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Showing posts from March, 2011

Revised Schedule VI- wef 01/04/2011-NOTIFICATION ISSUED

COMPANIES ACTNOTIFICATIONCompany Law : Section 642 of the Companies Act, 1956 - Schedules, forms and rules - Power of Central Government to make rules - Amendment in Notification No. S.O. 447(E), dated 28-2-2011NOTIFICATION [F. NO. 2/6/2008-C.L-V], DATED 30-3-2011In exercise of the powers conferred by clause(a) of sub-section(1) of section 642 read with sub-section(1) of section 210A and sub-section (3C) of section 211 of the Companies Act,1956, (1 of 1956), the Central Government hereby makes the following amendment to paragraph 2 of the notification No.447(E) dated the 28th February, 2011:-"The notification shall come into force for the Balance Sheet and Profit and Loss Account to be prepared for the financial year commencing on or after 1.4.2011".

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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
     …

Clarification regarding exemption from filing of ER-4, ER-5 & ER-6 returns

SERVICE TAXLETTERService Tax : LETTER : [F.NO.209/03/11-CX-6], DATED 15-2-2011The undersigned is directed to refer to Notification No. 20/2010-Central Excise (NT), dated 18.05.2010, Notification No. 21/2010-Central Excise (NT), dated 18.05.2010, Notification No. 17/2006-Central Excise (NT), dated 01.08.2006 and Notification No. 39/2004-Central Excise (NT), dated 25.11.2004. 2. It has been brought to the notice of the Board that there is lack of clarity regarding the exemption from filing the Annual Financial Information Statement (ER-4) prescribed under Rule 12(2)(a) of the Central Excise Rules, 2002 and the annual declaration (ER-5) and the monthly return (ER-6) relating to Principal Inputs prescribed under Rule 9A(1) and Rule 9A(3) of the CENVAT Credit Rules, 2004 respectively. 3. Notification No. 17/2006-Central Excise (NT), dated 01.08.2006, as amended, issued under Rule 12(2)(b) of the Central Excise Rules, 2002, inter alia, exempts assessees who paid duty of excise less than Rs.…

Notification on Revised Schedule VI

Company Law : Section 641 of the Companies Act, 1956 – Schedules, forms and rules – Power to alter Schedules – Replacement of existing Schedule VI by new Schedule VI NOTIFICATION NO. S.O. 447(E), DATED 28-2-2011 Whereas the Central Government in consultation with the National Advisory Committee on Accounting Standards framed the Companies (Accounting Standards), Rules, 2006 vide G.S.R. No. 739(E), dated the 7th December, 2006 and was subsequently amended vide notification numbering (i) G.S.R. 212(E), dated the 27th March, 2008 (ii) G.S.R. 225(E), dated the 31st March, 2009, in exercise of the powers conferred by clause (a) of sub-section (1) of section 642, read with sub-section (1) of section 210A and sub-section (3C) of section 211 of the Companies Act, 1956 (1 of 1956); Now, therefore, in exercise of the powers conferred by sub-section (1) of section 641 of the Companies Act, 1956 (1 of 1956), the Central Government hereby replace the existing Schedule VI to the said Act by the follow…

FM on Amendments to Finance Bill,2011

IT: Finance Minister's Reply to the Discussion on the Finance Bill 2011-12 in Lok Sabha Press Release, dated 22-3-2011Madam Speaker, It is unfortunate that the colleagues from across the House chose not participate in the discussion on the Finance Bill 2011-12. In a democratic polity the Government stands to benefit from inputs from colleagues from both sides of the House. In turn, they have an opportunity to lend their voice and expertise to influence public policy in the larger national interest. When this does not happen, it does not bode well for the institution or the society at large. 2. I would like to thank all the speakers who chose to spoke on the Finance Bill 2011-12. A number of valuable suggestions have been made. I have already responded to some of these suggestions while replying to the General Discussion on the Budget and I also addressed a few concerns while introducing the Bill earlier today.I propose to address some more suggestions in the course of my reply.Mad…

Analysis on Schedule VI

Dear Reader,We are pleased to share with you our Supplement to Assurance Eye: Revised Schedule VI.The Ministry of Corporate Affairs (MCA) recently issued a revised Schedule VI to the Companies Act, 1956, to lay down a new format for preparation and presentation of financial statements by Indian companies. The revised Schedule VI is applicable to companies following Indian GAAP (and not Ind-AS). Though a formal circular/official notification regarding the revised Schedule VI is still awaited, the MCA website states that it is applicable from the financial year 2010-11 onwards.The revised Schedule VI introduces many new concepts and disclosure requirements and does away with several statutory disclosure requirements of the existing Schedule VI. More importantly, the revised schedule throws up numerous questions, the answers to which may not be straight-forward and would need additional guidance from the MCA or the Institute of Chartered Accountants of India (ICAI). The efforts involved …

Amendments to Finance Bill,2011 & GST

1.AMENDMENTS TO FINANCE BILL, 2011 2. CONSTITUTION AMENDMENT BILL FOR GST SEE ATTACHMENTS

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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

