26 November 2010

DIN Amendment

Companies Act

Rules/Amendment Rules

Companies (Director Identification Number) Rules, 2006 (Amend­ment) 2010 - Amendment in Forms DIN-1 and DIN-3

NOTIFICATION NO. GSR 849(E), DATED 15-10-2010

In exercise of the powers conferred by clauses (a) and (b) of sub-section (1) of section 642 read with sections 266A, 266B and 266E of the Companies Act, 1956 (1 of 1956) the Central Government hereby makes the following rules further to amend the Companies (Director Identification Number) Rules 2006, namely :—

1. (1) These rules may be called the Companies (Director Identi­fication Number) Rules 2006, (Amendment), 2010.

(2) These rules shall come into force on the 5th day of December, 2010.

2. In the Companies (Director Identification Number) Rules 2006 :

   (i)  in Form DIN-1, in the declaration, at the bottom of serial number 14, the following declarations shall be inserted namely :—

"I also confirm that I am not restrained/disqualified/removed of, for being appointed as Director of a company under the provisions of the Companies Act. 1956 including sections 203, 274 and 388E of the said Act.

I further confirm that I have not been declared as proclaimed offender by any Economic Offence Court or Judicial Magistrate Court or High Court or any other Court."

  (ii)  in Form DIN-3, under Verification, the following Veri­fications shall be added namely :—

"It is hereby confirmed that the appointed Director(s) whose particulars are given above, has given declaration to the company that he/she is not restrained/disqualified/removed of, for being appointed as Director of a company under the provisions of the Companies Act, 1956 including sections 203, 274 and 388E of the said Act.

It is also confirmed that the appointed Director(s) whose partic­ulars are given above. has given a declaration to the company that he/she has not been declared as proclaimed offender by any Economic Offence Court or Judicial Magistrate Court or High Court or any other Court."



--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
           +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
           vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx

22 November 2010

CBDT on Stay of Demand

CBDT's clarification on instructions on Stay of Demand

Letter [F.No. 404/10/2009-ITCC], dated 1-12-2009

Many queries have been received regarding the applicability of Instruction number 95 dated 21.8.1969 vis-à-vis Instruction number 1914 dated 2.12.1993. Many assesses are taking the plea that Instruction No. 1914 does not supercede Instruction No. 95 dated 21.8.1969.

2. Instruction No. 95 dated 22.8.1969 was an assurance given by the then Deputy Prime Minister during the 8th Meeting of the Informal Consultative Committee held on 13th May, 1969. The observations made by the Deputy Prime Minister were as under:-

"Where the income determined on assessment was substantially higher than the returned income, say twice the latter amount or more, the collection of the tax in dispute should be held in abeyance till the decision on the appeal provided there were no lapses on the part of the assesses."

The above observations were circulated to the field officers by the Board as Instruction number 95 dated 21.8.1969.

2. The matter has been considered by the Board and the decision of the Board has been approved by the Finance Minister. It is hereby clarified that subsequent to Instruction No. 95 following Instructions/clarifications on the stay of demand were issued till 15th October 1980:-

(i)Clarification to Instruction number 95 was issued on 14/09/1970 stating that it relates to disputed demands only.

(ii) Instruction number 635 was issued on 12/11/1973 stating that stay should be granted only in those cases where demands are attributable to substantial points of dispute.

(iii)Clarification to Instruction number 95 dated 13/07/1976 held that the Instruction becomes operative only in cases where there are no lapses on the part of the assessee.

(iv)Instruction number 1067 dated 21/06/1977 held that the ITO can pass the necessary orders u/s 220 (6) in all cases except cases under section 144A or 144B where the approval of IAC is required.

(v) Instruction number 1158 dated 27th March 1978 held that in suitable cases the assessee may be allowed to furnish security.

(vi) Instruction number 1282 dated 4th October 1979 held that requests should be made to CIT(A) and ITAT for early disposal of appeals and constant watch should be kept on progress of appeals.

(v) Instruction number 1362 was issued on 15/10/1980 in supersession of all the earlier Instructions. It was an Instruction covering the issue in detail and in para 4 of the same there was a clear reference to the proposition laid down in Instruction number 95 which is as follows:-

In exercising this discretion, the Income-tax Officer should take into account factors such as: whether the points in dispute relate to facts; whether they arise from different interpretations of law; whether the additions have been made as a result of detailed investigation; whether the additions are based on materials gathered through enquiry/survey/search and seizure operations; whether the disputed addition to income has been assessed elsewhere by way of protective assessment and the tax thereon has been paid by such person etc. The magnitude of addition to income returned cannot be the sole determinant in this regard. Each disputed addition will need to be considered to arrive at the quantum of tax that may need to be stayed.

