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IndianCAs: MEF Empanelment Form

This is to inform that Multipurpose Empanelment form for the year 2011-12 (including form for empanelment of Bank Branch Auditors for the year 2011-12) has been hosted on the website www.meficai.org on 29th July. Last date for submission of online applications on www.meficai.org is 27th August, 2011.
| Ashwin Nagar | FCA and SAP-Finance & Consolidations |Success is not permanent and failure is not final Facebook : http://www.facebook.com/ashwinnagar Twitter      : http://twitter.com/ashwinnagar Orkut        : http://www.orkut.co.in/Main#Profile?uid=18246210461112749074 Linkedin    : http://in.linkedin.com/in/ashwinnagar
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e-Payment of Customs Duty Mandatory

E-payment of Customs duty for importers paying Rs 1 lakh or more has been made mandatory by the Central Board of Excise and Custom (CBEC).
The date from which e-payment will be mandatory will be notified soon by the CBEC. In 2007, e-payment facility was introduced on a voluntary basis.
The Board has clarified that Accredited Importers, under the Custom Accredited Client programme, will need to pay any amount of duty through electronic mode only.
Lower transaction cost
"Besides expediting the process of payment of duty and clearance of imported goods, the facility of e-payment has resulted in reduction of transaction costs," says CBEC.
Any importer wanting to make use of the e-payment facility first needs to have an Internet account with a designated bank.
Payment gateway
The Board has set up a dedicated payment gateway called, 'ICEGATE'.
If the importer is registered on this Web site, it can easily use the e-payment facility with the current log-in facility.
Those that…

TTD CA Empanlement

Tirumala Tirupati Devasthanams has given advertisement in The Hindu Business Line for Empanlement of Chartered Accounting Firm for undertaking Accounting activities of TDS- see attachment.

Report on Illegal Mining

Raiders of the Mines: Download Lokayukta Report On Illegal Mining



Santosh Hegde

The report dated 27th July 2011 by Karnataka Lokayukta Santosh Hegde exposes the illegal mining carried out in the State of Karnataka. The report claims that Rules were flouted, government officials bribed and private companies and banks too participated in this loot, throwing to winds all norms of corporate governance and propriety. The report says that the State has lost revenue of about Rs. 16,085 crores.

The report names several well known corporates as having paid bribes, under-invoiced exports and dealt in fudged permits. NMDC, the public sector giant, is accused of under-invoicing sales. Adani Enterprises is accused of paying bribes and permitting illicit iron ore exports through the Belekere port. JSW Steel is accused of not only paying bribes but also of colluding with G Janardhan Reddy to buy illegal ore

An extract from the report (page 413):


"One of the main reasons for explosive illegal iron …

ITR Clarification

Section 139 of the Income-tax Act, 1961 - Return of income - Exemption from requirement of furnishing return of income for A.Y. 2011-12 where income does not exceed Rs. 5 lakhs - Assessee has option to avail said exemption
ORDER [F.NO. 142/09/2011-SO(TPL)], DATED 25-7-2011
The Central Board of Direct Taxes had exempted a certain class of persons from the requirement of furnishing a Return of income under sub-section (1) of section 139 of the Income-tax Act, 1961 for the assessment year 2011-12, videNotification SO No. 1439 (E), dated 23-6-2011, subject to the conditions specified in the Notification.
2. It has come to the notice of the Board that in some Income-tax offices. Returns of Income are not being received by the staff on the ground that an individual with less than Rs. 5 lakhs of income is not required to furnish his return of income.
3. Necessary instructions may be issued to the officers and staff concerned to accept Returns of Income from those taxpayers who wish to file their…

CA Results Analysis-May 2011

Result-Chartered Accountant Final Examination held in May, 2011 & CPT(Paper Pencil Mode) held on June 19, 2011















PRESS RELEASE



July 19, 2011



The Institute of Chartered Accountants of India (ICAI) today announced the following results



Chartered Accountants Final Examination held in May, 2011.

Common Proficiency Test (Paper Pencil Mode) held on June 19, 2011. Since December1949, the Chartered Accountancy Examination is held twice in a year.





The toppers of Chartered Accountants Final Examinations held in May, 2011 are from Bikaner, Mumbai and Pune. The details of the top three rank holders on all India basis for Chartered Accountants Final along with the marks secured by them are mentioned at Annexure-A. The result analysis of the Final examination in terms of gender wise and region wise pass percentage is mentioned at Annexure-B.





The toppers of Common Proficiency Test (Paper-Pencil Mode) held on 19th June, 2011 are from Tirupathi, Pune, Hyderabad, Guntur (Andhra Pradesh), Mumbai & Amrits…

New ER1 & ER 3 Forms

Find enclosed new notification from CBEC.

The Central Board of Excise and Customs has notified new Form ER-1 and Form ER-3.Form ER-1 is the monthly return for production and removal of goods and other relevant particulars and CENVAT credit.Form ER-3 is the quarterly return for production and removal of goods and other relevant particulars and CENVAT credit, by an assessee eligible to avail of the exemption under a notification based on the value of clearances in a financial year.
The new forms would be effective from 1st October, 2011

TDS Defaults (Notice) information in TIN Website (TAN Login)

ITD has started processing of TDS returns for 2010-11 (u/s 200A) and earlier years (u/s 201)

All 'defaults' information, those processed after 01-04-2011, are now made available at www.tin-nsdl.com. (TAN registration login)

The defaults will be raised as & when processed and will be kept updated in this area. It will be in a Zipped Excel sheet (no password) and quarter wise separate files will be available. (for which defaults are identified)

Deductors may also receive physical/email notices from local offices shortly.

