26 June 2011

IndianCAs: CHARLES SCHULTZ PHILOSOPHY






Charles Schultz Philosophy
































Description: cid:1.4244719662@web95114.mail.in2.yahoo.com


The following is the philosophy of Charles Schultz, the creator of the 'Peanuts' comic strip. Try
Answer the questions, read the e-mail straight through, and you'll get the point.


1. Name the five wealthiest people in the world.


2. Name the last five Heisman trophy winners.


3. Name the last five winners of the Miss America.


4. Name ten people who have won the Nobel or Pulitzer Prize.


5. Name the last half dozen Academy Award winners for best actor and actress.


6. Name the last decade's worth of World Series winners.


Description: cid:2.4244719662@web95114.mail.in2.yahoo.com


How did you do?


The point is, none of us remember the headliners of yesterday. These are no second-rate achievers. They are the best in their fields. But the applause dies. Awards tarnish. Achievements are forgotten. Accolades and certificates are buried with their owners ...


Description: cid:3.4244719662@web95114.mail.in2.yahoo.com


Here's another quiz. See how you do on this one:


1. List a few teachers who aided your journey through school.


2. Name three friends who have helped you through a difficult time.


3. Name five people who have taught you something worthwhile.


4. Think of a few people who have made you feel appreciated and special.


5. Think of five people you enjoy spending time with .


Description: cid:4.4244719662@web95114.mail.in2.yahoo.com


Easier?


The lesson:


The people who make a difference in your life are not the ones with the most credentials, the most money, or the most awards. They are the ones that care.


Description: cid:5.4244719662@web95114.mail.in2.yahoo.com


Pass this on to those people who have made a difference in your life.


'Don't worry about the world coming to an end today.


It's already tomorrow in Australia


(Charles Schultz)


Description:  cid:6.4244719662@web95114.mail.in2.yahoo.com


Aren't Friends and Family Great!!!!!!!!!




ever so grateful to have a great group of friends


love & regards




24 June 2011

Cost Inflation Index for F.Y. 2011-12 is 785

NOTIFICATION NO. 35/2011 [F. NO. 142/5/2011-TPL], DATED 23-06-2011 
 

In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes number S.O. 709(E), dated the 20th August, 1998, namely :—

In the said notification in the Table, after serial number 30 and the entries relating thereto, the following serial number and entries shall be inserted, namely :—]

 

 
"31
2011-12
785"


IndianCAs: Salary upto 5 lacs, no need to file return.............

 

 

NOTIFICATION NO. 36/2011 [F. NO. 142/09/2011 (TPL)], DATED 23-6-2011
In exercise of the powers conferred by sub-section (1C) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under sub-section (1) of section 139 for the assessment year 2011-12, namely :—
 
Class of Persons
1. An Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,—
 (A)  "Salaries";
 (B)  "Income from other sources", by way of interest from a savings account in a bank, not exceeding ten thousand rupees.
 
Conditions
2. The individual referred to in para 1,—
  (i)  has reported to his employer his Permanent Account Number (PAN);
 (ii)  has reported to his employer, the incomes mentioned in sub-para (B) of para 1 and the employer has deducted the tax thereon;
(iii)  has received a certificate of tax deduction in Form 16 from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government;
(iv)  has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government;
 (v)  has no claim of refund of taxes due to him for the income of the assessment year; and
(vi)  has received salary from only one employer for the assessment year.
3. The exemption from the requirement of furnishing a return of income-tax shall not be available where a notice under section 142(1) or section 148 or section 153A or section 153C of the Income-tax Act has been issued for filing a return of income for the relevant assessment year.
4. This notification shall come into force from the date of its publication in the Official Gazette.

| Ashwin Nagar | FCA and SAP-Finance & Consolidations |
Success is not permanent and failure is not final
 
Twitter      : http://twitter.com/ashwinnagar

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22 June 2011

Amendment to Section 10(23AAA) of Income-tax Act

NOTIFICATION NO


33/2011, Dated: June 3, 2011


S.O.1295(E) In exercise of the powers conferred by clause (23AAA) of Section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments in the notification of Government of India, Ministry of Finance, number S.O. 672(E) dated the 27th July, 1995, namely:-


In the said notification, in paragraph (1), after clause (c), the following clause shall be inserted, namely:-


(d) to meet the cost of annual medical tests or medical checkups of the member, his spouse and dependent children.


