Tax Audit Report (Form- 3CA, 3CB, 3CD) for AY 2014-15

CBDT has revised the format of Tax Audit Report (Form- 3CA, 3CB, 3CD) for AY 2014-15 vide Notification No. 33/2014 dated 25-07-2014.

The revised report has some clauses which are either new or are different from old 3CD report. Some of them are as follows:

Clause 4. Whether the assessee is liable to pay indirect tax like excise duty, service tax, sales tax, customs duty,etc. if yes, please furnish the registration number or any other identification number allotted for the same.

Clause 8. Indicate the relevant clause of section 44AB under which the audit has been conducted.

Clause 17. Where any land or building or both is transferred during the previous year for a consideration less than value adopted or assessed or assessable by any authority of a State Government referred to in section 43CA or 50C, please furnish:

Details of Property:

Consideration recd. or accrued:

Value adopted or assessed or assessable:

Clause 21(b). Details required to be inserted whether tds paid after due date specified in section 200.

Clause 28. Whether during the previous year the assessee has received any property, being share of a company not being a company in which the public are substantially interested, without consideration or for inadequate consideration as referred to in section 56(2)(viia), if yes, please furnish the details of the same.

Clause 29. Whether during the previous year the assessee received any consideration for issue of shares which exceeds the fair market value of the shares as referred to in section 56(2)(viib), if yes, please furnish the details of the same.

Clause 32(c). Whether the assessee has incurred any speculation loss referred to in section 73 during the previous year, If yes, please furnish the details of the same.

Clause 32(d). Whether the assessee has incurred any loss referred to in section 73A in respect of any specified business during the previous year, if yes, please furnish details of the same.

Clause 32(e).  In case of a company, please state that whether the company is deemed to be carrying on a speculation business as referred in explanation to section 73, if yes, please furnish the details of speculation loss if any incurred during the previous year.

Clause 34. Details of TDS deducted to be filled in full and also interest as per section 201(1a) and 206C(7).  Also details of TDS returns to be given if filed late.

Clause 39. Whether any audit was conducted under section 72A of the Finance Act, 1994 in relation to valuation of taxable services, Finance Act,1994 in relation to valuation of taxable services, if yes, give the details, if any, of disqualification or disagreement on any matter/item/value/quantity as may be reported/identified by the auditor.

Clause 41. Please furnish the details of demand raised or refund issued during the previous year under any tax laws other than Income Tax Act, 1961 and Wealth tax Act, 1957 alongwith details of relevant proceedings.

Income Tax Returns

Income-tax return is a legal document and it should be filed by the assessee with due care and caution. There should be no corrections or overwriting and it should be properly signed and verified by the person authorized to do so under the provisions of the Income-tax Act. The following important points may be taken care of while filling up the return forms:

ITR Applicable- Each assessee has to identify the correct ITR Form applicable in its case before filing the return of income.
No enclosures to the return- Rule 12(2) of the I.T Rules provides that the return of income and return of fringe benefits required to be furnished in Form No. ITR-1, ITR-2, ITR-3, ITR-4, ITR-4S ITR-5, ITR-6, or ITR-8 shall not be accompanied by a statement showing the computation of tax payable on the basis of return, or proof of tax, if any, claimed deducted or collected at source or the advance tax or tax on self assessment, if any, claimed to have been paid or any document or copy of any account or form or report of audit required to be attached with the return of income or return of fringe benefits under any provisions of the Act.
For timely delivery of refunds, ensure correct address and account number on your Return of Income – From 1.10.07 onwards, all income tax refunds in Bangalore, Chennai, Delhi, Kolkata and Mumbai will be delivered by the Refund Banker directly at the communication address mentioned on the Return of Income. Taxpayers are requested to fill in the correct address(available during working hours for delivery) to ensure speedy delivery of refunds. In the case of taxpayers who opt for refunds through ECS, it will be credited directly to the bank account for which correct MICR code/ Bank Account Number has to be furnished on the Return.

