Saying Sorry Is Difficult. But If Done, Makes You Feel Awesome!!

This article is very special as it doesn’t relate to any career guidance or mentoring I generally do through my blog www.nimishgoel.com.  This article is inspired from a real life incident that happened with me couple of weeks back when I acted in a way I shouldn’t have and later how I made it good by a simple apology.

It was Friday morning around 11.30AM when I was in the middle of a meeting.  Since past few weeks the work pressure had taken a toll on each member of our team and everyone was gasping for some free time.  The work was increasing and unfortunately two of our team members had left the organization.  I was sitting with a colleague discussing a business plan for our new venture and the discussions were quite intense.

Right at the middle, my cell phone rings and I saw the name of a client who had called me the day before also but I wasn’t able to pick his call because of some prior commitments.  So, I picked up the call and expressed sorry for not being able to talk to him the day before.  Things were absolutely fine for next 2-3 minutes when we were discussing the work.  We were supposed to get back to the client with some information and I had told him because the team was very busy, we may not be able to manage time for the next few days, but thereafter work would surely get finished.  I had committed to the deadlines we had discussed.

Suddenly in the middle of the conversation he started raising his tone enquiring why we are taking time to respond.  I politely said – “Sir, few of our team members have left but I am sincerely on the job and we would be able to finish the job”.  I told him the deadline to finish the work is still 4 months away and we are confident enough to finish much before that.  However, some verbal scuffle started and I just lost my temper.  Raising my voice I told him to mind his words because what he was saying was inappropriate and there was no reason to shout.  I think my voice tone was quite high. 

However, during that call itself I immediately realized this was not good and I shouldn’t have spoken in such a high tone.  However, things gradually cooled down and we ended the call.  For the next 10 minutes my life was suddenly upside down because in my professional career of 14 years I had never spoken to a client like that and it was absolutely not professional, even if I thought it wasn’t my mistake.  I shouldn’t have spoken like that.

Feeling very bad about my behaviour, I went out of the office for a walk and introspected what went wrong.  I visualized the entire scene in my mind and I realized my response to an event was abrupt and emotional and therefore, the outcome was negative.  The day was absolutely fine, I was in a good mood discussing the business plan of our new venture, excitement about the new venture was palpable but suddenly this call comes, I exchange some heated words and things take normalcy again. 

I mean what happened, why did I suddenly lose my temper and why did I react that way to an incident that could have been handled with care.

This reminded me of a very relevant formula that I had read sometime back, which goes as follows:

E          +          R          =          O

E = Events

R = Response

O= Outcomes

The outcomes in our life are the result of our response to events that take place in our lives.  If our response is positive, constructive and filled with joy, the outcome shall surely be productive.  But, where the response goes negative, filled with anger, jealousy or superficiality, the outcome has to be something that happened with me… unfortunate.

Extremely critical it is therefore, to watch our words and actions and determine outcomes we wish to get rather than outcomes that make us feel low and guilty.  My response to the client’s behavior wasn’t professional and as a result the outcome was filled with guilt.  And there is no one other than me to take responsibility of what happened.  I cannot blame the client for being rude to me, because I couldn’t have stopped him from behaving that way.  If he had to behave that way, that’s his problem.  But what I could have surely done was watched my response to an untoward event and perhaps, got an outcome that wasn’t so unprofessional.

However, as our elders have told us, let bygones be bygones. Simply move on.  On that note, I came back to my seat and immediately wrote an email to him apologizing for what happened and the way I reacted to the situation.  I told him I would surely try to mend this act by taking him out for dinner.  I purposely did not call him because the incident would have taken him aback as well and I did not want to create any unpleasant situation again.   

In the evening I was sitting in the changing room of my gym remembering the morning incidence when I thought that I should call him and apologize personally.  Though email was sent, calling him would surely be the right way to mend the damage and I was sure he would also understand what happened and there was no reason to panic.  So, mustering some courage I called him and spoke for 5 minutes without any problem.  He said – “Nimish it wasn’t anyone’s fault.  Even I was under tremendous pressure from my seniors to take the update from you and since I was under pressure, my pitch went up and I did not want to talk like that”.  It was an absolutely perfect conversation as if nothing had happened. 

