charge of an "associate" relationship between Essar and the Khaitan group.
However, the Central Bureau of Investigation (CBI) disagreed. On July 7 this year, it questioned in the Supreme Court the clean chit given to Loop by MCA. And, in August, the enforcement directorate issued showcause notices to both Loop Telecom and Loop Mobile, for alleged violation of foreign exchange laws for about ~384 crore. While Loop Telecom has been fined ~184 crore, that for Loop Mobile is ~200 crore (reduced from ~431 crore, initially).
Last year’s headline-making report of the Union comtroller and auditor-general had clearly said Loop was ineligible to receive alicence. And, the Telecom Regulatory Authority of India recommended cancellation of licenses of Loop Telecom, among others, on account of missing rollout obligations.
It was clear that there were differences of opinion within the CBI on what action to take. The matter was referred to the Union attorney general.
The AG, Goolam Vahanvati, noted CBI and its director (prosecution) agreed that there was no involvement of public officials in any conspiracy with Loop or Essar on spectrum allocation. Hence, he said, he was not required to rule on this issue.
He added that he had no objection to make to the CBI opinion that Loop, the applicant for spectrum, was a proxy for the Essar Group and so, a case of cheating and criminal conspiracy was warranted.
CBI had stated that Loop was an alter ego of the Essar Group. Which cleared the decks for the chargesheeting.
Though ministry under Deora jettisoned earlier view on collusion, no other government agency bought it
NBILLIONAIRE RUIAS IN TROUBLE WITH CBI OVER 2G N
BS REPORTERS
New Delhi, 12 December
In the final analysis, the change of mind by the ministry of corporate affairs (MCA) since 2009 on the alleged culpabilility of Loop Telecom and its promoters in the 2G telecom spectrum allocation scam hasn’t stopped other government agencies from penal action in this regard.
The company got a pan-India licence in 2008 with nine others under the controversial regime of former communications minister A Raja. In 2009, the MCA under Salman Khurshid said the company was a front for the Essar Group, which included relatives of the Ruias, the promoters (sister Kiran Khaitan and brother-in-law IP Khaitan). The department found numerous linkages through various loans, non-convertible debentures and investments made by the Essar Group and the Khaitans together in Loop.
Under the the Unified Access Service Licence (UASL) rules, a company could not have more than 10 per cent stake in another competing telco in the same telecom circle. Essar had 33 per cent stake at that time in Vodafone Essar (which they later sold) and much more than 10 per cent in Loop, MCA alleged .
However, in 2011, in a complete volte face, MCA (now under Murli Deora’s ministership) gave a clean chit to the Essar Group. It said the Ruias-promoted group had only a 2.15 per cent stake in Loop at the time of application for alicence in September 2007. In its letter to the department of telecommunications, the MCA said the documents examined did not substantiate the charge of an "associate" relationship between Essar and the Khaitan group.
However, the Central Bureau of Investigation (CBI) disagreed. On July 7 this year, it questioned in the Supreme Court the clean chit given to Loop by MCA. And, in August, the enforcement directorate issued showcause notices to both Loop Telecom and Loop Mobile, for alleged violation of foreign exchange laws for about ~384 crore. While Loop Telecom has been fined ~184 crore, that for Loop Mobile is ~200 crore (reduced from ~431 crore, initially).
Last year’s headline-making report of the Union comtroller and auditor-general had clearly said Loop was ineligible to receive alicence. And, the Telecom Regulatory Authority of India recommended cancellation of licenses of Loop Telecom, among others, on account of missing rollout obligations.
It was clear that there were differences of opinion within the CBI on what action to take. The matter was referred to the Union attorney general.
The AG, Goolam Vahanvati, noted CBI and its director (prosecution) agreed that there was no involvement of public officials in any conspiracy with Loop or Essar on spectrum allocation. Hence, he said, he was not required to rule on this issue.
He added that he had no objection to make to the CBI opinion that Loop, the applicant for spectrum, was a proxy for the Essar Group and so, a case of cheating and criminal conspiracy was warranted.
CBI had stated that Loop was an alter ego of the Essar Group. Which cleared the decks for the chargesheeting.
Though ministry under Deora jettisoned earlier view on collusion, no other government agency bought it
NBILLIONAIRE RUIAS IN TROUBLE WITH CBI OVER 2G N
Understanding CSR
UNDERSTANDING CSR
Corporate social responsibility is a win-win tool for business entities. CSR policy functions as a built-in, self-regulating mechanism whereby businesses monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms.
Corporate social responsibility is basically a concept whereby companies decide voluntarily to contribute to a better society and a cleaner & healthier environment. Corporate social responsibility is represented by the contributions undertaken by companies to society through its business activities and its social investment. It also focuses on the concept of sustainable development. Over the last years an increasing number of companies worldwide started promoting their Corporate Social Responsibility strategies because the customers, the public and the investors expect them to act in a sustainable as well as responsible fashion. In most cases CSR is a result of a variety of social, environmental and economic pressures.