Manner of filing the new Forms
These Forms can be submitted in the following manner:
(i) furnishing the return in a paper form;
(ii) furnishing the return electronically under digital signature;
(iii) transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;
(iv) furnishing a bar-coded return in a paper form:

Mandatory E-Filing of Income Tax Return
E-filing of Income Tax return with digital signature is mandatory for Individuals, HUF and firms requiring statutory audit u/s 44AB of the Income Tax Act, 1961.
E-filing of Income Tax return with digital signature is mandatory for all Companies irrespective of Income.
A person, other than a company and a person required to furnish the return in Form ITR-7 ] if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceed [five lakh rupees], shall e-file their Income Tax return either with or without digital signature.
Individual and HUF having assets (including financial interest in any entity) located outside India; or are signing authority in any account located outside India have to e-file their Income Tax return either with or without digital signature.
If Assessee claims any relief of tax under section 90 or 90A or deduction of tax under section 91 of the Act than Assessee have to e-file their Income Tax return either with or without digital signature.
All the Assessee who are required to file ITR-5 and not covered by tax audit provisions have to e-file their Income Tax return either with or without digital signature.
In addition to above all the Assessees who are required to file furnish a report of audit specified under sub-clause (iv), (v), (vi) or (via) of clause (23C) of section 10, section 10A, section 10AA, clause (b) of sub-section (1) of section 12A, section 44AB, section 44DA, section 50B, section 80-IA, section 80-IB, section 80-IC, section 80-ID, section 80JJAA, section 80LA, section 92E, section 115JB or section 115VW or to give a notice under clause (a) of sub-section (2) of section 11 of the Act have to e-file their Income Tax return either with or without digital signature.

Filling out acknowledgement- Where the return is furnished in paper format, acknowledgement slip attached with the return should be duly filled in. The new forms are not required to be filed in duplicate.

Intimation of processing under section 143(1) – The acknowledgement of the return is deemed to be the intima-tion of processing under section 143(1). No separate intimation will be sent to the taxpayer unless there is a demand or refund.

Verification
The verification must be signed by the authorized person before furnishing the return and the name and designation of the person signing the return should also be written. Any person making false statement is liable to be prosecuted under section 277 of the Act.

WHO CAN VERIFY AND SIGN THE INCOME TAX RETURN?

a) Individual : The individual filing his Income Tax Return has to sign the return. In case the individual is mentally incapable, then the return may be signed by his Guardian or by any other person competent to act on his behalf.
In case the individual is absent from India or because of any other reason he is not able to sign and verify his return of income, then any person duly empowered by him through valid Power of Attorney may sign on his behalf. In such a case, a certified copy of the Power of Attorney must accompany the return.

b) Hindu Undivided Family : By the Karta or where he is absent from India or is mentally incapacitated from attending to his affairs, by any other adult member of such family.

c) Company : In this case by the following :-
1) Resident : Managing Director or, where there is no Managing Director or he is not able to sign and verify the return due to any unavoidable reason, by any director thereof.
2) Non-Resident : The return may be signed and verified by a person holding a valid Power of Attorney from the Company, which should be attached to the return.
3) Wound up/taken over by the Govt. : The return should be signed and verified by the Liquidator or the Principal Officer as the case may be.
d) Firm : Managing Partner, or where there is no Managing Partner or due to some unavoidable reasons, he is not able to sign and verify the return, by any partner thereof not being a minor.
e) Local Authority : By the Principal Officer.
f) Association of Persons : By any member of the Association or the Principal Officer thereof.

login details of Income Tax E-filing Portal

Query: What to do if I have forgotten the login details of Income Tax E-filing Portal?

Answer: One can reset  the password using the “Forgot Password” link in the Income Tax website by following three options:

-     Answer Secret Question

-     Upload Digital Signature Certificate

-     Enter E-filed Acknowledgement Number and Bank Account Number

If you are unable to retrieve your password, send an email request from registered email-id, to validate@incometaxindia.gov.in with following details:

i)      PAN

ii)     Name of the assessee as appearing on the PAN card

iii)    Date of Birth/Date of incorporation

iv)   Name of father as appearing on the PAN card (in case of individual)

v)    Registered PAN Address

New password will be communicated to you at your registered email by the income-tax department.