I felt extremely happy and light and went for a good work out in the gym.  The feeling was purely because I spoke to him, I faced his voice, I listened to my inner voice that I should talk and that helps, I did not succumb to the feeling of ignoring it and finally I could muster courage to mend what went wrong. 

Through this article I simply want to share my feelings that life will throw ups and downs and we may not always respond the way ideally we should, as a result facing outcomes upsetting us, making us feel low, sometime frightening us with the results.  But there is always a way to mend our outcomes, simply by practicing the following:

1.            Vacate your ego chamber

Ego is one of the most dangerous possessions one can have within him/her.  Let it go immediately, the more it remains inside you the more your outcomes shall be negative.  I left my ego, called up the client and felt extremely happy.

2.            Don’t take too much time.  Apologize quickly

The moment you feel something terribly wrong happened, don’t waste even a single minute to repair it.  The repairing work has to be done immediately otherwise the damage could be irreparable.  I know it’s difficult to come out of a negative situation and immediately approach to mend the wrong.  But believe me, it has to be done quickly. Just do it and see the results.

3.            Feeling may not be mutual.  It doesn’t matter

Even if you have chosen to speak to the other person with a feeling of apology you may encounter an absolute non-reciprocal feeling and that may make you feel stupid.  You went ahead to say sorry but the other person is still in his/her ego chamber and doesn’t want to take your apology.  Or perhaps he/she has been badly hurt and therefore, not ready to accept a nice behavior immediately after that scuffle that happened between you and him/her.

Don’t worry.  As it is not easy to say sorry, let me tell you it is also not easy to accept sorry because our brain is just not ready to accept the fact that people would apologize easily and so soon.  So, it is Ok even if you have not been responded with warmth on your journey to apologize.  But I can tell you with full confidence, sooner or later that works and it works wonders.  After all we are all human beings with same feelings and beliefs. 

4.         Just Move On

Making a mistake doesn’t mean you need to keep thinking about it forever.  As humans we are expected to make mistakes, but you need to then move on in life and forget the past.  Let your mind be filled up with joy, prosperity, growth, love and kindness, rather than sorrows.  You made a mistake, felt apologetic from your heart and then moved on.  That’s how it should be.

I hope this article helps you in some way, I don’t know how but I felt like writing this and sharing my experience with you.  It is my sincere endeavor to make everyone’s life beautiful, free of stress and simply superlative.

By the way, that client went with me for dinner and we had a good time together.  He is still with us and I recently signed one more engagement letter for a new work he has given to me.  As I said…It works.  Try it.

Keep smiling and stay blessed…


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No late Fees charges for delay in credit card payment for 3 days :RBI

RBI has said that henceforth banks can levy a penalty on a credit cardholder only if they fail to receive payment for three days after the due date. The directive will benefit those whose payment or transfer gets delayed due to a bank holiday or for any other reason. 

Besides not charging penalty, RBI has said that banks should also report delayed payment to credit information companies like Cibil only when a credit card account remains 'past due' for more than three days. At present all banks state that late payment charges are applied if payment is not made by due date. The late payment charges vary between Rs 100 to Rs 700 depending on the total payment due. 

Although earlier RBI had issued a directive stating that the next statement date should be the reference date for computing penalties and reporting defaults to credit bureaus banks have continued to use the due date for imposing late fee. 

In a circular issued to all banks RBI said that in order to bring in greater credit discipline as also to provide operational flexibility to credit card issuers, 'past due' status of a credit card account for classifying bad loans would be reckoned from the payment due date mentioned in the monthly credit card statement. "Consequently, in case of banks, a credit card account will be treated as non-performing asset if the minimum amount due, as mentioned in the statement, is not paid fully within 90 days from the payment due date mentioned in the statement," RBI said. 

