jyoti
Role check for Indian companies is to be implemented
in the MCA application. Role check can be performed
only after the signatories have registered their
Digital signature certificates (DSC) with MCA.
Once the role check is implemented,
system shall verify whether the signature
on the eform filed, is of signatory of the company.
Step by step Process for DSC registration by Director
Step by step Process for DSC registration by Manager/Secretary
Step by step Process for DSC registration by Practising Professional
Step by step Process for Director
Step by step process to be followed for
registration of Director’s DSC is as under:
1. Click on the 'Register DSC' link available on the MCA portal homepage.
2. On the next screen, click on the 'Director' link on the left hand panel and fill-up your DIN. Please ensure that the DIN is approved and typed correctly.
3. System shall verify that the DIN is valid and approved. If the DIN is filled incorrectly or DIN filled is not approved, system will throw an error message to that effect.
4. Fill-up rest of the particulars and ensure that details filled are as per DIN- 1. If the applicant has filed DIN-4, then fill the details as submitted in DIN-4 form.
5. Click on the 'Next' button. The system would verify the details.
6. If the details filled do not match with DIN-1/ DIN-4, as the case may be, for the reason that you do not have your DIN application details, you can get the details from the company in which you are a director.
7. If the details are correct, the system would prompt you to select the DSC.
8. Click on the 'Select Certificate' button to browse and select the certificate. Please ensure that the selected DSC belongs to the applicant, whose particulars are being registered.
9. System shall validate the DSC. If the selected DSC is already registered against given DIN, system will give an informatory message. If a different DSC is already registered against the given DIN, system will ask if the user wants to update his/ her DSC.
10. Type the displayed system generated text for verification in the box provided.
11. Click on 'I agree' button to agree to the declaration that details furnished are correct.
12. Click on the 'Submit' button to register your DSC.
13. Acknowledgement message is displayed to the user.
14. User can take a print-out of the acknowledgement.
15. The applicant can click on the 'Reset' function to clear the data in the fields.
Step by step Process for Manager/Secretary
Step by step process to be followed for registration
of Manager’s/Secretary’s DSC is as under:
1. Click on the 'Register DSC' link available on the MCA portal homepage
2. On the next screen, click on the 'Manager/Secretary' link on the left hand panel and fill-up the particulars. Please ensure that the Income tax PAN and other details are as per the information filed in DIN-3 Form.
3. Click on the 'Next' button. The system would verify the details.
4. If PAN details do not exist in the system due to non-filing of DIN-3 form or details filled do not match with details submitted in DIN-3 form, system will throw an error message to that effect.
5. If the details do not match with DIN-3 filing for the reason that you do not have the details filed in DIN-3 form, you can get the details from the company in which you are manager/ secretary.
6. If the details are correct, the system would prompt to select the DSC.
7. Click on the 'Select Certificate' button to browse and select the certificate. Please ensure that the selected DSC belongs to the applicant, whose particulars are being registered.
8. System shall validate the DSC. If the selected DSC is already registered against given PAN, system will give an informatory message. If a different DSC is already registered against the given PAN, system will ask if the user wants to update his/ her DSC.
9. Type the displayed system generated text for verification in the box provided.
10. Click on 'I agree' button to agree to the declaration that details furnished are correct.
11. Click on the 'Submit' button to register your DSC.
12. Acknowledgement message is displayed to the user.
13. User can take a print-out of the acknowledgement.
14. The applicant can click on the 'Reset' function to clear the data in the fields.
Step by step Process for Practising Professional
Step by step process to be followed for registration
of Practising Professional's DSC is as under:
1. Click on the 'Register DSC' link available on the MCA portal homepage
2. On the next screen, click on the 'Practising Professional' link on the left hand panel and fill-up the particulars. Please ensure that the details filled as per the records of your professional institute.
3. Click on the 'Next' button. The system would verify the details from the records provided by the concerned professional institute.
4. If the membership or enrolment number is wrong or details filled do not match with the records provided by the professional institute, system will throw an error message to that effect. If you do not have the details as recorded by your Institute, you can get the details from your Institute.
5. If the details are correct, the system would prompt to enter the income tax PAN.
6. The applicant is asked to verify and confirm the PAN. On confirmation, the system would prompt to select the DSC.
7. Click on the 'Select Certificate' button to browse and select the certificate. Please ensure that the selected DSC belongs to the applicant, whose particulars are being registered.