Wealth Tax Return in Form-BB

SHEET - 1 Part A-GEN (Personal Information, Filing Status):

• It is compulsory to quote PAN.
• Use block letters only throughout to fill in this form.
• Please tick „Ñ appropriate box.
• State the section under which the return is filed. In case of revised return, please furnish Receipt No. and date of filing.

Part B-NW (Computation of net wealth): Against items 1 to 5, transfer the appropriate figures from the appropriate items of applicable schedules, as indicated.

Part B-TNW (Computation of tax liability on net wealth): Mention amount payable against item 5 and refundable amount against item 6. As the refund, if any, shall be directly deposited into the bank account of the assessee, it is mandatory to furnish the requested details of bank account against item 7.

SHEET - 2

Part B-TP (Details of Tax and Interest paid): Furnish the correct BSR Code of the bank branch, date of deposit (in the DD/MM/YYYY format) and Challan Serial Number as mentioned in challan.

VERIFICATION: Read the instructions below the verification carefully before signing it. Fill all the relevant columns in the verification. Give the place and date as indicated.

Schedule IP (Immovable Property):

• Furnish the details of all immovable properties, mentioned in section 2(ea)(i) or section 2(ea)(v), held by the assessee whether located in or outside India. Value of immovable property should be declared as per the relevant rules of Schedule III to the Wealth-tax Act, 1957.
• In Sl. No.1, 2 and 3, furnish complete description, address including of all immovable properties.
• In Sl. No.4, indicate the value of the immovable property as calculated on the basis of provisions of the relevant rules of Schedule III to the Wealth-tax Act, 1957.
• In Sl. No.5, indicate the amount of debts owed, if any, separately in relation to each of the immovable property.
• In Sl. No.7, 8 and 9, in case of valuation by registered valuer, furnish the name of registered valuer, registration number of the valuer and the date of report of the valuer.

Schedule MP [Movable Property (other than jewellery, etc.)]: Furnish the value as per the relevant rules of the Schedule III to the Wealth-tax Act, 1957 and debt owed in relation to motor cars, referred to in section 2(ea)(ii), yacht, etc. referred to in section 2(ea)(iv) and cash in hand referred to in section 2 (ea)(vi).

SHEET - 3Schedule JE (Jewellery, etc.):

• Furnish the details of all items of jewellery, bullion, etc. referred to in section 2(ea)(iii) in this schedule.
• In Sl.No.1 to 5, furnish the complete description, weight, etc. of precious metal and precious or semi precious stone.
• In Sl.No.6 to 8, furnish the value of jewellery as per as per the relevant rules of the Schedule III to the Wealth-tax Act, 1957.
• As per rule 18(2) of the Schedule III to the Wealth-tax Act, 1957 the return of net wealth is required to be supported by a statement in the prescribed form, if the value of the jewellery on the valuation date does not exceed Rs. 5 lakhs or the report of the registered valuer in the prescribed form, if the value of the jewellery on the valuation date exceeds Rs. 5 lakh.
• The statement or the valuation report as mentioned in Rule 18(2) of Schedule III to the Wealthtax Act, 1957 is not required to be furnished along with the return but the details of valuation report i.e. the name of registered valuer, registration no. of the valuer and the date of report are required to be filled in Sl.No. 9 to 11.

Schedule INW (Includible net wealth of other person): Mention the name of the person, relationship, PAN, value, etc. in respect of assets belonging to any other person but includible in the net wealth of the assessee.

Schedule IFA [Interest held in the assets of a firm or association of persons (AOP) as a partner or member thereof]:

Furnish following details in respect of interest held as partner in a firm or as a member of an AOP:-

1. Name and address of each firm in which interest is held as a partner.
2. Name and address of each firm(s)/AOP(s) in which interest is held as a member.
3. PAN of Firm(s)/AOP(s)
4. Name of other partners/Members
5. Assessee¡¦s Profit Sharing Ratio in percentage.
6. The value of the interest in the firm or AOP is to be determined as per relevant rule of Schedule III to the Wealth-tax Act, 1957.
7. Debt owed, if any, in relation to meet interest is to be shown separately for each firm(s)/AOP(s).

