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Showing posts from April, 2010

Amendments to Finance Bill,2010 [1 Attachment]

[Attachment(s) from Ashwin Nagar included below] FM's Oopening Speech at Consideration Stage of Finance Bill,2010- see attachment
Finance Bill ,2010 passed in Lok Sabha On 29.04.2010.Few New Tax relief has been proposed during the discussion and same has been incorporated in the Bill while passing by the Lok Sabha. Amendments are given below.


AMENDMENTS TO FINANCE BILL, 2010

Sl. No.
Clause No. 1. Page 5, line 46, Omit 'and";'
2. Page, after line 46, insert – '(ab) on or after the 1st day of April, 2010, where the specified business is in the nature of building and operating a new hospital with at least one hundred beds of patients; (ac) on or after the 1st day of April, 2010, where the specified business is in the nature of developing and building a housing . project under a scheme for slum redevelopment or rehabilitation framed by the Central Government or a State Government, as the case may be, and which is notified by the Board in this behalf in accordance with guidelines…

CFE APPLICATION

Certified Facilitation Centres under ACES Project of the CBEC - (13-04-2010)Chartered Accountants in practice for one year or more

Become Certified Facilitation Centre (CFC) for providing facilities to Central Excise and Service Tax assessees to file returns and other documents electronically under Automation of Central Excise and Service Tax (ACES) Project of the CBEC.


The Institute of Chartered Accountants of India (ICAI) is pleased to announce signing of Memorandum of Understanding with the Central Board of Excise and Customs, Department of Revenue, Ministry of Finance, Government of India to facilitate setting up of Certified Facilitation Centres (CFCs) under ACES Project by Chartered Accountants in practice / proprietary concerns of Chartered Accountants / firms of Chartered Accountants.

Any member/proprietor of a proprietorship firm/any partner of a partnership firm desirous of operating a CFC in his/firm's name is required to make an application to the ICAI together with the r…

IPL from a Finance perspective [1 Attachment]

About IPL, What's going on in BCCI could be of Businessman's interest, what's going on in Parliament is of Politician's interest, but what is going on in IPL as a Financial Project, is certainly of Chartered Accountants's interest. So, please find attached a powerpoint presentation giving insights of IPL from a Finance perspective.
__._,_.___ Attachment(s) from Ashwin Nagar1 of 1 File(s) IES_IPL_in_a_Finance_perspective.ppt

New Income Tax Return Form SARAL II for Assessment Year 2010-11 [2 Attachments]

New Income Tax Return Form SARAL II for Assessment Year 2010-11. CBDT notifies New Income Tax Return Form SARAL II (ITR 1) for Assessment Year 2010-11 for Individuals having income from Salary/Pension/Income from One House Property (Excluding loss brought forward from previous years) / Income from Other Sources (Excluding winning from Lottery and Income from Race Horses). CBDT also notifies Income Tax Return Verification Form ITR-V for Assessment Year 2010-11 for SARAL II (ITR-1) ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-8 transmitted electronically without digital signature.
__._,_.___ Attachment(s) from Ashwin Nagar2 of 2 File(s) HtmlFileProcess.pdf SARAL-II-ITR-1.pdf

Implementation of Section 51A of Unlawful Activities (Prevention) Act, 1967

Implementation of Section 51A of Unlawful Activities (Prevention) Act, 1967

The provisions of the Unlawful Activities (Prevention) Act,1967 were amended in 2008, by inserting Section 51A which was notified on 31.12.2008 by the Govt. of India. Section 51A reads as under :-
"51A. For the prevention of, and for coping with terrorist activities, the Central Government shall have power to -

(a) freeze, seize or attach funds and other financial assets or economic resources held by, on behalf of or at the direction of the individuals or entities Listed in the Schedule to the Order, or any other person engaged in or suspected to be engaged in terrorism;
(b) prohibit any individual or entity from making any funds, financial assets or economic resources or related services available for the benefit of the individuals or entities Listed in the Schedule to the Order or any other person engaged in or suspected to be engaged in terrorism;
(c) prevent the entry into or the transit through India of …

IMP UPDATE : RBI Guidelines [1 Attachment]

[Attachment(s) from Ashwin Nagar included below] Dear All, Please go through the attached Notice/ Circular issued by HDFC Bank post the communication from RBI for Banks on Guidelines to follow in case of alterations on cheques. This will get implemented from July 01, 2010.As per RBI Circular - DPSS.CO.CHD.No. 1832/01.07.05/2009-10 dated 22nd February 2010Prohibiting alterations / corrections on cheques : No changes / corrections should be carried out on the cheques (other than for date validation purposes, if required). For any change in the payee's name, courtesy amount (amount in figures) or legal amount (amount in words), etc., fresh cheque forms should be used by customers. This would help banks to identify and control fraudulent alterations.In view of the above guidelines, with effect from July 01, 2010 no alterations in cheque will be allowed (even if signature is made at the place of alteration on cheque). These kinds of altered cheques will not be honored by Bank. __._,_.___ A…

ICAI MOU with CBEC- CFCs'

Tuesday, April 13, 2010Ministry of Minority Affairs
ICAI TO BE A FACILITATOR OF FINANCE MINISTRY'S E-INITIATIVE
SIGNS MOU WITH THE CENTRAL BOARD OF EXCISE AND CUSTOMS 18:13 IST The Institute of Chartered Accountants of India (ICAI has signed a Memorandum of Understanding (MOU) with the Central Board of Excise and Customs (CBEC). Giving this information here today the President of ICAI, Shri Amarjit Chopra, said that under it the practicing members of ICAI will provide facility of e-filing of returns and documents to Central Excise and Service Tax assessees through Certified Facilitation Centres (CFCs). A CFC is a facility, other than the physical front offices or Facilitation centres of CBEC, which will be set up and operated by practicing Chartered Accountants in individual capacity or as proprietor or firm. With this the ICAI has become a facilitator of Finance Ministry's e-initiative.

CBEC had introduced 'Automation of Central Excise and Service Tax' (ACES) programme t…

Compliance Calender 2010 [1 Attachment]

[Attachment(s) from Ashwin Nagar included below] Please find 2010 Compliance Calander for your ready reference. Forwarded to me by Mahavir Jain.
1 of 1 File(s) Compliance

Consolidated FDI Policy [1 Attachment]

Consolidated FDI Policy effective from 1st APril,2010- see attachment __._,_.___ Attachment(s) from Ashwin Nagar1 of 1 File(s) fdi_circular_1_2010.pdf