There are only three ways of
Winding up a Company:-
Winding
up by the tribunal
Voluntary
Winding up(This part had been omitted in Companies Act, 2013 now this part is
regulated by IBC,2016)
If
a Company has gained a status of defunct Company
Winding Up by the Tribunal
By
Special Resolution resolving that company be wound up
Company
has acted against the national Interest (Sovereiegnity,integrity,security etc.)
Defaulted
in financial statements/annual returns for immediately preceding 5 Consecutive
FY.
On
application by the Registrar or any other person authorized by the Central
Government.
On
Just and equitable ground
In the above cases petition may
be presented by:
The
Company
Any
Contributory or Contributors
All
or any of the persons specified in Clause (a) and (b)
Any
person authorized by Central Government in that behalf
In
case affairs of the company conducted in a Fraudulent manner, by the CG/SG
Winding up regulated by IBC (Voluntary
winding up)
An
application to the adjudicating authority (being the Tribunal-NCLT) for initiation
of corporate insolvency resolution process can be made only when there is a “default” in payment of debt by
corporate person. In this regard, it is to be noted that term “default” has
been defined in the code to mean non repayment of a debt, whether whole or in
part, which has become due and payable by a corporate person. This would imply
that, now under the Code, insolvency resolution proceedings can be initiated
even against a financially solvent company having made a default in payments of
its debts, since the same would fall within the purview of “default” under the code.
Once the application for initiation of corporate insolvency resolution process
is made and the same is accepted by the Tribunal, an insolvency professional is
appointed for conducting the corporate insolvency resolution process.
Application under IBC can be made
by:
Financial
Creditor
Operational
Creditor
Corporate
Debtor
If a Company has gained a status
of defunct company
Defunct company is a company which has:
1. Nil asset and nil liability, and
2. Not commenced any business or activity
since its incorporation
or
Not been
carrying any business operation since last one year.
The Companies Act, 2013 laid down the procedure for winding up a Defunct
Company. A Defunct Company can be wind up with a fast-track exit (FTE) which
requires submission of the STK-2 form. Hence, Form STK-2 is required in order
to wind up a Defunct Company and there is no additional procedure for that. The
form STK-2 needs to be filled with the Registrar of Companies and the same
needs to be duly signed by the director of the company authorized by its board
to do so.
The
Govt.in 35th council meeting unveiled the new goods and services tax
(GST) return forms and place a transition mechanism which allows taxpayers to
try the new return filing forms during July-September, but it will become
mandatory only from October.
The
new return as been simplified by the government
and the draft of the same has also been released along with some offline
utilities.
Here
is everything you need to know about the new monthly GST return filing
mechanism:
New GST Return Due Date Applicability for Taxpayers
Filing in Table
Month
Form
to be Filed
Current
Form Filing
Turnover
Limit
October 2019 January 2020
GST
ANX-1
GST
RET 1
GSTR
1
GSTR
3B
More Than 5 Crore More Than 5 Crore
January
2020
GST
ANX-1
GSTR
1
Up
to 5 Crore
January
2020
GST
RET 1
GSTR
3B
Up
to 5 Crore
October
2019
GST
PMT 08
GSTR
3B
Up
to 5 Crore
Here turnover means the turnover of previous fiscal year.
Now if your turnover is below Rs.5 crore and you choose to
file return quarterly you have 3 options:-
(i) Sahaj
(ii) Sugam
(iii)Normal RET-01(It can be
filed either monthly or Quarterly)
Here is the brief of all the New
forms.
Form
GST ANX-1 – Form GST ANX-1
contains the details of outward supplies, imports, and inward supplies
attracting a reverse charge.
Form
GST ANX-2- Based on GST ANX-1, filed by all, businesses will be able to
download details of auto-drafted inward supplies in GST ANX-2. The trade will
be required to accept, reject or keep in pending the ITC on inward supplies.
Form
GST RET-01- After
uploading details of supplies in FORM GST ANX-1 and taking action on the
documents auto-populated in FORM GST ANX-2, the taxpayer shall file the main
return in FORM GST RET-1. Information
declared through FORM GST ANX-1 and FORM GST ANX-2 shall be auto populated in
the main return (FORM GST RET – 1).Other than auto populated there are some
more information which needs to be filled.