So, the TAN registration login will cover below features now:

Consolidated TDS file download and request tracking
Form 16A data download and utility
Form 15CA Submission
Defaults information (Mistakes/Inconsistencies)
Profile update

Consulting Engineers-ST-Receipt Basis

CONSULTING ENGINEERS TO PAY TAX ON RECEIPT OF PAYMENT-POINT OF TAXATION RULES AMENDED


Circular No. 144/13/ 2011 – ST
F.No.354/93/2011-TRU
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise and Customs
Tax Research Unit
North Block, New Delhi
18th July, 2011
To
Chief Commissioners of Central Excise and Service Tax (All),
Director General (Service Tax),
Director General (Central Excise Intelligence),
Director General (Audit),
Commissioners of Service Tax (All),
Commissioners of Central Excise and Service Tax (All).

Madam/Sir,
Subject: - Clarification on "Completion of service"- regarding.

Representations requesting clarification on "completion of service" as provided under the Point of Taxation Rules, 2011 and Service Tax Rules, 1994 have been received from certain sections of service providers that in many situations it is not possible to issue invoices within 14 days of the completion of the service since the exact date of completion of service is…

FAQ ON EXEMPTION FROM FILING OF INCOME-TAX RETURN

EXEMPTION FROM FILING OF INCOME-TAX RETURN
CBDT's FAQs

1. What is the purpose of this notification and who are proposed to be exempted from the requirement of filing of the return?

The primary objective of this notification is to exempt those salaried taxpayers from the requirement of filing income-tax returns, who have (i) total income not exceeding Rs. 5,00,000, and (ii) the total income consists only of income chargeable to income-tax under the head 'Salaries' and interest income from savings bank account if such interest income does not exceed Rs. 10,000.
Further, such salaried taxpayer would be eligible for exemption from filing a return of income only if tax liability has been discharged by the employer by way of Tax Deducted at Source (TDS) and the deposit of the same to the credit of the Central Government. For this purpose, taxpayer has to intimate his interest income to the employer during the course of the year.
For Example -
(i) If an individual has salary income o…

Amendment to Rule 114B of IT Act-wef 01-07-2011

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AMENDMENT IN RULE 114B OF THE INCOME-TAX RULES, 1962
Income-tax (Fifth Amendment) Rules, 2011 - Amendment in rule 114B
NOTIFICATION NO. 27/2011 [F. NO. 149/122/2010-SO(TPL)], DATED 26-5-2011
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 (Fifth Amendment) Rules, 2011.
(2) They shall come into force on the 1st day of July, 2011.

. In the Income-tax Rules, 1962, in rule 114B,—
(i) in the Explanation (a), in clause (k), for the words "tour operator" the words "tour operator, or to an authorized person as defined in clause (c) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999)" shall be substituted.
(ii) in clause (l) for the words "for issue of a credit card" the words "for issue of a credit or debit card" shall be subst…

Synchronisation of DPIN with DIN

Limited Liability Partnership Rules, 2009 (Amendment) Rules, 2011

Ministry of Corporate Affairs vide its Notification dated 05.07.2011 has come out with the Limited Liability Partnership Rules, 2009 (Amendment) Rules, 2011. The notification stands effective with effect from July 9, 2011

A brief of the substituted provisions for Rule 2, sub rule (1), para (iv) and Rule 10 has been specified below

(i)Designated Partner Identification Number" (DPIN) means an identification number which the Central Government may allot to any individual, intending to be appointed as designated partner of a limited liability partnership (LLP)and shall also include Directors Identification Number issued under Section 266A, 266B and 266E of the Companies Act, 1956 and rules made thereunder.

(ii)Individual intending to be appointed as designated partner of LLP would be required to make an application under Form DIN 1 in order to obtain DPIN

(iii)In case, person is holding DIN and DPIN both, DPIN shall stand c…

IndianCAs: ITR 4 & 5- DSC - ER 8 [1 Attachment]

INCOME-TAX (SIXTH AMENDMENT) RULES, 2011 - AMENDMENT IN RULE 12


NOTIFICATION NO. 37/2011 [F. NO. 149/68/2011-SO (TPL)], DATED 1-7-2011


In exercise of the powers conferred by section 295, read with section 139 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 (Sixth Amendment) Rules, 2011.


(2) They shall come into force from the date of its publication in the Official Gazette.


2. In the Income-tax Rules, 1962 in rule 12, in sub-rule (3), in the proviso, for clauses (a) and (aa) the following clause shall be substituted, namely :—


"(a) a firm required to furnish the return in Form ITR-5 or an individual or Hindu Undivided Family (HUF) required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable, shall furnish the return for assessment year 2011-12 and subsequent assessment years in the manne…

IndianCAs: Happy CA Day!!

My Dear CA friends,

My best wishes on 1st July, being a CA Day!!
I wish you a wonderful year ahead as a chartered accountant,
with prosperity & success in professional life
and fulfillment & happiness in perosnal life!!
Let's celebrate the birthday of this greatest profession!!


Ashwin NagarFCA and SAP-Finance & Consolidations
Success is not permanent and failure is not final

Facebook : http://www.facebook.com/ashwinnagar
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