The value of the interest of a minor child in the assets of a firm in which he is admitted to the benefit of partnership in such a firm is to be included in the assessee¡¦s net wealth under the provisions of the proviso to section 4(1)(b), should also be indicated at (i) above.

Schedule ACE [Assets referred to in section 2(ea) which are claimed as exempt under section 5]: Furnish the details of assets exempt under section 5 of the Wealth-tax Act, 1957. These are as nder:-

• Any property held by the assessee under trust or other legal obligation for any public purpose of a charitable or religious nature in India.
• The interest of the assessee in the coparcenary property of any HUF of which the assessee is a member, since the asset is already liable to tax in the hands of the HUF.
• Any one building which was in the occupation of a Ruler, which before the commencement of the Constitution (Twenty-sixth) Amendment was declared as his official residence.
• Jewellery in the possession of a Ruler, not being his personal property, and recognised by the government as his heirloom or which the Board had recognised as his heirloom at the time of his first assessment to wealth-tax.
• Moneys and value of assets, or the value of assets acquired by a person of India origin or citizen of India who was residing outside India if he returns to India with the intention of permanently residing in India. The exemption is provided for a period of seven successive assessment years commencing with the assessment year next following his return to India.
• In case of individual or HUF, one house or part of a house or a plot of land comprising an area of five hundred square meters or less.

SHEET - 4
Schedule OPR (Other properties):

This schedule is to be filled only by an individual or a HUF. A company is not required to fill this schedule.

In this schedule, furnish the complete details of all immovable and movable property held by the assessee, as on the valuation date, other than the following:

• assets which are liable for Wealth tax Act, 1957, the details of which are already required to be furnished in other schedules of this return form.
• assets claimed as exempt under section 5, the details of which are required to be furnished in Schedule ACE;
• assets located outside India and are excluded under section 6 based on the citizenship or residential status of the assessee; or
• assets being part of business or profession which is subject to audit under section 44AB of the Income-tax Act, 1961.

Wealth Tax

 Wealth Tax Return in Form-BB

This form is to be filled up by all wealth-tax assessees [individual, Hindu Undivided Family (HUF) or company]. This form is applicable for assessment years 2014-15 and subsequent years.

These notes are meant to help you in filling up this return form. They are not a substitute for law. Notes are given only in respect of items that need some explaining.

GENERAL

• Every individual or HUF or company, whose net wealth exceeds the maximum amount which is not chargeable to wealth tax is obligated to furnish his return of net wealth.
• This is an annexure-less return and shall not be accompanied by a statement showing the computation of the tax payable on the basis of the return, or proof of the tax andinterest paid, or any document or copy of any account or form of report of valuation by registered valuer required to be attached with the return of net wealth under any provisions of the Wealth-tax Act, 1957. In case return is filed in paper form, all such documents enclosed with the return will be detached and returned to the person filing the return.
• This return shall be furnished electronically under digital signature. However, for assessment year 2014-15, an individual or a Hindu Undivided Family to whom the provisions of section 44AB of the Income-tax Act, 1961 are not applicable may furnish this return in paper form. From the assessment year 2015-16 and subsequent assessment years, this return form shall be furnished by all assessees electronically under digital signature.
• All Parts and Columns must be filled in the manner provided hereunder. If any Part or column does not apply, please mention NA (Not Applicable) and do not put any mark or symbol.
• In case of return filed in paper form, if space provided under any item of the Return Form is found insufficient, then give the computation in respect of such item onseparate sheet(s) using the columns indicated for the purpose under the said item in the Return Form and attach that to the Return. The sum totals of such computation done should be indicated in the columns provided under the relevant item in the Return Form. Similarly, any other information asked for in this Form, which cannot be completely furnished on account of paucity of space, may be furnished on a separate sheet.
• Sections referred in these instructions are the sections of the Wealth-tax Act, 1957 and references to rules are references to the rules of the Wealth-tax Rules, 1957.