"However, banks shall report a credit card account as 'past due' to credit information companies (CICs) or levy penal charges, viz. late payment charges only when a credit card account remains 'past due' for more than three days. The number of 'days past due' and late payment charges shall, however, be computed from the payment due date mentioned in the credit card statement," RBI said. Earlier it was to be classified as NPA if payment was not received within 90 days of next statement date.

Complete Circular is given here under for your ready reference 

RBI/2015-16/126

DBR.No.BP.BC.30/21.04.048/2015-16

July 16, 2015

All Scheduled Commercial Banks/Non-Banking Financial Companies/Primary (Urban) Co-operative Banks

Dear Sir,

Prudential Norms on Income Recognition, Asset Classification and

Provisioning pertaining to Advances – Credit Card Accounts

Please refer to circular DBOD.No.BP.BC.78/21.04.048/2013-14 dated December 20, 2013 on the captioned subject.

2. In order to bring in greater credit discipline as also to provide operational flexibility to credit card issuers, it has been decided that, with effect from the date of this circular, ‘past due’ status of a credit card account for the purpose of asset classification would be reckoned from the payment due date mentioned in the monthly credit card statement. Consequently, in case of banks, a credit card account will be treated as non-performing asset if the minimum amount due, as mentioned in the statement, is not paid fully within 90 days from the payment due date mentioned in the statement.

3. However, banks shall report a credit card account as ‘past due’ to credit information companies (CICs) or levy penal charges, viz. late payment charges, etc., if any, only when a credit card account remains ‘past due’ for more than three days. The number of ‘days past due’ and late payment charges shall, however, be computed from the payment due date mentioned in the credit card statement.

Yours faithfully,

(Sudarshan Sen)

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CA CPT June 2015 Pass Percentage and Toppers List

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CA Final May 15 Pass percentage & Toppers list

Congratulations to all the friends who started their journey as a CA and to those who will begin their journey of becoming a CA.

ICAI Announced the Result of CA FINAL held in MAY 2015 Today.

Below are the details of the toppers of CA Final 2015.

Pass Percentage of CA Final May 2015 Examination is Given Below:

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Vacancy for ca fresher in Chennai

Urgent opening for Credit Manager – Business Banking at at Chennai ( CA fresher from Nov 2014 Batch and May 2015 Batch Only) Candidate having understanding of Tamil Language needed.

Mail your cv at cachantelle@gmail.com
Or call Chantelle 9833356586
Share this msg with all interested. Thank you.
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CA May 2015 Exams Result Date has been announced finally by ICAI today

The result of the Chartered Accountants Final Examination held in May, 2015 and Common Proficiency Test (CPT) held in June, 2015 are likely to be declared on Thursday, the 16 th July, 2015 around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank in the case of Final Examination and candidates securing a minimum of 60% and above marks and upto the maximum of 10th Rank in the case of Common Proficiency Test and in accordance with the decision of the Examination Committee) on all India basis will be available on the following website: 
http://www.caresults.nic.in 

Arrangements have also been made for the students of Final Examination and Common Proficiency Test (CPT) desirous of having results on their e-mail addresses to register their requests at the above website, i.e., http://www.caresults.nic.in from 10 th July, 2015. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result. 
In addition to above, it may be noted that for accessing the result at the above website i.e. http://www.caresults.nic.in the student shall have to enter his registration no. or PIN no. alongwith his roll number. 
Further, facilities have been made for students of Final Examination and Common Proficiency Test (CPT) held in May/June, 2015 desirous of knowing their results with marks on SMS. The service will be available through India Times. 
For getting results through SMS, students should type: 
i) for Final Examination result the following 
CAFNL(space)XXXXXX (Where XXXXXX is the six digit Final examination roll number of the candidate) 
e.g. CAFNL 000128 
ii) for Common Proficiency Test result the following 
CACPT(Space)XXXXXX (Where XXXXXX is the six digit Common Proficiency Test roll number of the candidate 
e.g. CACPT 000171 
and send the message to: 
58888 - for all mobile services - India Times

 (B. MURALIDHARAN) DEPUTY SECRETARY (EXAMS.)