3. It is clear that the substance of the assurance as laid down in Instruction number 95 dated 21.8.1969 was submerged in the Instruction number 1362 dated 15/10/1980 which was issued in supersession of all earlier Instructions on the subject. Instruction No. 1914 dated 2.12.1993 was issued subsequently in super-session of all the earlier Instructions on the subject and the said Instruction also covers unreasonably high pitched assessment order and genuine hardship cases.

4. It is therefore clarified that there is no separate existence of the Instruction number 95 dated 21.8.1969. Instruction number 95 and all subsequent Instructions on the issue ceased to exist from the date Instruction No. 1362 came into operation. In turn Instruction number 1362 and all subsequent Instructions on the issue also ceased to exist the day Instruction number 1914 came into operation i.e. 2/12/1993.The Instruction number 1914 holds the field currently and a copy of Instruction number 1914 is enclosed for reference.

Source:Taxmann

14 November 2010

ROC Additiona Fee Hiked- Comparision

Additional Fees Payable to Registrar of Companies (ROC)

Period of Delay

Additional Fee Upto 04/12/2010

Additonal Fee from 05/12/2010

Upto 30 days

One (1) time of normal filing fee

Two (2) Times of normal filing fee

More than 30 days and upto 60 days

Two (2) Times of normal filing fee

Four (4) Times of normal filing fee

More than 60 days and upto 90 days

Two (2) Times of normal filing fee

Six (6) Times of normal filing fee

More than 90 days and upto 180 days

Four (4) Times of normal filing fee

Nine (9) Times of normal filing fee

More than 180 days and upto 360 days (1 year)

Six (6) Times of normal filing fee

Nine (9) Times of normal filing fee

More than 1 year and upto 2 years

Eight (8) Times of normal filing fee

Nine (9) Times of normal filing fee

More than 2 years

Nine (9) Times of normal filing fee

Nine (9) Times of normal filing fee

ROC Additional Fees Increased wef 05/12/2010

Dear Corporates,

It has been decided to revise the additional fees payable as per Section 611(2) of the

Companies Act, 1956 (except for Form 5) as per below details with effect from 5th December

2010 :-

Period of Delay Fixed rate of additional fee

Upto 30 days Two times of normal filing fee

More than 30 days and upto 60 days Four times of normal filing fee

More than 60 days and upto 90 days Six times of normal filing fee

More than 90 days Nine times of normal filing fee

In order to avoid payment of additional fees, please file within stipulated time.

03 November 2010

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IndianCAs: Bank Branch Auditors' Panel for the year 2010-11

 

Here is the link for
The Bank Branch Auditors' Panel for the year 2010-11, prepared thereof is hosted at the following link, for your ready reference.
 

Dear Sir/Madam,

This has reference to your application for the multipurpose panel for the year 2010-11. The Bank Branch Auditors' Panel for the year 2010-11, prepared thereof is hosted at the following link, for your ready reference.

  1. Application No MEF00001 to MEF10000
  2. Application No MEF10001 to MEF20000
  3. Application No MEF20001 to MEF30000
  4. Application No MEF30001 onwards.

Thanking You,

 

Yours faithfully,   
 
Secretary    
Professional Development Committee   

Dear Sir/Madam,

This has reference to your application for the multipurpose panel for the year 2010-11. The Bank Branch Auditors' Panel for the year 2010-11, prepared thereof is hosted at the following link, for your ready reference.

  1. Application No MEF00001 to MEF10000
  2. Application No MEF10001 to MEF20000
  3. Application No MEF20001 to MEF30000
  4. Application No MEF30001 onwards.

Thanking You,

 

Yours faithfully,   
 
Secretary    
Professional Development Committee   


 
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01 November 2010

Amendment to Form NO.1

COMPANIES ACT

RULES/AMENDMENT RULES

 

Companies (Central Government's) General Rules and Forms (Third Amendment), 2010 - Amendment in Annexure 'A'

 

 

Notification No. G.S.R. 848(E), dated 15-10-2010 issued by Ministry of Corporate Affairs

 

 

In exercise of the powers conferred by sub-section (1) of section 642 read with section 61OB of the Companies Act, 1956, the Central Government hereby makes the following rules further to amend the Companies (Central Government's) General Rules and Forms, 1956, namely:—

1.       (1) These rules may be called the Companies (Central Government's) General Rules and Forms (Third Amendment), 2010.

