Government working on approving companies’ names in 24 hours: MCA

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The government is working on ensuring that the name of a new company is approved within 24 hours, a step towards improving ease of doing business and reducing overall transaction costs.

Corporate Affairs Secretary Tapan Ray said his Ministry is focused on reducing the problems faced by the industry and ensuring that ease of doing business becomes the “order of the day”.

“Incorporating a company is now much easier and will be made further easier as we go along the road. We are aiming to get a name (of a new company) approved within 24 hours,” Ray said.

The Corporate Affairs Ministry is fully geared up to improve ease of doing business, not only for starting a venture but also for the life cycle of companies as a whole, he noted.

Speaking at an event organised by the Institute of Cost Accountants of India (ICAI) here, Ray said speedier approval of names is itself a cost-cutting experiment because any delay adds to transaction costs.

“So ease of doing business is directly related to transaction costs. So the moment you make the ease of doing business better, transaction costs comes down and ultimately it has an affect on the product,” Ray said.

Stressing the need for becoming globally competitive, he said the dream of making India a manufacturing hub can be realised when costs are low.

“People will only start manufacturing in India if it is the cheapest,” he added.

Corporate Affairs Ministry, which is implementing the Companies Act, has been taking various steps to improve ease of doing business in the country.

Ray said setting up of the National Company Law Tribunal (NCLT) would further facilitate business in the country.

The Ministry has sought comments from stakeholders on draft rules pertaining to the proposed NCLT, which would replace the Company Law Board (CLB).

Source:
http://economictimes.indiatimes.com/articleshow/50785152.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Income Tax Department processes 32.7 million returns during April-December, 2015

by | posted in: Corporate Updates, Income Tax,e-Filing- Individuals, Firms, Companies | 0
Income Tax Department has processed 3.27 crore returns and has issued refunds in 1.81 crore cases during April-December period of this fiscal.

 

CBDTCentralized Processing Centre (CPC), Bengaluru has processed 3.27 crore returns as of December 31, registering a growth of 18 per cent over 2.65 crore returns processed during the corresponding period of the previous fiscal.

“During the current financial year, the CPC has issued refunds in 1.81 crore cases out of which in 1.32 crore cases, that is 73 per cent, the refunds were issued within 30 days of filing by the taxpayers,” an official statement said.

The number of Tax payers in the income bracket of Rs 1 crore and below was 2.39 crore as of October 31 last year. For 2014-15 it was 3.66 crore; 3.73 crore in 2013-14 and 3.26 crore in 2012-13.

The Department is committed to continuously improving the quality of tax payer services and enhance taxpayer satisfaction, it added.

Meanwhile, on January 11, CPC was awarded “ISO 9001:2008 Standard for Quality Management System” Certificate by British Standards Institution (BSI).

The Certificate encompasses all business services and business enabler services of CPC, it said.

ISO 9001 is an international standard that specifies requirements for quality management system (QMS) addressing the principles and processes that surround the design, development and delivery of services, it said.

Organisations use this standard to demonstrate their ability to consistently provide services that meet customer and regulatory requirements, it added.

Source: http://economictimes.indiatimes.com/articleshow/50623770.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

E-filing: Over 50 lakh ITRs e-verified by Income Tax department

by | posted in: Corporate Updates, Income Tax,e-Filing- Individuals, Firms, Companies | 0
The Income Tax department’s ambitious OTP-based ITR filing system for taxpayers has crossed the 50 lakh e-verification mark, while more than 39 lakh Aadhaar numbers have been successfully linked with the PAN database after the scheme was launched over six months back.

The new e-filing system, operationalised last year, allows online verification of a person’s Income Tax Returns (ITR) by using either the Aadhaar number, internet banking, ATM or email, thereby ending the practice of sending paper acknowledgment to the Centralised Processing Centre (CPC) of the IT department located in Bengaluru.

“The e-verification of ITRs recently crossed the 50 lakh figure which is a testimony to more and more people and entities opting for electronic filing of their IT returns. While sky is the limit here, getting these numbers just when the new year has begun will enable the government to usher in more and more facilities for e-filing of ITRs in the new financial year begining April 1,” a senior official said.

The official, quoting latest data of the week ending today, said a total of 50,10,282 ITRs have been e-verified, while Aadhaar linkages with the Permanent Account Number (PAN) has been achieved in 39,66,149 cases during the same period.

The online ITR filing portal of the department is available at http://incometaxindiaefiling.gov.in.

According to the rules notified in this regard by the Central Board of Direct Taxes (CBDT) in July last year, any taxpayer whose income is Rs 5 lakh or below per annum and has no refund claims can straightaway generate the ‘Electronic Verification Code’ (EVC) for e-filing and validating their ITR through their registered mobile number and e-mail ID with the department. They get a system generated One-Time Password (OTP) to validate their ITRs.

However, this simplified option will be subject to certain “restrictions” which have been prepared by the taxman based on the concerned taxpayer’s “risk criteria and profile” on a case-to-case basis.

These new measures would completely eliminate the need of sending the paper acknowledgment called ITR-V through post to the Bengaluru based CPC.

In other options, those taxpayers who have activated internet banking facility can also do the e-verification.

Once logged in to the banking portal, the taxpayer will be sent EVC on his mobile number provided to the official e-filing portal of the department which they will put in their ITR for final submission.

