Issuance of TDS Certificates in Form No. 16A downloaded from TIN

Posted on May 30, 2011 by Mukesh Goel

As per CBDT circular no. 03/2011 dated May 13, 2011, TDSCertificates in Form No. 16A will be generated from Tax Information Network (TIN).It is mandatory for Companies and Banks to issue Form 16A from TIN to their deductees for deductions made from April 1, 2011 (F.Y.2011-12 onwards).

Deductors other than Company andBanks can also request Form 16A from TIN.

Form 16A is available for F.Y. 2010-11 also on the TINwebsite.

It is available to TANs registered at TIN website (www.tin-nsdl.com).

Register your TANonline at the TIN website now for Form 16A from TIN.

Brief procedure for receiving Form 16A from TIN website:

Login to TAN     Registration Account with user id, password and TAN.
Request Form 16A by carrying out verification by providing details of challan and deductees present in the TDS statement for     which Form 16A is requested.
Form 16A will be provided on successful verification.
Two attempts within a day for successful verification are provided.
On successful  verification, request number is generated and text file containing Form     16A details is e-mailed within 48 hours at the e-mail ID present in the  registered TAN account.
In case of large number of records multiple files of Form 16A are created and will be sent through     multiple emails.
Convert the text file to     Form 16A by passing the text file through the PDF Convertor Utility. The     utility is available to registered TAN post login.

 

CIRCULAR NO. 03 /2011

F. No 275/34/2011-( IT-B)
Government of India
Ministry of Finance

Department of Revenue

Central Board of Direct Taxes
New Delhi,

dated the 13th May, 2011

Subject: Issuance of TDS Certificates in Form No. 16A downloaded from TIN Website and option to authenticate the same by way of digital signature – Circular under section 119 of the Income-tax Act 1961.
Section 203 of the Income-tax Act 1961 (‘the Act’) read
with the Rule 31 of the Income-tax Rules 1962 (‘the IT Rules’) provides for
furnishing of certificate of tax deduction at source (TDS) by the deductor to
the deductee specifying therein the prescribed particulars like amount of TDS,
permanent account number (PAN), tax deduction and collection account number
(TAN), etc. The relevant form for such TDS certificate is Form No.16 in case of
deduction under section 192 and Form No.16A for deduction under any other
provisions of Chapter XVII-B of the Act. TDS certificate in Form No.16 is to be
issued annually whereas TDS certificate in Form No.16A is to be issued
quarterly.

2. Currently, a deductor has an option to authenticate TDS
certificate in Form No.16 by using a digital signature. However, no such option
of using a digital signature is available to a deductor for issuing TDS
certificate in Form No.16A and it, therefore, needs to be authenticated by a
manual signature. The Central Board of Direct Taxes (the Board) has received
representations to allow the option of using digital signature for
authentication of TDS certificate in Form No.16A as issuance of TDS certificate
in Form No.16A by manual signature is very time consuming, specially for deductors
who are required to issue a large number of TDS certificates.

3. The Department has already enabled the online viewing
of Form No.26AS by deductees which contains TDS details of the deductee
based on the TDS statement (e-TDS statement)filed electronically by the
deductor. Ideally, there should not be any mismatch between the figures
reported in TDS certificate in Form No. 16A issued by the deductor and figures
contained in Form No.26AS which has been generated on the basis of e-TDS
statement filed by the deductor.
However, it has been found that in some cases the figures contained in Form No.26AS are different from the figures reported in Form No.16A. The gaps in Form No.26AS and TDS certificate in Form No. 16A arise mainly on account of wrong data entry by the deductor or non-filing of e-TDS statement by the deductor. As at present, the activity of issuance of Form No.16A is distinct and independent of filing of e-TDS statement, the chances of
mismatch between TDS certificate in Form No.16A and Form No.26AS cannot be
completely ruled out. To overcome the challenge of mismatch a common link has
now been created between the TDS certificate in Form No.16A and Form No.26AS
through a facility in the Tax Information Network website (TIN Website) which
will enable a deductor to download TDS certificate in Form No.16A from the TIN
Website based on the figures reported in e-TDS statement filed by him. As both
Form No.16A and Form No.26AS will be generated on the basis of figures reported
by the deductor in the e-TDS statement filed, the likelihood of mismatch
between Form No.16A and Form No.26AS will be completely eliminated.