8. Type the displayed system generated text for verification in the box provided.
9. Click on 'I agree' button to agree to the declaration that details furnished are correct.
10. Click on the 'Submit' button to register your DSC.
11. Acknowledgement message is displayed to the user.
12. User can take a print-out of the acknowledgement.
13. The applicant can click on the 'Reset' function to clear the data in the fields.
Tuesday 6 October 2009
Gifts of property (gifts-in-kind) above value of Rs.50,000 become taxable from 1st October 2009
jothy
The Income Tax Act 1961 (the Act) has been
amended with effect from 1st October 2009
to provide that any gift-in-kind, being an
immovable property or any other property,
the value of which exceeds Rs.50,000
(rupees fifty thousand), will become taxable
in the hands of the donee, being an individual
or a Hindu Undivided Family (HUF),
as income from other sources under clause
(vii) of sub-section 2 of section 56 of the Act.
Therefore, any such person who receives a gift
of any such property on or after 1st October 2009
must pay the income tax due on the value of the gift
and disclose the taxable value of such
property in the return of income for
assessment year 2010-11 and subsequent years.
The following types of gifts will, however, not be subject to tax,
i.e. gifts (a) from a person who is a relative;
(b) on the occasion of marriage of the individual;
(c) under a will or by way of inheritance;
(d) in contemplation of death of the donor;
(e) from any local authority
as defined in the Explanation to section 10(20) of the Act;
(f) from any fund or trust established under section 10(23C) of the Act;
(g) from any trust or institution registered under section 12AA of the Act.
Relative is defined in the Act as
(i) spouse; (ii) brother or sister;
(iii) brother or sister of the spouse;
(iv) brother or sister of either of the parents;
(v) any lineal ascendant or descendant;
(vi) spouse of any of the relative at clauses
(ii) to (v); of the individual.
Gifts received from these relatives will not be subject to tax.
Earlier cash gifts exceeding Rs.25,000 were subject to tax
with effect from 1st April 2004. Later the Act was amended with
effect from 1st April 2006 to tax all cash gifts having aggregate
value exceeding Rs.50,000. Cash gifts also enjoy exemptions
as is available for gifts-in-kind.
The Income Tax Act 1961 (the Act) has been
amended with effect from 1st October 2009
to provide that any gift-in-kind, being an
immovable property or any other property,
the value of which exceeds Rs.50,000
(rupees fifty thousand), will become taxable
in the hands of the donee, being an individual
or a Hindu Undivided Family (HUF),
as income from other sources under clause
(vii) of sub-section 2 of section 56 of the Act.
Therefore, any such person who receives a gift
of any such property on or after 1st October 2009
must pay the income tax due on the value of the gift
and disclose the taxable value of such
property in the return of income for
assessment year 2010-11 and subsequent years.
The following types of gifts will, however, not be subject to tax,
i.e. gifts (a) from a person who is a relative;
(b) on the occasion of marriage of the individual;
(c) under a will or by way of inheritance;
(d) in contemplation of death of the donor;
(e) from any local authority
as defined in the Explanation to section 10(20) of the Act;
(f) from any fund or trust established under section 10(23C) of the Act;
(g) from any trust or institution registered under section 12AA of the Act.
Relative is defined in the Act as
(i) spouse; (ii) brother or sister;
(iii) brother or sister of the spouse;
(iv) brother or sister of either of the parents;
(v) any lineal ascendant or descendant;
(vi) spouse of any of the relative at clauses
(ii) to (v); of the individual.
Gifts received from these relatives will not be subject to tax.
Earlier cash gifts exceeding Rs.25,000 were subject to tax
with effect from 1st April 2004. Later the Act was amended with
effect from 1st April 2006 to tax all cash gifts having aggregate
value exceeding Rs.50,000. Cash gifts also enjoy exemptions
as is available for gifts-in-kind.
Monday 5 October 2009
Income Tax Refund banker scheme launched
The income tax (I-T) department has introduced
the refund banker scheme in the district from
October 1. I-T refunds would now be sent to the
assessee by the refund bunker (State Bank of India)
only, either through the electronic clearing service
(ECS) mode or as paper refunds. To opt for the ECS mode,
taxpayers are required to mention the MICR code and
ten-digit bank account number while filing returns.
Taxpayers are also required to list
their complete communication address,
bank account number, bank details and
bank MICR code while filing returns.
