Changes in Companies Act 2013 done in Dec 2014

Amendment to Section	Subject Matter	Changes Made
2(68) Private Company	Requirement related to minimum paid up share capital of 1 Lakh	Omitted
2(71) Public Company	Requirement related to minimum paid up share capital of 5 Lakh	Omitted
9 Effect of Registration	Requirement of a Common Seal	Omitted
11 Commencement of Business	Declaration by Director	Consequential
12 Registered Office of Company	Engraving of name in Seal	Consequential
22 Execution of Bills of exchange	Power of Attorney to execute on behalf of the company	In case of no Common Seal, the authorisation under this sub-section shall be made by two directors or by a director and the Company Secretary, wherever the company has appointed a Company Secretary
46 Certificate of Shares	Issue of Share Certificate	In case of no Common Seal, the certificate shall be signed by two directors or by a director and the Company Secretary, wherever the company has appointed a Company Secretary
76A Punishment on Contravention of Section 73 or 76	Insertion of new section	Fine between one crores rupees to ten crore rupees and imprisonment which may extend to seven years with or without fine between 5lakhs to 2 corores
117 Resolutions and Agreements to be filed	Registration of Resolutions/Agreements	Public Inspection of resolutions/agreements so filed shall not be open to public inspection.
123 Declaration of Dividend	Requirement of free reserves	No dividend shall be declared unless carried over previous losses and depreciation are set off against profit of the company for the current year
124 Unpaid Dividend	Transfer to Investor Education and Protection Fund	Unpaid or un-claimed dividend for 7 or more consecutive years shall be transferred to Investor Education and Protection Fund
134 Financial Statements, Boards Report	Attachments to be made to Boards’ Report	Details in respect of frauds reported by auditors u/s 143(12) other than those which are reportable to the Central Government.
143 Power and Duties of auditors and auditing standards	Reporting of fraud by auditor	Two categories have been prescribed based on amount involved- (a)      Equal or more than prescribed–reporting shall be to central Government. (b)     Less than prescribed-reporting to audit committee and shall be disclosed in Board’s Report
177 Audit Committee	Term of reference of Audit Committee	Audit Committee may make omnibus approval for related party transactions proposed to be entered
185 Loans to Directors	Exclusions to restrictions on Loans	Loan or guarantee by holding to subsidiary and utilised for principal activities of subsidiary excluded
188 Related Party Transactions	Special Resolution required for transactions exceeding prescribed amount	Requirement of Special resolution done away. Also transactions between holding and wholly owned subsidiary (whose accounts are consolidated with such holding company and placed before the shareholders at the general) taken out of purview of passing of resolution
212 Investigation into affairs of company by Serious Fraud Investigation Office	Cognizable Offences prohibiting release on bail	Relaxation has been given by taking out offences other than covered in section 447
223 Inspectors Report	The authentication of Inspectors report under by Common Seal	Consequential
419 Benches of Tribunal	Constitution of Special Benches for rehabilitation, restructuring, revival of companies	Special Benches not to be constituted for winding up
435 Establishment of Special Courts	Special Courts for speedy trial	Special Courts shall be established/designated only for trial of offences punishable with imprisonment of two years or more and all other offences shall be tried, by a Metropolitan Magistrate or a Judicial Magistrate of the First Class having jurisdiction to try any offence under this Act or previous company  law
436	Offences triable by special courts	Consequential

Above article has been pulled from http://abcaus.in/companies-amendment-bill-2014/section-wise-summary-passed-in-lok-sabha.html

Link to the amendment bill http://abcaus.in/companies-amendment-bill-2014/cos-amnd-bill-2014-lok-sabha.pdf

Income Tax Online Greviance and Demand Rectification

ONLINE GREVIANCE 

The facility to provide Grievance relating to the CPC and eFiling has been made available to the assessee in the Income-tax e-Filing portal.