(2) These rules shall come into force on the 5th day of December, 2010.

2.       In the Companies (Central Government's) General Rules and Forms; 1956, in Annexurer 'A',—

(i) in Form No. 1,—

(a) in serial number 8, under the heading, Particulars of Promoters (first subscribers to the MOA), at the bottom after the entry Name of the company, the following shall be inserted, namely:—

"Whether the subscriber has been convicted by any court for any offence involving moral turpitude or economic or criminal offences or for any offences in connection with the promotion, formation or management of a company Yes No If yes, provide details."

(b) in Declaration, after serial number (vi), the following Declarations as serial numbers (vii and viii) shall be inserted, namely:—

"(vii) That the subscribers have given declaration of details of his/her conviction by any court for any offences involving moral turpitude or economic or criminal offence or for any offences in connection with the promotion, formation or management of a company;

(viii) That the subscribers have given declaration that he/she has not been declared as proclaimed offender by any Economic Offence Court or Judicial Magistrate Court or High Court or any other Court."

(ii) In Form No. 32, —

(a) in Verification I, after serial number 3, the following Verification as serial number 4, shall be inserted namely:—

"4. It is also confirmed that the appointed director (s) whose particulars are given above, has given a declaration to the company that he/she has not been declared as proclaimed offender by any Economic Offence Court or Judicial Magistrate Court or High Court or any other Court."

 



--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
           +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
           vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx

ICAI Recommended Scale of Fees for various kind of assignment

RECOMMENDED MINIMUM SCALE OF FEES FOR VARIOUS KIND OF ASSIGNMENTS

 

 

I) DEEDS/ AGREEMENTS

Rate

 

 

(a)  i) Partnership Deed  

Rs.6,000/- & Above

 

 

       ii) Partnership Deed 

 

      (With consultation & Tax Planning)

Rs.10,000/- & Above

 

 

(b)  Filing of Form with ROF

Rs. 2,500/- Per Form

       

 

 

 

(c)  Supplementary Partnership Deed

Rs. 2,500/- & Above

 

 

(d) Modification in the Deed  

Rs. 2,500/- & Above

 

 

(e) Leave & Licence Agreement 

 

      i) Drafting

Rs. 5,000/- & Above

     ii) Registration& Modification

Rs. 2,500/- & Above

(f) Gift Deed:

 

    i)  for Movable Properties

Rs. 5,000/- & Above

    ii) for Immovable Properties

Rs. 15,000/- & Above

 

 

(g) Trust Declaration Deed  

Rs. 10,000/- & Above

 

 

(h) Drafting of Will:

English

     i)  Simple

Rs. 10,000/- & Above

     ii) With Trust Planning

Rs. 15,000/- & Above

 

 

(i) Agreement to Sell  

 

    i)  Agreement to Sell, Society formalities & related Documents

Rs. 20,000/- & Above

    ii) Only Agreement to Sell

Rs. 10,000/- & Above

 

 

(j) Documentation

 

     i)  Power of Attorney: Specific

Rs.7,500/- & Above

     ii)  Power of Attorney: General

Rs.7,500/- & Above

     iii) Indemnity Bond- Affidavit

Rs.5,000/- & Above

     iv) HUF- Partition Deed

Rs.10,000/- & Above

 

 

 

 

 

 

II) INCOME TAX WORKS

 

 

 

A. Filing of Return of Income

 

I) For Individuals / HUFs etc.

 

 

 

(a) Filing of Return of Income 

 

      With Salary/Other Sources/Share of Profit.

Rs. 3,000/- & Above

 

 

(b) Filing of Return of Income      

 

       With detailed Capital Gain working

 

       i)  Less than 10 Transactions

Rs. 5,000/- & Above

       ii) More than 10 Transactions

Rs. 8,000/- & Above

 

 

(c) Filing of Return of Income

 

       With Preparation of Bank Summary, Capital A/c and Balance Sheet 

Rs. 5,000/- & Above

 

 

(d) Advance Tax Calculation

Rs. 2,000/- Per installment

 

 

 

 

II) (a) Partnership Firms/Sole Proprietor

 

     with verification of:

 

     1) Method of Accounting

}

     2) Stock Valuation

}    Rs.5,000/- Per Verification

     3) G. P. Ratio

}    

     4) Expense Ratios etc.

