Posts in Category: stat updates

Director of a company arrested for evasion of Service Tax

Officers of CGST Delhi North Commissionerate have arrested one Director of a Company for evasion of Service Tax. The Company had collected more than Rs. 3 Crores as Service Tax from its clients but had not deposited the same with the Government Exchequer.

The power to arrest is provided under Section 91 of the Finance Act 1994 for violating the provisions of Section 89 of the Finance Act 1994 read with Section 174 of CGST Act, 2017. He was produced in the Court of Hon’ble CMM, Patiala House Court and has been sent to Judicial Custody for 15 days. Further investigations are being conducted and the amount of Service Tax evaded is bound to increase.

Government wants to assure taxpayers that compliant taxpayers donot run the risk of facing such punitive action

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2,25,910 companies under scanner of Ministry of Corporate Affairs for not filing returns for Year 2015-16 & 2016-17

Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Lok Sabha on 3rd August 2018, that during financial year 2018-19, a total of 2,25,910 companies have been identified for action under Section 248 of the Act on the basis of non- filing of due returns for the financial Year 2015-16 & 2016-17. Due procedure shall be followed by ROCs before striking off names of companies.

Shri Chaudhary further said that during 2017-18 the Registrars of Companies (ROCs) had identified 2.97 lakh companies which were not filing their Financial Statements or Annual Returns for a continuous period of two or more financial years

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Ministry of Corporate Affairs ordered inquiry in 87 real estate companies in 2017-18

Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Lok Sabha today that during the year 2017-18 and till 30.06.2018, the Ministry of Corporate Affairs has ordered inquiry in 87 companies, inspection of books and papers in 17 companies and investigation in 7 cases involving 149 entities including 5 Limited Liability Partnerships (LLPs) engaged in real estate activities. The Minister in his reply said that the Companies Act, 2013 (the Act) provides for details of compliances with respect to books of account and other matters to be made by companies of all categories and there are no separate provisions in the Act for real estate companies.

The Companies Act, 2013 stipulates requirement of statutory audit and internal audit by the companies. (Source-PIB)

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PFRDA Invites Expression of Interest (EOI) for Actuarial Valuation of Atal Pension Yojana

Pension Fund Regulatory and Development Authority (PFRDA) invites Expression of Interest (EOI) from reputed Actuary/Actuarial Firm for valuation to estimate the likely shortfall or otherwise on account of the minimum guaranteed pension and suitable provisioning for gap funding under Atal Pension Yojana(APY).

APY offers guaranteed pension benefits which entails suitable gap funding to fulfill the commitment of guaranteed pension benefits to the subscribers and spouse of the subscribers. The Expression of Interest document has been issued on 18.07.2018 and the same is available on PFRDA’s website. Along with the other conditions, the actuarial firm should have carried out the actuarial valuation of at least 10 funds in the immediately preceding 5

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Cabinet approves renewal of MoU between the Institute of Chartered Accountants of India & Saudi Organisation for Certified Public Accountants

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for the Memorandum of Understanding (MoU) signed in 2014 and approval for renewal of MoU between the Institute of Chartered Accountants of India (ICAI) & Saudi Organisation for Certified Public Accountants (SOCPA) in Saudi Arabia to promote mutual co-operation framework in the areas of Corporate Governance, Technical Research & Advice, Quality Assurance, Forensic Accounting, issues for Small and Medium Sized Practices (SMPs), Islamic Finance, Continuing Professional Development (CPD) and other subjects of mutual interest related to Accountancy profession.

Major impact:

The aim is to work together to develop a mutually beneficial relationship inthe best interest of ICAI members, students and their organizations.