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Urgent opening for Credit Manager in Bank – Business Banking at various locations

Urgent opening for Credit Manager – Business Banking at various locations

1) Location – Chennai (MBA Finance with min 2 years of exp or CA fresher) Candidate having understanding of Tamil Language needed

2) Location – Hyderabad Required highly motivated CA fresher

3) Location – Coimbatore (MBA Finance with min 2 years of exp or CA fresher)

4) Location – Bangalore Fresh CA –Candidate having understanding of local Kannada language

5) Location – Vizag/Vijaywada MBA Finance with min 2 years of exp or CA fresher - Preferably with Vizag location background and will be deputed at Vijayawada/Vizag

6. Credit Manager- Housing Finance

Locations - Hyderabad, Vijaywada

Knowledgeable CA Fresher or MBA with around 2 years of work exp in similar field

7. Credit Manager – Working Capital

Location – Bangalore

2-4 yrs of exp post CA (preferred) or MBA. Exp in credit role with NBFC/Bank

8.Credit Manager – Personal Loans

Location –Bangalore

MBA Finance with relevant work exp with good knowledge of the market

9.Credit Manager – Personal Loans
MBA with 1-2 yrs of working knowledge of the products
Location – Kolkata

Mail your cv at cachantelle@gmail.com
Or call Chantelle 9833356586
Share this msg with all interested. Thank you.

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An Insight to FLA Returns under Foreign Exchange Management Act, 1999

An Insight to FLA Returns under Foreign Exchange Management Act, 1999

Introduction:

The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India. It was passed in the winter session of Parliament in 1999, replacing the Foreign Exchange Regulation Act (FERA). Reserve Bank of India (‘RBI’), which is the Apex Bank, governs FEMA and Regulations made there under.

In India, Foreign Direct Investment (‘FDI’) inflows have been witnessing increase every year. Similarly, Indian companies are going global by investing abroad in the recent past.

The importance of FEMA compliances is indispensable considering the fact there are penal consequences in case of non-compliances. The purpose of this article is to inculcate basic knowledge on Annual Compliances specified under FEMA for Indian Companies having FDI and for Indian entities having investments in overseas Joint Venture (‘JV’) and/or Wholly Owned Subsidiary (‘WOS’). The said compliances are detailed hereunder:

What is Annual Return on Foreign Liabilities and Assets?

In order to capture the statistics relating to FDI in a more comprehensive manner as also to align it with international best practices, the RBI has introduced the requirement to file Annual Return on Foreign Liabilities and Assets (‘FLA Return’).

Annual return on Foreign Liabilities and Assets has been notified under FEMA 1999. Return to be filed under A.P. (DIR Series) Circular No.145 dated June 18, 2014 and submitted to the Department of Statistics and Information Management, RBI, Mumbai.

Investment made by Non Resident Indians (‘NRI’) on non-repatriation basis as per schedule 4 of the FDI Regulations is not considered as FDI and hence, the same may be considered as domestic investment in the FLA Return.

If the Indian company does not have any outstanding investment in respect of FDI and as on end of the reporting year, the Company need not submit the FLA Return. Similarly, if the Indian company has not ‘received any fresh FDI and in the latest year but the company has outstanding FDI and then that company is still required to submit the FLA Return every year by 15 July.

Partnership firms, Branches or Trustees which are having FDI as on end of the reporting year, then the same are also required to file excel based FLA Return. These persons should send a request mail to get a dummy CIN number which will enable them to file the Excel based FLA Return. If any entity has already got the dummy CIN number from the previous year, they should use the same CIN number in the subsequent years also.

Applicability:

 It is required to be submitted mandatorily by all the India resident companies which have received FDI and/ or made ODI in any of the previous year(s), including current year i.e. who holds foreign assets or liabilities in their financial statements as on 31 March.

