FCRA Annual Returns of 2010-11 to 2014-15 late filing without penalty. One time exemption granted

FCRA Annual Returns of  2010-11 to 2014-15 filing without penalty. One time exemption for late filing during the period from 15-05-2017 to 14-06-2017

FCRA annual return Late filing

II/21022/36(0207)/2015-FCRA-II
Government of India
Ministry of Home Affairs
Foreigners Division (FCRA Wing)

1st Floor, NDCC-II Building,
Jai Singh Road, New Delhi-110001

Dated the 12th May , 2017

PUBLIC NOTICE

SUBJECT : Online uploading of Annual Returns from 2010-11 to 2014-15 under the Foreign Contribution (Regulation) Act, 2010 and rules made there under without payment of penalty.

It has been brought to the notice of the Ministry of Home Affairs that associations/organizations are not filing the Annual Returns which are to be filed mandatorily every year under Rule 17 of the Foreign Contribution (Regulation) Rules, 2011 (hereinafter referred as FCRR, 2011). As per our records, Annual Reports for financial year (FY) 2010-11 to FY 2014-15 in respect of the organizations/associations given in Annexure are not available.

2. It has been decided by the Government to give one final opportunity to all such associations/organizations to upload their missing Annual Returns along  with  the  requisite documents within a period of 30 days starting from 15th May, 2017 to 14th June, 2017. The Government has further decided that no compounding fee will be imposed on associations/organizations for late filing of Annual Returns during the period from 15th May, 2017 to 14th June, 2017, as mandated vide Notification dated 16th June, 2016 [S.O. 2133(E)]. This exemption is one time measure and  available  to  those  associations  who  upload their missing Annual Returns from FY 2010-11  to FY 2014-15  within  the above said  period of 30 days.

3. This relaxation is not available for uploading Annual Return for FY 2015-16 onwards, as online filing of Annual Returns for FY 2015-16 was made mandatory vide Ministry of Home Affairs Public Notice dated 22.07.2016.

4. It may be noted that filing of Annual Return is mandatory as given in Rule 17 of the FCRR, 2011 and after 14th June, 2017 non-filingIuploading of Annual Returns for the FY 2010-11 to 2014-15 will be considered as violation of the FCRA, 2010 and Rules made there under and may lead to penal action including cancellation of the registration and review of the renewal already granted.

5. In case of any technical support in uploading of the Annual Return, e-mail may be sent to fcrenewal-mha@gov.in. Please note that no fee is being levied for the said uploading of the Annual Returns for the FY 2010-11 to 2014-15 during 15th May, 2017 to 14th June, 2017.

6. It is advised not to believe or fall in trap of any unscrupulous elements. In case any person asks for any facilitation fee/other charges, please report the matter to the Joint Secretary (Foreigners) at his email (jsf@nic.in).

(Santosh Sharma)
Director (FC&MU)

Annexure >>

FCRA-Renewal of Registration of NGOs who have not uploaded their Annual Returns cannot be granted.

FCRA-Renewal of Registration of NGOs who have not uploaded their Annual Returns from FY 2010-11 to 2014-15 cannot be granted.  

FCRA-Renewal of Registration of NGOs

II/21022/36(0207)/2015-FCRA-II
Government of India
Ministry of Home Affairs
Foreigners Division (FCRA Wing)

1st Floor, NDCC-Il Building,
Jai Singh Road, New Delhi-110001

Dated the ·12th May, 2017

PUBLIC NOTICE

SUBJECT: Renewal of Registration of NGOs.

As you are aware, the Ministry is processing renewal applications under Section 16 of the Foreign Contribution (Regulation) Act , 2010, read with Rule 12 of Foreign  Contribution (Regulation)  Rules, 2011.

2. It is, however, seen that a number of organizations which have applied for renewal have not uploaded their Annual Returns from FY 2010-11 to 2014-15. The renewal of registration cannot be granted unless the Annual Returns are uploaded by the organizations.