F.No.197/12/2010-ITA-I


(Raman Chopra)
Director (ITA-I)




17 June 2011

CHANGE OF NAME BY LISTED COMPANIES

CHANGE OF NAME BY LISTED COMPANIES

CIRCULAR NO. MRD/DP/07/2011, DATED 16-6-2011

1. Please refer to SEBI Circulars No. SMDRP/Policy/Cir.-8/99, dated April 26, 1999 and No. SEBI/MRD/Policy/AT/Cir.-20/2004, dated April 30, 2004 on the captioned subject-matter.

2. The aforementioned SEBI Circular, dated April 30, 2004 required all listed companies seeking change of name to comply inter alia with the following provision:

2.2. At least 50 per cent of its total revenue in the preceding 1 year period should have been accounted for by the new activity suggested by the new name.

3. It is observed from the representations received from few companies and feedback received from the Stock Exchanges that the companies, where the gestation period of the business is usually longer and the revenue stream often delayed, find it difficult to comply with the aforesaid provision.

4. In view of the above, it is decided to modify the para 2.2 of the aforementioned circular as under:

2.2. At least 50 per cent of its total revenue in the preceding 1 year period should have been accounted for by the new activity suggested by the new name

Or

The amount invested in the new activity/project (Fixed Assets + Advances + Works-in-Progress) is atleast 50 per cent of the assets of the company. The 'Advances' shall include only those extended to contractors and suppliers towards execution of project, specific to new activity as reflected in the new name.

To confirm the compliance of the aforesaid provision 2.2, the company shall submit auditor's certificate to the exchange.

5. All the Stock Exchanges are advised to:-

5.1 implement the above by making necessary amendments to the bye-laws and Listing Agreement, as applicable;

5.2 to bring the provisions of this circular to the notice of the listed companies and member brokers/ clearing members and also to put up the same on the website for easy access to the investors; and

5.3 communicate to SEBI the status of the implementation of the provisions of this circular and the action taken in this regard in the Monthly Development Report.

6. This circular is being issued in exercise of powers conferred under section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

This circular is available on SEBI website at www.sebi.gov.in.



--
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

15 June 2011

Online Form 16A

CIRCULAR NO. 03 /2011




F. No 275/34/2011-( IT-B)


Government of India


Ministry of Finance


Department of Revenue


Central Board of Direct Taxes



New Delhi, dated the 13th May, 2011




Subject: Issuance of TDS Certificates in Form No. 16A downloaded from TIN Website and option to authenticate the same by way of digital signature – Circular under section 119 of the Income-tax Act 1961.



Section 203 of the Income-tax Act 1961 ('the Act') read with the Rule 31 of the Income-tax Rules 1962 ('the IT Rules') provides for furnishing of certificate of tax deduction at source (TDS) by the deductor to the deductee specifying therein the prescribed particulars like amount of TDS, permanent account number (PAN), tax deduction and collection account number (TAN), etc. The relevant form for such TDS certificate is Form No.16 in case of deduction under section 192 and Form No.16A for deduction under any other provisions of Chapter XVII-B of the Act. TDS certificate in Form No.16 is to be issued annually whereas TDS certificate in Form No.16A is to be issued quarterly.



2. Currently, a deductor has an option to authenticate TDS certificate in Form No.16 by using a digital signature. However, no such option of using a digital signature is available to a deductor for issuing TDS certificate in Form No.16A and it, therefore, needs to be authenticated by a manual signature. The Central Board of Direct Taxes (the Board) has received representations to allow the option of using digital signature for authentication of TDS certificate in Form No.16A as issuance of TDS certificate in Form No.16A by manual signature is very time consuming, specially for deductors who are required to issue a large number of TDS certificates.