Due Date: 

FLA Return is mandatory under FEMA 1999 and companies are required to submit the same based on audited/ unaudited account on or before July 15 every year through official email id of any authorized person of company like CFO, Director, and Company Secretary at fla@rbi.org.in

Where return is filed with unaudited/provision balance sheet than subsequently, once the accounts gets audited and there are revisions from the provisional information submitted by the Indian Company, then the Indian

Company is supposed to submit the revised FLA return based on audited accounts by end of September.

Format:

The FLA Return has to be submitted in excel based format, which has inbuilt checks and validations. The Indian company which is under an obligation to file the FLA Return needs to download Excels based utility from the RBI website. After filling in the requisite details, the Indian Company can file the FLA Return by e-mailing the same to the RBI at fla@rbi.org.in

The latest format of FLA Return is available on RBI’s web site at the following link: https://www.rbi.org.in/Scripts/BS_ViewFemaForms.aspx

Non-compliance:

Non-filing of FLA Return before due date will be treated as a violation of FEMA and penalty clause may be invoked for violation of FEMA. Hence, these compliances need to be adhered in a timely manner.

Disclaimer:

The information contained in this write up is to provide a general guidance to the intended user. The information should not be used as a substitute for specific consultations. Authors recommend that professional advice is sought before taking any action on specific issues.

This article has been shared by Harsha Ramnani. She can be reached at harsha.ramnani@sba-ca.com

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EXIM Bank Recruitment 2015 - for the post of Manager (CA)

Job Position :

1.Manager (Corporate Loans & Advances, Project /Trade Finance/Lines of Credit)

Essential Academic Qualification : Post graduate in Business management or Chartered Accountant

                                                        Minimum 50% marks in Graduation and Post graduation.
                                                       
                                                        The Course should be of a minimum 2 Years full time duration.                                                             In case of CA, passing the professional examination is sufficient.

Experience : For position of manager minimum 3 years of experience in scale 1 or equivalent in the areas of internal trade finance or overseas project finance or industrial finance department handling term loans/advances portfolio or infrastructure finance of scheduled commercial banks or all India financial institutions.

2. Manager (Internal Audit) :

Essential Academic Qualification : Post graduate in Business management or Chartered Accountant or Cost Accountant.

3. Manager (Resource raising) : 

Essential Academic Qualification : Post graduate in Business management or Chartered Accountant

Last date to Apply online is 22nd July.

For more Info and to read the official notification click here.

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Ministry of Finance Press Release dated 01-July-2015 regarding Income Tax Department releases software for preparing new ITR forms for AY 2015-16

The Press Release is as under:
 

Electronic Filing of Income Tax Returns for 2015-16 Commences; ITR 1-Sahaj, 2 and 2A can be Used by Individuals or HUF Whose Income Does not Include Income from Business;

ITR 4S - SUGAM can be Used by an Individual or an HUF Whose Income Includes Business Income Assessable on Presumptive Basis; Taxpayers Requested to E-File Their Returns Early to Avoid the Rush Closer to the Last Date of Filing. 

The Income Tax Department has released the software for preparing the Income Tax Return forms 1- SAHAJ, 2, 2A and 4S- SUGAM for AY 2015-16. The e-filing of these return forms has been enabled on the e-filing website-https://incometaxindiaefiling.gov.in.

ITR 1-SAHAJ, 2 and 2A can be used by individual or HUF whose income does not include income from business. ITR 4S - SUGAM can be used by an individual or HUF whose income includes business income assessable on presumptive basis. The elaborate details of the persons who can use these forms are available in the instructions for filling the forms.

The facility for pre-filling of information for these return forms is available in the software for preparing the return forms. When the taxpayer exercises this option and just fills in his PAN, then personal information and information on taxes paid and TDS will be auto-filled in the form. Taxpayers are requested to use the return preparation software available free of cost under the ‘Downloads’ section on the home page of the Income Tax Department’s e-filing website-https://incometaxindiaefiling.gov.in.

The use of Departmental software will ensure preparation of error-free returns thereby avoiding any need for future rectification due to data validation mistakes.

Taxpayers are requested to e-file their returns early to avoid the rush closer to the last date of filing. 