}

 

 

(b) Small Proprietorship/ Partnership

Rs. 5,000/- Per Verification

 

 

( c) Minor's I. T. Statement

Rs. 3,000/- & Above

 

 

(d) Private Ltd. Company:

 

      i)  Active

Rs. 7,500/- & Above

      ii) Defunct

Rs. 5,000/- & Above

 

 

(e) Public Ltd. Company

Rs. 20,000/- & Above

 

 

B. Filing of Forms etc.

 

 

 

(a) Filing of TDS/TCS Return (per Form)

(Quarterly Fees)

     i) With 5 or less Entries

Rs.2,000/- & Above

     ii) With more than 5 Entries

Rs.3,000/- & Above

 

 

(b) Filing Form No. 15-H /G(per Set)

Rs. 1,000/- & Above

 

 

( c) PAN/TAN Application

Rs. 1,500/- & Above

 

 

C. Certificate

 

(a) Other Certificates (Like Lower TDS Certificate, 115JB)

Rs. 5,000/- & Above

 

 

 

 

D. Filing of Appeal etc.

 

 

 

(a) First Appeal.

 

     Preparation of Statement of Facts, Grounds of Appeal, Etc.

Rs. 10,000/- & Above

 

 

(b) Second Appeal (Tribunal)

Rs. 15,000/- & Above

 

 

E. FBT

Rs.3,000/- & Above per quarter including return

 

 

F.  Defered Tax Calculation

Rs. 5,000/- & Above

 

 

 

 

NOTE:

 

When Matters are referred to Counsel personal time will be billed seperately

 

 

 

G. Assessments etc.

 

 

 

(a) Attending Scrutiny Assessment/ Appeal

Rs. 3,000/- Per Visit subject to minimum Rs.5,000/- 

 

 

(b) Attending Summons

Rs. 3,000/- Per Visit 

 

 

( c) Drafting and Attending for Rectifications/ Refunds/ Appeal effects Etc.

Rs. 3,000/- Per Visit subject to minimum Rs.3,000/-

 

 

(d) I. T. Survey

Rs. 50,000/-

 

 

(e) T.D.S. Survey

Rs.20,000/-

 

 

(f) I.T. Search & Seizure

Discretionary

 

 

III) CHARITABLE TRUSTS

 

 

 

(a) (i) Registration Under local Act

Rs. 10,000/- & Above

     (ii) Societies Registration Act

Rs. 10,000/- & Above

 

 

(b) Registration Under Income Tax Act.

Rs. 15,000/- & Above

 

 

(c) Exemption Certificate U/s. 80G of  I. T. Act. 

Rs. 15,000/- & Above

 

 

(d) Filing Objection Memo

Rs. 2,000/- & Above

 

 

(e) Filing of Change Report

Rs. 2,000/- & Above

 

 

(f)  Filing of Various Forms

Rs. 2,000/- Per Form

 

 

IV) COMPANY WORK

 

 

 

(a) Filing Application for Name Approval

Rs. 5,000/- & Above

 

 

(b) Incorporation of a Private Limited Company

Rs. 20,000/- & Above

 

 

( c) Incorporation of a Public Limited Company

Rs. 25,000/- & Above

 

 

(d)(i) Company's ROC Work, Preparation of Minutes,

 

     Statutory Register & Other Secretarial Work

Rs. 3,000 Per Quarter

 

 

    (ii) Assisting in Other Certificate

Rs. 3,000/- & Above

 

 

(e) Filing Annual Return Etc.

Rs. 5,000/- & Above

 

 

(f) Filing Other Forms Like: F-32, 18, 2

Rs. 1,500/- & Above

 

 

(g) Increase in Authourised Capital 

 

     Filing F-5, F-23, including preparation of Slips

 

     Pages for Memorandum of Association/ Article of Association.

Rs. 5,000/- & Above

     

 

 

 

V) V.A.T./ PROFESSION TAX:

 

 

 

A. Registration Work

 

 

 

(a) Registration Under V.A.T. & C.S.T.

Rs. 10,000/- & Above

 

 

( b) Profession Tax Registration (PTR)

Rs. 1,500/- & Above

 

 

(c) Profession Tax Enrolment (per application)

Rs. 1,500/- & Above

 

 

B. Filing of Return (V.A.T.)

 

(a) Monthly Challans with Annual Return

Rs. 1,500/- + (Per Month)

Empanel as Concurrent Auditors

BANK OF MAHARASHTRA invites online applications from practicing firms of Chartered Accountants, in the prescribed format, who are willing to...