The MoU will provide an opportunity to the ICAI members to

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2nd Drive to be launched by MCA for striking off 2,25,910 Companies due to non-filing of financial statements – Final Opportunity of being heard will be given

During Financial Year 2017-18 ROCs identified and removed from the register of companies the names of 2,26,166 companies & 3,09,619 directors disqualified –

In a drive carried out under the supervision of the Ministry of Corporate Affairs in the Financial Year 2017-18 the Registrars of Companies (ROCs) identified and removed from the register of companies under Section 248 of the Companies Act, 2013 the names of 2,26,166 companies, which had not filed their Financial Statements or Annual Returns for a continuous period of two or more financial years. As many as 3,09,619 directors were also disqualified u/s.164(2)(a) read with Section 167(1) of the Companies Act, 2013 for non-filing of Financial Statements or Annual Returns for a continuous period of immediately preceding 3 financial years (2013-14, 2014-15 & 2015-16).

With the

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Pradhan Mantri Vaya Vandana Yojana (PMVVY) – Investment limit doubled for senior citizens to Rs.15 Lacs with assured return of 8% per annum (Rs.10,000 Per Month)

It would enable upto Rs. 10000 Pension per month for Senior Citizens – Time limit for subscription under PMVVY extended from 4th May, 2018 to 31st March, 2020 – Reflection of Government commitment to financial inclusion and social security.

Background of Pradhan Mantri Vaya Vandana Yojana (PMVVY) 

Government of India has launched the ‘Pradhan Mantri Vaya Vandana Yojana (PMVVY)’ to provide social security during old age and to protect elderly persons aged 60 and above against a future fall in their interest income due to uncertain market conditions. The scheme enables old age income security for senior citizens through provision of assured pension/return linked to the subscription amount based on government guarantee to Life Insurance Corporation of India (LIC).

The scheme provides an assured return of 8% per annum

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World bank and India sign loan agreement for “Innovate in India for inclusiveness project” for $125Million

The World Bank is an international financial institution that provides loans to countries of the world for capital projects. It comprises two institutions:

  1. The International Bank for Reconstruction and Development (IBRD), and
  2. The International Development Association (IDA).

The World Bank’s stated goal is the reduction of poverty which its Articles of Agreement define as commitments to the promotion of foreign investment and international trade and to the facilitation of capital investment.

India signs loan agreement with World Bank for US$ 125 million for “Innovate in India for Inclusiveness Project” 

A Loan Agreement for IBRD credit of US$ 125 (equivalent) for the “Innovate in India for Inclusiveness Project”

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For Greater Transparency and to curb Tax Evasion – Revised Tax agreement signed with Kenya

Revised Double Taxation Avoidance Agreement (DTAA) between India and Kenya notified

Revised DTAA to improve transparency in tax matters, help curb tax evasion and tax avoidance, remove double taxation and will stimulate the flow of investment, technology and services between both the countries.

The Double Taxation Avoidance Agreement (DTAA) between India and Kenya was signed and notified in 1985.  Subsequently, the DTAA was renegotiated and a revised DTAA was signed between both countries on 11th July, 2016.  The revised DTAA has been notified in the Official Gazette on 19th February, 2018.

Some of the key features of the revised DTAA are highlighted as under:

  1. In order to promote cross border flow of investments and technology, the revised DTAA provides for reduction in withholding tax rates from 15% to 10% on dividends,

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For Improvement and Expansion of Water Supply in the State of Bihar (Gaya & Bhagalpur), Asian Development Bank (ADB) and the Government of India Sign $ 84 Million Loan

ADB

Asian Development Bank (ADB) and the Government of India Sign $ 84 Million Loan for Improvement and Expansion of Water Supply in the State of Bihar.

The Government of India and The Asian Development Bank (ADB) signed a $84 million loan today for improvement and expansion of water supply in Bhagalpur and Gaya towns in Bihar.

The tranche 2 loan is part of the $200 million multi-tranche financing facility (MFF) for the Bihar Urban Development Investment Program that was approved by ADB in 2012 to provide sustainable urban infrastructure and services in four towns in Bihar – Bhagalpur, Gaya, Darbhanga and Muzaffarpur.

“The Project 2 will improve access to better quality and sustainable water supply, for the people of Bhagalpur and Gaya towns. It

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