The Aadhaar database is also being used by the taxman to verify taxpayers’ credentials.

The department initiated these new technology-based measures in order to fully automate the e-filing system and also to end taxpayers’ grievances with regard to their ITR-V not reaching by post which led to their returns getting rejected.

Source: http://www.financialexpress.com/article/economy/e-filing-over-50-lakh-itrs-e-verified-by-income-tax-dept/191519/

All communication of tax scrutiny to be via e-mail from FY17

by | posted in: Corporate Updates, Income Tax,e-Filing- Individuals, Firms, Companies | 0

The I-T department in the recent times has taken a host of initiatives to reduce human interface between tax official and assessees and make the tax system non-adversarial

 

The income tax department is planning to carry out all communication related to the scrutiny of returns through e-mails from the next fiscal to reduce harassment of tax payers by eliminating interface between assessees and taxmen.

 

The I-T department, on a pilot basis, has already started scrutiny of returns through e-mails in 5 metropolitan cities- Delhi, Mumbai, Bengaluru, Ahmedabad and Chennai regions.

 

“We are working on a software so that all scrutiny communications can be stored in a specified server. Once it is ready, we will shift to e-environment as far as scrutiny, and all communications in this regard are concerned,” a top revenue department official told PTI.

 

The official further said that moving to e-scrutiny would help in combating corruption, as it would reduce the interface between assessee and tax officials. Also, he added that all the communication records with regard to scrutiny would be stored in one place and can be verified whenever needed.

 

“There has been an encouraging response to the pilot project undertaken by the tax department. From next fiscal we want to make all scrutiny communication through emails,” the official said.

 

The Central Board of Direct Taxes (CBDT) has already asked the officials to initiate the concept of using emails for corresponding with taxpayers.

 

The I-T department in the recent times has taken a host of initiatives to reduce human interface between tax official and assessees and make the tax system non-adversarial. These include directing field offices to raise only specific queries in income tax assessment cases picked up for scrutiny. It also directed expeditious completion of those scrutiny cases where income concealed is up to Rs.5 lakh.

 

The department had also stipulated that appeals before I-T commissioner should be filed in electronic format by those assessees who e-file their returns.

 

Source: http://www.livemint.com/Politics/q7dtcfDoj7LMFeJkTG1VRK/All-communication-of-tax-scrutiny-to-be-via-email-from-FY17.html

ITR-V verification deadline extended to 31st January

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If you missed your 120 days ITR-V verification deadline, there is good news. The income tax department has extended the verification deadline till 31st January.

If you missed your 120 days ITR-V verification deadline, there is good news. The income tax department has extended the verification deadline till 31st January.

Although it has not been officially notified yet, taxpayers have been receiving this information via email from the I-T department. However, you won’t be able to e-verify. Like old times, will have to physically mail the signed ITR V to CPC Bangalore.

“The electronic verification option gets switched-off automatically after 120 days of the taxpayer filing the return. However, the extended deadline to physically submit the ITR-V is open for all,” says Archit Gupta, founder and CEO, Cleartax.in. The 120 days countdown begins from the date the taxpayer submits their income tax returns forms.

The tax department had extended the filing deadline to September 7 this years. So, people who had filed on the last date still have a window of one day to e-verify. Post that you too will have to mail the ITR-V. The last date to do so will still remain 31st January.

Many individuals who, who had e-verified their return using Aadhar or Net banking, are receiving reminder letters from the CPC at Bangalore to physically send their ITR-V acknowledgement forms on or before the 31st of January, 2015.

“Those trying to e-verify their return once again with reference to the above are getting the message “No returns pending for e-verification” when they try to do so,” says Varun Advani, COO, makemyreturns.com. CAs advice them to re-send their ITR-Vs physically to the department before the deadline to aviod any further problems.

MCA extends last date of filing of AOC-4 and MGT-7 E-Forms to 30.01.2016 to Tamil Nadu & Pondicherry

by | posted in: Company Incorporations, e-filing of MCA Returns, Corporate & Business Advisory Services, Corporate Updates | 0

MCA

The Circular from Ministry of Corporate Affairs extends one more month time, for Annual Filings of MGT -7 , Annual Return & AOC-4, Audited Financial Statements, without additional fees, to Tamil Nadu & Pondicherry, which were affected by floods.

The extract of the circular issued today, i.e., 30 December, 2015 is as below:

 

In continuation of the ministry’s circular 15/2015 dated 30.11.2015, keeping in view the requests received from various stakeholders stating that due to heavy rains and floods in the State of Tamil Nadu and Union Territory of Puducherry, the normal life/work was affected, it has been decided to relax the additional fees payable for the State of Tamil Nadu and UT of Puducherry on e-forms AOC-4, AOC (CFS) AOC-4 XBRL and e- Form MGT-7 up to 30.01.2016, wherever additional fee is applicable.

The last date of filing forms AOC-4 (XBRL, non-XBRL & CFS) and MGT-7 till 30th Dec 2015, without additional fees, has ended.

 

The Ministry of Corporate Affairs, Government of India has earlier vide its General Circular No.15/2015 dated 31/11/2015, extended the last date for filing the Annual Returns by 30 days and relaxed the additional fees for the forms filed till December 31, 2015. This has ended now.

 

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