Circulars

Respected Members

Please find attached circular on Taxation for your information.

· Income Tax

· Service Tax

· VAT & Profession Tax (Maharashtra)

· International Taxation

· Company Law

News-Letter-September-2016

With regards
For FPTA
Hiren Karia
Hon. Secretary

The information has been received from an external source; FPTA does not in any way assure the accuracy of the same. The information has been sent to members for their knowledge and for academic purpose only.

Please find enclosed herewith the activities carried out by our Affiliated Associations.

We also request our members to please send their circular information and monthly report of the activities regularly, to circulate amongst members for necessary information.

Affiliated-Associations-Activities-15

CPTA-Report

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

Please find enclosed herewith the activities carried out by our Affiliated Associations.

We also request our members to please send their circular information and monthly report of the activities regularly, to circulate amongst members for necessary information.

Click here for doc for Affiliated Associations Activities 14

Regards

For FPTA

Hiren Karia

Hon. Secretary

Respected Members,

Please find attached circular on Taxation for your information.

·  Income Tax

·  Service Tax

·  VAT & Profession Tax (Maharashtra)

·  Fema
·  International Taxation

·  Company Law

Click here for doc for News Letter August 2016

 

Regards

For FPTA

Hiren Karia

Hon. Secretary

Respected Members,

Please find attached herewith the Tax & Regulatory Newsletter, highlighting the major recent tax and regulatory developments in India.
 
This is for your information

Click here for doc for Tax & Regulatory Newsletter

 

Regards

For FPTA

Hiren Karia

Hon. Secretary

Respected Members


Please find attached circular on Taxation for your information.

·  Income Tax

·  Service Tax

·  VAT & Profession Tax (Maharashtra)

·  Fema

 ·  International Taxation
 ·  Company Law

With regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

Please find enclosed herewith the activities carried out by our Affiliated Associations.

Click here for doc for Affiliated Associations Activities

We also request our members to please send their circular information and monthly report of the activities regularly, to circulate amongst members for necessary information.

Regards

For FPTA

Hiren Karia

Hon. Secretary

Respected Members,

Please find enclosed herewith the activities carried out by our Affiliated Associations.

We also request our members to please send their circular information and monthly report of the activities regularly, to circulate amongst members for necessary information.

Click here for Affiliated association activites

Click here for WBPTA Activity Report
With regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

Please find enclosed herewith the activities carried out by our Affiliated Associations.

We also request our members to please send their circular information and monthly report of the activities regularly, to circulate amongst members for necessary information.

Click here for CPTA

Click here for BPTA
With regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members

Please find attached circular on Taxation for your information.

· Income Tax

· Service Tax

· VAT & Profession Tax (Maharashtra)

· Fema

· International Taxation

· Company Law

Click here
With regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members

Please find herewith the Highlights of Draft Model GST Law for your information received from Assocham.

The model GST draft is also enclosed.

Goods and Services Tax is now on horizon

The Government has shown its firm determination to introduce GST next year replacing existing multiple taxes. A significant milestone has been accomplished on Monday when the Empowered Committee of State Finance Ministers approved model GST law. It appears that the current political consensus is favourable in Rajya Sabha leading to passage of Constitution Amendment Bill facilitating introduction of GST.

As members are aware, certain business processes like registration, tax payment, refund, filing of return were already released earlier. Ministry of Finance has now released the Model GST Law the Salient features of which are given below:

GST shall comprise of Central GST (CGST), State GST (SGST) and Integrated GST (IGST) levied on same taxable value. Taxable event under GST is ‘supply of goods & services’ instead of the existing multiple taxable events like manufacture, rendering of service and sales of goods. ‘Supply’ includes all forms of supply such as sale, transfer, barter, exchange, license, rental, lease or disposal of goods & services, import of service as well as specified deemed supplies such as works contract.

GST law retains the distinction between goods and services. Supply of intangible goods will be considered as supply of service eliminating scope of litigation. The law provides separate principles for determination of time and place of supply of goods and services.

All persons supplying goods and services having aggregate turnover exceeding INR 10 lakhs (in case of North East States INR Five lakhs) shall be liable to pay GST. Aggregate turnover shall be computed on all India basis and shall include all supplies including exempted and non-taxable supplies. Import and inter-state supplies shall be taxable without any threshold limit. Small suppliers with turnover upto INR Fifty lakhs can opt for composition scheme at lower rate. Only agriculturists have been kept out of GST net. Tax rate will be decided by the GST Council.

GST law permits seamless tax credit. However, cross-utilisation of credit between CGST and SGST is not permitted.

GST law provides special provisions concerning E-commerce. E-commerce operator is required to pay amount at specified rate from the collection directly to the Government. This will capture all E-commerce transactions bringing them into GST net. Aggregator providing goods and services under their brand would be liable to pay GST. GST law also provides for collection of tax at source.

