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Showing posts from April, 2011

No Service Tax Exemption to CAs' on Represenation Work wef 01/05/2011

The exemption from collecting Service Tax vide notification No. 25/2006 granted to Chartered Accountants for professional representationbefore statutory authoritieshas been withdrawn from 1st May 2011 vide notification No. 32/2011 dated 25th April 2011.

13th July, 2006.
Notification No. 25 / 2006-Service Tax


G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable services falling under sub-clauses (s), (t) and (u) of clause (105) of section 65 of the Finance Act, provided or to be provided by a practicing chartered accountant, a practicing cost accountant and a practicing company secretary respectively, in his professional capacity, to a client, relating to representing the client before any statutory authority in the course of proceedings initiated under an…

IndianCAs: Provision of 15-minutes reading time to the candidates of CA Examinations

Provision of 15-minutes reading time to the candidates of Chartered Accountants Examinations(Effective from May-2011 CA Examinations)
The Council of the Institute, based on the recommendation of the Examination Committee has decided to allow 15-minute reading time to the candidates in the Chartered Accountants Examinations before the scheduled commencement of the examinations i.e, if the examination commences from 2.00 PM, then the candidates will be given Question Papers at 1.45 PM. This reading time will not be available for CPT and all post qualification Courses Examinations.

The objective of providing question paper 15 minutes before the scheduled time is to:

(i) Enable the candidates to read the question paper thoroughly (without encroaching on the examination duration) and

(ii) Chalk out the strategy to answer the questions.


Candidates are required to note the following in this regard:

(1) The candidates will not be allowed to leave the Examination Hall under any circumstances from 1.…

ST : Notification Nos. 29 to 37, all dated 25-4-2011

IndianCAs: ITR-2011 - Only Colour Forms; No Black and White [2 Attachments]

[Attachment(s) from Ashwin Nagar included below] Income Tax returns 2011 - Only Colour Forms; No Black and White FOR the new Income Tax returns, No Black and White forms will be accepted and only standard forms with appropriate colors prescribed, fonts used, paper size, paper quality, Bar Code Values will be accepted by the department . The specifications are: 1.Size of the paper should be A4 Sheet- (8.268 inches by 11.693 inches / 210mm by 297 mm ) 2.Quality of the paper should be White Paper and above 70GSM. The Paper thickness should be of Executive Bond quality with a minimum of 70 GSM and above 3.Registration Marks should be present at every page and the coordinates of the same are indicated in the Sample Form given in Annexure A. It should be 0.25" from the top edge and the left corner edge. 4.There should be a series of square dots which should be placed on the both sides of the pages on every page. The distance of the same should be 0.32" from the left edge. The squar…

MCA Circular on e-delivery

Document delilvery by electronic mode_A relief through the Green Initiative

Finally, as a move to relieve the Corporate of huge financial burden of sending physical documents such as notices etc. by Registered Post instead of Under Posting Certificates after it being discontinued by the Postal Authorities, the Ministry of Corporate Affairs has come up with a Green Initiative of permitting the service of documents upon the Shareholders through e-mail or other permissible electronic modes instead of physical mode. The move is not only a Green Initiative but also a big boon for the corporate incurring huge financial expenditures on the printing and dispatch of documents from time to time and a directional approach towards the IT revolution.


The ministry has utilized the provisions of Section 2, 4, 5 and 81 of the Information Technology Act 2000 which provides for an overriding effect to the provisions of the IT Act and calls for adequate compliance of law in case the requisite information …

ITR-2011 - Only Colour Forms; No Black and White

Income Tax returns 2011 - Only Colour Forms; No Black and White FOR the new Income Tax returns, No Black and White forms will be accepted and only standard forms with appropriate colors prescribed, fonts used, paper size, paper quality, Bar Code Values will be accepted by the department . The specifications are: 1.Size of the paper should be A4 Sheet- (8.268 inches by 11.693 inches / 210mm by 297 mm ) 2.Quality of the paper should be White Paper and above 70GSM. The Paper thickness should be of Executive Bond quality with a minimum of 70 GSM and above 3.Registration Marks should be present at every page and the coordinates of the same are indicated in the Sample Form given in Annexure A. It should be 0.25" from the top edge and the left corner edge. 4.There should be a series of square dots which should be placed on the both sides of the pages on every page. The distance of the same should be 0.32" from the left edge. The square dots are uniformly spaced at 3mm distance from…

IndianCAs: RBI Recognises DISA (ICAI) Qualification [1 Attachment]