4. In view of the above, for proper administration of the Act, the Board have,
in exercise of powers under section 119 of the Act, decided the following :-

4.1 ISSUE OF TDS CERTIFICATE IN FORM NO. 16A

(i) For deduction of tax at source made on or after 01/04/2011:

(a) The deductor, being a company including a banking
company to which the Banking Regulation Act,1949 applies and any bank or
banking institution, referred to in section 51 of that Act or a co-operative
society engaged in carrying the the business of banking, shall issue TDS
certificate in Form No.16A generated through TIN central system and which is
downloaded from the TIN Website with a unique TDS certificate number in respect
of all sums deducted on or after the 1st day of April, 2011 under any of the provisions
of Chapter-XVII-B other than section 192.
(b) The deductor, being a person other than the person referred
to in item (a)above, may, at his option, issue TDS Certificate in Form
No.16A generated through TIN central system and which is downloaded from the
TIN Website with a unique TDS certificate number in respect of all sums
deducted on or after the 1st day of April, 2011 under any provisions of
Chapter-XVII-B other than section 192.

(ii) For deduction of tax at source made during financial year 2010-11:

The deductor, may, at his option, issue the TDS
certificate in Form No.16A generated through TIN central system which is
downloaded from the TIN Website with a unique TDS certificate number in respect
of all sums deducted during the financial year 2010-11 under any of the
provisions of Chapter-XVII-B other than section 192.
4.2 AUTHENTICATION OF TDS CERTIFICATE IN FORM NO.16A

(i) The deductor, issuing the TDS certificate in Form No.16A by downloading from the TIN Website shall authenticate such TDS certificate by either using digital signature or manual signature

(ii) The deductor being a person other than a person referred to in item 4.1(i)(a) above and who do not issue the TDS Certificate in Form No.16A by downloading from the TIN Website shall continue to authenticate TDS certificate in From No.16A by manual signature only.

5. The Director General of Income-tax (Systems) shall specify the procedure, formats and standards for the purpose of issuance of TDS certificate in Form No.16A which is downloaded from the TIN Website and shall be responsible for the day-to-day administration in relation to the procedure, formats and standards for issuance of TDS certificate in Form No.16A in electronic form.

6. It is further clarified that TDS certificate issued in Form No. 16A by the deductors covered by para 4.1(1)(a) in accordance with this circular and procedure, format and standards specified by the Director General of Income-tax (Systems) shall only be treated as a vilid TDS certificate in Form No. 16A for the purpose of section 203 of the Act read with Rule 31 of the IT Rules,1962.

7. Hindi version shall follow.

(AJAY KUMAR)

Director (Budget)

Tel.No.2309-2641

Copy to all CCsIT/ DsGIT for circulation

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Process of incorporation of Companies and establishment of principal place of business in India by Foreign Companies – Procedure simplified

Posted on March 11, 2011 by Mukesh Goel

The Ministry has got the issue examined by Business Process Re-engineering Group under MCA-21 and in order to speed up and simplify the process of incorporation of Companies and establishment of principal place of business in India by Foreign Companies for reduction in time taken by Registrar of Companies, the below mentioned procedure have been recommended :

1.Only Form-1 shall be approved by the RoC Office. Form 18 and 32 shall be processed by the system online.

2.There shall be one more category, i.e., Incorporation Forms ( Form 1A, Form 37, 39, 44 and 68) which will have the highest priority for approval.

3.Average time taken for incorporation of company should be reduced to one (1) day only.

4.A Notification to notify minor changes in e-forms 18 and 32 to enable them to be taken on record through STP mode for aforesaid procedure is being issued separately.