There will be three classes of officers, viz., (i) CGST officers (ii) SGST officers and (iii) IGST officers shall administer the respective GST law. Law provides for appointment of SGST officers as CGST officers to simplify administration.

Suppliers are liable to be registered in each State from where supply of goods and/ or services is made.

GST Law also provides for demand of tax within three years. In the cases involving suppression of facts etc, it will be five years.

GST Law contains transition provision for registration, ensuring carry forward of CENVAT/ VAT tax credit and claim of tax credit on stocks at the time of change over to GST.

Several suggestions made by ASSOCHAM to the policy makers during last few years have been addressed in the draft GST law.

Introduction of GST will be the biggest tax reform in the history of independent India. GST is expected to simplify tax administration, ensure ‘Ease of Doing Business’ and promote ‘Make in India’. If properly administered, it will accelerate GDP growth. This is the time when businesses ought to try and align their business model/structure with the proposed tax structure to plug potential tax losses and improve profitability.

The above-mentioned highlights are prepared by Mr. Nihal Kothari Chairman, ASSOCHAM National Council on Indirect Taxes.

Click here
With regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

Please find enclosed herewith the activities carried out by our Affiliated Associations.

We also request our members to please send their circular information and monthly report of the activities regularly, to circulate amongst members for necessary information.

Click here
Regards
For FPTA
Hiren Karia
Hon. Secretary

Dear Members,

Please find below the important information on

·  Admissibility of claim of deduction of Bad Debt under section 36(1) (vii) read with section 36(2) of the Income-Tax Act, 1961- reg.

·  TDS amendment effective from 1st June 2016

Click Here For TDS Amendments w.e.f 01/06/2016

Click Here For Bad Depts

 

With regards

For FPTA
Hiren Karia
Hon. Secretary

Respected Members

Please find attached circular on Taxation for your information.

· Income Tax

· Service Tax

· VAT & Profession Tax (Maharashtra)

· Fema

· International Taxation

· Company Law

Regards
For FPTA
Hiren Karia
Hon. Secretary

Dear Members,

Please find below the important amendment on TCS effective from 1st June 2016 for your information.

Regards
For FPTA
Hiren Karia
Hon. Secretary

Dear Members,

Please find enclosed herewith the activities carried out by our Affiliated Associations.

We also request our members to please send their circular information and monthly report of the activities regularly, to circulate amongst members for necessary information.

Regards
For FPTA
Hiren Karia
Hon. Secretary

Dear Members,
Please find mentioned below information on Enacted Finance Bill.
This for your information and necessary action.

Regards
For FPTA
Hiren Karia
Hon. Secretary

Dear Members,
Please find attached herewith the 3rd Managing Committee Meeting Invitation and tentative program received from the host Association The Madras Paper Merchants Association, Chennai.
This for your information and necessary action.

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members

Please find attached circular on Taxation for your information.

· Income Tax

· Service Tax

· VAT & Profession Tax (Maharashtra)

· Fema

· International Taxation

· Company Law

With regards
For FPTA
Hiren Karia
Hon. SecretaryThe information has been received from an external source; FPTA does not in any way assure the accuracy of the same. The information has been sent to members for their knowledge and for academic purpose only.

Respected Members,

Please find enclosed herewith the activities carried out by our Affiliated Associations.

We also request our members to please send their circular information and monthly report of the activities regularly, to circulate amongst members for necessary information.

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,
Please find attached herewith the Tax & Regulatory Newsletter, highlighting the major recent tax and regulatory developments in India.
Regards’
For FPTA
Hiren Karia
Hon. Secretary

 

Respected Members,

Please find attached herewith the Highlights of the First Bi-monthly Monetary Policy Statement, 2016-17.

Monetary and Liquidity Measures

On the basis of an assessment of the current and evolving macroeconomic situation, RBI has decided to:

  • reduce the policy repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 6.75 per cent to 6.5 per cent;
  • reduce the minimum daily maintenance of the Cash Reserve Ratio (CRR) from 95 per cent of the requirement to 90 per cent with effect from the fortnight beginning April 16, 2016, while keeping the CRR unchanged at 4.0 per cent of net demand and time liabilities (NDTL);
  • Continue to provide liquidity as required but progressively lower the average exante liquidity deficit in the system from one per cent of NDTL to a position closer to neutrality; and
  • arrow the policy rate corridor from +/-100 basis points (bps) to +/- 50 bps by reducing the MSF rate by 75 basis points and increasing the reverse repo rate by 25 basis points, with a view to ensuring finer alignment of the weighted average call rate (WACR) with the repo rate;
    Consequently, the reverse repo rate under the LAF stands adjusted to 6.0 per cent, and the marginal standing facility (MSF) rate to 7.0 per cent. The Bank Rate which is aligned to the MSF rate also stands adjusted to 7.0 per cent.

The First Bi-monthly Monetary Policy Statement, 2016-17 released by the RBI is attached herewith for information of the members.