New Name Availability Rules

COMPANIES ACT RULES/REGULATIONSCompany Law : Companies (Name Availability) Rules, 2011In exercise of the power conferred by clause (a) of sub-section (1) of section 642 read with sections 20 and 21 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following Rules:1.(i) These Rules may be called "Companies (Name Availability) Rules, 2011";(ii) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.2. As per provisions contained in section 20 of the Companies Act, 1956, no company is to be registered with undesirable name. A proposed name is considered to be undesirable if it is identical with or too nearly resembling with:(i)Name of a company in existence; or(ii)A registered trade-mark or a trade mark which is subject of an application for registration, of any other person under the Trade Marks Act, 1999.3. After notification of these Rules, while applying for a name in the prescribed …

IT Scrutiny Simplified Procedure

No.402/92/2006-MC (07 of 2011)Government of India / Ministry of FinanceDepartment of RevenueCentral Board of Direct Taxes***New Delhi dated the 14th March 2011PRESS RELEASEStreamlining procedure for scrutiny of income-tax returnsScrutiny of income tax returns is an important mechanism for ensuring taxpayercompliance and to counter tax-evasion. However, it has evoked some concern from smalltaxpayers and senior citizens about prolonged enquiries. Concerns have also been raised aboutselection of the same cases in scrutiny year after year.Appreciating the concern of these taxpayers and with a view to mitigate their hardships,Central Board of Direct Taxes has reviewed its scrutiny selection procedure. In order to redressthe grievance, it has been decided that during the financial year 2011-12, cases of senior citizensand small taxpayers, filing income-tax returns in ITR-1 and ITR-2 will be subjected to scrutinyonly where the Income Tax department is in possession of credible information.Se…

CBDT on Refund

From the desk of Chairman,CBDTS.N. 17 / March 11 ,2011Casual & cavalier attitude Refund cases not yet entered on the systemAll the CCITs, including the CCITs (CCA), were advised by the Board on Feb 28 & again on March 05 11 to provide data regarding paper refund cases not yet entered on the system. The CBDT feels anguished that, except CCITs Nagpur, Ranchi, Panaji & Guwahati, no other CCIT has taken care to comply with the Board's appeal. Such a casual & cavalier response of senior-most functionaries in the field is disheartening for the Board, which is doing its best for the welfare of the entire cadre. May the CBDT expect that all the CCITs will get the paper refund cases not yet entered on the system uploaded today itself & ensure that all refund cases are processed forthwith without any further delay?

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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 …

IndianCAs: Company Incorporation- 1 Day

General Circular No. 6/2011 F.No. 17/56/2011-CL-VGovernment of IndiaMinistry of Corporate Affairs  5th Floor, A Wing, Shastri BhavanDr. R.P. Road, New Delhi-110001Dated 8th March, 2011ToAll Regional DirectorsAll Registrar of CompaniesAll Official LiquidatorsSub: Process of incorporation of Companies ( Form-1) and establishment of principal place of business in India by Foreign Companies ( Form-44) – Procedure simplified.Sir,I am directed to inform that Ministry has received various representations regarding time taken by the Registrar of Companies for registration of Form-1 and Form-44.The Ministry has got the issue examined by Business Process Re-engineering Group under MCA-21 and in order to speed up and simplify the process of incorporation of Companies and establishment of principal place of business in India by Foreign Companies for reduction in time taken by Registrar of Companies, the below mentioned procedure have been recommended :1. Only Form-1 shall be approved by the RoC Of…

IndianCAs: DIN Rules Simplified [1 Attachment]

[Attachment(s) from Ashwin Nagar included below]
COMPANIES ACT CIRCULAR/PRESS NOTECompany Law : Section 266B of the Companies Act, 1956 - Director Identification Number (DIN) - Allotment of - DIN Process SimplifiedGENERAL CIRCULAR NO. 5/2011 [F.NO.2/1/2011 CL.V], DATED 4-3-2011I am directed to inform that the Ministry's has re-examined the process of allotment of Directors Identification Number (DIN) to be obtained u/s 266B of the Companies Act, 1956. The present process is cumbersome and time consuming. Representations have been received in the Ministry that the documents required to be submitted should be simple to prove the existence/residence of a person, who intend to become a director of a company.The Ministry has constituted a Group to examine the business process re-engineering under MCA-21. In order to speed up and simplify the process to obtain a DIN, the below mentioned procedure have been recommended.1.Application for DIN will be made on eForm; No physical submission of …

CA A. K. Jain: Highlights - Indian Budget 2011

Indian Budget 2011
By CA A. K. Jain The Budget for 2011-12 is widely seen as cautious approach of the Finance Minister, Dr. Pranab Mukherjee towards balancing this critical phase of Indian economy. We are facing complex issues relating to soaring inflation, high growth rate, employment problems, rising oil prices, increasing deficit on current and capital account, corruption, black money, internal law and order disturbances and many more. In these circumstances our Finance Minister can definitely be excused for remaining in hibernation and playing safe in his position. We wish financial establishment gets more proactive towards the needs of the time and react muscularly keeping in mind the aspirations of the public. In view of the media generated publicity about wastages and misappropriations of public money by some selected class of individuals the whole governance has been put on public trial. In these circumstances Regulatory Bodies are required to get into action swiftly and clear t…