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No need for bank balance details, foreign trip info in new ITR forms

Taxpayers will need to disclose passport numbers in place of travel details. 

The Income tax department has notified a new, more simplified, set of ITR forms for taxpayers to file their returns for assessment year 2015-16, wherein it has done away with intrusive details such as the number of foreign trips and bank account balances that assessees were expected to furnish earlier. 

The forms are in line with the finance ministry’s pledge last month, wherein it had assured taxpayers that the 14-page income tax return (ITR) form would be replaced with simpler threepage ITR forms and that filling of intrusive details such as number of foreign visits undertaken would be done away with. The notification of the ITR forms — ITR-1, ITR-2, ITR- 4S — by the CBDT in April had drawn widespread criticism for the enhanced compliance cost and the cumbersome details sought, following which finance minister Arun Jaitley had announced their withdrawal and announced that new, simplified forms would be issued. The government had also extended the time limit for filing these returns up to August 31, in place of July 31, in view of the changes in the forms. 

As per the notification for revised forms issued on Tuesday, a new form — ITR-2A — has been issued for individuals or Hindu undivided families (HUF) who do not have business income, capital gains or income from profession, and do not hold foreign assets. However, such taxpayers will have to disclose their passport numbers, if available, in place of the details about foreign trips sought earlier. All filers will now have to declare only the “total number of savings and current bank accounts” held by them “at any time during the previous year, excluding dormant accounts”. 

In terms of bank details, assessees will have to provide the IFSC code of the bank and the account in which they want their refunds to be credited. Those filing form 2A will get a fourpage schedule that has to be filled by only those who have to disclose additional details on a case-to-case basis. 

With regards to ITR-2, for those with capital gains, the earlier 14-page form has been replaced with a 3-page form with a schedule comprising 10 pages. The taxpayers will have to declare the foreign assets held abroad or have income from any foreign source. 

“In schedule FA, mention the details of foreign bank accounts, financial interest in any entity, details of immovable property or other assets located outside India. This also includes details of any account located outside India in which the assessee has signing authority, details of trusts,” the notification said. In case the resident assessee is a beneficial owner, the taxpayer has to fill in a schedule providing details such as the asset from which he derived benefit and the consideration for such asset was provided by any person other than such beneficiary. 

Earlier on May 31, the income tax department had said that an individual who is not an Indian citizen and is in India on a business, employment or student visa would not mandatorily be required to report the foreign assets acquired by him during the previous years in which he was non-resident if no income is derived from such assets during the relevant previous year. 
(Indian Express)

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New e-TDS/TCS Return Preparation Utility Ver. 1.2 released

It is proposed to release new version of NSDL e-Gov TDS/TCS – Return Preparation Utility (RPU) and File Validation Utility (FVU) tentatively on 23^rd June, 2015. Details of which are given below:-

1.    Return Preparation Utility (RPU)

·         Version 1.2 (Java based)

·         Version 4.4 (VB based)

2.    File Validation Utility (FVU)

·         Version 4.7 :- For quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards

·         Version 2.143:- For quarterly e-TDS/TCS statements up to FY 2009-10  

Above utilities can be downloaded from below URL :- 

https://www.tin-nsdl.com/etds-etcs/eTDS-download-regular.php

Features of the new version of RPU and FVU are as given below:-

1.    Incorporation of section code 192A and 194LBB: Section code 192A and 194LBB will be incorporated where the date of payment is on or after 01/06/2015 for regular and correction TDS statements pertaining to FY is 2015-16 onwards. Section code 192A will be applicable for Form no. 26Q and section code 194LBB will be applicable to Form no. 26Q and 27Q.

2.    Validation of Total Tax deducted vis a vis Total Tax Deposited amount: Validation will be incorporated in the TDS/TCS FVU wherein the total tax deducted amount in the deductee details should be equal to total tax deposited amount at the deductee details. This validation will apply to

ü  TDS/TCS statements pertaining to all F.Ys and all Forms.