Click here

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

Please find enclosed herewith the copy of Industrial Policy Press Note No. 3 dated 29.03.2016 issued by DIPP.

Permitting FDI up to 100% under automatic route is permitted in Business to Business (B2B) e-commerce. No FDI is permitted in Business to Consumer e commerce.

FDI in B2C e commerce is permitted in certain circumstances as specified in the said press note.

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members

Please find attached circular on Taxation for your information.

· Income Tax

· Service Tax

· VAT & Profession Tax (Maharashtra)

· Fema

· International Taxation

· Company Law

Click here

With regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

Please find enclosed herewith the activities carried out by our Affiliated Associations.

We also request our members to please send their circular information and monthly report of the activities regularly, to circulate amongst members for necessary information.

Click here

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

Please find enclosed herewith the budget highlights on Service Tax received from Assocham.

Click here

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

Please find enclosed herewith the Budget Speech by Hon’ble Finance Minister Shri. Arun Jaitely.

The changes proposed Tax rate structures and law and procedure in Paper, Paperboard and News Print

8. Paper, Paperboard and Newsprint

(i) Basic customs duty on wood in chips or particles for manufacture of paper, paperboard and news print being reduced from 5% to Nil

(ii) BCD on Plans, drawings and designs being increased from Nil to 10%.

Click Here

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

Please find attached herewith the Key features of budget 2016-17 for your information.

Click Here

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

Please find attached herewith the highlights of railway budget 2016 received from Assocham for your information.

HIGHLIGHTS OF THE RAILWAY BUDGET 2016-17

The Union Railway Budget 2016-17 focused on capacity creation in the rail sector, with an increased outlay of about Rs. 1.21 lakh crore, and on completion of the ongoing projects rather than announcing new ones. Extending 2015’s measure, passenger fares remain the same.

Railway Minister’s announcements included India’s first rail auto hub, boost to e-catering, connectivity to North-East and Wi-Fi in railway stations.

The key highlights of the Railway Budget 2016-17 are attached herewith for information of the members.

Click Here

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members

Please find enclosed herewith the Highlights of Railway Budget 2016 presented by Railway Minister Shri. Suresh Prabhu in Parliament.

Click Here

Click Here

For FPTA
Hiren Karia
Hon. Secretary

Respected Members

Please find attached circular on Taxation for your information.

· Income Tax

· Service Tax

· VAT & Profession Tax (Maharashtra)

· Fema

· International Taxation

· Company Law

Click Here

With regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

Please find enclosed herewith the activities carried out by our Affiliated Associations.

We also request our members to please send their circular information and monthly report of the activities regularly, to circulate amongst members for necessary information.

Click Here

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

We like to inform our members that the 55th Annual General Meeting and Conference will be hosted by The Paper Traders’ Association, Mumbai on 23rd to 25th September 2016 at Mumbai.

This is for your necessary information.

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

We like to inform our members that the 3rd Managing Committee Meeting (2015-16) will be hosted by Madras Paper Merchants’ Association on 25th & 26th June 2016 at Chennai.

This is for your necessary information.

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

We are feeling so proud and pleased to present our website inaugurated by Shri. Nitin Gadkari. Hon. Minister of Road Transport High-Ways and Shipping, Govt. of India during the 2nd Managing Committee Meeting at Nagpur on 09th January 2016.

We are looking forward for advertisement in our newly renovated website.

With large number of database of FPTA and its affiliated association members, we are sure it will generate good interest and hits on our website, this will help you to promote your product to a wide audience.

The subscriptions of advertisement for a year is as follows (Strictly on first cum first basis):-

FPTA Members: Rs. 15,000/- + Govt. Taxes.
Non Members: Rs. 25,000/- + Govt. Taxes.

Format & size of advt. on website.
Advertisement should be in a .jpg format and Resolution – width = 255 px. Height =212 px

We also request our members to kindly go through our website www.fptaindia.in/www.fptaindia.org register yourself for login and send your feedback/updates regularly.

We also request to affiliated associations to circulate amongst the members for their benefit.

Looking forward for your good response.

Regards
For Hiren Karia
Hon. Secretary

Respected Members,

· Income Tax

· Service Tax

· VAT & Profession Tax (Maharashtra)

· Fema

· International Taxation

· Company Law

Please find attached circular on Taxation for your information.

Click Here

Regards

For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

The Negotiable Instruments (Amendment) Bill, 2015 notified; Focus on clarifying the jurisdiction related issues for filing cases for offence committed under Section 138 of the Act

The Negotiable Instruments (Amendment) Bill, 2015 was passed by the Parliament in the recently concluded Winter Session of the Parliament. The Negotiable Instruments (Amendment) Act, 2015 received the assent of the President on the 26th December, 2015 and has been published in the Gazette of India, Extraordinary on 29th December, 2015. The provisions of the Negotiable Instruments (Amendment) Act, 2015 shall be deemed to have come into force on the 15th Day of June, 2015, the day on which the Negotiable Instruments (Amendment) Ordinance, 2015 was promulgated to further amend the Negotiable Instruments Act, 1881.

