New Form 49A & 49AA WEF 16.05.2014

CBDT has revised PAN Application form 49A and 49AA wef from 16.05.2014 vide its notification no.26/2014 , Dated- 16-5-2014. Revised Form 49A and 49AA provides option to get printed Mothers Name on PAN card. So those applying for New PAN card or for revised PAN card have the option to get printed on their PAN card printed the name of his/her mother.But applicant can select only one option, he /she cannot have the name of both mother and father printed on PAN card. In case Applicant do not exercise his/her option than by default Father's name will get printed on PAN card.

For more details Please Visit below Notification and Revised Form 49A and 49AA :-

Notification No. 26/2014 , Dated- 16-5-2014

S.O. 2045(E) - In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—

1. (1) These rules may be called the Income–tax (5th Amendment) Rules, 2014.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962, in Appendix II, for Forms 49A and  49AA, the following Forms shall be substituted, namely:—

download it from here..

click here for 49A

[IN THE CASE OF INDIAN CITIZENS/INDIAN COMPANIES/ENTITIES INCORPORATED IN INDIA/UNINCORPORATED ENTITIES FORMED IN INDIA]

Click here for 49AA

[INDIVIDUALS NOT BEING A CITIZEN OF INDIA/ENTITIES INCORPORATED OUTSIDE INDIA/UNINCORPORATED ENTITIES FORMED OUTSIDE INDIA]

India Started its own Payment Gateway "RuPay"

RuPay

New Delhi, May 8 (IANS) President Pranab Mukherjee Thursday dedicated to the nation indigenous card payment network called RuPay taking on the global players like Visa and MasterCard.

The new payment network developed by the National Payments Corporation of India (NPCI), a not-for-profit company envisioned by the Reserve Bank of India (RBI) and created by the banking industry, covers all the automated teller machines (ATMs) and most of the retail and e-commerce platforms.

"RuPay" is the coinage of two terms Rupee and Payment.

"Dedication of RuPay to the nation is symbolic of the maturity of the payment system development in India," Mukherjee said after formally launching the card at a function at Rashtrapati Bhavan.

Companies Act 2013 - Notificationof significant sections wef 01.04.2014

Today, The Ministry of Corporate Affairs (MCA) has notified 183 new sections of the Companies Act 2013 and some sub- sections of 13 sections which were already notified by notification dated 12th September 2013 and remaining schedule, in the fourth phase today, by way of notification dated 26th March 2014. These sections have been notified to come into effect from 1st April 2014. With the notification of these sections, now a total of 283 sections of the new Act stand notified.

With the notification of aforesaid sections, it can be assumed that relevant rules will also be notified shortly as most of them are dependent on rules.

The sections remaining to be notified are related to National Financial Reporting Authority, Investor and Education Protection Fund, Compromise and arrangement, oppression and mismanagement, winding up, sick companies ,special courts, national company law tribunal. Majority of these sections are not notified due to pending case in Supreme court with respect to the National Company Law Tribunal.

CBDT CIRCULAR ON TDS RETURNS OF GOVT DEDUCTORS

Circular No. 07/2014

F. No. 275/27/2013-IT(B)

Government of India

Ministry of Finance Department of Revenue

Central Board of Direct Taxes

New Delhi, the 4 th March, 2014

All Chief Commissioners of Income-tax 

All Directors General of Income-tax

Sub: Ex-post facto extension of due date for filing TDS/TCS statements for FYs 2012-13 and 2013-14 – regarding

The Central Board of Direct Taxes (‘the Board’) has received several petitions from deductors/collectors, being an office of the Government (‘Government deductors’), regarding delay in filing of TDS/TCS statements due to late furnishing of the Book Identification Number (BIN) by the Principal Accounts Officers (PAO) / District Treasury Office (DTO) / Cheque Drawing and Disbursing Office (CDDO). This has resulted in consequential levy of fees under section 234E of the Income-Tax Act, 1961( ‘the Act’).

2. The matter has been examined. In case of Government deductors, if TDS/TCS is paid without production of challan, TDS/TCS quarterly statement is to be filed after obtaining the BIN from the PAOs / DTOs / CDDOs who are required to file Form 24G (TDS/TCS Book Adjustment Statement) and intimate the BIN generated to each of the Government deductors in respect of whom the sum deducted has been credited. The mandatory quoting of BIN in the TDS/TCS statements, in the case of Government deductors was applicable from 01-04-2010. However, the allotment of Accounts Officers Identification Numbers (AIN) to the PAOs/ DTOs/CDDOs (a pre-requisite for filing Form 24G and generation of BIN) was completed in F.Y. 2012-13.  This has resulted in delay in filing of TDS/TCS statements by a large number of Government deductors.

Indian Railway Interim Budget- 2014

- No Increase in Passenger Fares and Freight

- Outlay of Rs 64,305 Crore Proposed for Rail Budget with A Budgetary Support of Rs 30,223 Crore

- 17 New Premium Trains, 38 Express Trains and 10 Passenger Trains Proposed

- Surveys For 19 New Lines and  Doubling of 5  Tracks to be Taken Up- Feasibility Study for High Speed Trains in Mumbai-Ahmedabad Corridor and Semi High Speed Projects to Taken Up on Select Routes

- To Prevent Fire Incidents Portable Fire-Extinguishers in Coaches and Induction Based Cooking Introduced in Pantry Cars

- Meghalaya and Arunachal Pradesh to be on Railway Map

Satya Nadella's letter to Microsoft employees

Speech by  new CEO of Microsoft

Microsoft Corp named India-born Satya Nadella as its next chief executive officer.Following is the text of Microsoft's new CEO Satya Nadella's letter toemployees. Today is a very humbling day for me. It reminds me of my very first day at Microsoft, 22 years ago. Like you, I had a choice about where to come to work. I came here because I believed Microsoft was the best company in the world. I saw then how clearly we empower people to do magical things with our creations and ultimately make the world a better place. I knew there was no better company to join if I wanted to make a difference. This is the very same inspiration that continues to drive me today. It is an incredible honor for me to lead and serve this great company of ours. Steve and Bill have taken it from an idea to one of the greatest and most universally admired companies in the world. I've been fortunate to work closely with both Bill and Steve in my different roles at Microsoft, and as I step in as CEO, I've asked Bill to devote additional time to the company, focused on technology and products. I'm also looking forward to working with John Thompson as our new Chairman of the Board.

"THE HARSHAD MEHTA SCAM" a perspective by Sameer Thakur

Harshad Shantila Mehta was born on July 29, 1953, at Paneli Moti, Rajkot District. His Early Childhood was spent in Kandivali, Mumbai, where his father was a small time businessman. Later, the family moved to Raipur, Chhattisgarh.

Mehta had started his working life as an employee of the New India Assurance Company. In the late Seventies every evening Harshad and his brother Ashwin started to analyze tips generated from respective offices and from cyclostyled investment letters, which had made their appearance during that time. In the early Eighties He quit his job and sought a job with stock broker P. Ambalal affiliated to BSE. Than He became a sub-broker for stock-brokers J.L. Shah and Nandalal Sheth. After a while he was unable to sustain his overbought positions and decided to pay his dues by selling his house with consent of his mother Rasilaben and brother. The next day Harshad went to his brokers and offered the papers of the house as guarantee. The brokers Shah and Sheth were moved by his gesture and gave him sufficient time to overcome his position. He became stronger after this incident and his brother quit his job to team with Harshad to start their venture GrowMore Research and Asset management Company Limited.