ü  Will apply to regular and correction TDS/TCS statements.

3.    Incorporation of “T” remark (Transporter transaction and valid PAN is provided) in deductee details (Annexure I): Remark “T” will be applicable for Form no. 26Q from Q3 of FY 2009-10 onwards. This validation will apply to regular and correction statements.

4.    Applicability of certificate no. for lower/non deduction in deductee details (Annexure I): Quoting of certificate no. (if applicable) will be allowed only if the corresponding section code in deductee details is 192, 193, 194, 194A, 194C, 194D, 194G, 194H, 194-I, 194J, 194LA, 195 and 206C (TCS). This validation will apply to regular and correction TDS/TCS statement pertaining to FY 2013-14 onwards.

5.    Higher deduction flag “C” not applicable to Section code 194LC: If the section code at the challan/ deductee details is 194LC, then the corresponding deductee record will not be mandated for higher rate of tax deduction i.e., will not be mandated to select flag “C”. Further, no warning message will be provided if the rate of deduction is less than 20.0000. This validation will apply to regular and correction statement pertaining to FY 2012-13 onwards where date of payment is 1st June, 2013 onwards.

6.    Deductee records with remark ‘C’ validations across all forms: In addition to existing editable fields for “C” remark deductee records in correction file, below mentioned fields will also to be allowed for update.

ü  Name of deductee

ü  Section code

ü  Nature of remittance (Applicable only for Form 27Q)

ü  “Unique acknowledgement of the corresponding form no. 15CA (if available)” (Applicable only for Form 27Q)

ü  Country of Residence of the deductee (Applicable only for Form 27Q)

ü  Grossing up indicator (Applicable only for Form 27Q)

ü  Date of deduction (Applicable to all Forms)

Said validation will be applicable for correction TDS/TCS statements.

In case of any queries / feedback, you may revert to us at tin_returns@nsdl.co.in .

For and on behalf of Tax Information Network.

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CBDT Released ITR-1(SAHAJ) and ITR-4S(SUGAM) excel utility for A.Y 2015-16

CBDT Released  ITR-1(SAHAJ) and ITR-4S(SUGAM) excel utility for A.Y 2015-16 in excel utility as well as in java utility

You can download the same from the below link.



Download ITR (1) For A.Y 2015-16

Download ITR (4S) For A.Y 2015-16

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CBDT notifies ITR-1, ITR-2, ITR-2A and ITR-4S to be filed for AY 2015-16

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB- SECTION (ii)] 

GOVERNMENT OF INDIA 

MINISTRY OF FINANCE 
DEPARTMENT OF REVENUE 
[CENTRAL BOARD OF DIRECT TAXES] 
NOTIFICATION 
New Delhi, the 22nd day of June, 2015 

Income-tax 

S.O. 1660 (E).– In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 
1. (1) These rules may be called the Income-tax (8th Amendment) Rules, 2015. (2) They shall be deemed to have come into force with effect from the 1st day of April, 2015. 

2. In the Income-tax rules, 1962,− 

(1) in rule 12,− 
(a) in sub-rule (1),- 
(I) in clause (a), in the proviso, for clause (III), the following clause shall be substituted, namely: − 
“(III) has agricultural income, exceeding five thousand rupees;”; 
(II) after clause (b) the following clause shall be inserted, namely:- 
‘(ba) in the case of a person being an individual not being an individual to whom clause (a) applies or a Hindu undivided family where the total income does not include any income chargeable to income-tax under the heads “Profits or gains of business or profession” and “Capital gains” and to whom the provisions of clause (I) and clause (II) of the proviso to clause (a) does not apply, be in Form No. ITR-2A and be verified in the manner indicated therein;’; 

(III) in clause (ca), in the proviso, for clause (III), the following clause shall be substituted, namely: − 
“(III) has agricultural income, exceeding five thousand rupees;”; 