The Negotiable Instruments (Amendment) Act, 2015 is focused on clarifying the jurisdiction related issues for filing cases for offence committed under section 138 of the Negotiable Instruments Act, 1881. The Negotiable Instruments (Amendment) Act, 2015, facilitates filing of cases only in a court within whose local jurisdiction the bank branch of the payee, where the payee delivers the cheque for payment through his account, is situated, except in case of bearer cheques, which are presented to the branch of the drawee bank and in that case the local court of that branch would get jurisdiction. The Negotiable Instruments (Amendment) Act, 2015 provides for retrospective validation for the new scheme of determining the jurisdiction of a court to try a case under section 138 of the Negotiable Instruments Act, 1881. The Negotiable Instruments (Amendment) Act, 2015 also mandates centralisation of cases against the same drawer.

The clarification of jurisdictional issues may be desirable from the equity point of view as this would be in the interests of the complainant and would also ensure a fair trial.Further, the clarity on jurisdictional issue for trying the cases of cheque bouncing would increase the credibility of the cheque as a financial instrument. This is expected to help the trade and commerce in general and allow the lending institutions, including banks, to continue to extend financing to the productive sectors of economy, as the process of pursuing the cheque bouncing cases relating to loan default has been made simpler and efficient through the proposed amendments to the Negotiable Instruments Act, 1881.

The Negotiable Instruments Act, 1881 was enacted to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques. The object of the Negotiable Instruments Act, 1881 is to encourage the usage of cheque and enhance the credibility of the instrument so that the normal business transactions and settlement of liabilities could be ensured. Section 138 of the Negotiable Instruments Act, 1881 deals with the offence pertaining to dishonor of cheque, drawn for discharge of any debt or other liability, on account of insufficiency of funds in the drawer’s account or on account of the fact that the cheque amount is more than the amount agreed to be paid by the bank, and provides for penalties for such dishonour.

This is for information of the members received from Assochham.

Regards

For FPTA
Hiren Karia
Hon. Secretary.

Respected Members,

Please find enclosed herewith the activities carried out by our Affiliated Associations.

We also request our members to please send their circular information and monthly report of the activities regularly, to circulate amongst members for necessary information.

Click Here

Click Here(Baroda)

Click Here(CPTA)

Click Here(REPORT)

Regards

For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

Please find below the brief code of conduct as per discussion at 54th AGM at Coimbatore for your needful.

Terms and Conditions

1. If the payment is not made by the buyer on the due date as mentioned in the invoice, the overdue interest should be payable by the buyer at the rate of 24% per annum or as specified in the seller’s invoice, whichever is higher.
2. In case of any dispute the undisputed amount to be paid immediately and then discussions to take place for the disputed amount.
3. The buyer to lodge a complaint, if any, with regard to the material within 7 days from the date of receipt of goods.
4. Material to be checked before cutting or printing. If this is not done, the responsibility of the seller ceases.
5. All the required statuary forms to be collected from the customer quarterly (as per government norms).
6. The names of the parties who failed to make payment by the due date to be informed to the respective local associations.
7. Settlement of disputes: All disputes and differences arising shall be settled through the Arbitration/Grievances Redressal Committee of the Association.
8. KYC of each and every customer to be obtained by the seller.
9. Every member shall observe the directions and instructions given by the association from time to time.
10.Sales should be stopped if the payment is not made within 15 days after the due date

Click Here

Regards

For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

With reference to the 2nd Managing Committee Meeting to be hosted by The Paper Traders’ Association, Nagpur at Nagpur on 09th & 10th January 2016.

The Paper Traders’ Association, Nagpur has invited members to attend the meeting of FPTA’s 2nd Managing Committee Meeting.

The invitation and tentative program are enclosed for your needful.

Click Here

Regards

For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

Please find enclosed herewith the activities carried out by our Affiliated Associations.

We also request our members to please send their circular information and monthly report of the activities regularly, to circulate amongst members for necessary information.

Click Here

Regards

For FPTA
Hiren Karia
Hon. Secretary

Respected Members

Please find attached circular on Taxation for your information.

· Income Tax

· Service Tax

· VAT & Profession Tax (Maharashtra)

· Fema

· International Taxation

Click Here

Regards

For FPTA
Hiren Karia
Hon. Secretary

Respected Members

Please find enclosed herewith the activities carried out by our Affiliated Associations.

We also request our members to please send their circular information and monthly report of the activities regularly, to circulate amongst members for necessary information.

Click Here

Regards

For FPTA
Hiren Karia
Hon. Secretary

Respected Members

We are glad to inform you that FPTA’s Newly Revamped Website will be launched during the 2nd Managing Committee Meeting to be held at Nagpur on 09th January 2016

We request our members to browse domains www.fptaindia.in & www.fptaindia.org to check latest activities and events of the federation, all information of paper history, FPTA history and other related news are uploaded on website.

