Skip to main content


Showing posts from 2011

Case Law on ITR-V - CPC

Where assessee filed return electronically and had also submitted ITR-V form by ordinary post, department could not treat return as invalid on ground that ITR-V form had not been received by CPC, Bangalore


CBEC prescribes the documents to be submitted along with the application of service tax registration
The following documents have been prescribed by the CBEC to be submitted along with the application for registration under service tax: Copy of Permanent Account Number (PAN) Proof of Residence Constitution of the Applicant Power of Attorney in respect of authorized person (s).The above documents must be submitted within a period of 15 days from the date of filing of the application, otherwise the application may be rejected.  The time limit of seven days within which the registration is to be granted by the Superintendent of Central Excise/Service Tax would be reckoned from the date the application for registration is complete in all respects.

[Order no. 2/2011 - ST dated 13.12.2011 - F.No. 137/120/2011 - ST]


Important message

"Last date for availing benefit under Company Law Settlement Scheme (CLSS), 2011 has been extended up to 15…

Service Tax Circular No.149-ST Refund- Exporters

Circular No. 149/18/2011-ST F.No.354/66/2011-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs (Tax Research Unit)                                                                                         146-F, North Block,                      New Delhi, 16th December, 2011 To
Chief Commissioners of Customs (All) Chief Commissioners of Customs and Central Excise (All) Chief Commissioners of Central Excise & Service Tax (All) Director General of Export Promotion Director General of Service Tax Commissioners of Customs (All) Commissioners of Customs and Central Excise (All) Commissioners of Central Excise and Service Tax (All) Commissioners of Service Tax (All)

Subject: Service Tax Refund to exporters through the Indian Customs EDI System (ICES) —   regarding.
So far Service Tax Refund (STR) was made available to exporters (other than SEZ Units/Developers) on specified services used for export of goods covered in Notification 17/2009-ST d…

Draft Bank Branch Auditors' Panel for the year 2011-12

Here is the links for Draft bank Branch Audit Panel:MEF00001 to MEF10000MEF10001 to MEF20000MEF20001 to MEF30000MEF30001 to MEF40000MEF40001 onwards     In case, your application number is not appearing in the above lists, please check the following:·MEF Declaration not received·Financial Documents called for and not received·Reply to query sent pursuant to Financial Documents either not received or under checking      In case of query, pl log a complaint at

Highlights of Companies Bill,2011

Highlights of Companies Bill,2011- SEE ATTACHMENT

Best Wishes

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
Mobile:+91 - 0 9390221100
           +91 - 0 9440278412

Cost Accounting Records Rules,2011

Notifications  prescribing Cost Accounting Records Rules, 2011 for different industriesMCA has vide Notifications G.S.R. 869(E), G.S.R.872(E), G.S.R.874(E), G.S.R. 870(E), G.S.R.873(E) and  G.S.R. 871(E) dated 7.12.2011, notified Cost Accounting Records Rules, 2011 for  6 different industries.  The Rules require the stated industries to keep cost records and books of account, and the books of accounts so maintained to contain specified particulars mentioned in the Schedule annexed to the respective rules. The Rules also prescribe the form of Compliance Report and the form for filing the  Report (duly authenticated and signed by a cost accountant) and other documents with the Central Government in electronic mode.The notified Rules are mentioned as follows:1.The Cost Accounting Records(Telecommunication Industry) Rules,2011 vide G.S.R. 869(E) has superseded Cost Accounting Records (Telecommunications) Rules, 2002 2.The Cost Accounting Records( Sugar Industry) Rules,2011 vide G.S.R. 872…


Income-tax (Ninth Amendment) Rules, 2011 - Insertion of rule 40BA and FoRm No. 29C NOTIFICATION NO. 60/2011 [F. NO. 133/70/2011-SO(TPL)], DATED 1-12-2011 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (9th Amendment) Rules, 2011. (2) They shall come into force on the 1st day of April, 2012. 2. In the Income-tax Rules, 1962, (hereafter referred to as the "said rules"), after rule 40B, the following rule shall be inserted, namely:- "Special provisions for payment of tax by certain limited liability partnerships 40BA. The report of an accountant which is required to be furnished by the assessee under sub-section (3) of section 115JC, shall be in Form No.29C." 3. In Appendix-II of the said rules, after Form No.29B, the following form shall be inserted, namely:- "…

Article on TDS Issue

TDS Issues - One interesting and beneficial judgment has recently been given by the Tribunal in the case of Dy. CIT v. S.K. Tekriwal [2011] 15 289 (Kol. - Trib.) which shall undoubtedly help in setting aside the objections of the revenue an... - Gaurav Pahuja, CA-


[Attachment(s) from CA. NITESH AGRAWAL included below]