 

 

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HIGHLIGHTS OF UNION BUDGET – 2011-12

Posted on March 1, 2011 by Mukesh Goel
  1. The basic exemption limit in the case of individuals increased from Rs.1.60 lacs to Rs.1.80 lacs. However, there is no increase in basic exemption limit in the case of Resident Women who is below 60 years at any time during the previous year.
  2. The qualifying age limit for senior citizens has been lowered from 65 years to 60 years and  increased the current exemption limit under two categories
  3. Category -1 – Age of Individual – 60 years or more but less than 80 years at any time during the previous year. The basic exemption limit is increased from Rs.2.40 lacs to Rs.2.50 lacs
  4. Category – 2 –   Age of Individual beyond 80 years or more at any time during the previous year. The basic exemption limit is Rs.5.00 lacs.
  5. In the case of domestic companies the surcharge has been reduced from Rs.7.5% to 5%
  6. In the companies other than domestic companies the surcharge has been reduced from 2.5% to 2%
  7. The definition of charitable purpose u/s 2 (15) includes “the advancement of any other object of general public utility”. The monetary limit in respect of such activities has been enhanced from Rs.10.00 lacs Rs.25.00 lacs.
  8. The amount paid by an assessee as an employer by way of contribution towards pension scheme, as referred to in sec 80CCD(2) on account of an employee to the extent it doesn’t exceed 10% of the salary of employee in the previous year, shall be allowed as a deduction u/s 36 in computing the income under the head profit and gains of business or profession.
  9. The Indian company which receives foreign dividend from foreign subsidiary company such dividend is taxable at the 15% as against 30% plus applicable surcharge.
  10. The rate of MAT is increased to 18.5% from the existing rate of 18% of such book profit.
  11. Minimum Alternative Tax has been introduced for Limited Liability Partnership (LLP) in line with MAT on companies with effect from the Assessment Year 2012 – 2013.
  12. The Government  exempts assessees having no other income other than salary from furnishing the return of income by notification. The proposed amendment shall be effective from 1st June, 2011.
  13. It is proposed to omit the requirement of quoting of Documentary Identification Number in notices / order / correspondences issued by Income tax department.
  14. The SEZ developers are required to pay dividend distribution tax on dividends declared / distributed on or after 1st June, 2011.
  15. The deduction u/s 80CCF to investment in notified long term infrastructure bonds extended for the A.Y. 2012-13 also.
  16. Liaison offices of a company will be required to file Annual Information in the prescribed form with in the 60 days from the end of the financial year.
  17. The tax holiday for power sector has been extended for further period of one year i.e. upto 31.03.2012.

SERVICE TAX

 

  1. The following two new services have been proposed
    1. Services by air conditioned restaurants having licence to serve liquor; and
    2. short term accommodation hotels / inns / clubs / guest houses etc.

 

  1. The monetary limit for adjustment of excess service tax paid is increased from Rs. 1.00 lacs to Rs.2.00 lacs.
  2. The penalty for delayed payment of service tax u/s 76 has been reduced from 2% to 1% per month or Rs.100 per day whichever is higher.
  3. The maximum penalty reduced to 50% of the tax.
  4. The rate of interest is reduced by 3% for assesses with turnover of upto 60 lacs.
  5. The maximum penalty for delay in filing of return increased from Rs.2,000 to Rs.20,000

Courtesy: CA. Naveen ND Gupta

 

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FAQ for Income Tax Refund

Posted on January 3, 2011 by Mukesh Goel

I have received the physical ECS refund advice and status of refund is “paid” on website of refund status track but my account has not been credited. Whom do I contact?

In case credit is not effected in the taxpayer account through ECS but the refund advice has been received by the taxpayer AND the status shown is “paid”- in that case, the tax payer should contact his bank or SBI. You should contact SBI at the following address.
Cash Management Product (CMP)
State Bank of India
SBIFAST
31, Mahal Industrial Estate
Off Mahakali Caves Road
Andheri (East)
Mumbai – 400 093.
Phone Number: 18004259760 or email at itro@sbi.co.in

I have neither received the physical ECS refund advice and status of refund is “unpaid” on website track. Whom do I contact?

The tax payer should provide the correct account number and MICR code to concerned Assessing officer, where credit is to be effected. The Assessing Officer will inform SBI to send a fresh refund cheque to the taxpayer.