3. It has been decided by the Government to give one final opportunity to all such associations/organizations to upload their missing Annual Returns alongwith the requisite documents within a period of 30 days starting from 15th May, 2017 to 14th June, 2017.  The Government has further decided that no compounding fee will be imposed on associations/organizations for late filing of Annual Returns during the period from 15th May, 2017 to 14th June, 2017 , as mandated vide Notification dated 16th June, 2016 [S.O. 2133(E)]. This exemption is one time measure and available to those associations who upload their missing Annual Returns from FY 2010-11 to FY 2014-15 within the above said period of 30 days.

4. In case of any technical support in uploading of the Atmua1 Return , e-mail may be sent to fcrenewal-mha@gov.in. Please note that no fee is being levied for the said uploading of the Annual Returns for the FY 2010-11 to 2014-15 during 15th May , 2017 to 14th June, 2017.

5. It is advised not to believe or fall in trap of any unscrupulous elements. In case any person asks for any facilitation fee/other charges, please report the matter to the Joint Secretary (Foreigners) at his email (jsf@nic.in).

(Santosh Sharma)
Director (FC&MU)

FAQ-Salary TDS Return for 4th Quarter 24Q4 by NSDL. 10 Questions answered including Annexure-II requirement

FAQ-Salary TDS Return for 4th Quarter 24Q4 by NSDL. 10 Questions answered including Annexure-II reporting requirement for 4th quarter.

FAQ-Salary TDS Return for 4th Quarter 24Q4

FAQ-Salary TDS Return for 4th Quarter 24Q4

Question 1. How is the Form 24Q for the fourth quarter of FY 2005-06 different from the Form 24 Q to be furnished for the first three quarters?
Answer: While furnishing Form 24Q for the first three quarters, Annexure II (salary details) need not be furnished. Only deductor details, Challan details and deductee details (Annexure I) have to be furnished for the first three quarters. However, for the fourth quarter, Annexure II, which gives salary details of the deductees, has to be furnished giving the details for the whole financial year.

Question 2. If an employee is a woman as well as senior citizen, what should I mention in column no. 330?
Answer: In such cases, the indicator should be mentioned as ‘S’ – (senior citizen).

Question 3. Do I need to provide separate figures under each section (like 80C, 80CCC etc.)?
Answer: There is no need to provide separate figures for each section under 80C, 80CCC, 80CCD and other provisions of Chapter VIA. Only the aggregate amounts are required to be mentioned in column nos. 337 and 338 respectively.

Question 4. If an employee is employed only for the part of the year with an organization, in which quarter do I show his salary details?
Answer: For the first three quarters, no salary details (Annexure II) are required to be provided. However, in the fourth quarter, actual salary details for the part of the year during which the employee was under employment with the organization are to be provided.

Question 5.  In the last quarter, if the Total Amount Deductible under Chapter VIA exceeds Gross Total Income, will I have to show Total Taxable Income as negative figure?
Answer: Total Amount Deductible under Chapter VIA is to be restricted to the Gross Total Income. Therefore, if the Total Amount Deductible under Chapter VIA exceeds Gross Total Income, the Total Taxable Income should be mentioned as zero. In other words, the taxable salary figure cannot be negative.

Question 6. Should the total of “Taxable amount on which tax deducted” shown in Deductee details in all four quarters match with the “Total Taxable income” figure shown in the Annexure-II (salary details)?
Answer: The figures shown under “Taxable amount on which tax deducted” in Deductee details in all four quarters need not match with the “Total Taxable income” figure shown in the Annexure-II (salary details).

Question 7. Whether the employee reference no. provided in Annexure I in all the four quarters for an employee should be linked to salary details in Annexure-II for that employee?
Answer: The PAN of a particular employee provided in Annexure-I in all four quarters should match with the PAN of that employee provided in Annexure-II in the fourth quarter. Moreover, a unique employee reference no. for an employee should be used in Annexure-I for all the four quarters and Annexure II in the fourth quarter.

Question 8.  If there is no deduction in a particular quarter, should I file the NIL statement?
Answer: The filing of a NIL statement is not mandatory.

