Wednesday, April 20, 2016

Amendment in Forms DVAT-16, 17, 30 & 31


Forms #DVAT-30 and DVAT-31 have been amended. Dealers are now required to maintain their records in a manner to provide details of purchases and sales along with the description of goods and their codes.

Simultaneously, Return Forms DVAT-16 and DVAT-17 have been amended. Dealers are now required to furnish details of purchases and sales in Annexure 2A and 2B along with the description of goods and their codes.
Further, in respect of sales made to unregistered dealers/persons, person-wise details including their PAN shall also be furnished wherever these details have been obtained by the seller in compliance to the provisions contained under the Income Tax Act.
As per Rule 114B of the #IncomeTaxRules, every person shall quote his permanent account number (PAN), inter alia, in the following documents pertaining to the transactions relating to sales and purchases:-
Sl. No.
Nature of Transaction
Value of Transaction
Sale or purchase of a motor vehicle or vehicle, as defined in section 2(28) of the Motor Vehicles Act, 1988, which requires registration by a registering authority under Chapter IV of that Act, other than two wheeled vehicles.
All such transactions.
Payment to a hotel or restaurant against a bill or bills at any one time.
Payment in cash of an amount exceeding Rs. 20,000/-.
Sale or purchase, by any person, of goods or services of any nature other than those specified above.
Amount exceeding Rs. 2 lacs per transaction

Queries on Secretarial Audit

The present paper elaborates five most common queries relating to the Secretarial Audit. It relates to the applicability, number of audits, a PCS may undertake, scope of the audit and penal provisions.
1. ABC Pvt Ltd. was incorporated in the year 2010 as Private Company. Its paid up capital is Rs 35 crore, but the annual turnover for the financial year ended on 31stMarch, 2016, first time crossed from Rs 240 crores to Rs 300 crores. XVY Ltd, a public company, controls the composition of the Board of Directors of ABC Pvt Ltd, hence in terms of Section 2(87) of Companies Act, 2013, ABC Pvt Ltd is treated as subsidiary company of XYZ Ltd. A newly appointed Company Secretary of ABC Pvt Ltd suggested the Board of Directors to get the Secretarial Audit of this company. Whether the Secretarial Audit of a Private Limited Company is mandatory as per the provisions of the Companies Act, 2013.
Section 204(1) of the Companies Act, 2013 (CA 2013) provides secretarial audit for bigger companies. In terms this section, "Every listed company and a company belonging to other class of companies as may be prescribed shall annex with its Board's report made in terms of sub-section (3) of section 134, a secretarial audit report given by a company secretary in practice, in such form as may be prescribed'.