3. The Department has already enabled the online viewing of Form No.26AS by deductees which contains TDS details of the deductee based on the TDS statement (e-TDS statement)filed electronically by the deductor. Ideally, there should not be any mismatch between the figures reported in TDS certificate in Form No. 16A issued by the deductor and figures contained in Form No.26AS which has been generated on the basis of e-TDS statement filed by the deductor. However, it has been found that in some cases the figures contained in Form No.26AS are different from the figures reported in Form No.16A. The gaps in Form No.26AS and TDS certificate in Form No. 16A arise mainly on account of wrong data entry by the deductor or non-filing of e-TDS statement by the deductor. As at present, the activity of issuance of Form No.16A is distinct and independent of



Contd p-2



-2-




filing of e-TDS statement, the chances of mismatch between TDS certificate in Form No.16A and Form No.26AS cannot be completely ruled out. To overcome the challenge of mismatch a common link has now been created between the TDS certificate in Form No.16A and Form No.26AS through a facility in the Tax Information Network website (TIN Website) which will enable a deductor to download TDS certificate in Form No.16A from the TIN Website based on the figures reported in e-TDS statement filed by him. As both Form No.16A and Form No.26AS will be generated on the basis of figures reported by the deductor in the e-TDS statement filed, the likelihood of mismatch between Form No.16A and Form No.26AS will be completely eliminated.



4. In view of the above, for proper administration of the Act, the Board have, in exercise of powers under section 119 of the Act, decided the following :-



4.1 ISSUE OF TDS CERTIFICATE IN FORM NO. 16A



(i) For deduction of tax at source made on or after 01/04/2011:



(a) The deductor, being a company including a banking company to which the Banking Regulation Act,1949 applies and any bank or banking institution, referred to in section 51 of that Act or a co-operative society engaged in carrying the the business of banking, shall issue TDS certificate in Form No.16A generated through TIN central system and which is downloaded from the TIN Website with a unique TDS certificate number in respect of all sums deducted on or after the 1st day of April, 2011 under any of the provisions of Chapter-XVII-B other than section 192.



(b) The deductor, being a person other than the person referred to in item (a) above, may, at his option, issue TDS Certificate in Form No.16A generated through TIN central system and which is downloaded from the TIN Website with a unique TDS certificate number in respect of all sums deducted on or after the 1st day of April, 2011 under any provisions of Chapter-XVII-B other than section 192.



(ii) For deduction of tax at source made during financial year 2010-11:



The deductor, may, at his option, issue the TDS certificate in Form No.16A generated through TIN central system which is downloaded from the TIN Website with a unique TDS certificate number in respect of all sums deducted during the financial year 2010-11 under any of the provisions of Chapter-XVII-B other than section 192.




Contd p-3






-3-



4.2 AUTHENTICATION OF TDS CERTIFICATE IN FORM NO.16A



(i) The deductor, issuing the TDS certificate in Form No.16A by downloading from the TIN Website shall authenticate such TDS certificate by either using digital signature or manual signature



(ii) The deductor being a person other than a person referred to in item 4.1(i)(a) above and who do not issue the TDS Certificate in Form No.16A by downloading from the TIN Website shall continue to authenticate TDS certificate in From No.16A by manual signature only.



5. The Director General of Income-tax (Systems) shall specify the procedure, formats and standards for the purpose of issuance of TDS certificate in Form No.16A which is downloaded from the TIN Website and shall be responsible for the day-to-day administration in relation to the procedure, formats and standards for issuance of TDS certificate in Form No.16A in electronic form.



6. It is further clarified that TDS certificate issued in Form No. 16A by the deductors covered by para 4.1(1)(a) in accordance with this circular and procedure, format and standards specified by the Director General of Income-tax (Systems) shall only be treated as a vilid TDS certificate in Form No. 16A for the purpose of section 203 of the Act read with Rule 31 of the IT Rules,1962.



