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Showing posts from May, 2010

e-filing of central excise returns- CBEC instructions

Circular No. 926 / 16 / 2010 - CXF.No. 201/20/2009-CX 6Government of India
Ministry of Finance
Department of Revenue
(Central Board of Excise and Customs) New Delhi dated the 28th May 2010.Sub.: Procedure for electronic filing of Central Excise returns - reg. Attention is invited to Circular No. 919/09/2010 – CX dated 23.03.2010 prescribing detailed instructions and the procedure for electronic filing of Central Excise and Service Tax returns. Attention is also invited to the Central Excise (Second Amendment) Rules, 2010 and CENVAT Credit (Amendment) Rules, 2010 issued vide Notification No. 20/2010-Central Excise (NT) and No. 21/2010- Central Excise (NT) respectively both dated 18.05.2010 providing for mandatory electronic filing of certain returns by assessees including dealers. 2. The said notifications have been made effective from 1.6.2010. Following amendments have been made …

Lower deduction of taxes- eifiling

Section 197 of the Income-tax Act, 1961 – Deduction of tax at source – Certificate of lower deduction or non-deduction of tax at source – Instructions for issue of certificate u/s 197 mandatorily through ITD systemInstruction No. 4/2010, dated 25-5-20101.I am directed to bring to your notice on the subject of issue of certificates u/s 197 that by Instruction No. 8/2006 dated 13/10/2006, it was laid down that certificates for lower deduction or nil deduction of tax at source u/s 197 are not to be issued indiscriminately and for issue of each certificate, prior administrative approval of the concerned Range Head shall be obtained by the AO. Subsequently, Instruction No. 7/2009, dated 23/12/2009 read with letter F.No.275/23/2007-IT(B), dated 8/02/2010 has laid down monetary limits for prior administrative approval of the CIT-TDS or DIT-Intl. Taxation, as the case may be. Such certificates are normally being issued at present, manually rather than through the ITD system.2.To maintain cent…

CLS SCHEME 2010 [2 Attachments]

Ministry of Corporate Affairs announced two new schemes:
1. Company Law Settlement Scheme, 2010
2. Easy Exit Scheme, 2010
Both the schemes shall come into force on the 30th May, 2010 and shall remain in force up to 31st August, 2010.Concerned Circulars are attached.

__._,_.___ Attachment(s) from Ashwin Nagar2 of 2 File(s) CircularCLSS_27may2010 CircularEES27may2010.pdf

Gratuity Limit Increased to Rs.10 laksh

Gratuity Amount payable under Payment of Gratuity Act enhanced from Rs.3.5 lakhs to Rs 10 lakhs - Payment of Gratuity (Amendment) Act, 2010 (No. 15 of 2010), dated 17-5-2010

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CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
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Registrations for June-2010 Batch of the Certificate Course on Valuation at Delhi, Mumbai, and Chennai & Kolkata Centre

With IFRS, and Companies Bill 2009 configuration, members armed with the Certification of Valuation Course of ICAI shall superbly be competent and capable professionals to provide the service seekers with a splendid template of the best global practices that will exuberate for the stakeholders, the immense confidence in all areas of valuation assignments and engagements. In Companies bill 2009, appointment of Valuer is proposed to be made for enabling fair valuations. Clauses 218-223 deals with Registered Valuers in Companies bill 2009. Once this bill is passed it will give an edge to our Valuers over others to perform Valuation. The Valuer would be appointed by Company for Valuation of Property, stocks, shares, debentures, securities, goodwill, net worth or its other assets. The Institute has the vision that once the bill becomes a Law, the Ministry of Corporate Affairs would be requested to make eligible all qualified participants of the Certificate Course on Valuation to act as a re…

Special Placement Programme-June, 2010

Dear Member, We are pleased to inform you that, the Committee for Members in Industry is organizing Special Placements for experienced and fresh Chartered Accountants at Eight centres viz. Bangalore, Chennai, Kolkata, Mumbai, New Delhi, Hyderabad, Jaipur and Pune centres respectively as per the below mentioned schedule: Category Centre Dates A Mumbai and New Delhi, 25th -26th June,2010 B Bangalore, Chennai, Kolkata and Hyderabad 23rd -24th June,2010 C Jaipur and Pune 22nd June,2010 Kindly note that registration process for the candidates would start from 17th May 2010 and the Last Date for the same would be 31st May 2010.Therefore, if eligible as per the following criteria you are requested to complete the registration within the specified time frame. ELIGIBILITY OF CANDIDATES FOR SPECIAL PLACEMENT PROGRAMME Chartered Accountants fulfilling the following conditions are eligible to take part in Special Placement Programme. · having the membership of Institute as on 10th May, 2010 · who…