Computation of net wealth

• Value of an asset, for an assessment year is to be declared as on the valuation date. Valuation date in relation to an assessment year under the Wealth-tax Act, 1957 means the last day of the previous year as defined in section 3 of the Income-tax Act, 1961. Thus, for the Assessment Year 2014-15, the valuation date will be 31.3.2014.
• Value of an asset, other than cash, is to be determined on the basis of the rules in Schedule III to the Wealth-tax Act, 1957.
• In the computation of net wealth including net wealth of other persons includible in assessee¡¦s net wealth on the valuation date, the assessee is to furnish in the given columns details of all immovable and movable property held by him and held by any other person which are includible in his/her net wealth of the valuation date.
• Details of immovable properties mentioned in section 2(ea) of the Wealth-tax Act, 1957 held by the assessee or by any other person includible in his/her net wealth on the valuation date are:-

Any building or land appurtenant thereto (hereinafter referred to as ¡§house¡¨) whether used for residential or commercial purposes or for the purpose of maintaining a guest house or otherwise including a farm house situated within twenty-five kilometers from local limits of any municipality (whether known as Municipality, Corporation or by any other name) or a Cantonment board, but does not include -

1. a house meant exclusively for residential purposes and which is allotted by a company to an employee or an officer or a director who is in whole-time employment, having a gross annual salary of less than ten lakh rupees
2. any house for residential or commercial purposes which forms part of stock-in-trade;
3. Any house which the assessee may occupy for the purposes of any business or profession carried on by him.
4. any residential property that has been let out for a minimum period of the three hundred days in the previous year;
5. Any property in the nature of commercial establishments or complexes;

"Urban land" means land situate-
(i) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand; or
(ii) in any area within the distance, measured aerially,-
(I) not being more than two kilometers, from the local limits of any municipality or cantonment board referred to in sub-clause (i) and which has a population of more than ten thousand but not exceeding one lakh; or
(II) not being more than six kilometers, from the local limits of any municipality or cantonment board referred to in sub-clause (i) and which has a population of more than one lakh but not exceeding ten lakh; or
(III) not being more than eight kilometers, from the local limits of any municipality or cantonment board referred to in sub-clause (i) and which has a population of more than ten lakh,
The definition of urban land excludes the following:
(A) Land classified as agricultural land in the records of the Government and used for agricultural purposes;
(B) Land on which construction of a building is not permissible on account of any law or the time being in force;
(C) Land occupied by any building which has been constructed with the approval of the appropriate Authority.
(D) Unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him;
(E) Any land held by the assessee as stock-in-trade for a period of ten years from the date of its acquisition by him; and

Details of assets belonging to any other person but includible in net wealth of the assessee:

1. Assets transferred to certain relatives or to other persons for the benefit of those relatives or assets transferred under revocable transfer. [Section 4(1)(a)(i), 4(1)(a)(iii), 4(1)(a)(v), 4(1)(a)(vi)].
2. Assets held by a minor child not being a married daughter of such individual except assets acquired by the minor child from his income referred to in the proviso to subsection (IA) of section 64 of the Income-tax Act, and held on the valuation date. Where the marriage subsists, these assets are includible in the hands of the parent, whose net wealth is greater, and where the marriage does not subsist, in the net wealth of the parent maintaining the minor child.
3. "Assets held by a physically or mentally handicapped minor child as specified in section 80U of the Income-tax Act, will not be clubbed with the net wealth of the parent."
4. Interest of a minor child admitted to the benefits of partnership in the assets of a firm. [Section 4(1)(b)]
5. Individual property of assessee converted into the property of Hindu Undivided Family after 31.12.1969. [Section 4(1A)].
6. Moneys gifted by means of book entries [Section 4(5A)].

Clause (m) of section (2) of the Wealth-tax Act provides that only debts which have been incurred in relation to the assets assessable to wealth-tax will be allowed to be deducted in computing the net wealth.

Under the provisions of section 6, in the case of an individual who is not a citizen of India or of an individual or Hindu Undivided Family not resident in India or resident but not ordinarily resident in India, or of a company not resident in India during the year ending on the valuation date, the value of assets located outside India is not to be included in the net wealth.

