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Thursday, August 21, 2014

Income tax forms 3CA 3CD in java format for AY 2014-15

The income tax department issued audit forms 3CA 3CD in java format for analysis year 2014-15 which will work both online and offline mode.
3CA 3CD forms
Audit report under section 44AB of income tax act 1961 in a case where the accounts of business or profession of a person have been audited under any other law.

Instructions.
  1. Attachment cannot exceed 50MB.
  2. Attachment must be in pdf or zip format.
  3. Attachment should be scanned with minimum 300dpi.
  4. wherever there is a requirement in the form to submit a signed copy of documents by an assessee/CA as an attachment, upload the scanned copy of same documents.
Checklist of documents and pre-requisites
  1. A copy of last year's tax return.
  2. Bank statements.
  3. TDS certificates.
  4. Saving certificates/Deduction.
  5. Interest statements showing interest paid to you throughout the year.
  6. Balance sheet, P&L accounts and audit report wherever applicable.
 How to run the application?
- Ensure that java version 1.7 or more is installed.(version can be identified by executing "java -version" command)
- Unzip and extract the files in the desired path/location.
-----------------------------------------------------------
To run in WINDOWS
-----------------------------------------------------------
Double click FORM.bat
Or
Run from command prompt by executing "FORM.bat" (ensure that current working directory has the extracted files)

-----------------------------------------------------------
To run in LINUX
-----------------------------------------------------------
Change the FORM.sh file's permission, provide execution permission by executing the following command
> chmod 755 FORM.sh
run using the command "sh FORM.sh" or ./FORM.sh


-----------------------------------------------------------
Troubleshooting
-----------------------------------------------------------
Make sure that your java version is 1.7 (version can be identified by executing "java -version" command)
1. Extract the files to a directory. (Example:  D:\Utility)
2. Open command prompt
3. Change to the extraction directory (cd D:\Utility)
4. Type the following command :
<Path to java executable> -jar <jarFileName>

For example If your Java 7 Installation path is "C:\Program Files (x86)\Java\jre7" and you are opening FORM15CA then execute the following command
   
D:\Utility>"C:\Program Files (x86)\Java\jre7\bin\java" -jar FORM15CA_PR7.jar
Download forms 3ca 3cd in java format for AY 2014-15
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Income tax forms 3CB-3CD in java based utility AY 2014-15

The Income tax department issued Forms 3CB-3CD in java based utility which will work both offline and online mode.

3CB-3CD
Audit report under section 44AB of income tax act 1961 in the case of a person referred to in clause (b) of sub rule(1) of rule 6G.

Instructions

  1. Attachment cannot exceed 50MB.
  2. Attachment must be in pdf or zip format.
  3. Attachment should be scanned with minimum 300dpi.
  4. wherever there is a requirement in the form to submit a signed copy of documents by an assessee/CA as an attachment, upload the scanned copy of same documents.
Checklist of documents and pre-requisites
  1. A copy of last year's tax return.
  2. Bank statements.
  3. TDS certificates.
  4. Saving certificates/Deduction.
  5. Interest statements showing interest paid to you throughout the year.
  6. Balance sheet, P&L accounts and audit report wherever applicable.
How to run this application

How to run the application?
- Ensure that java version 1.7 or more is installed.(version can be identified by executing "java -version" command)
- Unzip and extract the files in the desired path/location.
-----------------------------------------------------------
To run in WINDOWS
-----------------------------------------------------------
Double click FORM.bat
Or
Run from command prompt by executing "FORM.bat" (ensure that current working directory has the extracted files)

-----------------------------------------------------------
To run in LINUX
-----------------------------------------------------------
Change the FORM.sh file's permission, provide execution permission by executing the following command
> chmod 755 FORM.sh
run using the command "sh FORM.sh" or ./FORM.sh


-----------------------------------------------------------
Troubleshooting
-----------------------------------------------------------
Make sure that your java version is 1.7 (version can be identified by executing "java -version" command)
1. Extract the files to a directory. (Example:  D:\Utility)
2. Open command prompt
3. Change to the extraction directory (cd D:\Utility)
4. Type the following command :
<Path to java executable> -jar <jarFileName>

For example If your Java 7 Installation path is "C:\Program Files (x86)\Java\jre7" and you are opening FORM15CA then execute the following command
   
D:\Utility>"C:\Program Files (x86)\Java\jre7\bin\java" -jar FORM15CA_PR7.jar


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New rules of loan against shares