Dear Colleague,
Gujarat Govt has taken a very good step to simplify the VAT Registration Process in Gujarat. According to latest circular, the dealers who want to start business in Gujarat State will be alloted New VAT Registration Number within 3 DAYS ONLY. Also the system of pledging NSC of 10,000 - 50,000 is replaced by tax challan of          FIXED Rs. 10,000/- which shall also be refunded after 2 years. Also, the proofs required for Registration are liberalized. Govt has started Separate Registration Centres in the cities like Ahmedabad , Surat , Vadodara , Bhavnagar , Rajkot and Gandhinagar. The relevant circular for the same is attached herewith.  Regards, Nitesh Agrawal (Partner) B.COM., LL.B., F.C.A., DISA(ICAI), DIRM(ICAI)
N R A & CO. CHARTERED  ACCOUNTANTS G - 1 ,  Trividh Chamber,  Near Rushabh Petrol Pump,  Opp. Fire Brigade, Ring Road, Surat - 395002 Ph : (0261) 2302389 , 3912389 , 6662389  Mobile : 98796 90009 E-mail : ca_ni…

XBRL Filing Date Extended

Important message on due date of XBRL filing As per Circular No. 69/2011, a company is allowed to file the financial statements in XBRL mode without any additional fee up to 31st December, 2011 or within 60 days from the due date, whichever is later. In case of a company whose financial year is ending on 31-03-2011 and if its date of AGM is 30th September 2011, then its Due date for filing financial statements is 30 days from the AGM date i.e. upto 30th October, 2011. Hence, as per the time lines provided in the circular, the company can file its financial statements in XBRL mode without additional fees upto 31st December, 2011 or 60 days from its due date of filing, which is 29th December, 2011 (i.e. 60 days from due date of filing- 30th October, 2011) whichever is later Similarly, In case of a company whose financial year is ending on 30-06-2011 and if its date of AGM is 31st December 2011, then its Due date for filing financial statements would be 30 days from the AGM date i.e. upto…


Public provident fund - interest effectIVE from 1-12-2011 notified
Notification [F.No.1/9/2011-NS.(II), dated 25-11-2011 In pursuance of section 5 of the Public Provident Fund Act, 1968 (23 of 1968) the Central Government hereby notifies that the subscriptions made to the fund on or after the 1st day of December, 2011 and balances at the credit of the subscriber shall bear interest at the rate of 8.6 percent, per annum.

CBEC Issues Customs Manual on Self Assessment

CBEC Issues Customs Manual on Self Assessment
CBEC has issued a Customs Manual on Self Assessment. The Manual covers (a) standard operating procedures, (b) compulsory compliance requirements (CCR) and (c) key aspects of Customs requirements such as classification, valuation, exemption notifications etc. for correct Self-Assessment of duty on goods imported or exported. MC Thakur, Member, Customs, CBEC, says, "Self-Assessment is expected to usher in a new era of trust based Customs-Trade partnership leading to greater facilitation of compliant traders. Therefore, it is important that the trade takes its responsibility for making correct Self-Assessment seriously. Of course, the Departmental officials shall be readily available to resolve any doubts that the trade may have". He adds a disclaimer, "However, it should be noted that the purpose of this Manual is to serve as a guide or advisory and it is neither exhaustive nor legally binding. Importers and exporters are advi…

Proforma For Obtaining Transfer Pricing & International Tax Information

Proforma For Obtaining Transfer Pricing & International Tax Information

The CBDT has vide Office Memorandum dated 21.11.2011 proposed a proforma for obtaining information relating to Transfer Pricing and in other cases. Information on tax matters is being sought by field officers of the Income Tax Department from countries/jurisdictions with which India has Double Taxation Avoidance Agreement (DTAA) or Tax Information Exchange Agreement (TIEA) under the relevant 'Exchange of Information' Article of DTAA/TIEA through the office of competent authority viz. the Joint Secretary in the Foreign Tax & Tax Division, CBDT. Presently the above information is being sought obtained in a prescribed checklist/proforma (copy enclosed as Annexure-A). Further in the case of U.K. for obtaining banking information, a separate proforma has been prescribed by U.K. tax authorities.

IndianCAs: ICAI to check No. of Tax Audit done by Each CA

Dear Professional Colleague, As you must be aware, recently the ICAI had represented before CentralBoard of Direct Taxes (CBDT) seekingtax audit data based on returns e-filed during the year 2010-11. I would like to inform you that in response to the representation made to CBDT, the ICAI has been provided with the data relating tonumber oftax audits conducted by themembers along with the membership numbers of the tax auditors. As per the data provided, the total number oftax audit returns filed in respect of thefinancial year 2010-11 was 16, 16,096 which were conducted by 59,472 auditors. The data so provided is being further processed with regard to fake membership numbers, membership numbers which exceeded the specified number (ceiling) of tax audit assignments, etc. In order to prevent misuse of membership numbers of tax auditors, we have been given assurance that from next year onwards the uploading of tax audit report along with digital signatures would be made mandatory. Fu…


