Friday, June 16, 2017

Exemption to Cashflow Statement / IFCR for Small Companies

MCA amended notification dated 5 June 2015, granting certain exemption to certain categories of companies. Key additional exemptions for:
Private Companies
  • Exemption from presentation of cash flow statement for one person company, small company, dormant company and private company (if such private company is a start-up)  
  • Auditors’ reporting on internal financial control will not apply to (i) one person company, (ii) small company, or (iii) a private company having turnover less than INR 50 crores as per latest audited financial statement or having aggregate borrowing from banks or financial institution or any body corporate at any point of time during the financial year less than INR 25 crores

Notification is enclosed for your reference:


Monday, June 12, 2017

TDS on rent payment exceeding Rs. 50k by individuals / HUFs from FY 17-18

TDS on rent payment exceeding Rs. 50k by individuals / HUFs from FY 17-18
·         CBDT notifies operating rules and forms with respect to Sec. 194IB (inserted by Finance Act, 2017)  to provide for TDS on rent payment exceeding Rs. 50,000 for a month by individuals or HUF w.e.f June 1, 2017
·         Notifies new challan-cum-statement in Form No. 26QC to be furnished electronically by the deductor
·         Prescribes 30 days period (from the end of the month in which the deduction is made), for depositing TDS with Government and for furnishing Form 26QC
·         Notifies TDS certificate in Form No. 16C to be furnished to the payee within 15 days from the due date of furnishing Form No. 26QC
·         Amends Rules 30, 31 and 31A (relating to time and mode for - TDS deposit, TDS statements / TDS certificate furnishing)
Link to Notification & Format of Form 26QC is as follows:
Sec 194IB is enclosed for your ready reference:
Payment of rent by certain individuals or Hindu undivided family:
194-IB. (1) Any person, being an individual or a Hindu undivided family (other than those referred to in the second proviso to section 194-I), responsible for paying to a resident any income by way of rent exceeding fifty thousand rupees for a month or part of a month during the previous year, shall deduct an amount equal to five per cent of such income as income-tax thereon
(2) The income-tax referred to in sub-section (1) shall be deducted on such income at the time of credit of rent, for the last month of the previous year or the last month of tenancy, if the property is vacated during the year, as the case may be, to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier
(3) The provisions of section 203A shall not apply to a person required to deduct tax in accordance with the provisions of this section
(4) In a case where the tax is required to be deducted as per the provisions of section 206AA, such deduction shall not exceed the amount of rent payable for the last month of the previous year or the last month of the tenancy, as the case may be
Explanation.—For the purposes of this section, "rent" means any payment, by whatever name called, under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of any land or building or both


Find enclosed Compilation of FAQ’s on GST for your ready reference. This is only for educational and guidance purposes and do not hold an...