Due to the lack of international CSR guidelines, the practical application of CSR differs and CSR Strategies within most companies still show major deficiencies. There are still complaints about multinational companies wasting the environment and NGOs still denouncing human rights abuses in companies. Some critics believe that CSR programs are undertaken by especially multinational companies to distract the public from ethical questions posed by their core operations. That meanwhile even multinational companies such as Microsoft or Pepsi confess to their social responsibility, is discussed quite controversial.
While companies increasingly recognize their social responsibility, many of them have yet to adopt management practices that reflect it: company employees and managers need training in order to acquire the necessary skills and competence. Pioneering companies can help to implement socially responsible practices by guiding the processes.
For a business to take responsibility for its actions, that business must be fully accountable. Social accounting, a concept describing the communication of social and environmental effects of a company's economic actions to particular interest groups within society and to society at large, is thus an important element of CSR.
Increasingly, corporations are motivated to become more socially responsible because their most important stakeholders expect them to understand and address the social and community issues that are relevant to them. Understanding what causes are important to employees is usually the first priority because of the many interrelated business benefits that can be derived from increased employee engagement (i.e. more loyalty, improved recruitment, increased retention, higher productivity, and so on). Key external stakeholders include customers, consumers, investors (particularly institutional investors), and communities in the areas where the corporation operates its facilities, regulators, academics, and the media.
Basically, CSR means that a company's business model should be socially responsible and environmentally sustainable. By socially responsible it means that the company's activities should benefit the society and by environmentally sustainable it means that the activities of the company should not harm the environment. Nowadays what we can see is that there is an outburst of enthusiasm for environmental causes only. For eg. controlling pollution, global warming, deforestation, mitigate carbon emissions etc. Whereas it can be said that the same enthusiasm is not seen for social welfare. This is because most of the social welfare activities of the companies contribute to the welfare of us able bodied people but do not take into account the disabled people who are also a part of the society in which the company exists and who amount to at least 10% of the population. Therefore, disability must be made a part of CSR policies of the companies and people with disabilities must be allowed to become stakeholders.
Thus, carrying out business practice which includes disabled people will help improve the company's reputation and image in an increasingly competitive environment.
CS SEEMA SHARMA
Corporate social responsibility is a win-win tool for business entities. CSR policy functions as a built-in, self-regulating mechanism whereby businesses monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms.
Corporate social responsibility is basically a concept whereby companies decide voluntarily to contribute to a better society and a cleaner & healthier environment. Corporate social responsibility is represented by the contributions undertaken by companies to society through its business activities and its social investment. It also focuses on the concept of sustainable development. Over the last years an increasing number of companies worldwide started promoting their Corporate Social Responsibility strategies because the customers, the public and the investors expect them to act in a sustainable as well as responsible fashion. In most cases CSR is a result of a variety of social, environmental and economic pressures.
Due to the lack of international CSR guidelines, the practical application of CSR differs and CSR Strategies within most companies still show major deficiencies. There are still complaints about multinational companies wasting the environment and NGOs still denouncing human rights abuses in companies. Some critics believe that CSR programs are undertaken by especially multinational companies to distract the public from ethical questions posed by their core operations. That meanwhile even multinational companies such as Microsoft or Pepsi confess to their social responsibility, is discussed quite controversial.
While companies increasingly recognize their social responsibility, many of them have yet to adopt management practices that reflect it: company employees and managers need training in order to acquire the necessary skills and competence. Pioneering companies can help to implement socially responsible practices by guiding the processes.
For a business to take responsibility for its actions, that business must be fully accountable. Social accounting, a concept describing the communication of social and environmental effects of a company's economic actions to particular interest groups within society and to society at large, is thus an important element of CSR.
Increasingly, corporations are motivated to become more socially responsible because their most important stakeholders expect them to understand and address the social and community issues that are relevant to them. Understanding what causes are important to employees is usually the first priority because of the many interrelated business benefits that can be derived from increased employee engagement (i.e. more loyalty, improved recruitment, increased retention, higher productivity, and so on). Key external stakeholders include customers, consumers, investors (particularly institutional investors), and communities in the areas where the corporation operates its facilities, regulators, academics, and the media.
Basically, CSR means that a company's business model should be socially responsible and environmentally sustainable. By socially responsible it means that the company's activities should benefit the society and by environmentally sustainable it means that the activities of the company should not harm the environment. Nowadays what we can see is that there is an outburst of enthusiasm for environmental causes only. For eg. controlling pollution, global warming, deforestation, mitigate carbon emissions etc. Whereas it can be said that the same enthusiasm is not seen for social welfare. This is because most of the social welfare activities of the companies contribute to the welfare of us able bodied people but do not take into account the disabled people who are also a part of the society in which the company exists and who amount to at least 10% of the population. Therefore, disability must be made a part of CSR policies of the companies and people with disabilities must be allowed to become stakeholders.
Thus, carrying out business practice which includes disabled people will help improve the company's reputation and image in an increasingly competitive environment.
CS SEEMA SHARMA
Wednesday, December 7, 2011
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