NEW RETURN FORMS FOR ASSESSMENT YEAR 2010-11

NEW RETURN FORMS FOR ASSESSMENT YEAR 2010-11Form No.HeadingInstructionsNotificationITR-2For Individuals andHUFs not having Income from Business or ProfessionITR-2 - InstructionsITR-3For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorshipITR-3 - InstructionsITR-4For individuals and HUFs having income froma proprietory business or professionITR-4 - InstructionsITR-5For firms, AOPs and BOIsITR-5 - InstructionsITR-6For Companies other than companies claiming exemption under section 11ITR-6 - InstructionsITR-7For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)

VAT Trade Cir - 16T of 2010 - Extension of Date for Physical Submission of Acknowledgement of Audit Report in Form 704 for the dealers

TRADE CIRCULARDate: 10/05/2010 No. DC/704 Cell/B-759TradeCir. No- 16 T of 2010Sub :Extension of Date for Physical Submission of Acknowledgement of Audit Report in Form 704 for the dealersRef:(1) Government Notification No.VAT/AMD-1009/1B/Adm-6 dated 26th August 20092) Trade Circular 27T of 2009 No. dated 10th October 2009.3) Trade Circular 05T of 2010 No. dated 28th January 2010.4) Trade Circular 13T of 2010 No. dated 31st March 2010. As per Trade Circular 13T of 2010 No. dated 31st March 2010 Last date for filing the Audit Report in form 704 for F.Y. 2008-09 was 30th April 2010.Dealers are required to submit "the statement of submission of audit report in form e-704" along with required document on or before 10th May 2010.This office has received representation from trade to extend the date of submission .Considering the same the date of submission of "the statement of submission of audit report in form e-704" along with required document is hereby extended up to 1…

IndianCAs on FaceBook

Hi members, IndianCAs group is now on FaceBook. if you are on faceBook, just click the link below and be part of IndianCAs on Facebook. http://www.facebook.com/?ref=logo#!/group.php?gid=144654990478 best regards,
Ashwin NagarFCA and SAP-FICO\SEM-BCS Success is not permanent and failure is not final Ph: India: +91-98330-15352 US: +1-323-325-4111 Facebook : http://www.facebook.com/ashwinnagar Twitter : http://twitter.com/ashwinnagar Orkut : http://www.orkut.co.in/Main#Profile?uid=18246210461112749074 Linkedin : http://in.linkedin.com/in/ashwinnagar

CBEC Clarification on Cenvat Credit

Clarification regarding availment of CENVAT credit on input servicesCircular No. 122/03/2010-ST, dated 30-4-2010Representations have been received by Board regarding denial of CENVAT credit on input services in certain cases. Some of the cases where doubts have been raised by field formations are given below:2. As per Rule 4 (7) of the CENVAT Credit Rules, 2004, the CENVAT credit on input services is available only on or after the day on which payment of the value of input service and service tax is made. The section 67 (4) of the Finance Act, 1994, provides that gross amount charged includes payment made by issue of credit / debit notes or by entries in the books of account, where the transaction is with any associated enterprise.A doubt has arisen as to whether CENVAT credit can be taken by "Associate Enterprises" when debit is made in book of accounts or when book adjustments/ debit or credit in accounts is made, or if the CENVAT credit of the service tax paid on input se…

MEF Hosted for 2010-11

Multipurpose Empanelment Form for the year 2010-11 - (04-05-2010)Multipurpose Empanelment Application Form for the year 2010-11 would be hosted on www.meficai.org as per following schedule:

Hosting of on line MEF application form for the year 2010-11 on the website www.meficai.org1st May, 2010Last date of submission of the MEF form for the year 2010-1115th June, 2010 (05.30 PM)Last date of receipt of duly signed declaration 30th June, 2010

A hard copy of the Declaration duly signed by all partners/ proprietor/ member practising in individual name accompanied by a print of the e-mail acknowledging submission of MEF must be sent to ICAI by courier/speed post/hand delivery at ICAI Bhawan, Indraprastha Marg, New Delhi – 110 002 in an envelope superscribed with the words "DECLARATION FOR MEF 2010-11" so as to reach on or before 30th June, 2010.

Further, we may inform that this year, up to 10% of the applicants (selected randomly from the list of applicants of MEF 2010-11) would be…