In case of returns claiming refund already
filed by taxpayers where updated, full and
correct particulars have not been mentioned,
taxpayers have to communicate the particulars
in writing to the assessing officer concerned.
PF, pension-related issues to be addressed:
The Employees' Provident Fund Organisation,
Pune regional office, will hold a Bhavishya Nidhi Adalat'
to redress grievances relating to settlement of provident
fund and pension claims and to issue annual account slips.
The adalat will be held from 10 am to 1 pm on October 12
at the Regional Provident Fund Office, Pune Cantonment Board building, 2nd floor, Golibar Maidan. The meet will also be simultaneously held at the Regional Office (annexe building), Sector 28, Commercial Complex, Sanjay Kale Sabha Griha, Pradhikaran, Akurdi.
Individuals can write in their grievances
to S A Sawant, Assistant PF Commissioner (PGHS),
RO Pune, PCB building, Golibar Maidan by October 7.
The envelopes should mention Bhavishya Nidhi Adalat'.
the refund banker scheme in the district from
October 1. I-T refunds would now be sent to the
assessee by the refund bunker (State Bank of India)
only, either through the electronic clearing service
(ECS) mode or as paper refunds. To opt for the ECS mode,
taxpayers are required to mention the MICR code and
ten-digit bank account number while filing returns.
Taxpayers are also required to list
their complete communication address,
bank account number, bank details and
bank MICR code while filing returns.
In case of returns claiming refund already
filed by taxpayers where updated, full and
correct particulars have not been mentioned,
taxpayers have to communicate the particulars
in writing to the assessing officer concerned.
PF, pension-related issues to be addressed:
The Employees' Provident Fund Organisation,
Pune regional office, will hold a Bhavishya Nidhi Adalat'
to redress grievances relating to settlement of provident
fund and pension claims and to issue annual account slips.
The adalat will be held from 10 am to 1 pm on October 12
at the Regional Provident Fund Office, Pune Cantonment Board building, 2nd floor, Golibar Maidan. The meet will also be simultaneously held at the Regional Office (annexe building), Sector 28, Commercial Complex, Sanjay Kale Sabha Griha, Pradhikaran, Akurdi.
Individuals can write in their grievances
to S A Sawant, Assistant PF Commissioner (PGHS),
RO Pune, PCB building, Golibar Maidan by October 7.
The envelopes should mention Bhavishya Nidhi Adalat'.
SBI lowers FD rates by 0.25 percent
State Bank of India (SBI) has trimmed
its deposit rates by 25 basis points
(bps) across all maturities and has
withdrawn the special 1,000-day deposit
scheme with effect from next Monday.
Now, the bank is likely to offer 6.75 percent
on deposits for 2-3 years, which includes
the 1,000-day tenure, against seven percent
earlier. The reduction in rates brings
SBI's rates in line with what is offered
by some large public sector banks.
This move also appears to be counter cyclical,
considering that surplus liquidity is slowly
drying up and the central bank has been
repeatedly warning about the need to
withdraw monetary accommodation.
The SBI Chief Financial Officer SS Ranjan said,
"The move to cut deposit rates would not
impact deposit mobilisation drive.
The reduction is marginal. We don't
think customers will move out due to
this. We expect second quarter margins
to improve over the first quarter.
While third quarter margins will be even better."
However, the rate cut has to be seen
in the context of SBI's net interest
margin, which stood at 2.3 percent
for the quarter ended June 2009, down
63 basis points over March 2009.
Since June, the bank has also announced
multiple reduction in interest rates
on home, auto and SME loans.
It lowered deposit rates by 225 basis points
from the beginning of this calendar year.
It lowered rates from nine percent in
January 2009 to 6.75 percent now.
In the same period, the bank lowered its
prime lending rate once from 12.25 percent
to 11.75 percent.
The bank has reduced interest rates
on several retail products like home
loans, auto loans and education loans
to 8-10 percent.
its deposit rates by 25 basis points
(bps) across all maturities and has
withdrawn the special 1,000-day deposit
scheme with effect from next Monday.
Now, the bank is likely to offer 6.75 percent
on deposits for 2-3 years, which includes
the 1,000-day tenure, against seven percent
earlier. The reduction in rates brings
SBI's rates in line with what is offered
by some large public sector banks.
This move also appears to be counter cyclical,
considering that surplus liquidity is slowly
drying up and the central bank has been
repeatedly warning about the need to
withdraw monetary accommodation.