7. Hindi version shall follow.





(AJAY KUMAR)


Director (Budget)


Tel.No.2309-2641


Copy to all CCsIT/ DsGIT for circulation


11 June 2011

Alert on e-Filing Certified by Professionals

 


Press Information Bureau
Government of India
Ministry of Corporate Affairs
10-June-2011 17:18 IST
12 Cases of Wrong E-Filing Detected

MCA Directs Regional Directors to Initiate Inquiry Against Those Practicing Professionals Who Certified the Particulars Furnished by Listed Companies

The Ministry of Corporate Affairs has directed its Regional Directors to initiate inquiry against those practicing professionals who had certified 12 cases of wrong e-filing by certain listed companies in their e-forms. During the examination it was found that the data furnished in the e-forms were totally different as compared to the records of the company.

As per the Ministry of Corporate Affairs these are public documents and by furnishing false information to the government as well as to the other stakeholders of the company, the practicing professionals have neglected in discharging their duties and have rendered themselves liable for penal action under Companies Act, 1956 as well as professional misconduct.

If found guilty in preliminary enquiry by the Regional Director, the concerned professional institute will be informed to initiate an enquiry under their regulations. Simultaneously, the concerned professional shall be debarred to submit any document on MCA portal till final enquiry report is received from the respective professional institutes.

It may be noted that the MCA has been pushing the cause of electronic filing and approval regime. Objective is to do away with human intervention in MCA approvals to the maximum extent possible.

For this purpose, Ministry of Corporate Affairs has entrusted practicing professionals registered as members of the professional bodies namely, ICAI, ICSI & ICWAI with the responsibility of ensuring integrity of documents filed by them with MCA in electronic mode. Professionals are now to be responsible for submitting /certifying documents (to be signed digitally by them) and system would accept most of these documents online without approval by Registrar of Companies or other officers of the Ministry.

Also, the practicing professionals certify that they have verified the particulars given in the e-forms from the records of the companies and found them to be true and correct.

*****


ST/-

MCA Circular on XBRL

FILING OF BALANCE SHEET AND PROFIT AND LOSS ACCOUNT IN EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL) MODE


GENERAL CIRCULAR 37/2011, DATED 7-6-2011


In supersession of this Ministry's Circular No. 9/2011, dated 31-3-2011 and 25/2011 dated 12-5-2011, Ministry of Corporate Affairs hereby mandated certain class of companies to file Balance sheets and Profit and loss Account along with Director's and Auditor's Report for the year 2010-11 onwards by using XBRL taxonomy. The Taxonomy Business Rules, Validity tools etc. required for preparation the above documents in XBRL format as the existing Schedule VI and Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 have been prepared and hosted on the website of the Ministry at www.mca.gov.in . 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. To enable filing on XBRL by stakeholders, MCA-21 portal will have XBRL filing module by July, 2011. Actual date will be informed separately.


Coverage in Phase I


2. The following class of companies have to file the Financial Statements in XBRL. Form only from the year 2010-11 :-


(i) All companies listed in India and their Indian subsidiaries;


(ii) All companies having a paid up capital of Rs. 5 crore and above


(iii) All companies having a turnover of Rs. 100 crore and above.


However banking companies, insurance companies, power companies and Non-Banking Financial Companies (NBFCs) are exempted for XBRL filing, till further orders.


Additional Fee Exemption


3. All companies falling in Phase -I whose Balance Sheets are adopted in the Annual General Meeting held before 30-9-2011 are permitted to file upto 30-9-2011 without any additional filing fee. However, where companies hold the Annual General Meeting in the month of September 2011, they will file the Balance Sheet within 30 days from the date of adoption in the General Meeting as per section 220 of the Companies Act, 1956.


Training Requirement


4. Stakeholders desirous to have training on the XBRL or on taxonomy related issues, may contact the persons as mentioned in Annexure II.


Annexure I


Frequently Asked Questions


1. What is XBRL?


XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. XBRL stands for eXtensible Business Reporting Language. It is already being put to practical use in a number of countries and implementations of XBRL are growing rapidly around the world.


2. Who developed XBRL?


XBRL is an open, royalty-free software specification developed through a process of collaboration between accountants and technologists from all over the world. Together, they formed XBRL International which is now made up of over 650 members, which includes global companies, accounting, technology, Government and financial services bodies. XBRL is and will remain an open specification based on XML that is being incorporated into many accounting and analytical software tools and applications.