At present, lending against shares carried out by NBFCs is not subject to specific instructions apart from the general prudential regulation applicable to all NBFCs. Lending against shares could be in the normal course where shares are accepted as collateral or as part of their capital market operations. NBFCs lend either by way of pledge of shares in their favour, transfer of shares or by obtaining a power of attorney on the demat accounts of borrowers. Irrespective of the manner and purpose for which money is lent against shares, default by borrowers can and has in the past lead to offloading of shares in the market by the NBFCs thereby creating avoidable volatility in the market. Certain other associated areas of concern relate to absence of adequate prior information to the stock exchanges on the shares held as pledge by NBFCs, probable overheating of the market, over-exposure by NBFCs to certain stocks and overleveraging of borrowers. Further, while NBFCs in general are understood to have in place their own internal controls with regard to lending against shares including a loan to value (LTV) ratio, there are anecdotal evidences of volatility in the capital market being the result of offloading of shares by NBFCs. It is, therefore, found necessary to introduce a minimum set of guidelines on lending against shares while at the same time ensuring that these do not result in unnecessary constraints to the requirements of genuine borrowers.
2. Accordingly, NBFCs lending against collateral of shares shall, with effect from the date of this circular:
  1. Maintain an LTV ratio of 50%; and
  2. accept only Group 1 securities (specified in SMD/ Policy/ Cir - 9/ 2003 dated March 11, 2003 as amended from time to time, issued by SEBI) as collateral for loans of value more than `. 5 lakh, subject to review by the Bank.
3. All NBFCs with asset size of `.100 crore and above shall report on-line to stock exchanges, information on the shares pledged in their favour, by borrowers for availing loans. The infrastructure for on-line reporting to the stock exchanges has been put in place. The exchanges may be approached for creation of user IDs. The web links for
the respective exchanges are provided below:
BSE : http://nbfc.bseindia.com
NSE: https://www.connect2nse.com/LISTING/
4. The format for reporting as desired by SEBI is given in the Annex.
5. The following officials from the Stock Exchanges may be contacted for any queries on reporting of the pledge data:
BSE :a) Mr. Ravindra Shetty, email: ravindran.shetty@bseindia.com,Ph:- 022-22728792;
b) Mr. Rajesh Gandhi, email: rajesh.gandhi@bseindia.com
Ph: 022-22728281
NSE ::a) Mr. Samir Rajdev, email: srajdev@nse.co.in, Ph: 022-26598346
b) Ms. Saritha Menon, snandialath@nse.co.in, Ph: 022-26598458
6. Notification No. DNBS(PD) 276/ PCGM(KKV)/ 2014-15 dated August 21, 2014 amending Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 and Notification No. DNBS(PD) 277/ PCGM(KKV)/ 2014-15 dated August 21, 2014 amending Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 issued in this regard by the Reserve Bank of India are enclosed for meticulous compliance.
Yours faithfully,
(K.K. Vohra)
Principal Chief General Manager

Annex
Data on Pledged Securities
Name of the NBFC Lender
PAN
Date of Reporting
Share holding Information
Name of the Company
ISIN
No of Shares held against loans
Type of the Borrower (Promoter/Non Promoter)
Name of the Borrower
PAN of the Borrower

RESERVE BANK OF INDIA
DEPARTMENT OF NON-BANKING SUPERVISION
CENTRAL OFFICE
CENTRE I, WORLD TRADE CENTRE,
CUFFE PARADE, COLABA,
MUMBAI 400 005
DNBS(PD).276/ PCGM(KKV)-2014 dated August 21, 2014
The Reserve Bank of India, having considered it necessary in public interest and being satisfied that, for the purpose of enabling the Bank to regulate the credit system to the advantage of the country, it is necessary to amend the Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 (hereinafter referred to as ‘the Directions’), (Notification No.DNBS.192/DG(VL)-2007 dated February 22, 2007), in exercise of the powers conferred by sections 45JA of the Reserve Bank of India Act, 1934 (2 of 1934) and of all the powers enabling it in this behalf, hereby makes the following amendments in the Directions with immediate effect namely : –
Insertion of new paragraph 17 F - After paragraph 17 E, the following paragraph shall be inserted :-
17 F. Loans against security of shares – All NBFCs with asset size of `.100 crore and above shall,
  1. maintain a Loan to Value (LTV) ratio of 50% for loans granted against the collateral of shares, and
  2. accept only Group 1 securities (specified in SMD/ Policy/ Cir - 9/ 2003 dated March 11, 2003 as amended from time to time, issued by SEBI) as collateral for loans of value more than `. 5 lakh, subject to review by the Bank.
(K.K.Vohra)
Principal Chief General Manager