The SBI Chief Financial Officer SS Ranjan said,
"The move to cut deposit rates would not
impact deposit mobilisation drive.
The reduction is marginal. We don't
think customers will move out due to
this. We expect second quarter margins
to improve over the first quarter.
While third quarter margins will be even better."
However, the rate cut has to be seen
in the context of SBI's net interest
margin, which stood at 2.3 percent
for the quarter ended June 2009, down
63 basis points over March 2009.
Since June, the bank has also announced
multiple reduction in interest rates
on home, auto and SME loans.
It lowered deposit rates by 225 basis points
from the beginning of this calendar year.
It lowered rates from nine percent in
January 2009 to 6.75 percent now.
In the same period, the bank lowered its
prime lending rate once from 12.25 percent
to 11.75 percent.
The bank has reduced interest rates
on several retail products like home
loans, auto loans and education loans
to 8-10 percent.
India to have cheque-reading ATMs soon
In a customer-friendly move,
some banks in India are
testing a technology
that facilitates instant cheque encashing
at Automated Teller Machines (ATMs).
Government owned State Bank of India (SBI),
IDBI Bank and ING Vysya Bank are a few banks
that have shown interest in such ATMs.
Banking regulator Reserve Bank of India (RBI)
too has welcomed the move,
saying it will be good for customers.
Used widely across North America and Europe,
Cheque Truncating Machines (CTM) -
the machines that make real-time cheque verification
and clearance possible - is placed
inside special ATMs.
Companies like U.S. based NCR Corporation
and Diebold, who manufacture these machines
are now trying to convince the banks in
India to use this technology.
Pradeep Sen, Managing Director of NCR India
says that the company has been showcasing
its CTM-ATMs to banks in India since last month.
A CTM-ATM scans the cheque inserted in and
produces a digital image of the same.
It sends the digital cheque image electronically
to the IT network of the issuing bank for clearance.
Within seconds, the amount is credited to the
customer's account, which one can withdraw
immediately with a debit card.
An RBI spokesperson said that banks are
already allowed to use CTM scanners for
inter and intra bank purposes. CTM-based
ATMs will be part of the real time gross
settlement (RTGS) already in place in
India's banking system.
NCR also plans to bring another technology
to ATM users in India. "We will also be
launching new ATM machines, in which
you can just insert a bundle of notes
of any denomination.
The ATMs will read the notes, and credit
the amount in your account instantly," said Sen.
Currently, one has to put cash inside an envelope
to deposit inside ATM. It gets credited in about
24 hours. There are over 48,000 ATMs in the country,
split between three big makers - NCR, Diebold and
Germany based Wincor Nixdorf.
some banks in India are
testing a technology
that facilitates instant cheque encashing
at Automated Teller Machines (ATMs).
Government owned State Bank of India (SBI),
IDBI Bank and ING Vysya Bank are a few banks
that have shown interest in such ATMs.
Banking regulator Reserve Bank of India (RBI)
too has welcomed the move,
saying it will be good for customers.
Used widely across North America and Europe,
Cheque Truncating Machines (CTM) -
the machines that make real-time cheque verification
and clearance possible - is placed
inside special ATMs.
Companies like U.S. based NCR Corporation
and Diebold, who manufacture these machines
are now trying to convince the banks in
India to use this technology.
Pradeep Sen, Managing Director of NCR India
says that the company has been showcasing
its CTM-ATMs to banks in India since last month.
A CTM-ATM scans the cheque inserted in and
produces a digital image of the same.
It sends the digital cheque image electronically
to the IT network of the issuing bank for clearance.
Within seconds, the amount is credited to the
customer's account, which one can withdraw
immediately with a debit card.
An RBI spokesperson said that banks are
already allowed to use CTM scanners for
inter and intra bank purposes. CTM-based
ATMs will be part of the real time gross
settlement (RTGS) already in place in
India's banking system.
NCR also plans to bring another technology
to ATM users in India. "We will also be
launching new ATM machines, in which
you can just insert a bundle of notes
of any denomination.
The ATMs will read the notes, and credit
the amount in your account instantly," said Sen.
Currently, one has to put cash inside an envelope
to deposit inside ATM. It gets credited in about
24 hours. There are over 48,000 ATMs in the country,
split between three big makers - NCR, Diebold and
Germany based Wincor Nixdorf.