3. What are the advantages of XBRL?


XBRL offers major benefits at all stages of business reporting and analysis. The benefits are seen in automation, cost saving, faster, more reliable and more accurate handling of data, improved analysis and in better quality of information and decision-making. XBRL enables producers and consumers of financial data to switch resources away from costly manual processes, typically involving time-consuming comparison, assembly and re-entry of data. They are able to concentrate effort on analysis, aided by software which can validate and process XBRL information. XBRL is a flexible language, which is intended to support all current aspects of reporting in different countries and industries. Its extensible nature means that it can be adjusted to meet particular business requirements, even at the individual organization level.


4. Who can benefit from using XBRL?


All types of organizations can use XBRL to save costs and improve efficiency in handling business and financial information. Because XBRL is extensible and flexible, it can be adapted to a wide variety of different requirements. All participants in the financial information supply chain can benefit, whether they are preparers, transmitters or users of business data.


5. What is the future of XBRL?


XBRL is set to become the standard way of recording, storing and transmitting business financial information. It is capable of use throughout the world, whatever the language of the country concerned, for a wide variety of business purposes. It will deliver major cost savings and gains in efficiency, improving processes in companies, Governments and other organisations.


6. Does XBRL benefit the comparability of financial statements?


XBRL benefits comparability by helping to identify data which is genuinely alike and distinguishing information which is not comparable. Computers can process this information and populate both pre-defined and customised reports.


7. Does XBRL cause a change in accounting standards?


No. XBRL is simply a language for information. It must accurately reflect data reported under different standards - it does not change them.


8. What are the benefits to a company from putting its financial statements into XBRL?


XBRL increases the usability of financial statement information. The need to re-key financial data for analytical and other purposes can be eliminated. By presenting its statements in XBRL, a company can benefit investors and other stakeholders and enhance its profile. It will also meet the requirements of regulators, lenders and others consumers of financial information, who are increasingly demanding reporting in XBRL. This will improve business relations and lead to a range of benefits.


With full adoption of XBRL, companies can automate data collection. For example, data from different company divisions with different accounting systems can be assembled quickly, cheaply and efficiently. Once data is gathered in XBRL, different types of reports using varying subsets of the data can be produced with minimum effort. A company finance division, for example, could quickly and reliably generate internal management reports, financial statements for publication, tax and other regulatory filings, as well as credit reports for lenders. Not only can data handling be automated, removing time-consuming, error-prone processes, but the data can be checked by software for accuracy.


9. How does XBRL work?


XBRL makes the data readable, with the help of two documents - Taxonomy and instance document. Taxonomy defines the elements and their relationships based on the regulatory requirements. Using the taxonomy prescribed by the regulators, companies need to map their reports, and generate a valid XBRL instance document. The process of mapping means matching the concepts as reported by the company to the corresponding element in the taxonomy. In addition to assigning XBRL tag from taxonomy, information like unit of measurement, period of data, scale of reporting etc., needs to be included in the instance document.


10. How do companies create statements in XBRL?


There are a number of ways to create financial statements in XBRL:


u XBRL-aware accounting software products are becoming available which will support the export of data in XBRL form. These tools allow users to map charts of accounts and other structures to XBRL tags.


u Statements can be mapped into XBRL using XBRL software tools designed for this purpose.


u Data from accounting databases can be extracted in XBRL format. It is not strictly necessary for an accounting software vendor to use XBRL; third party products can achieve the transformation of the data to XBRL.


u Applications can transform data in particular formats into XBRL. The route which an individual company may take will depend on its requirements and the accounting software and systems it currently uses, among other factors.


11. Is India a member of XBRL International?


India is now an established jurisdiction of XBRL International. A separate company, under section 25 has been created, to manage the operations of XBRL India. The main objectives of XBRL India are


u To create awareness about XBRL in India


u To develop and maintain Indian Taxonomies


u To help companies, adopt and implement XBRL


u For more information, visit www.xbrl.org/in


12. Which taxonomies developed for Indian reporting requirements? Where can I find the taxonomies?


Taxonomies for Indian companies are developed based on the requirements of


u Schedule VI of Companies Act,


u Accounting Standards, issued by ICAI,


u SEBI Listing requirements.