We further request our members to send their feedback, enable us to update and improve the content related to the paper trade, etc.

Regards

For FPTA
Hiren Karia
Hon. Secretary

Respected Members

Report of FICCI Interactive Session with Mr. Arun Jaitley, Honble Minister of Finance, Corporate Affairs and Information & Broadcasting, Government of India, New Delhi on 16th December, 2015 by Convener of Assochham & FICCI Shri. Satyapal Gupta.

The following were the speakers.

  1. Shri Sunil Kanoria, President Assocham
  2. Shri Praveen Khandelwal, Secretary General CAIT
  3. Mr. Sumit Mazumder, President CII
  4. Dr. Jyotsna Suir, President FICCI
  5. Dr Mahesh Gupta, President PHDCCI
  6. Dr Arvind Subramanian, Chief Economic Adviser, Ministry of Finance Government of India
  7. Mr. Arun Jaitley, Honble Minister of Finance
  8. The Chambers and CAIT President were of the opinion that the GST should come at the earliest.

It was started by 1995-1996 by Mr. Raja Chellia, Mr. Vijay Kelkar and Mr. Parthsarathy Shome and also persuaded by the Finance Ministers Mr. Yeshwant Sinha, Shri P.C. Chidambaram, Shri Pranab Mukherjee and now Shri Arun Jaitley. Now 20 years after there is a political stalemates and as such it is not possible to pass in the Rajaya Sabha.

Dr. Arvind Subramanian , he was of the opinion that the GST will change the Governance and taxation system.. He has also emphasized that the CST will be eliminate. He was of the opinion that the capital goods industry will grow. Due to increase in the GDP 1.5% to 2 %, there would be a large scope of development of the Rural.

Shri Arun Jaitley had emphasized about the Global slow down and India is keeping an Growth rate of 7% and it will increase by the introduction of GST. He desired that good sense will prevail in the opposition and to pass the bill during this session, then he will able to introduce the GST by 1.4.2016.

Regards

For FPTA
Hiren Karia
Hon. Secretary

Respected Members

Report of the attended National Conference on Goods & Service Tax ( GST) on 15th December,2015 at New Delhi organized by ASSOCHAM by Shri. Satyapal Gupta Convener Assocham & FICCI.

Session attended, copy of which is enclosed. It was discussed in detail and most important presentations made Shri R.S Khurana, Dy Commissioner (GST CBEC) his presentation “ Proposed Business Processes” . He Explained in details regarding the following.

  1. Registration
  2. Payments
  3. Refunds
  4. Returns

We are also enclosing herewith the following:-

  1. Proposed GST Structure- Saloni Roy – Deloitte
  2. India on the Cusp of Implementing GST- by Nihal Kothari, Khaitan & Co
  3. Impact of GST Mr. Ashok B Nawal, Bizsol
  4. Place of Supply & Inter- State movement of Goods & Services under the proposed GST by Dhruva
  5. Simplified solution for enhanced Tax compliance – Mohan D Tally Solutions P Ltd
  6. Discussion Draft – GST Bill Implementation issues in Transition- Nihal Kothari
  7. These presentations are complete in nature and according to Mr. R S Khurana, this will kept in public domain after the approval of GST Council.

We request our members to study and give their views.

Regards
For FPTA
Hiren Karia

Respected Members

CBDT takes various significant decisions in last three months for providing better taxpayer services, improving ease of doing business and reducing the burden of compliance on the tax payer

The Central Board of Direct Taxes (CBDT) has taken a number of decisions over last three months with the objective of providing better taxpayer services, improving ease of doing business and reducing the burden of compliance on the tax payer.

Some of the significant decisions taken are:

  1. Acceptance of A.P Shah Committee’s recommendations regarding applicability of MAT on Foreign Institutional Investors/Foreign Portfolio Investors (FII/FPI).
  2. Decision that MAT will not apply to foreign companies having no PE in India.
  3. Simplification of procedures for submission of Form No 15G and Form No 15H for furnishing self declaration for lower deduction or no deduction of tax.
  4. Notification of Transfer Pricing Rules to incorporate “range concept” and use of “multi year data” to reduce litigation on transfer pricing issues.
  5. Launching of “e-sahyog” Pilot Project to provide online facility to resolve mismatch of prepaid taxes in Income Tax Returns.
  6. Setting up of Committee with a view to simplify the provisions of the Income Tax Act, 1961.
  7. Phasing out plan of deductions under the Income Tax Act with reduction in tax rates for corporate taxpayers- extension of time for submission of comments.
  8. Notification of Income Computation and Disclosures Standards (ICDS) under section 145(2) of the Income Tax Act.
  9. Notification regarding income from off-shore Rupee Denominated Bonds.
  10. Decision to expedite issue of refunds below Rs.50,000/- for A.Y. 2013-14 and 2014-15 for cases not selected for scrutiny.
  11. Monetary limits for filing appeal by the Income Tax Department before Tribunal and High Courts enhanced from Rs.4 lakh and Rs.10 Lakh to Rs.10 lakh and Rs.20 lakh respectively with retrospective effect.