If the date of encashing the refund cheque expires, whom should I contact?

The tax payer should contact their Assessing Officer as well as CMP SBI at the below address:
Cash Management Product (CMP)
State Bank of India
SBIFAST
31, Mahal Industrial Estate
Off Mahakali Caves Road
Andheri (East)
Mumbai – 400 093.
Phone Number: 18004259760 or email at itro@sbi.co.in

How do I rectify any mistakes in the name, assessment year, PAN, account number printed on the refund cheque delivered to me?

In case of any mistakes on the refund cheque delivered to you, the following should be done:

i) Send the original refund cheque to CMP, State Bank of India at SBIFAST 31, Mahal Industrial Estate, Off Mahakali Caves Road, Andheri East, Mumbai – 400 093, Phone Number: 18004259760, along with a letter informing the mistakes on the refund cheque.

ii) Send a copy of the letter along with a copy of the refund cheque to your Assessing Officer.

iii) Retain a copy of the letter and refund cheque with you.

Is there any method available to know whether the refund record has been generated for the taxpayer?

The taxpayer can track the status of its refund from the NSDL-TIN website www.tin-nsdl.com by clicking on “Status of Tax Refunds”.

Refund status can be tracked by entering the PAN and Assessment Year for which refund is to be tracked.

Status of the refund can also be tracked by contacting the help desk of SBI at 080-26599760.

Whom do I contact for queries related to payment of refund which has been processed by ITD?

For any payment related query the taxpayer should contact SBI at 18004259760 or email at itro@sbi.co.in.

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ROC EASY EXIT SCHEME, 2011

Posted on December 18, 2010 by Mukesh Goel

The Ministry of Corporate Affairs, Government of India, has re-launched “Easy Exit Scheme-2011 (herein after called EES)” giving an opportunity to “Defunct Companies” to get their name strike off from the register of Companies. The said scheme has been notified vide circular No.6/2010. Further, the said scheme will be effective from 1st January, 2011 to 31st January, 2011.

Pursuant to EES, Companies which are inoperative since incorporation or commenced business after incorporation but later on became inoperative are eligible for said scheme. Such Companies will be termed as “Defunct Companies”. As per definition of EES, Defunct Companies are Companies, which has an active status at MCA portal and:-

1. Which are not carrying on any business or not in operation on or after 1st April, 2008; or

2. Which did not raise their minimum paid up Capital i.e. Rs. 1,00,000/- or Rs. 5,00,000/-.

Non-applicability of said Scheme: – The Scheme does not cover the following companies:-

  • Listed companies;
  • Companies that have been de-listed,
  • Companies registered under section 25 of the Companies Act,1956;
  • Vanishing companies;
  • Companies where inspection or investigation is ordered and being carried out or yet to be taken up or where completed prosecutions arising out of such inspection or investigation are pending in the court;
  • Companies where order under section 234 of the Companies Act, 1956 has been issued by the Registrar and reply thereto is pending or where prosecution if any, is pending in the court;
  • Companies against which prosecution for a non-compoundable offence is pending in court;
  • Companies accepted public deposits which are either outstanding or the company is in default in repayment of the same;
  • Company having secured loan ;
  • Company having management dispute;
  • Company in respect of which filing of documents have been stayed by court or Company Law Board (CLB) or Central Government or any other competent authority;
  • Company having dues towards income tax or sales tax or central excise or banks and financial institutions or any other Central Government or State Government Departments or authorities or any local authorities.

Documents required for submission of an application: – To submit an application with Registrar of Companies, Ministry of Corporate Affairs, Government of India, following documents are required:

  • A certified true copy of Board Resolution
  • A declaration from Directors about pending litigation, involving Company
  • An affidavit, each form existing Directors, duly notarized
  • An indemnity bond, each from existing Directors
  • A Statement of Accounts as on date, duly certified by Chartered Accountants in Practice;
  • A Form EES, 2011, duly signed, manually, by Director (If there is no Digital Signature of Director)

Note: – The aforesaid documents are compulsory and other documents may be required on case to case basis.