Taxonomies for Manufacturing and service sector (referred as Commercial and Industrial, or C&I) and Banking sector, is acknowledged by XBRL International. These taxonomies are available at http://www.xbrl.org/in/


13. Where can I find more information about XBRL?


Please visit www.xbrl.org. Also Ministry of Corporate Affairs would be shortly developing its webpage on XBRL with list of contact persons for training purposes.


14. What are XBRL Documents?


An XBRL document comprises the taxonomy and the instance document. Taxonomy contains description and classification of business & financial terms, while the instance document is made up of the actual facts and figures. Taxonomy and Instance document together make up the XBRL documents.


15. What is Taxonomy?


Taxonomy can be referred as an electronic dictionary of the reporting concepts. Taxonomy consists of all the data definitions, the basic XBRL properties and the interrelationships amongst the concepts. It includes terms such as net income, EPS, cash, etc. Each term has specific attributes that help define it, including label and definition and potentially references. Taxonomies may represent hundreds or even thousands of individual business reporting concepts, mathematical and definitional relationships among them, along with text labels in multiple languages, references to authoritative literature, and information about how to display each concept to a user.


16. What is meant by extending taxonomy?


Taxonomy is extended to accommodate items/relationship specific to the owner of the information. Taxonomy extension therefore can be


(a) Modification in the existing relationships


(b) Addition of new elements in the taxonomy


(c) Combination both a & b


17. Are Taxonomies based on any standards?


Yes, taxonomies are based on the regulatory requirements and standards which are to be followed by the companies. Accordingly, depending on the requirements of every country, there can be country-specific taxonomies.


18. What is an Instance document?


An XBRL instance document is a business report in an electronic format created according to the rules of XBRL. It contains facts that are defined by the elements in the taxonomy it refers to, together with their values and an explanation of the context in which they are placed. XBRL Instances contain the reported data with their values and "contexts". Instance document must be linked to at least one taxonomy, which defines the contexts, labels or references.


Thus, in order to concluded the usage and explain the XBRL technology which leads to more information exchanges that can be effectively automated by use. This one standard approach leads to the best interest of the company or more so for the international business interests globally that warrant the accuracy of all the financial data for the end users and early collaborative decisions by the companies or those whose interest is involved for acquisition/rights etc.


Annexure II


(i) Smt. Nirupama Koutru, Director

Ministry of Corporate Affairs

5th Floor, 'A' Wing, Shastri Bhavan,

Dr. R.P. Road, New Delhi

Contact No. 011-23384470

Email: nirupama.koutr@mca.gov.in


(ii) Dr. Avinash Chandra, Technical Director

The Institute of Chartered Accountants of India,

'ICAI Bhawan', Post Box No. 7100,

Indraprastha Marg, New Delhi-110002.

Contact No. 011-3011456, 30110427

Email: avinash@icai.org


(iii) Dr. Surinder Pal,

Secretary, Committee on Members in Industry (CMII),

The Institute of Chartered Accountants of India,

'ICAI Bhawan', Indraprastha Marg, New Delhi-110002.

Contact No. 011-30110450


(iv) Mr. N.K. Bansal, Secretary,

Continuing Professional Education (CPE),

The Institute of Chartered Accountants of India,

'ICAI Bhawan', Indraprastha Marg, New Delhi-110002.

Contact No. 0120-3045957


nn






07 June 2011

MCA on Prosecution Cases


MCA'S INSTRUCTION ON SETTLEMENT OF PROSECUTIONS CASES

Settlement of prosecutions cases

CIRCULAR [F.NO.3/57/2011-CL.II], DATED 3-6-2011

While reviewing prosecution cases it was decided to review pending prosecution cases. Ministry of Corporate Affairs has decided following actions to be taken by RDs and ROCs immediately.