(b) in sub-rule (4), for the words, brackets, letters and figures “in the manners specified in clauses (i), (iii) and (iv) of sub-rule (3)”, the words, brackets, letters and figures “in the manners (other than the paper form) specified in column (iv) of the Table in sub-rule (3)” shall be substituted. (2) in Appendix-II, for “Forms SAHAJ (ITR-1), ITR-2 and SUGAM (ITR-4S)” the “Forms SAHAJ (ITR-1), ITR-2, ITR-2A and SUGAM (ITR-4S)” shall be substituted, namely:-

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Making company registration easy

The government introduced a new registration form INC-29 - which combined seven different forms into one - on May 1 this year as part of its effort to ease the process of "starting a business". Professionals who assist entrepreneurs to register companies - advocates, chartered accountants, cost accountants and company secretaries - feel this move will bring down the time taken to register a company from around 30 days to seven. However, experts say there is scope for further streamlining the process and reducing instances of manual interventions.

"Form INC-29 has been a game changer in terms of company incorporation," says Lionel Charles, founder, indiafilings.com. His firm now registers companies in less than a week - a process that used to take 20-30 days - he claims.

What has changed?

Earlier, the procedure started from getting a digital signature, and ended up with getting a commencement certificate for doing business. In between, the entrepreneur had to fill up different forms, such as DIR-3, INC-1, INC-7, DIR-12, INC-8, INC-9, INC-10 and INC-22, each serving a specific purpose (WHEN STARTING A BUSINESS).

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The INC29 form has clubbed all this forms into one, other than INC-22. Now after getting digital signature, an entrepreneur needs to just fill up INC29 in order to register the company. INC-22 - which is for notifying the address of the registered office - can be submitted within 30 days of incorporation.

Experts point out that with a single form, it should not take more than 3-4 days to register a company. "But that is not the case," says Agam Gupta, co-founder, quickcompany.in.

So what is the problem?

Ideally, entrepreneurs should get Director Identification Number (DIN), Permanent Account Number(PAN) and tax-deduction account number (TAN) delivered at their doorstep after filling up INC-29. But company professionals still fill up DIR-3 (for DIN) separately. Even now, a separate application form is registered on nsdl.com - for the company's PAN card. "These three functions are yet to be integrated in INC-29," says Hrishikesh Datar, chief executive, Vakilsearch.com.

Experts say an entrepreneur does not get any acknowledgment receipt after filling up its details in INC29 for PAN card. Without an acknowledgement receipt for PAN application, it is not possible to open a bank account in the company's name. Gupta says they prefer to take the nsdl.com route to get the company's PAN card. There are instances where an entrepreneur who has not applied separately for PAN, has had to wait for a month to receive it. Another big issue which delays the whole registration process is that Registrar of Companies (ROC) frequently asks for a resubmission of documents while rejecting the name proposed by the entrepreneur for his company.

According to Gupta around 50 per cent of the cases he files in a month receive such a name re-submission request. Datar, too, agrees that 75 per cent of the cases for re-submission occur because of name rejection. "It can be very arbitrary. There are times when we are not told the reason for name rejection," says Datar.

Earlier, when there was a separate form for name approval, a company professional was allowed to add six names in order of his preference. In INC-29, only one name could be given for ROC approval.

Such manual interventions in cases of re-submission could easily take additional eight to 10 days for companies to register Not all ROCs have begun accepting INC-29. "The RoCs in Andhra Pradesh and Karnataka are, for example, continuing with the old process, claiming they haven't received official notification," says Datar.

Experts point out that getting a digital signature - the first step for starting a business - has been made unnecessarily complicated. Earlier, self-attested photo identity proof and address proof were sufficient to get a digital signature, the government has now asked entrepreneurs to get these proofs attested by a banker, gazetted officer or a post master.

The way forward

While the government has set the target of appearing among the Top 30 countries for ease of doing business by 2017, India still fares poorly when it comes to "starting of business", going by World Bank's recent reports. For instance, it takes 4.5 days in Liberia - ranked 30 last year by World Bank - to start a business.

The government's efforts to ease the process of company registration may be in the right direction, but there is still some way to go when it comes to experiences on the ground.

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