All sheets must be signed by the assessee.

File tax returns on time

It helps revise returns, carry forward losses and get refunds on time
Despite the process of filing income tax returns going online, a lot of taxpayers continue 
to miss the July 31 deadline. And, this could hurt them. “All taxes one pays, even those 
by way of TDS (tax deducted at source), is credited to one’s PAN (Permanent Account 
Number) account. If an individual does not file returns on time, despite having cleared all 
dues, there are chances his case will be picked up for scrutiny,” says Mayur Shah, 
associate director, EY. 
Individual cases are picked up for scrutiny under various parameters. The lottery basis 
has been prevalent for long. Now, other parameters such as the amount (Rs 30 lakh or so) 
of hard cash being deposited in a bank account at a time, a mismatch in investment or 
purchase and salary, and refund claims (at least Rs 5 lakh) are also being used. 
If one files returns late, she/he might not be able to revise these returns. Returns for 2013-
14 (assessment year 2014-15) are considered to be late if filed after July 31, 2014. “If you 
file returns on, say, October 1, 2014, and realise there is a mistake in it, there is no way 
you can revise the returns,” cautions Vaibhav Sankla, director of tax consultancy firm 
H&R Block. This is also applicable to those who do not have any other income. 
“However, if one has outstanding tax, she/he is liable is pay interest on the dues under 
Section 234A,” says Sankla. For instance, if one files returns on October 1, 2014, instead 
of July 31, she/he will have to pay interest at one per cent a month for the months of 
August and September. This rule is not applicable to those who are expecting a refund. 
Late returns lead to late refunds, too. Usually, if the refund payment is delayed from 
the income tax(I-T) department, taxpayers are liable for interest for the period for which 
the refund is delayed. That is, if the refundable amount is more than 10 per cent of the 
total tax payable, one is entitled to simple interest of 0.5 per cent on that amount. Those 
who file returns late have to forfeit the interest on the pending refund for the period of the 
delay. 
You could carry forward losses in investment (equity or mutual funds) in the relevant 
financial year for exemption in subsequent years only if you have filed your returns 
before the deadline. Also, there is a provision to offset investment gains against losses 
through the next eight years. “Late return filers cannot carry forward losses, says Sankla. 
Loss from house property and unabsorbed depreciation are exceptions. These can be 
carried forward even if one does not file returns by the deadline. 
Tax returns are required for visa applications, too. 
One can file belated returns for the next two years. For instance, for 2013-14, belated 
returns can be filed till March 31, 2016. But this is no reason to sit back and relax 
because if belated returns are not filed till March 2015 and there is no tax due, one can be 
charged a penalty of Rs 5,000.
(Business Standard)  

Deal firmly with tax evaders, FM says

NEW DELHI: Finance minister Arun Jaitley on Monday asked senior income tax officials to 
work in a non-adversarial, non-intrusive and fair manner but said they must deal firmly with tax 
evaders. 
Jaitley also said the officers should make serious efforts to unearth black money within the 
country "which is quite large" and detailed efforts being made by the government to bring back 
black money stashed abroad. 
Addressing a gathering of senior Income tax officials, Jaitley said the revenue targets fixed for 
direct taxes for the current financial year would not only be achieved but would also be 
surpassed. The Budget has pegged direct tax receipts at Rs 7,36,221 crore. 
The finance minister said in order to achieve this target, the officers of Income Tax department 
will have to work with highest standard of ethics. "The finance minister said credibility of the 
department is its biggest asset," a finance ministry statement quoted the FM as saying. 
The Narendra Modi government has taken several measures in the 2014-15 Budget to usher in 
predictable tax policies and bridge the trust deficit between the tax payers and the tax 
department. 
Tax department officials have said there is a need to remove the perception that the authorities 
were unnecessarily going after individuals or companies. 
The efforts is to usher in a tax-payer friendly image for the department as the government 
prepares to embark on the task of meeting tax revenue target against the backdrop of a 
challenging economic situation. 
Top officials of the Income Tax department are brain storming in the capital during the two-day 
annual conference of principal chief commissioners, principal director generals, chief 
commissioners and director generals. 
The finance minister acknowledged that the job of the officers was very difficult as they have to 
achieve the tax collection targets and also play the role of tax facilitator. The message from 
North Block to the senior tax officials was to be firm with evaders and work as facilitators for 
those trying to comply with rules. 
Revenue secretary Shaktikanta Das said officers have to find innovative means to achieve their 
revenue targets and work in a non-adversarial and non-intrusive manner. He said officers of the 
department would have to achieve targets by using fair and transparent means. 
Das said the efforts of the department should be to reduce tax arrears which totalled Rs. 4 lakh 
crore and ensure higher tax recovery. He also asked them to reduce tax litigation and avoid 
frivolous and avoidable litigation.
 (Times of India )