This is for information of the members

Regards.
For FPTA
Hiren Karia
Hon. Secretary

Respected Members

Rules regarding quoting of PAN for specified transactions amended

The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions exceed a specified limit. Persons who do not hold PAN are required to fill a form and furnish any one of the specified documents to establish their identity.

One of the recommendations of the Special Investigation Team (SIT) on Black Money was that quoting of PAN should be made mandatory for all sales and purchases of goods and services where the payment exceeds Rs.1 lakh. The Government has since received numerous representations from various quarters regarding the burden of compliance this proposal would entail. Considering the representations, it has been decided that quoting of PAN will be required for transactions of an amount exceeding Rs.2 lakh regardless of the mode of payment.

To bring a balance between burden of compliance on legitimate transactions and the need to capture information relating to transactions of higher value, the Government has also enhanced the monetary limits of certain transactions which require quoting of PAN. The monetary limits have now been raised to Rs. 10 lakh from Rs. 5 lakh for sale or purchase of immovable property, to Rs.50,000 from Rs. 25,000 in the case of hotel or restaurant bills paid at any one time, and to Rs. 1 lakh from Rs. 50,000 for purchase or sale of shares of an unlisted company. In keeping with the Government’s thrust on financial inclusion, opening of a no-frills bank account such as a Jan Dhan Account will not require PAN. Other than that, the requirement of PAN applies to opening of all bank accounts including in co-operative banks.

The changes to the Rules will take effect from 1st January, 2016.

The above changes in the rules are expected to be useful in widening the tax net by non-intrusive methods. They are also expected to help in curbing black money and move towards a cashless economy.

A chart highlighting the key changes to Rule 114B of the Income-tax Act is attached herewith for information of the members

With Regards

For FPTA
Hiren Karia
Hon. Secretary

Respected Members

Please find attached herewith the circular no- 19 /2015. F. No. 142/14/2015 – Dated, the 27th November, 2015 on Explanatory Notes to the Provisions of the Finance Act, 2015.

This is for your information.

Click Here

Regards

For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

Please find enclosed herewith the speech delivered during the meeting of Confederation of Indian Industry CII on Responsible Forest Management for Sustainable Growth held on 17th November 2015 at New Delhi by Shri. Satyapal Gupta.

This is for your necessary information

 
Regards
For FPTA
Hiren Karia
Hon. Secretary
 Respected Members,

The Ministry of Corporate Affairs has issued a circular no. 15/2015 today on relaxation of additional fees and extension of last date of in filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the Companies Act, 2013.

The circular is appended below for your kind reference.

Click Here

Regards
For FPTA
Hiren Karia
Hon. Secretary

 

“USE PAPER”

IT IS BIO DEGRADABLE, RECYCLABLE AND SUSTAINABLE

www.twitter.com/fpta_in  www.facebook.com/fpta.in

To
All Delegates of the 54th AGM,
All Managing Committee Members (2015-16)
All Affiliated Associations and All Patrons & Life Associate Members

Dear Sirs,

Re: Draft Minutes of 54th AGM/CONFERENCE of FPTA held at Hotel Le Meridian, Coimbatore on 15th to 17th August 2015.

We are enclosing herewith the Draft Minutes of the 54th AGM/Conference, which was hosted by Paper & Allied Merchants Association Coimbatore from 15th to 17th August 2015.

You are requested to go through the enclosed Minutes of the 54th AGM/Conference carefully and send your comments.

We request you to send the comments, if any within one month of specified time limit, the minutes will be taken up for confirmation in the 55th AGM/ Conference of FPTA, to be hosted by Paper Traders Association Mumbai.

Click Here

Yours faithfully,
For the Federation of Paper Traders’ Associations of India,
Hiren Karia
Hon. Secretary

To
All members of the Managing Committee
F. P. T. A

Dear Sirs,

Re: Draft Minutes of the Fourth Meeting of the Managing Committee (2014-15) and of the First meeting of the Managing Committee (2015-16) held at Hotel Le Meridian, Coimbatore on 15thAugust 2015 & 17th August 2015

We are enclosing draft minutes of the 4th Meeting of Managing committee (2014-15) and also the 1stmeeting of the Managing Committee (2015-16) for your kind perusal and comments, if any.

The Managing Committee members may please send their comments on the abovementioned draft minutes to FPTA secretariat within one month. In case we do not receive any response, we will presume that they have no comments to offer, and the draft will be taken up for confirmation at the next Meeting of the Managing Committee.

Click Here

Yours faithfully,
For the Federation of Paper Trader’s Associations of India,
Hiren Karia
Hon. Secretary

Respected Members

Please find attached circular on Taxation for your information.