Fee payable to Ministry of Corporate Affairs:-

A fee of Rs. 3,000/- (Rupees Three Thousand) is to be paid to Registrar of Companies, Ministry of Corporate Affairs, Government of India. The same could be paid though Cash/ Credit Card/Net Banking/ Cheque/ Bank Draft.

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Clarification regarding processing of ITR-1 and ITR-2 returns

Posted on December 14, 2010 by Mukesh Goel

Section 143 of the Income-tax Act, 1961 – Assessment – General – Clarification regarding processing of ITR-1 and ITR-2 returns – Credit for tax deducted at source for A.Y. 2009-10

INSTRUCTION NO. 9/2010 [F. NO. 225/25/2010/IT (A-II)], DATED 9-12-2010

1. Reference may be made to Board’s Instruction No. 7, dated 16-8-2010 in which it has been stated, inter alia, that in cases where the return is filed in ITR-1 and ITR-2 for the A.Y. 2009-10, and where the TDS claim does not exceed Rs. three lakh and where the refund computed does not exceed Rs. Twenty five thousand, the TDS claim of the taxpayer shall be accepted at the time of processing of the returns provided the TDS payment reported in AS-26 is more than Rs. zero.

2. Board has reconsidered the above instruction and it has been decided to increase the limit of TDS claim from Rs. three lakh to Rs. four lakh as was applicable for the A.Y. 2008-09. It is further clarified that if the limit of Rs. four lakh, or Rs.25,000 is exceeded in case of a return filed in ITR-1 and ITR-2 or there is nil matching with AS-26 statement, the credit should be allowed by the Assessing Officer after make ‘due verification’. This verification may be done in the same manner as was being done in the earlier years.

3. This may be brought to the notice of all the Assessing Officers in your region for immediate compliance.

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Announcement of New USA Branch of MRC

Posted on December 13, 2010 by Mukesh Goel

We are delighted to inform you that Mukesh Raj & Co. (MRC) has inagurated its first foreign branch office at New Jersey, United States Of America. The new foreign office address is:

MRC (Chartered Accountants) 85, Forest Drive, Apartment C Springfield,

New Jersey – 07081, United States of America (USA)

We would concentrate to provide services in relation to US taxation and Accounting. We would be happy to assist you and your team members to provide our professional and IRS services from our USA office.

Warm Regards MRC Team

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Easy Exit Scheme-2011

Posted on December 8, 2010 by Mukesh Goel

General Circular No. 6 /2010

F. No. 2/7/2010-CL V

Government of India

Ministry of Corporate Affairs

5th Floor, ‘A’ Wing, Shastri Bhavan,

Dr. R.P. Road, New Delhi

Dated the 3rd December, 2010

To

All Regional Director,

All Registrar of Companies.

Subject: Easy Exit Scheme, 2011

Sir,

It has been observed that certain companies have been registered under the Companies Act, 1956, but due to various reasons some of them are inoperative since incorporation or commenced business but became inoperative later on and are not filing their due documents timely with the Registrar of Companies. These companies may be defunct and are desirous of getting their names strike off from the Register of Companies.

2. In order to give an opportunity to the defunct companies, for getting their names strike off from the Register of Companies, the Ministry had launched a Scheme namely, “Easy Exit Scheme, 2010” under Section 560 of the Companies Act, 1956 during May-Aug, 2010. A large number of companies availed this scheme. However, on huge demands from corporate sector, the Ministry has decided to re-launch the Scheme as, “Easy Exit Scheme, 2011” under Section 560 of the Companies Act, 1956. The details of the Scheme are as under:-

(i) The Scheme shall come into force on the 1st January, 2011 and shall remain in force up to 31st January, 2011.