Question 9. In case of NIL statement in the fourth quarter, do I need to show salary details of deductees mentioned in first three quarters?
Answer: If there is no deduction in the fourth quarter but statements for all or any of the first three quarters were filed, statement for the fourth quarter giving only salary details (Annexure II) should be filed.

Question 10. Whether salary details of an employee whose taxable salary was below the threshold limit for all the quarters are required to be shown in Annexure II?
Answer: Salary details of an employee whose salary was below threshold limit through-out the year need not be provided in Annexure II However, for a part of the year, if his salary was above the threshold limit, the salary details are to be provided in Annexure II.

Bogus purchase disallowance reduced from loss declared by assessee as purchases were related to the same business – ITAT

Bogus purchase disallowance reduced from loss declared by the assessee as the purchases were related to the same business only – ITAT

Bogus purchase disallowance reduced from loss declared

ABCAUS Case Law Citation:
ABCAUS 1247 (2017) (05) ITAT

The Grievance:
The appellant assessee was aggrieved by the order passed by the Commissioner of Income Tax(A) confirming the action of the Assessing Officer (‘AO’) in making disallowance of purchases u/s 69C of the Income Tax Act, 1961 (‘the Act’) treating the purchases as bogus in nature.

Assessment Year : 2009-10
Date/Month of Pronouncement: May, 2017

Brief Facts of the Case:
The assessee was engaged in the business of manufacturing packaging materials. The Revenue received information from the Sales Tax Department that certain dealers are engaged in providing bogus accommodation bills to the parties without actually supplying the materials. It was noticed that the assessee had made purchases amounting to Rs. 2,57,002/- from such two parties.

Since the assessee did not furnish evidence such as delivery challans, stock register, payment details, lorry receipts, octroi payment etc., the Assessing Officer disallowed the purchases by invoking provisions of section 69C of the Act.

Though the assessee had declared loss from the business to the tune of Rs. 28,26,894/- in the return of income filed by it, the AO, without reducing the loss by the amount of disallowance made by him, assessed the disallowance of Rs. 2,57,002/- being the amount of alleged bogus purchases as total income of the assessee.

The CIT(A) also confirmed the same and hence the assessee had filed the present appeal before the Tribunal.

Observations made by the Tribunal:
The Tribunal observed that the Assessing Officer had not given any justification for not reducing the disallowance of purchases from the loss declared by the assessee. No convincing explanation for the same could be offered before the ITAT as well.

The Tribunal stated that it is a well settled proposition that right available to the assessee cannot be taken away by the Assessing Officer according to his whims and fancies. It was noted that the assessee had declared loss of Rs. 28,26,894/- from the business carried on by him. The disallowance of purchases made by the Assessing Officer was related to the very same business only.  

In view of the above, the ITAT opined that in all fairness, the disallowed amount should have gone to reduce the loss declared by the assessee.

Held:
The ITAT set aside the order of the CIT(A) and directed the AO to reduce the amount of impugned disallowance from the loss declared by the assessee and accordingly compute the total loss of the assessee. 

Bogus purchase disallowance reduced from loss declared
Download Full Judgment

Bogus Purchase-profit already disclosed to be reduced from profit rate applied. AO directed to re-compute income

Bogus Purchase-profit already disclosed to be reduced from profit rate applied. AO was directed to give credit for disclosed profit and re-compute income – ITAT Judgment

Bogus Purchase-profit already disclosed

ABCAUS Case Law Citation:
ABCAUS 1244 (2017) (05) ITAT

The Grievance:
The relevant issue is comprised in two appeals filed by the two appellant assessee(s) who were aggrieved by the order passed by the Commissioner of Income Tax (Appeals) [CIT(A)] confirming the action of the Assessing Officer (‘AO’) adopting gross profit rate of 12.5% of the alleged bogus purchases.

Assessment Year : 2009-10 , 2010-11
Date/Month of Pronouncement: May, 2017

Important Case Laws Cited relied upon:
Simit P Sheth (2013) 356 ITR 451 (Gujarat High Court)

Brief Facts of the Case:
The DGIT(Investigation) received information from Sales Tax Department that the two assessees had made bogus purchases from various parties for the relevant assessment years.