Interest rates on small savings have been hiked in the range of 4 per cent up to 8.6 per cent. The investment limit for Public Provident Fund (PPF) has also been increased by Rs 30,000 to Rs 1 lakh, as also the interest rate at 8.6 per cent from 8 per cent at present. Announcing the new norms on Friday, the Finance Ministry said the new rates will be applicable from the date of notification which will be announced soon. From next year, the rates would be notified before April 1, it added. The small saving schemes have been restructured on the basis of the recommendations of the Shyamala Gopinath Committee, which submitted its report in June. The rate of interest on small savings schemes will be aligned with Government Securities rates of similar maturity, with a spread of 25 basis points with two exceptions. The spread on 10-year National Savings Certificates (new instrument) will be 50 basis points and on Senior Citizens Savings Scheme 100 basis points. The maturity period for the po…

Extension of filling date for Form 8 (Statement of Accounts and Solvency) under LLP

Extension of filling date for Form 8 (Statement of Accounts and Solvency) under LLP

"Please note that as per Notification dated 04.11.2011, LLP shall file Form 8 (Statement of Accounts and Solvency) for the financial year ended 31.03.2011 with the Registrar, within a period of sixty days from 30.09.2011 i.e. from the end of six months of the financial year. "
LLP : LLP (Amendment) Rules, 2011 - Amendment in rule 24 Notification (F. No. 2/17/2011-CLV), dated 4-11-2011 In exercise of the powers conferred by sub-sections (1) and (2) of section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby makes the following rules, further to amend the Limited Liability Partnership Rules, 2009 namely :— 1. (1) These rules may be called the Limited Liability Partnership (Amendment) Rules, 2011. (2) These rules shall come into force from the date of their publication in the Official Gazette. 2. After sub-rule (4) of rule 24 of the Limited Liability Partners…

RBI allows transfer of shares between NRIs, residents under FDI

RBI allows transfer of shares between NRIs, residents under FDI Transfer of shares between non-resident Indians and residents under foreign direct investments can be done without the Reserve Bank of India's approval subject to certain conditions. This is a step towards further liberalising the procedures and policies related to FDI. In a notification issued on Friday, the RBI said transfer of shares from a non-resident to resident or from resident to non-resident under the FDI scheme can be carried out without the prior approval of the RBI. However, the conditions include ensuring that the original and resultant investment are in line with the extant FDI policy and FEMA regulations in terms of sectoral caps, conditions (such as minimum capitalisation) and documentation, and the pricing for the transaction is compliant with the relevant SEBI guidelines such as IPO or book-building. A certificate from a chartered accountant indicating compliance with SEBI guidelines is also required…

NRI PAN Application

INCOME-TAX (SEVENTH AMENDMENT) RULES, 2011 - AMENDMENT IN RULE 114 AND SUBSTITUTION OF FORM NO. 49A NOTIFICATION NO. 56/2011 [F.NO. 133/48/2011-SO(TPL)], DATED 17-10-2011 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:— 1.(1) These rules may be called the Income-tax (7th Amendment) Rules, 2011. (2) They shall come into force on the 1st day of November, 2011. 2. In the Income-tax Rules, 1962,-  (A)  in rule 114,-  (a)  in sub-rule (1), after the words, figures and letter "Form 49A", the words, figures and letters, "or 49AA , as the case may be" shall be inserted:  (b)  in sub-rule (3),—   (i)  for the words "accounting year" wherever they occur, the words "financial year" shall be substituted;  (ii)  after item (iii) the following item shall be inserted, namely:— "(iv) in the case of a pers…

MCA on Date Extension upto 31-10-2011

Attention Stakeholders!!!! Dear Corporates please note that Companies having last date of Annual Filling as October 30th 2011 can file on October 31, 2011 also without any additional fee, on account of Oct 30th 2011 being a Sunday. File before October 31st Midnight and save additional fee (Note: Lean time for filing is after 8 P.M. till 9 A.M. next morning.) In case of any technical difficulty, please contact us:
North (011-64506000), East (033-23675242/ 033-64506000), South (044-28152455/ 044-64506000), West (022-65161996/ 022-64506000) or you can write to us at Click here to view ROC facilitation office/ helpdesk details for filing assistance

National Manufacturing Policy

Press Information Bureau
Government of India
Ministry of Commerce & Industry
25-October-2011 14:59 IST National Manufacturing Policy The Cabinet approved the revised proposal of the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry to put in place a National Manufacturing Policy.

The Cabinet in its meeting held on 15" September 2011 considered the National Manufacturing Policy and directed that the policy may be considered by a Group of Ministers (GOM) for further harmonizing the differences in some inter-ministerial positions notably relating to Ministry of Labour and Employment and the Ministry of Environment and Forests. The GOM in its meeting held on 14th October 2011 has resolved the relevant issues. A revised note incorporating the recommendations of the GOM has been approved by the Cabinet today.

The major objectives of the National Manufacturing Policy are to increase the sectoral share of manufacturing in GOP to at least 25% by 2022; t…