RESERVE BANK OF INDIA
DEPARTMENT OF NON-BANKING SUPERVISION
CENTRAL OFFICE
CENTRE I, WORLD TRADE CENTRE,
CUFFE PARADE, COLABA,
MUMBAI 400 005
DNBS(PD) 277/ PCGM(KKV)/ 2014-15 dated August 21, 2014
The Reserve Bank of India, having considered it necessary in public interest and being satisfied that, for the purpose of enabling the Bank to regulate the credit system to the advantage of the country, it is necessary to amend the Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 (hereinafter referred to as ‘the Directions’) (Notification No. DNBS.193/DG(VL)-2007 dated February 22, 2007), in exercise of the powers conferred by section 45JA of the Reserve Bank of India Act, 1934 (2 of 1934) and of all the powers enabling it in this behalf, hereby makes the following amendments in the Directions with immediate effect namely : –
Insertion of new paragraph 17 F - After paragraph 17E, the following paragraph shall be inserted :-
17F. Loans against security of shares – All NBFCs with asset size of `.100 crore and above shall,
  1. maintain a Loan to Value (LTV) ratio of 50% for loans granted against the collateral of shares, and
  2. accept only Group 1 securities (specified in SMD/ Policy/ Cir - 9/ 2003 dated March 11, 2003 as amended from time to time, issued by SEBI) as collateral for loans of value more than `. 5 lakh, subject to review by the Bank.

Wednesday, August 20, 2014

Last date for furnishing audit report u/s 44AB has extended to 30 November 2014

Income tax department has extended the last date of furnishing audit report from 30 September 2014 to 30 November 2014 for assessment year 2014-15. Income tax department issued an order dated 20 August 2014 which is as under.

Order Under Section 119 of the Income-tax Act, 1961
In exercise of power conferred by section 119 of the Income-tax Act (‘the Act’), the Central Board of Direct Taxes (CBDT) hereby extends the due date for obtaining and furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15 in case of assessees who are not required to furnish report under section 92E of the Act from 30th day of September, 2014 to 30th November, 2014.

2. It is further clarified that the tax audit report under section 44AB of the Act filed during the period from 1st April, 2014 to 24th July, 2014 in the pre-revised Forms shall be treated as valid tax audit report furnished under section 44AB of the Act.

Tuesday, August 19, 2014

Raising flag B in TDS statements against Form 15G/H for FY 2013-14

 As you may be aware that the depositors submit form 15G/H to the bank for no deduction of tax to be made on the interest payments made to them.

However , it has been observed in your case that you have not raised Flag 'B'(No deduction on account of 15G/H) even against a single transaction as reported in the TDS Statement(s)(Form 26Q) submitted for various quarters of Financial Year 2013-14. 

It is highly improbable that not even a single depositor has submitted form 15G/H to you for non-deduction of tax on the interest payments. Accordingly, you are advised to take the following action:

Actions to be taken:
Check the details of 15G/H cases from your source data.

Download the Conso File from our portal. Please use the e-tutorial for necessary help.

Prepare the correction statement with appropriate changes. Please ensure that the TDS Deposited amount equals the TDS Deducted amount in your correction statement.

Submit the Correction Statement at TIN Facilitation Centre.

For any further assistance, you can also write to ContactUs@tdscpc.gov.in or call our toll-free number 1800 103 0344.

CPC (TDS) is committed to provide best possible services to you.

Quoting AIN details in TDS statements

As per the records of the Centralized Processing Cell (TDS), it has been observed that the Accounts Office Identification Number (AIN) has not been mentioned in the TDS statements submitted by you. 

What is AIN and its relevance :

AIN is a unique seven digit number allotted by NSDL, to the Pay and Accounts Office (PAO), District Treasury Office (DTO) or Cheque Drawing and Disbursing Office (CDDO). It is mandatory for the PAO / CDDO / DTO to have an AIN.

Why is AIN important to be quoted in TDS Statement:

Quoting of AIN in TDS Statement facilitates complete reporting and results into correct mapping of the TAN with the AIN.
The AIN details in Form 24G, filed by the PAO / CDDO / DTO forms part of G-OLTAS database. CPC (TDS) processes TDS statements on the basis of information contained in G-OLTAS.
In view of the above, you are requested to provide AIN details in point 2(b) of the Forms 24Q and 26Q of the TDS Statements.