The Sales Tax Department had carried out detail enquiries in respect of the said parties and recorded statements, deposition, affidavits etc. of main person of the said parties establishing that those concerns were providing bogus bills and actually were hawala dealers. It also established that no actual goods are delivered by these parties and issued only bogus bills for commission.

Before the Assessing Officer (‘AO’) the assessees contended that these purchase transactions were genuine and VAT had already been paid by assessee on the above purchases. It was submitted that considering the nature of the business of the assessee and also the fact that the payments was made by accounts payee cheques and complete sale and purchase invoices available with the assesse and corresponding sale was made the entire purchases may be accepted as genuine. However, the AO in both the cases treated the purchase as bogus and applied profit rate at the rate of 12% by following the decision of Hon’ble Gujarat High Court.

Aggrieved, the assessee preferred the appeal before CIT(A), who also confirmed the action of the AO and in both the cases the order of CIT(A) was identically worded.

Observations made by the Tribunal:
The Tribunal observed that in view of the fact that though the assessee had submitted copies of the ledger account of parties, copies of banks statements highlighting payments by account payee cheques, copy of invoices of purchases and corresponding sales against the purchase but it could not submit the transport invoices of the goods and also could not prove the movement of the goods and the assessee was also not maintaining any stock register,  the AO had reasonably estimated the profit rate at 12.5%.

However it was observed that the assessee had already disclosed that profit element embedded in the sales carried out by the assessee corresponding to the same purchases.

The ITAT further observed that as stated by the assessee, the profit margin in assessee’s case was around 3 to 5 % but he could not give profit ratio of the previous three years. As regards to the application of profit rate of 12.5%, though no infirmity was found in the orders of the lower authorities, however, AO was directed in both the appeals of the assessee that credit of already disclosed profit should be allowed to assessee in regard to these bogus purchases.

Held:
It was held that the assessee shall provide profit rate of this year to the AO and accordingly, AO will allow credit for the disclosed profit and re-compute the income accordingly.

Bogus Purchase-profit already disclosed
Download Full Judgment

ICAI Information System Audit-Assessment Test ISA-AT New Syllabus June 2017

ICAI Information System Audit-Assessment Test ISA-AT New Syllabus June 2017

ISA-Assessment test New Syllabus

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
[Set up by an Act of Parliament]

12th May, 2017

IMPORTANT ANNOUNCEMENT

Subject: Information System Audit – Assessment Test (ISA – AT) New Syllabus, June 2017

Members are hereby informed that the next Information Systems Audit (ISA) Course Assessment Test New Syllabus which is open to the members of the Institute, will be held on 24th June, 2017 (Saturday) from 9.00 AM to 1.00 PM (IST) at the following cities provided that sufficient number of candidates offers themselves to appear there from.

ISA-Assessment test New Syllabus

The Council reserves the right to withdraw any centre at any stage without assigning any reason. The above Test is open only to the Members of the Institute who are already registered with the Institute for the ISA course and fulfill the eligibility criterion laid down. The fee payable for the above Assessment Test is ₹2000/-.

An application for admission to the Assessment Test is required to be submitted online by visiting http://isaat.icaiexam.icai.org and the sum of ₹2100/- ( ₹2000/- as examination fees and ₹100/- towards the examination form) has to be paid online using Master / Visa / Maestro Credit or Debit Card on or from 24 th May, 2017. Alternatively, the format of application form can be downloaded from the website of the Institute viz. www.icai.org and the cost of the application form of ₹100/- can be added to the Assessment Test fee of ₹ 2000/- and the Demand Draft for ₹2100/- of any Scheduled Bank drawn in favour of “The Secretary, The Institute of Chartered Accountants of India”, payable at New Delhi only has to be sent to the Joint Secretary (Exams), The Institute of Chartered Accountants of India, ICAI Bhawan, Indraprastha Marg, New Delhi – 110002 so as to reach him on or before 6th June, 2017. The applications received after 6th June, 2017 will not be entertained under any circumstances.

It may be noted that there would be no ISA-AT (Old Syllabus) as the same has been discontinued.

(B. Muralidharan)
Joint Secretary (Examinations)