Form
GST ANX 1 A- This form is to be filed for making amendments in form GST
ANX-1
Form
GST RET 1 A- The taxpayer has to file this form for making amendments
in the form GST RET-1.
From January 2020 onwards, all businesses would shift to new
return filing system with entities above Rs 5 crore turnover filing GST RET-1,
GST ANX-1 and GST ANX-2. Those with turnover below Rs 5 crore in the previous
financial year would have to file GST PMT-08, GST RET-01, GST ANX-1 & 2.
Want to check Income Tax refund status? Taxpayers can view status of refund by
following given below steps:-
There are two methods to check refund status:-
Income Tax Website
NSDL website
Previously, we could check refund
status from income tax portal by following given steps: To view Refund/ Demand Status, please follow
the below steps:
Login to e-Filing website with User ID, Password, and
Captcha.
Go to My Account and click on “Refund/Demand Status“.
Below details would be displayed. Assessment
Year. Status. Reason (For Refund Failure if any)
METHOD 1 :- Through Income Tax Website
Step 1: Login to e-Filing website with User ID, Password, and Captcha
Step 2: Go to my account tab and click on “view e-filled Returns/Forms”
Step 3: Click on Income Tax Returns and submit:
Step 4:- Click on Acknowledgement no. :-
Step 5:- Given below screen will appear
METHOD 2 :- Now, refund status can be checked on
NSDL website
Q.1. From which date this scheme
will come into effect?
Ans-The effective date of the Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019 is 01.09.2019.
Q.2. What
are the statutes covered under the Scheme?
Ans. This
Scheme is applicable to the following enactments, namely:—
(a)
The
Central Excise Act, 1944 or the Central Excise Tariff Act, 1985 or Chapter V
of the Finance Act, 1994 and the rules made thereunder;
(b)
The
following Acts, namely:—
(i)
The
Agricultural Produce Cess Act,1940;
(ii)
The
Coffee Act, 1942;
(iii)
The
Mica Mines Labour Welfare Fund Act, 1946;
(iv)
The
Rubber Act, 1947;
(v)
The
Salt Cess Act, 1953;
(vi)
The
Medicinal and Toilet Preparations (Excise Duties) Act, 1955;
(vii)
The
Additional Duties of Excise (Goods of Special Importance) Act, 1957;
(viii)
The
Mineral Products (Additional Duties of Excise and Customs) Act, 1958;
(ix)
The
Sugar (Special Excise Duty) Act, 1959;
(x)
The
Textiles Committee Act, 1963;
(xi)
The
Produce Cess Act, 1966;
(xii)
The
Limestone and Dolomite Mines Labour Welfare Fund Act, 1972;
(xiii)
The
Coal Mines (Conservation and Development) Act, 1974;
(xiv)
The
Oil Industry (Development) Act, 1974;
(xv)
The
Tobacco Cess Act, 1975;
(xvi)
The
Iron Ore Mines, Manganese Ore Mines and Chrome Ore Mines Labour Welfare Cess
Act, 1976;
(xvii)
The
Bidi Workers Welfare Cess Act, 1976;
(xviii)
The
Additional Duties of Excise (Textiles and Textile Articles) Act, 1978;
(xix)
The
Sugar Cess Act, 1982;
(xx)
The
Jute Manufacturers Cess Act, 1983;
(xxi)
The
Agricultural and Processed Food Products Export Cess Act, 1985;
(xxii)
The
Spices Cess Act, 1986;
(xxiii)
The
Finance Act, 2004;
(xxiv)
The
Finance Act, 2007;
(xxv)
The
Finance Act, 2015;
(xxvi)
The
Finance Act, 2016;
(c)
Any
other Act, as the Central Government may, by notification in the Official
Gazette, specify.
Q.3. Who is eligible to avail benefit under Sabka Vishwas
(Legacy Dispute Resolution) Scheme 2019?
Ans. All
persons are eligible to
opt for the scheme. Except the
below mentioned-
who have filed an appeal before the appellate forum and such appeal has been heard finally on or before the 30th day of June, 2019;
who have been convicted for any offence punishable for the matter for which he intends to file a declaration;
who have been issued a show cause notice and the final hearing has taken place on or before the 30th day of June, 2019;
who have been issued a show cause notice for an erroneous refund or refund;
who have been subjected to an enquiry or investigation or audit and the amount of duty involved in the said enquiry or investigation or audit has not been quantified on or before the 30th day of June, 2019;
a person making a voluntary disclosure after being subjected to any enquiry or investigation or audit; or
a person making a voluntary disclosure after having filed a return wherein he has indicated an amount of duty as payable, but has not paid it;
who have filed an application in the Settlement Commission for settlement of a case;
Persons seeking to make declarations with respect to excisable goods set forth in the Fourth Schedule to theCentral Excise Act, 1944.
