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As per Income tax act 194C, TDS is not required to be deducted on payments made to transporter If PAN number has been provided to the deductor.
Further as per Section 197 of Income tax act Assessing officer can issue a nil rate Certificate to parties under specified section on application of form 13 with prescribed details and if such parties produce “nil” rate certificate to deductor , deductor is not required to deduct TDS. So in both the cases tax deduction is nil.
Third type of nil transaction is “where amount paid is less than cutoff amount given in respective section.”
In all the three cases above TIN-NSDL has provided tags in E-TDS return.
1. To incorporate nil rate transporter entries in E-TDS return by inserting a tag “T” in remarks in 26Q.
2. To incorporate nil rate entries due to sec 197 tag “B” is to be shown in remarks column in 26Q.
3. Now TIN-NSDL has also provided tag “Y” to incorporate entries of nil deduction where amount is less than cut-off amount.
Now the question is, whether one should file return as suggested by TIN-NSDL or there is legal binding on us to report such entries. The answer is given below
As per Income tax act Section 200 quarterly return is required to be filed where TDS has been deducted. Means if TDS is not been deducted then no need to file the return.
But Income tax rules 31A has been amended to incorporate first two type of entries in quarterly returns from 01.04.2011.
As per rules amended vide notification no.16/2011 dated
(b) In rule 31A, in sub rule (4), after clause (IV), the following clauses shall be inserted, namely:-
“(V) Furnish particulars of amount paid or credited on which tax was not deducted in view of the issue of certificate of no deduction of tax under section 197 by the assessing officer of the payee ;
(VI) Furnish particulars of amount paid or credited on which tax was not deducted in view of the compliance of provisions of sub-section (6) of section 194C by the payee.”
So after this amendment we have to report following two types of entries in quarterly return (26Q) compulsory.
1. Nil TDS on payment to transporter.
2. Nil TDS due to nil certificates issued by AO u/s 197 to party.
But Act/rules have not been amended to incorporate third type of entries.
So let me know how many your clients are strictly complying with this statutory requirement.
CA FINAL Article Student.
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ALL THE BEST FOR YOUR EXAMS
I know that you all prepared very well for your exams. But it is not enough that you prepared well, it is equally essential that you present your answers well. Answer paper should be made attractive and impressive.
Guidelines for presentation of answers in CA/CWA examinations:
1. Avoid coming late for the exams. Enter the exam hall with optimism and with a challenging spirit.
2. Relax before the examination; mind works well when it is in relaxed state. Take a deep breath before answering each question. This helps you to take extra oxygen, which in turn activates your brain and nerves.
3. Maintain Total Concentration on the subject matter, forgetting the likely outcome of the examination. With total concentration, very often you can come out with best answers that might have been difficult under normal circumstances. The mood in the examination, very often, makes all difference between a pass and a failure.
4. Budget your time wisely; utilize the 15 minutes reading time to the fullest advantage to prepare mentally as to the strategy to be followed in attempting the paper.
5. Answer the easiest question first and in that order the rest. Impress the valuator with the first answer. It should represent your calibre to give a good answer in all respects; content neatness and presentation. If there is question for which you know the answer but do not have the time to write it fully, write a synopsis for the answer. This should be done if required only at the end of the answer the sheet.
6. Give working notes to each practical question properly. Workings are must for the answer to be valid and should be fairly elaborate. Use last page of the booklet for rough work.
7. State necessary assumptions and notes wherever possible.
8. State currency in subjects such as costing and accounting and draw columns with double lines when time permits. State narrations to journal entries in case of accountancy. Avoid overwriting. Wherever they become inevitable, strike off and write again, clarity is more important than neatness.
9. Be precise and to the point and do not indulge in unnecessary details. Write legible; avoid spelling mistakes and grammatical errors.
10. While answering questions involving application of law/standard etc., briefly state the facts, legal position, your analysis backed up with case laws, if any and your conclusion.
11. Answers to the question on CASE LAW should be in following sequence-brief facts of the case, Statutory provisions, relevant case law, Reason for your view and conclusion.
12. The tendency of giving long answers to short answered questions and vice-versa should be avoided.
13. Adopt a blend of conceptual, professional and practical approach to attempt the questions and problems. Examiner should get the impression that you prepared well for the exam and tried to reach the standard of knowledge expected of you.
14. Quoting section numbers and important case law certainly makes better impression on examiner. Though it is not practicable to remember all sections and case law, some important section numbers and case laws should be remembered.
15. In computation questions on Accounting, Management accounting, Costing, Taxation laws etc., give detailed working notes as part of your answers. Also, where ever relevant, spell out the assumptions on which you have based the answers.
16. When you forgot some points when writing the examination, leave some space and start a new answer. You can return later and complete the previous answer when you recollect the points.
17. Where ever a question gives scope for alternate answers and you aware of the possibility you must do and justify that. Final stage students will be expected to give practical examples, application areas and good criticism of the subject matter.
18. Don’t ever resort to unfair and objectionable means during examination like consulting reading material or other students, trying to peep into other’s answer books etc., which may land you in trouble. Our decent and dignified behaviour will enhance the esteem and image of the entire CA student community.
19. During the examination, keep watch of your time, but do not panic. Coolly attempt all questions and under no circumstances leave the hall in between. Never give-up in the examination. Make the best of the situation, even if you think you are going to fail. There are always miracles that you can hope for, provided you have put in your best efforts. This is proved in my case and the same can be happen to anyone so don’t lose hope.
20. Reserve the last 5 to 10 minutes for revision of your answer sheet. You can identify and rectify blunders you might have made, with in this short period, which can make all the difference between pass and failure.
21. After the Examination: Do not discuss your answers with any one immediately after the examination as it may upset your mood for next paper. However, after whole examination is over, review your answers. Remember that whatever be the type of questions and toughness or leniency of examiner, those who are extraordinary brilliant are certain to pass while those who are with very low IQ are bound to fail. However most of us (about 94%) are in between these two extremes. Hence success depends upon various factors including hard work and some amount of luck.
ALL THE BEST FOR YOUR EXAMS
ALL IS WELL♥
CA FINAL Article student
By Manish Negi
The steps are as follows:
- Board meeting for deciding the agenda for change in name.
- Seeking name availability for the proposed new name from the Registrar of Companies in Form 1A (a fee of Rs. 500/- has to be paid)
- Approval of the members in a general meeting as per Section 21 as the name change will involve amendments to the Memorandum of Association and Articles of Association. So Special Resolutions are required to be passed.
- Registration of the Special Resolution with the Registrar of Companies through Form-23 within 30 days of the general meeting (Sec.192).
- Filing of Form-1B with the Registrar of Companies under Section 21.
All legal proceedings (if any) by or against the company can be continued with the new name in place of the old one.
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PAPER - 1 : FINANCIAL REPORTING
PAPER – 2 : STRATEGIC FINANCIAL MANAGEMENT
PAPER – 3 : ADVANCED AUDITING AND PROFESSIONAL ETHICS
PAPER – 4 : CORPORATE AND ALLIED LAWS
PAPER – 5 : ADVANCED MANAGEMENT ACCOUNTING
PAPER – 6 : INFORMATION SYSTEMS CONTROL AND AUDIT
PAPER – 7 : DIRECT TAX LAWS
PAPER – 8 : INDIRECT TAX LAWS
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