·  Income Tax
·  Service Tax
·  VAT & Profession Tax (Maharashtra)
·  Fema
·  International Taxation

Click Here

With regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members

Please find attached herewith the information on Taxation from Assocham for your needful.

Phasing out plan of deductions under the Income-tax Act

The Union Finance Minister Shri Arun Jaitley in his Budget Speech 2015 had indicated that the rate of Corporate Tax will be reduced from 30% to 25% over the next four years along with corresponding phasing-out of exemptions and deductions. This is a step towards simplification of tax laws, which is expected to bring about transparency and clarity.

The Government proposes to implement this decision in the following manner:

Profit linked, investment linked and area based deductions will be phased out for both corporate and non-corporate tax payers.
The provisions having a sunset date will not be modified to advance the sunset date. Similarly the sunset dates provided in the Act will not be extended.

In case of tax incentives with no terminal date, a sunset date of 31.3.2017 will be provided either for commencement of the activity or for claim of benefit depending upon the structure of the relevant provisions of the Act.

There will be no weighted deduction with effect from 01. 04.2017.

The details of proposed phasing-out of deductions are attached for information of the members

Regards,
For FPTA
Hiren Karia.
Respected Members,
With reference to the 2nd Managing Committee Meeting to be hosted by The Paper Traders’ Association, Nagpur at Nagpur on 09th & 10th January 2016.The Paper Traders’ Association, Nagpur has invited members to attend the meeting of FPTA’s 2nd Managing Committee Meeting.
The invitation and tentative program are enclosed for your needful.

Regards
For FPTA
Hiren Karia
Hon. Secretary.

Respected Members,

Please find enclosed herewith the activities carried out by our Affiliated Associations.We also request our members to please send their circular information and monthly report of the activities regularly, to circulate amongst members for necessary information.

Click Here

Regards

For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

Please find attachment below with the activities carried out by our Affiliated Associations.

We also request our members to please send their circular information and monthly report of the activities regularly, to circulate amongst members for necessary information.

Click Here for Affiliated Associations Activities

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

The Ministry of Corporate Affairs has issued a circular no. 14/2015 today to extend the due date of filing of Forms AOC-4, AOC-4 XBRL and MGT-7 and relax the additional fees for the forms filed till 30th November, 2015.

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members

Please find attached circular on Taxation for your information.

Income Tax

Service Tax

VAT & Profession Tax (Maharashtra)

Fema

International Taxation

Click Here for Newsletter October 2015

With regards
For FPTA
Ashok Shah
Hon. Secretary

Respected Members,

Please find enclosed herewith the Filing of Quarterly TDS/TCS Statements received for your information.

Click Here for Filling of Quarterly TDS-TCS Statements Pdf

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

Please find enclosed below with the activities carried out by our Affiliated Associations.

We also request our members to please send their circular information and monthly report of the activities regularly, to circulate amongst members for necessary information.

Click here for Affiliated Association Activities PDF

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members

Please find attached circular on Taxation for your information.

Income Tax

Service Tax

Fema

International Taxation

Company Law

CLICK HERE for Pdf

With regards
For FPTA

Respected Members,

Please find attached here with the steps taken by us on the article published in Sunday Times of India, mumbai 30th August 2015 in column Time City.

TOI REPLY PDF ,  BIODEGRADABILITY PDF ,  PAPER PDF

This is for your necessary information

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members

Click Here for the Article Value- Paper Merchant for your information.

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members

Click Here for recent notifications issued by Ministry of Corporate Affairs (MCA) under Companies Act 2013

Private Companies allowed to accept monies from the relative of the Directors under CA 2013
The Ministry of Corporate Affairs has issued a notification dated 15th September, 2015 w.r.t Companies (Acceptance of Deposits) Second Amendment Rules, 2015 which shall come into force from the date of publication in the official gazette. (Enclosed)
The amendment has given a much awaited relief to the private limited companies as now the companies are allowed to accept monies from the relative of the Directors also, subject to the conditions as specified therein.
MCA releases XBRL taxonomy for filing financial statements and Cost Audit Report under CA 2013

The Ministry of Corporate Affairs has issued a notification no. G.S.R.(E) dated 9thSeptember, 2015 w.r.t Companies (Filing of documents and forms in XBRL) Rules, 2015 which shall come into force form the date of publication in the official gazette.

The financial statements in Form AOC-4 and the cost audit report in Form CRA-4 are required to be filed with the Registrar in XBRL mode, if applicable.
The class of companies are also defined in the notification which are required to file the same in the XBRL mode. (Enclosed)

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members

Click Here  for gist of press release and clarification issued by Department of Industrial Policy and Promotion (DIPP) w.r.t amendments in FDI Policy 2015.

Partly paid up shares and warrants to be treated as eligible instruments for FDI purposes

The Department of Industrial Policy and Promotion has issued a Press Release No. 9 dated 16th September, 2015 for amending clause 2.1.5 of the FDI Policy (Enclosed) .