Q.4. What is relief proposed by
LDRS?
Ans. Relief proposed by LDRS is as follows:
Q.5.
What is the meaning of ‘Tax dues’ here?
Ans. Situation: 1 Where a single appeal
arising out of an order is pending as on the 30th day of June, 2019 before the
appellate forum
For Ex: – . A SCN has been issued to me for an
amount of duty of Rs.1000 and an amount of penalty of Rs.100. In the Order in
Original (OIO) the duty confirmed is of Rs.1000 and an amount of Rs.100 has
been imposed as penalty. I have filed an appeal against this order before the
Appellate Authority. In that case the amount of duty which is being disputed is
Rs.1000 and hence the tax dues will be Rs.1000.
Situation:
2
Where more than one appeal arising out of an order, one by
the declarant and the other being a departmental appeal, which are pending as
on the 30th day of June, 2019 before the appellate forum
For Ex: – A
SCN has been issued for an amount of duty of Rs.1000 and an amount of penalty
of Rs.100. In the OIO the duty confirmed is of Rs.900 and penalty imposed is
Rs.90. I have filed an appeal against this order before the Appellate Authority.
Further, Department has also filed an appeal before the Appellate Authority for
an amount of duty of Rs.100 and penalty of Rs.10.In that case The amount of
duty which is being disputed is Rs.900 plus Rs.100 i.e. Rs.1000 and hence tax
dues are Rs.1000.
For
Ex: – A SCN has been issued for an amount of
duty of Rs.1000. The Adjudicating Authority confirmed the duty of Rs.1000. I
have filed an appeal against this order. The first appellate authority
Commissioner Appeals/CESTAT reduced the amount of duty to Rs.900. I have filed
a second appeal (before CESTAT/High Court. The department has not filed any
appeal. In that case the amount of duty which is being disputed is Rs.900 and
hence the tax dues are Rs.900.
Q.5. Shall
the pre-deposit paid at any stage of appellate proceedings and deposit paid
during enquiry, investigation or audit be taken into account for calculating
relief under the Scheme?
Ans. Yes, any amount paid as
pre-deposit at any stage of appellate proceedings under the indirect tax
enactment or as deposit during enquiry, investigation or audit, shall be
adjusted while issuing the statement indicating the amount payable by the
declarant.
Q.6.
Can amount payable under LDRS be paid through Input tax credit?
Ans. Amount payable under LDRS shall not be paid by utilizing input tax credit account under the indirect tax enactment or any other Act.
Thus, it appears that the payment is to be
discharged in cash. Although if any pre-deposit has been deposited then for
such amount ITC shall be allowed.
Q.7. Whether tax discharged under
Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019 can be claimed as ITC?
Ans. The taxdischarged
under LDRS cannot be claimed as ITC
Q.8.What procedure will be
followed for withdrawal of appeals where the person has filed a declaration
under the Scheme?
Ans. Where the declarant has
filed an appeal or reference against any order or notice giving rise to the tax
dues, before the appellate forum, other than the Supreme Court or the High
Court, then, such appeal or reference or reply shall be deemed to have been
withdrawn.
In
case of a writ petition or appeal or reference before any High Court or the
Supreme Court, the declarant shall file an application before such High Court
or the Supreme Court for withdrawing the writ petition, appeal or reference and
after its withdrawal with the leave of the Court, he shall furnish proof of
such withdrawal to the Designated Committee.
Q.9.
If a SCN covers
multiple issues, whether the person can file an application under the Scheme
for only few issues covered in the SCN?
Ans. No.
A person cannot opt to avail benefit of the Scheme in respect of selected
matters. He must file a declaration in respect of all the matters concerning
duty/tax liability covered under the SCN.
Q.10. Whether the declarant will be given an opportunity of being heard
or not?
Ans. Yes, as per section
127(2) and (3), after the issue of the estimate, the Designated Committee shall
give an opportunity of being heard to the declarant, if he so desires, in case
of a disagreement.