1. Lok Adalats should be organized on 9th, 16th, 23rd & 30th June by RDs in the offices of concerned ROCs within your jurisdiction between 10.00 AM to 1.00 PM by giving an advance advertisement in the local Newspapers to this effect through DAVP. The chapters of ICSI, ICWAI, ICAI and Bar Council may be used for wide publicity and efforts should be made to dispose off compoundable offences there itself. In next month, two Lok Adalats will be held by each RD per month. These would be held on Saturdays.

2. The object of organizing Lok Adalats should be to ascertain the legal cases where the companies and their officers in default are inclined to get the offences compounded so that necessary applications may be moved by the companies for this purpose and on payment of compoundable fees, the prosecutions may be withdrawn.

3. The advertisement must contain invitation to :

  (i)  Applicants of pending application for compounding within the jurisdiction of concerned ROC.

 (ii)  Companies and their officers in default against whom cases have already been filed and are compoundable under the provisions of section 621A of the Companies Act, 1956.

(iii)  Company's Director/Key Management Personnel who feels that a case has wrongly been filed against him and has requested to withdraw the case on his own or through authorized representative.

4. These cases should be cleared then and there by taking report from ROC & RD and if compoundable by the RD, the orders will be passed there itself. Cases for withdrawal shall be sent to MCA for approval.

5. All ROCs be advised to review pending prosecution cases with reference to circulars issued by the Ministry available at MCA Portal and to submit report with their recommendation through Regional Director.

6. All ROCs be advised to review prosecutions filed against nominee/independent directors so as to withdraw the cases where nominee/independent directors were not liable.

7. All ROCs be advised to review all the prosecutions filed for non-filing of statutory returns/reports u/ss 159, 162, 220 of the Act where the companies/directors are not available/traceable and no public interest is involved in defaulting companies. For this purpose, public interest is presumed to be involved where the company is listed or public deposits have been accepted, debentures have been issued, or secured loans issued to banks or financial institutions.

8. All ROCs be also advised to review the prosecutions against the companies which have applied for striking off their names under EES-2010. After review of prosecutions cases, necessary report may be submitted by regional directors on monthly basis.

9. Further, you are requested to confirm how many ROC offices under your jurisdiction had updated prosecution module and if any ROC has not yet updated the prosecution module, the same should be got done within next 3 working days and to submit a compliance report.

This issues with the approval of Secretary, MCA.


--
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

06 June 2011

Cost Audit Rules & DIN Rules

Companies (Cost Audit Report) Rules, 2001 revised - NOTIFICATION [F.NO. 52/10/CAB-2010], DATED 03-06-2011  

New Companies (Cost Accounting Records) Rules, 2011 - NOTIFICATION [F.NO. 52/10/CAB-2010], DATED 03-06-2011   
Amendment in Companies (DIN) Rules, 2006 - NOTIFICATION [F. NO. 2/1/2011-CL.V], DATED 02-06-2011  
 
 MCA invites comments on new Rules for Preferential Allotment and Private Placement by Unlisted Public Companies - CIRCULAR NO. [F.NO. 12/13/2011-LEGAL], DATED 24-05-2011
 
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

02 June 2011

IndianCAs: 6 PRINCIPLES OF LIFE

 

6 PRINCIPLES OF LIFE
 
1· No point using limited life to chase unlimited money.
 
2· No point earning so much money you cannot live to spend it.
 
3· Money is not yours until you spend it.
 
4· When you are young, you use your health to chase your wealth; when you are old, you use your wealth to buy back your health. Difference is that, it is too late.
 
5· How happy a man is, is not how much he has but how little he needs.
 
6· No point working so hard to provide for the people you have no time to spend with.
 
Remember this -- We  come into this world with nothing,and we leave this world with nothing!
 
 Here is the proof that you don't have to have money to be happy.
 http://api.ning.com/files/zBkpCWo7YXx4DZHoHtz6Rl6b1AOoyNd6OqYDy0DKNi37TAB8hzCHLqSXQmmRMiJt4rXNAvGiwd9qfUJP--HjIrJsdZByLNKa/wimbooo.jpg

 
| Ashwin Nagar | FCA and SAP-Finance & Consolidations |
Success is not permanent and failure is not final
 
Twitter      : http://twitter.com/ashwinnagar

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Empanel as Concurrent Auditors

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