CPC (TDS) is committed to provide best possible services to you.

Friday, August 15, 2014

Free ATM transaction of other bank reduced to three in 6 Metros

The number of Automated Teller Machines (ATMs), which stood at a little over 27,000 as at end-March 2007, has increased to over 1.6 lakh across the country by end-March 2014. During the same period, the Point-of-Sale (POS) infrastructure has increased from 3.2 lakh to 10.65 lakh terminals. The ATMs are being gradually leveraged by banks to deliver other financial and non-financial products to their customers. Meanwhile, White Label ATMs (WLAs) have also been introduced in the country with the objective of increasing the ATM density and also building the rural and semi-urban ATM infrastructure. However, despite this growth, the deployment of both ATMs as well as POS infrastructure in the country is lop-sided with a significantly large presence in metropolitan and urban areas as compared to rural and semi-urban areas.

2. Recently, a few banks and the Indian Banks’ Association (IBA) had approached the Reserve Bank seeking changes in the extant instructions regarding free transactions at other banks’ ATMs. Referring to the growing cost of ATM deployment and maintenance incurred by banks on the one hand as well as the rising interchange out-go due to these free transactions, the IBA had sought the removal of free transactions at other banks’ ATMs at metro centres and other large townships in the country.

3. In this regard, we draw attention to our circular DPSS No. 1405/02.10.02/2007-2008 dated March 10, 2008 as well as IBA circular No. CE.RB-1/atm/1284 dated August 31, 2009 on levy of service charges for use of ATMs. Reference is also invited to our circular DPSS.PD.No. 2632/02.10.002/2010-2011 dated May 27, 2011 which, inter alia, state that five free transactions per month (inclusive of financial and non-financial transactions) is permitted at other bank ATMs.

4. After an analysis of the ATM deployment in the country as well as availability of alternate means of electronic payment infrastructure and access thereto, it has been decided to revise the existing directions as under:

Taking into account the high density of ATMs, bank branches and alternate modes of payment available to the customers, the number of mandatory free ATM transactions for savings bank account customers at other banks’ ATMs is reduced from the present five to three transactions per month (inclusive of both financial and non-financial transactions) for transactions done at the ATMs located in the six metro centres, viz. Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad. Nothing, however, precludes a bank from offering more than three free transactions at other bank ATMs to its account holders if it so desires.

This reduction will, however, not apply to small / no frills / Basic Savings Bank Deposit account holders who will continue to enjoy five free transactions, as hitherto.

At other locations i.e. other than the six metro centres mentioned above, the present facility of five free transactions for savings bank account customers shall remain unchanged.

ATM installing banks are advised to indicate clearly at each ATM location that the ATM is situated in a ‘metro’ or ‘non-metro’ location using appropriate means (message displayed on the ATM / sticker / poster, etc.) to enable the customer to identify the status of the ATM in relation to availability of number of free transactions. Further, banks are advised to ensure the “ATM location identifiers” in their ATM database is accurate and kept up-to-date at all times so as to minimise disputes, if any, in the matter.

The issuing banks are also advised to put in place proper mechanisms to track such transactions and ensure that no customer inconvenience or complaints arise on this account.

The provisions related to levy of charges for use of own-bank ATMs, vide our circular dated March 10, 2008, has also been reviewed. Accordingly, banks are advised that at least five free transactions (inclusive of financial and non financial transactions) per month should be permitted to the savings bank account customers for use of own bank ATMs at all locations. Beyond this, banks may put in place appropriate Board approved policy relating to charges for customers for use of own bank ATMs.

The ceiling / cap on customer charges of Rs.20/- per transaction (plus service tax, if any) will be applicable.

Banks are advised to ensure that the charges structure on ATM transactions, as per their Board approved policy, is informed to the customer in a fair and transparent manner.

Further, banks are advised to put in place suitable mechanism for cautioning / advising / alerting the customers about the number of free transactions (OFF-US as well as ON-US) already utilised during the month by the customer and the possibility that charges may be levied as per the banks’ policy on charges.

5. The directive is issued under Section 10(2) read with Section 18 of Payment and Settlement Systems Act 2007, (Act 51 of 2007).

6. This directive shall come into effect from November 01, 2014.

7. Please acknowledge receipt.