So
we have discussed some major points of this scheme, but if we take a case of
company and director where director has been convicted for an offence so in
that case can relief under this scheme to be given? Department needs to clarify
few points so that better understanding can be established apart from that this
is very good initiative and assessee should opt for this scheme if they
consider it fit for their purpose. The deadline of this scheme is 31.12.2019.
Filed your ITR and want to change your bank account
details ? No need to worry, you can update
it through “CHANGE ITR FORM
PARTICULARS “
According to the income tax department’s website, “After upload of the ITR, if any change occurs in taxpayers Bank Account, Address, Mobile number and e-mail id, then taxpayer can update these changes through ‘Change ITR Form Particulars’. Any update can be made only prior to processing of the return.”
This
facility helps taxpayer to update/change their basic details without revision
of return. It is a convenient way for taxpayers to update/change their basic
details like bank details, address, email & mobile.
If you want to update such details,
follow below 5 simple steps :-
Navigate to My Account –> Service Request —> New Service Request –>Change ITR Form Particulars Enter Acknowledgment Number and Click Submit.
Step1 :
Step2 :
Step3 :
Step 4 :
Step 5 : User can change Bank Account Details; change Address Details, Email-ID, Mobile Number.
Ans. The Finance (No. 2) Act, 2019 has inserted a new section 194N in the Income-tax Act, 1961 (the ‘Act’), to provide for levy of tax deduction at source (TDS) @2% on cash payments in excess of one crore rupees in aggregate made during the year, by a banking company or cooperative bank or post office, to any person from one or more accounts maintained with it by the recipient.
It will be applicable from 1st Sept, 2019.
Q.2. Whether TDS
on cash withdrawal prior to 1st 2019 will be applicable?
Ans. Any cash withdrawal prior to 1st September, 2019 will not be subjected to the TDS under section 194N of the Act. However, since the threshold of Rs. 1 crore is with respect to the previous year, calculation of amount of cash withdrawal for triggering deduction under section 194N of the Act shall be counted from 1st April, 2019.
Q.3. Whether TDS will
be applicable if a account holder requests the bank to issue a bearer draft or
bankers cheque (Pay order).
Ans. The TDS is not
applicable in the case of an account holder requesting the bank to issue a
bearer draft or bankers cheques which are cashable for cash at a different
location or time. Such sum is not liable for TDS since the bank is not paying
any sum in cash.
Q.4.On what
amount TDS will be deducted? Please explain.
Ans.Lets understand it with an example- the aggregate
payments made till the last payment was Rs 99, 80,000/- and the present payment
is Rs 100,000. The aggregate payments so made crosses and reaches Rs 1, 00,
80,000/-. Now the matter for consideration whether the TDS is on Rs 80,000 or
on Rs 100,000. From the language of the provision, it is applicable at 2% of Rs
80,000 = 1600 and the net payment to be made by a banker is Rs 100,000 minus Rs
1600 = 98400.
Q.5.Whether the
limit is applicable on each account separately or on Consolidated Accounts.
Ans. That the limit is applicable for each such an account
maintained by it. For instance if ABC Ltd has cash credit account, current
account, Overdraft account, the limit of Rs 1 crore is applicable for each such
account.
Q.6.TDS is a
deductible from certain payments being in the nature of income of the
recipients and it takes the character of advance collection of taxes. But in
that case cash is not in the nature of income then how it will be reported in
26AS.
Ans. If the provisions of 194N are implemented from the
viewpoint of TDS, posting to 26AS might pose a challenge since presently all
the TDS provisions and the corresponding TDS Deductions get posted to 26AS as
income and the TDS corresponding to that. Cash withdrawal cannot itself become an
income of an assessee.
Q.7.Whether
recipient need to be account holder always?
Ans. If we read the
wordings it states that “account
maintained by the recipient “.Therefore the recipient is different
from the account holder, and the payment is by bearer cheques the TDS is not
deductible.
Q.8.Whether
provision of section 194N applicable on authorized money changers?
Ans. It is not clear
whether authorized money changers, who happen to deal in hard currencies are
also subjected to TDS, the provisions should not be applicable to money
changers since no account of the customer is maintained by them and
nevertheless they do not carry on banking operations and they deal with
different currencies and only exchange facilities provided.