The department has now made partly paid – up equity shares and share warrants as eligible capital instruments for the purposes of FDI.

Facility sharing arrangements between group companies not be construed as ‘real estate business’ under FDI Policy

The Department of Industrial Policy and Promotion has issued a clarification dated 15th September, 2015 w.r.t Facility sharing arrangements between group companies under FDI Policy shall be construed as real estate business or not (Enclosed).

The department has clarified that Facility sharing arrangements between group companies shall not be construed to be a ‘real estate’ business within the provisions of the FDI Policy circular of 2015 but shall be subject to the compliance of the certain conditions as provided in the clarification note.

This is for your necessary Information

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

We cordially invite you to be part of World’s Largest Paper Show” PAPEREX at Pragati Maidan, New Delhi between November 1-4, 2015.
As we are associated with it and having our “FPTA’s Networking Lounge”. We request our members to spare some time to visit our lounge.
Our FPTA Public Awareness Committee Convener Shri. Ravi Kumar Rathi will be heading and Shri. Kapil Chaudhary Delhi will be coordinating this event as he has successfully handled this event in the past.
The PAPEREX 2015 exhibition comprises of several product themes and industry sub-sectors that covers the entire universe of products and services in the field of Pulp, Paper and allied industries.
Why Visit an Exhibition: There are many ways of sourcing product and supplier information, but only exhibitions provide you with the product experience thus enabling you to examine the products for yourself, evaluating the product, and comparing their performance with their competitors.

• World’s renowned business platform in form of international exhibition and conference for the Pulp, Paper and allied industries.
• Presence of more than 500 leading exhibitors from more than 40 Countries and expecting 30,000 trade visitor from around the globe.
• Exhibitors from China, Brazil, Italy, France, Taiwan, Finland, Germany & more countries, apart from INDIA

FPTA Members visiting for PAPEREX 2015, may call Shri. Kapil Chaudhary Event Co-coordinator (Email. info@pulppaperindia.com Mobile 9810875757) for assistance, he will be happy to assist and facilitate you.

Please do visit to make event successful.

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members

Click here, for News Articles on GST for your information.

Regards
For FPTA
Ashok Shah
Hon. Secretary

Respected Members

Please find attached herewith the Amendments in Schedule III to the Companies Act, 2013 received from Assocham.

In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government has made the following alterations in Schedule III to the Companies Act, 2013.

In the said Schedule, in Part I- Balance Sheet-

(i) Under the heading “Equity and Liabilities”, in para (4), for “(b) Trade payables” the following shall be substituted, namely:-

“(b) Trade Payables:-

(A) total outstanding dues of micro enterprises and small enterprises; and

(B) total outstanding dues of creditors other than micro enterprises and small enterprises.”

(ii) Under the heading “Notes: General Instructions for preparation of Balance Sheet”, in para 6, after sub-para F the following shall be inserted, namely:-

“FA. Trade Payables

The following details relating to Micro, Small and Medium Enterprises shall be disclosed in the notes:-

(a) the principal amount and the interest due thereon (to be shown separately) remaining unpaid to any supplier at the end of each accounting year;

(b) the amount of interest paid by the buyer in terms of section 16 of the micro, Small and medium Enterprises Development Act, 2006, along with the amount of the payment made to the supplier beyond the appointed day during each accounting year;

(c) the amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006;

(d) the amount of interest accrued and remaining unpaid at the end of each accounting year; and

(e) the amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006.

The Copy of the above notification is attached herewith for your reference.

This is for information of the members.

Regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

We like to inform you that our 2nd Managing Committee (2015-16) will be hosted by The Paper Traders Association, Nagpur at Nagpur on 09th and 10th January 2016.
This for your information for necessary arrangements.

With regards
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

After the successful participation of our members in Three Day Training Programme on “Paper and Paperboard in Packaging” from 19th to 21st August 2015

Now the Indian Institute of Packaging has announced “World Packaging Congress 2015” a Packaging Strategies for Global Competitiveness Programme from 9th – 10th October, 2015 at Hotel Renaissance Convention Centre, Mumbai, INDIA.

The interested members attending the program can deposit/send the Demand Draft of Rs. 10,000/- (per member without accommodation) in favour of The Paper Traders Association payable at Mumbai

The bank details are as follows NEFT/RTGS

The Paper Traders Association (Regd.)
Bank: Union Bank of India
Branch: Bazar Gate
A/c No: 319802010010677
IFC Code: UBIN0531570

Please enroll your names with us before 20th September 2015.

The details are attached for your reference.

Regards,
For FPTA
Hiren Karia
Hon. Secretary

Respected Members,

We request you to please send your suggestions for the Pre-Budget Memorandum to be sent to the Finance Ministry etc.
Kindly send you suggestions latest by 05th September 2015 .
Please do the needful at the earliest

Regards
For FPTA

Hiren Karia
Hon. Secretary