[Attachment(s) from Ashwin Nagar included below]Date: Apr 15, 2011Submission of system audit reports RBI/2010-11/476
DPSS.CO.OSD. No. 2374/06.11.001/2010-2011April 15, 2011To all Authorised Payment System Operators & EntitiesDear Sir,Submission of system audit reportsPlease refer to our earlier circulars DPSS.AD.No./1206/02.27.005/2009-2010 dated December 7, 2009 and DPSS.1444/ 06.11.001/ 2010-2011 dated December 27, 2010 on the captioned subject.In partial modification of the instructions contained therein, it is advised that the system audit may be conducted by a Certified Information Systems Auditor (CISA) and registered with Information Systems Audit and Control Association (ISACA) or by a holder of a Diploma in Information System Audit (DISA) qualification of the Institute of Chartered Accountants of India (ICAI).Please acknowledge receipt. Yours faithfully, G. Srinivas
(General Manager)

| Ashwin Nagar | FCA and SAP-Finance & Consolidations |Success is not permanent and fai…

Instructions regarding income limits for assigning cases to Deputy Commissioners/Assistant Commissioners/ITOs

INCOME-TAX ACT
INSTRUCTION
Income-tax : Instructions regarding income limits for assigning cases to Deputy Commissioners/Assistant Commissioners/ITOs
INSTRUCTION NO. 6/2011 [F.NO.187/12/2010-ITA-I], DATED 8-4-2011

Reference may kindly be made to Board's Instruction No. 1/11, dated 31-1-2011 which lays down revised monetary limit of cases to be assessed by DCsIT/ACsIT in metro cities and mofussil areas w.e.f. 1-4-2011. Some CCsIT have expressed the view that the limits fixed in the aforesaid Instruction, if strictly enforced would lead to unequal distribution of workload between the ACITs and the ITOs in some of the charges.
2. In view of the above, the Instruction No. 1, dated 31-1-2011 has been reconsidered by the Board and it has been decided that if the application of above limits in any CIT charge leads to a substantially uneven distribution of workload between DCsIT/ACsIT and ITOs, the CCIT/DGIT may adjust the above limits by an amount of upto Rs. 5 lakhs to ensure that the worklo…

LIMITS ENHANCED FOR DISCLOSURE OF PARTICULARS OF EMPLOYEES UNDER 217(2A) OF COMPANIES ACT 1956

LIMITS ENHANCED FOR DISCLOSURE OF PARTICULARS OF EMPLOYEES UNDER 217(2A) OF COMPANIES ACT 1956
The Ministry of Corporate Affairs has vide notification dated 31st March 2011 enhanced the limits for the purpose of disclosure of particulars of employees in Directors Report as requisite under Section 217 (2A) read with Companies (Particulars of Employees) Rules, 1975 from the existing limit of Rs. 24 lakh/ year/ Rs. 2 lakh per month to Rs. 60 lakh per year/ Rs. 5 lakh per month and by such notification also covers Government Companies for such disclosures. By such notification, the amended rules may be called as Companies (Particulars of Employees) Amendment Rules, 2011.

The effect of the notification shall require the Companies including Government Companies to include a statement showing the name of every specified employee of the Company in their Board Report pursuant to Section 217 (2A) of the Companies Act 1956 read with Companies (Particulars of Employees) Amendment Rules, 2011 which …

PAN MANDATORY FOR DIN

PAN is mandatory to obtain new DIN for all Indian Nationals.Registration of PAN for existing DIN is compulsory. Last date for registration of PAN is 31-05-20111 by filing DIN4, otherwise existing DINs may not be active.

Director’s Relatives (Office or Place of Profit) Amendment Rules, 2011

COMPANIES ACT RULES/AMENDMENT RULES
Company Law : Director's Relatives (Office or Place of Profit) Amendment Rules, 2011 - Amendment in rules 3 and 7NOTIFICATION [F.NO. 17/75/2011-C.L.V], DATED 6-4-2011In exercise of the powers conferred by clause (b) of sub-section (1) of section 642, read with sub-section (1B) of section 314 of the Companies Act, 1956, the Central Government hereby makes the following rules to amend the Director's Relatives (Office or Place of Profit) Rules, 2003, namely:-1. (1) These rules may be called Director's Relatives (Office or Place of Profit) Amendment Rules, 2011.(2) They shall come into force on the date of their publication in the Official Gazette.2. In the Director's Relatives (Office or Place of Profit) Rules, 2003, (hereinafter referred to as the said rules), in rule 3, for the figures "50,000", the figures "2,50,000" shall be substituted.3. In the said rules, for the figures "50,000", the figures "2,5…

Circular on XBRL Filing

CORPORATE LAWS CIRCULAR/PRESS NOTECompany Law : Filing of Balance Sheet and Profit and Loss Account in extensible Business Reporting Language (XBRL) modeGENERAL CIRCULAR NO. 09/2011, DATED 31-3-2011It has been decided by the Ministry of Corporate Affairs to mandate certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBRL taxonomy. The Financial Statements required to be filed in XBRL format would be based upon the Taxonomy on XBRL developed for the existing Schedule VI, as per the existing, (non-converged) Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006. The said Taxonomy is being hosted on the website of the Ministry at www.mca.qov.in shortly. The Frequently Asked Questions (FAQs) about XBRL have been framed by the Ministry and they are being annexed as Annexure I with this circular for the information and easy understanding of the stakeholders.Coverage in Phase I2. The following class…