Scheme of 1% interest subvention on housing loans upto Rs.10 lacs
Anjali
The Government today launched an interest
subvention scheme of
1% on all individual
housing loans upto Rs.10 lakh for units costing
upto Rs. 20 lakh.
The scheme recognizes that cut in interest
rates has an important role to play in reducing
EMIs of borrowers & creating additional demand
for housing. The Scheme will cover all regions
of the country and support the low and middle
income sections of society to become house owners.
The scheme is also expected to give a boost
to credit flow to the housing sector and
create additional employment in the housing
and allied sectors, such as steel and cement.
The scheme was formulated in response to an
announcement made by the Finance Minister in
the Lok Sabha on 27th July, 2009 where he stated
that housing, particularly lower and middle income
housing, deserved to be supported.
In order to stimulate the demand for
housing for this segment of the population
he proposed an amount of Rs. 1000 crore to
be allocated as interest subsidy for a
period of one year of operation of the scheme.
The allocation of the amount and the guidelines
of the scheme were approved by the Cabinet on 10th September 2009.
The scheme will be in operation for a period
of one year starting from 1st October 2009
to 30th September 2010. Subsidy of 1 per cent
will be defined as reduction in interest rate by
100 basis points per annum from the existing
rate of interest for a particular amount & tenor.
It will be applicable to the first twelve instalments
of all such loans sanctioned and disbursed during
the currency of the scheme and will be computed for
12 months on the disbursed amount. The subsidy
amount will be adjusted upfront in the principal
outstanding, irrespective of whether the loan
is on fixed or floating rate basis.
The Scheme will be implemented through scheduled
commercial banks (SCBs) and housing finance
companies (HFCs) registered with the National
Housing Bank. The RBI and the NHB will be
the Nodal Agencies for this Scheme for SCBs
and HFCs, respectively. The number of beneficiaries
covered under the scheme will depend, interalia,
upon the size of the loan amount and the number
of beneficiaries approaching the nodal agency
for interest subvention. Being a demand driven
scheme no specific targets for coverage of
beneficiaries have been fixed. An amount of
Rs. 300 crore will be allocated in the Budget
of 2009-10 for implementation of the Scheme.
The balance amount will be allocated in
the Budget of next year.
The Government today launched an interest
subvention scheme of
1% on all individual
housing loans upto Rs.10 lakh for units costing
upto Rs. 20 lakh.
The scheme recognizes that cut in interest
rates has an important role to play in reducing
EMIs of borrowers & creating additional demand
for housing. The Scheme will cover all regions
of the country and support the low and middle
income sections of society to become house owners.
The scheme is also expected to give a boost
to credit flow to the housing sector and
create additional employment in the housing
and allied sectors, such as steel and cement.
The scheme was formulated in response to an
announcement made by the Finance Minister in
the Lok Sabha on 27th July, 2009 where he stated
that housing, particularly lower and middle income
housing, deserved to be supported.
In order to stimulate the demand for
housing for this segment of the population
he proposed an amount of Rs. 1000 crore to
be allocated as interest subsidy for a
period of one year of operation of the scheme.
The allocation of the amount and the guidelines
of the scheme were approved by the Cabinet on 10th September 2009.
The scheme will be in operation for a period
of one year starting from 1st October 2009
to 30th September 2010. Subsidy of 1 per cent
will be defined as reduction in interest rate by
100 basis points per annum from the existing
rate of interest for a particular amount & tenor.
It will be applicable to the first twelve instalments
of all such loans sanctioned and disbursed during
the currency of the scheme and will be computed for
12 months on the disbursed amount. The subsidy
amount will be adjusted upfront in the principal
outstanding, irrespective of whether the loan
is on fixed or floating rate basis.
The Scheme will be implemented through scheduled
commercial banks (SCBs) and housing finance
companies (HFCs) registered with the National
Housing Bank. The RBI and the NHB will be
the Nodal Agencies for this Scheme for SCBs
and HFCs, respectively. The number of beneficiaries
covered under the scheme will depend, interalia,
upon the size of the loan amount and the number
of beneficiaries approaching the nodal agency
for interest subvention. Being a demand driven
scheme no specific targets for coverage of
beneficiaries have been fixed. An amount of
Rs. 300 crore will be allocated in the Budget
of 2009-10 for implementation of the Scheme.
The balance amount will be allocated in
the Budget of next year.
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