(ii) Definitions - In this Scheme, unless the context otherwise requires, -

(a) “company” means a company registered under the Companies Act, 1956;

(b) “Collective Investment Management Company” means the company as defined in clause (h) of sub-regulation of 2 of Securities and Exchange Board of India (Collective Investment Companies) Regulations, 1999;

(c) “defunct company” means a company registered under the Companies Act, 1956 which is not carrying over any business activity or operation on or after the 1st April, 2008 and includes a company which has not raised its paid up capital as provided in sub sections (3) and (4) of section 3 of the Companies Act, 1956;

(d) “Non-Banking Financial Company” means a company as defined under clause (f) of section 45-I of the Reserve Bank of India Act, 1934;

(e) “Scheme” means the “Easy Exit Scheme, 2011” (EES, 2011), being specified through this Circular;

(f) “vanishing company” means a company, registered under the Companies Act, 1956 and listed with Stock Exchange which, has failed to file its returns with Registrar of Companies and Stock Exchange for a consecutive period of two years, and is not maintaining its registered office at the address notified with the Registrar of Companies or Stock Exchange and none of its Directors are traceable.

(iii) Applicability: -

(a) Any “defunct company” which has active status on Ministry of Corporate Affairs portal may apply under EES, 2011 in accordance with the provisions of this Scheme for getting its name strike off from the Register of Companies;

(b) Any defunct company which is a Government Company shall submit ‘No Objection Certificate’ issued by the concerned Administrative Ministry or Department or State Government along with the application under this Scheme;

(c) The purpose of the Scheme is to allow eligible companies to avail of this opportunity to exit from the Register of Companies after fulfilling the requirements laid down herewith and the decision of the Registrar of Companies in respect of striking off the name of company shall be final.

(iv) Scheme not applicable to certain companies: - The Scheme does not cover the following companies namely:-

(a) listed companies;

(b) companies that have been de-listed,

(c) companies registered under section 25 of the Companies Act, 1956;

(d) vanishing companies;

(e) companies where inspection or investigation is ordered and being carried out or yet to be taken up or where completed prosecutions arising out of such inspection or investigation are pending in the court;

(f) companies where order under section 234 of the Companies Act, 1956 has been issued by the Registrar and reply thereto is pending or where prosecution if any, is pending in the court;

(g) companies against which prosecution for a non-compoundable offence is pending in court;

(h) companies accepted public deposits which are either outstanding or the company is in default in repayment of the same;

(i) company having secured loan ;

(j) company having management dispute;

(k) company in respect of which filing of documents have been stayed by court or Company Law Board (CLB) or Central Government or any other competent authority;

(l) company having dues towards income tax or sales tax or central excise or banks and financial institutions or any other Central Government or State Government Departments or authorities or any local authorities.

(v) Procedure for making an application:-

(a) Any defunct company desirous of getting its name strike off the Register under Section 560 of the Companies Act, 1956 shall make an application in the Form EES, 2011, annexed;

(b) The Form EES, 2011, should be filed electronically on the Ministry of Corporate Affairs portal namely www.mca.gov.in accompanied by filing fee of ` 3,000/-;

(c) In case, the application in Form EES, 2011, is not being digitally signed by any of the director or Manager or Secretary, a physical copy of the Form duly filled in, shall be signed manually by a director authorised by the Board of Directors of the company and shall be attached with the application Form at the time of its filing electronically;

(d) In all cases, the Form EES, 2011, shall be certified by a Chartered Accountant in whole time practice or Company Secretary in whole time practice or Cost Accountant in whole time practice;

(e) The company shall disclose pending litigations if any, involving the company while applying under this Scheme;

(f) The Form shall be accompanied by an affidavit annexed at Annexure- A of Form EES, 2011, which should be sworn by each of the existing director(s) of the company before a First Class Judicial Magistrate or Executive Magistrate or Oath Commissioner or Notary, to the effect that the company has not carried on any business since incorporation or that the company did some business for a period up to a date (which should be specified) and then discontinued its operations and has not carried on any business after the 1st April, 2008, as the case may be;

(g) The Form EES, 2011 shall further be accompanied by an Indemnity Bond, duly notarized, as annexed at Annexure B of Form EES, 2011, to be given by every director individually or collectively, to the effect that any losses, claim and liabilities on the company, will be met in full by every director individually or collectively, even after the name of the company is struck off the register of Companies;

(h) The Company shall also file a Statement of Account annexed at Annexure C, prepared as on date not prior to more than one month preceding the date of filing of application in Form EES, 2011, duly certified by a statutory auditor or Chartered Accountant in whole time practice, as the case may be.