Steps to submit an online grievance relating to Central Processing Centre  (CPC) Bangalore or  e-filing are as under:

1. Login to Income-tax e-filing website using PAN and password

2. Under Menu Helpdesk, click on “Submit Grievance”

3. You shall be required to select among grievance related to:

    (a) CPC, or
    (b) e-Filing 

4. Grievance related to CPC
After selecting this option, the next window, requires selection of the Assessment Year and any one category out of:

(a) ITR-V
(b) Processsing
(c) Refund
(d) Rectification
(e) Communication

After selecting the category, users shall be required to choose one of the sub-categories. Different sub-categories for each of the categories above are as under:

ITR-V	1. Status in eFiling shows “ITR-V received” but no acknowledgment received from CPC 2. Received ITR-V ack from CPC but the status in eFiling does not show as ITR-V received 3. Posted signed ITR-V more than 15 days ago but no ack received from CPC 4. Others
Processing	1. Once again received notice u/s 139(9) from CPC even after filing correction 139(9) 2. Unable to upload correction u/s 139(9) as communication Ref and PIN is failing as invalid 3. AO has confirmed that there is no outstanding demand but received a notice u/s 245 from CPC 4. Claimed Tax credits are appearing in Form 26AS but credits are not allowed 5. TDS/TCS credits are appearing in Form 26AS and no data entry errors but credits are not allowed 6. Advance Tax/SAT credits not given at CPC though the credits are available in Form 26AS 7. Difference in total income between “As computed” and ‘As entered” in order, please clarify 8. Already paid the demand amount but CPC has sent demand again 9. Others
Refund	1. Got the intimation order 10 days ago showing refund payable but not received the refund 2. The status in efiling shows “Refund determined” but not received refund 3. Raised “Refund Reissue” request 7 days back but refund not received 4. AO verified the legal heir and informed CPC but not received refund 5. Refund status at TIN-NSDL shows as “Refund paid” but not received refund 6. Refund payable adjusted against the outstanding demand, please clarify on the adjustment 7. Others
Rectification	1. Online rectification filed 3 months back but not received the order 2. Received rectification order from CPC which is the same as earlier order. Please clarify 3. TDS/TCS credits are appearing in Form 26AS and no data entry errors but credits are not allowed 4. Advance Tax/SAT credits not given at CPC though the credits are available in Form 26AS 5. AO has confirmed that there is no outstanding demand but received a notice u/s 245 from CPC 6. Already paid the demand amount but CPC has sent demand again 7. Others
Communication	1. Status in eFiling is “Return processed at CPC” but not received the order 2. Raised “Resend Intimation” request more than 10 days ago but not received the communication. 3. Please confirm the email id to which the order has been sent 4. Others

Choose the appropriate category and sub-category and click on submit.

5. Grievance related to e-Filing:
After selecting this option, the next window, requires selection of the Assessment Year and any one category out of the following two:
(a) My Profile, and
(b) My Account

After selecting the category, users shall be required to choose one of the sub-categories of problem/issues. Different sub-categories for each of the two categories above are as under:

My Profile	139(9) Defective Return Compliance related query How to Fill ITR Return/Forms How to open ITR-V How to Raise Rectification Request How to Revise Return ITR-V Receipt Status Pre-filled XML Related Query Issues in ITR/Other Forms
My Account	Add/Dis Engage CA/ERI Form 26AS/16 Related Queries How to Download XML/ITR/ITR-V Receipt Intimation Related Query Legal Heir Request Profile Updates View Form 15CA XML/ITR/Forms Not Available

Choose the appropriate category, sub-category and attach file if required then click on submit. Grievance Status can also be check from Helpdesk Menu.

ONLINE DEMAND Rectification

The facility to provide response against outstanding tax demand is made available to the assessee in the e-Filing portal. After Login, select e-File then select Response to Outstanding Tax Demand and the most appropriate options may be selected to provide response.

Steps Involved in online submitting a response to an outstanding income tax demand are as under:

1. Login to your Income-tax e-filing Account

2. In the menus bar, select e-File and click on Response to Outstanding Tax Demand

3. Fill your PAN and Captcha Code in the next window and click submit

4. Any demand if outstanding shall become visible here, click on submit to lodge your response online.

5. Three type of responses can be submitted by choosing among the following:

(a)   Demand is correct

       If you confirm “demand is correct” then you cannot “disagree with the demand”

(b)   Demand is partially correct

       If this option is chosen, you are required to specify amount which is correct

(c)   Disagree with Demand

If this option is chosen,  you are required to select one of the following reasons and provide requisite details:

(i)      Demand Paid-provide challan payment details

(ii)     Demand already reduced by rectification-provide details of the order

(iii)   Demand reduced by Appellate Order-provide Order details

(iv)   Appeal filed-Provide details

(v)     Rectification/revised Return Filed-provide details

(vi)   Rectification filed with Assessing Officer-provide application details

(vii)    Others-write reasons

6. Select your choice and Click Submit to send your online response. On successful submission a Transaction ID shall be generated. 

Above Article has been compiled from www.abcaus.in