DIN to be mentioned with Director’s Signature compulsorily wef 01.04.2014

DIN to be mentioned with Director’s Signature (Section 158)
Now, Director’s name & DIN (Director Identification Number) has to be mentioned with their signature on all the documents to be signed in the capacity of director.
PENALTY: – Company and every officer of the company who is in default or such other person shall be punishable with fine which may extend to Rs. 10,000/- and where the contravention is continuing one, with a further fine which may extend to Rs. 1,000/- for every dayafter the first during which the contravention continues.
IMMEDIATE ACTIONS TO BE TAKEN:-
One should ensure that DIN is written, wherever he is signing as Director of the Company.
During our practice we observed that Directors are not mentioning DIN even on Papers, Returns, Balance Sheet, Annual Return etc. they are filing with ROC, CLB or Regional Director while One should ensure that DIN is written, wherever he is signing as Director of the Company.
EXTRACT OF SECTION 158 OF THE COMPANIES ACT, 2013
Section 158 – Obligation to indicate Director Identification Number
Every person or company, while furnishing any return, information or particulars as are required to be furnished under this Act, shall mention the Director Identification Number in such return, information or particulars in case such return, information or particulars relate to the director or contain any reference of any director

Conversion Rate for Foreign Exchange (w.e.f. 18th July 2014)

As per Section 67A of the Finance Act, 1994 read with explanation to Section 14 of the Customs Act, 1962, rate of exchange for calculation of gross value of taxable service tax would be the rate, as determined by CBEC for the conversion of foreign currency into Indian currency or vice versa, applicable on the date on which taxable service has been provided or agreed to be provided. CBEC from time to time issues Notification to notify rate of exchange determined by it. Though Notifications issued under Customs use the words “For Imported Goods” or “Exported Goods” but these rates apply mutatis mutandis in case of Services as well by virtue of Section 67A. For Rate of Exchange applicable from 18th July, 2014 please refer Annexure-A.

 

Annexure-A

SCHEDULE-I

 

S. No.	Foreign Currency	Rate of exchange of one unit of foreign currency equivalent to Indian rupees
(1)	(2)	(3)
		(a)	(b)
		(For Imported Goods)	(For Export Goods)
1.	Australian Dollar	57.05	55.70
2.	Bahrain Dinar	164.30	155.25
3.	Canadian Dollar	56.75	55.40
4.	Danish Kroner	11.10	10.75
5.	EURO	82.40	80.45
6.	Hong Kong Dollar	7.85	7.70
7.	Kuwait Dinar	219.80	207.20
8.	New Zealand Dollar	52.95	51.65
9.	Norwegian Kroner	9.85	9.55
10.	Pound Sterling	104.40	102.10
11.	Singapore Dollar	49.05	47.95
12.	South African Rand	5.80	5.50
13.	Saudi Arabian Riyal	16.50	15.60
14.	Swedish Kroner	8.95	8.70
15.	Swiss France	68.00	66.15
16.	UAE Dirham	16.85	15.95
17.	US Dollar	60.70	59.70

 

SCHEDULE-II

                               

S. No.	Foreign Currency	Rate of exchange of 100 units of foreign currency equivalent to Indian rupees
(1)	(2)	(3)
		(a)	(b)
		(For Imported Goods)	(For Export Goods)
1.	Japanese Yen	60.05	58.55
2.	Kenya Shilling	70.70	66.60