(i) In the case of 100% Government companies, if no Board is in existence, an officer not below the rank of Deputy Secretary of the concerned administrative Ministry may be authorized to enter his name and other details in Form EES, 2011 and in Annexure A, B and C in place of name and other details of the directors and also to sign the said documents before filing.

(vi) Simplified procedure for Registrar of Companies for removal of name of defunct companies:-

(a) The Registrar of Companies, on receipt of the application, shall examine the same and if found in order, shall give a notice to the company under section 560(3) of the Companies Act, 1956 by e-mail on its e-mail address intimated in the Form, giving thirty days time, stating that unless cause is shown to the contrary, its name be struck off from the Register and the company will be dissolved;

(b) The Registrar of companies shall put the name of applicant(s) and date of making the application(s) under EES, 2011, on daily basis, on the MCA portal www.mca.gov.in, giving thirty days time for raising objection, if any, by the stakeholders to the concerned Registrar;

(c) In case of company(s) like Non-Banking Financial Company(s), Collective Investment Management Company(s) which are regulated by other Regulator(s) namely RBI, SEBI, the Registrar of Companies, at the end of every week, after the Scheme commences, shall send intimation of such companies availing EES, 2011, during that period to the concerned Regulator(s) and also an intimation in respect of all companies availing EES, 2011, during that period to the office of the Income Tax Department giving thirty days time for their objection, if any;

(d) The Registrar of Companies immediately after passing of time given in sub-paras (a) to (c) of this Para and on being satisfied that the case is otherwise in order, shall strike its name off the Register and shall send notice under sub-section (5) of section 560 of the Companies Act, 1956 for publication in the Official Gazette and the applicant company under this Scheme shall stand dissolved from the date of publication of the notice in the Official Gazette.

Yours faithfully,

(Monika Gupta) Assistant Director

Encl: As above

ANNEXURE-A

AFFIDAVIT

(to be given individually by every director)

1. I/, Director of ___________________________________ , (hereinafter called “the Company”), incorporated on ___/___/_____ under the Companies Act, 1956 having its Registered Office at __________________and having CIN No __________________ do solemnly affirm and state as under:

2. I/ _______________, S/o/ D/o Shri/ Smt___________, holder of DIN /Income Tax PAN /Passport number: ________________(copy of Income Tax PAN /Passport duly attested by a Gazetted Officer or a whole time practicing professional (Chartered Accountant/ Company Secretary/Cost Accountant) or a Company Secretary in full time employment of the company is enclosed) am Director of the company stated above since_______________(mention date of appointment).

3. My present residential address is _____________________

(Copy of documentary evidence duly attested by a Gazetted Officer or a whole time practicing professional (Chartered Accountant/ Company Secretary/Cost Accountant) or a Company Secretary in full time employment of the company is enclosed. Alternatively, an affidavit sworn before Magistrate may be enclosed)

4. My permanent address is ____________________________

(Copy of documentary evidence duly attested by a Gazetted Officer or a whole time practicing professional (Chartered Accountant/ Company Secretary/Cost Accountant) or a Company Secretary in full time employment of the company is enclosed. Alternatively, an affidavit sworn before Magistrate may be enclosed)

5. The company maintains/does not maintain any bank account as on date (mention details of Bank Account(s) if maintained).

6. I affirm that the Company ___________________ (mention name of the company) have assets and liabilities amounting to Rs.______________ (as per annexed Statement of Accounts).

7. The Company has been inoperative from the date of its incorporation / The company commenced business/operations/commercial activity after incorporation but has been inoperative for the past _________________ year(s) due to following reasons*._______________

(Give the reasons here)

8. As on date, the Company does not have any dues towards Income Tax / Sales Tax / Central Excise/ Banks and Financial Institutions; any other Central or State Government Departments/Authorities or any Local Authorities.

9. Strike out whichever is not applicable:-

(i) There is no litigation pending against or involving the company.

(ii) There are litigations pending against the company, details of which are mentioned under serial number 9 of Form EES, 2011.

10. In case of any loss(es) to any person or any valid claim and liability arising from any person after the striking off the name of the Company________(mention name) from the Register of Companies, I, the director of the company, undertake to indemnify any person for such losses, valid claim and liability and the indemnity bond to this effect is being submitted separately with the application Form.

I solemnly state that the contents of this affidavit are true to the best of my knowledge and belief and that it conceals nothing and that no part of it is false.

Signature: ____________________

(Deponent)

Verification:-

I verify that the contents of this affidavit are true to the best of my knowledge and belief.

Place :_________________ Signature :________________

(Deponent)

Date: __________________

ANNEXURE-B

INDEMNITY BOND

(to be given individually or collectively by every director )

To

The Registrar of Companies,

1. I/ We, the director (s) of ___________________________________ ( mention name of the company), incorporated on ___/___/_____ under the Companies Act, 1956, having its Registered Office at _______________

_________________________do hereby declare that:

2. I/ We ________________, S/o D/o Shri/Smt_______________

am/are Director (s) of this company.

3. That I/We have made an affidavit dated the _________, duly sworn before First Class Judicial Magistrate or Executive Magistrate or Oath Commissioner or Notary, affirming that the Company ___________________Private/ Limited have assets and liabilities amounting to Rs.______________.

4. Further, the Company has been inoperative from the date of its incorporation. / The company commenced business/operations/commercial activity after incorporation but has been inoperative for the past _________________ year(s)*. And the company is not intending to do any business or commercial activity. Thus the Company is defunct and I request the Registrar of Companies, _______________ to strike off the name of the Company from the Register of Companies under Section 560 of the Companies Act, 1956.

* Strike out whichever is not applicable.

5. I /We do hereby undertake and indemnify in writing:

(a) to pay and settle all lawful claims arising in future after the striking off the name of the Company.

(b) to indemnify any person for any losses that may arise pursuant to striking off the name of the Company.

(c) to settle all lawful claims and liabilities which have not come to our notice up to this stage, even after the name of the Company has been struck off in terms of Section 560 of the Companies Act, 1956.

Place: (Name, Father’s name, Address & Signature)

Date: (To be given by every director)

WITNESSES:

1. Signature:

Name:

Father’s name:

Address:

Occupation:

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Online Rectification u/s 154 at IT Website

Posted on December 8, 2010 by Mukesh Goel

Income Tax Department introduces new facility for online submission of rectification request in cases where processing was completed by CPC Bangalore. Please review the guide for common errors to first rectify the return submitted and generate the rectification xml using excel utility (same utility is to be used). Taxpayer can log in My Account-> Rectification-> Rectification upload and follow instructions to upload the rectification xml file. The rectification request will be processed at CPC and if found acceptable, then a rectification order u/s154 will be issued. Please see manual for submission of rectification request. Please note that this facility is only for E-returns processed at CPC.

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Change in additional fee for delays in filing Forms of ROC

Posted on December 4, 2010 by Mukesh Goel

General Circular No: 4/2010

No.  2/7/2010-CL.V

Government of India

Ministry of Corporate Affairs

5th floor, `A’ Wing, Shastri Bhavan,

Dr. Rajendra Prasad Road,

New Delhi-110 001.

Dated the 22nd November, 2010

To

All Regional Directors

All Registrars of Companies

Subject:- Change in additional fee to be levied for delays in filing Forms

In partial modification of the earlier Circular No.14/3/87-CL-V Vol.III dated 21.3.1995, the following table shall be applicable for additional fee to be levied for delays in filing Forms other than Form 5:-

Period of Delay Fixed rate of additional fee
Upto 30 days Two times of normal fee
More than 30 days and upto 60 days Four times of normal fee
More than 60 days and upto 90 days Six times of normal filing fee
More than 90 days Nine times of normal filing fees

2. The above table shall be applicable from 5-12-2010.

( E.Selvaraj )

Director (Inspection & Investigation)

Tel: 23384502

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