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Showing posts from November, 2011

PPF-ROI-8.6%

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…

PPF-NSC- CHANGES

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 appl.helpdesk@mca.gov.in. Click here to view ROC facilitation office/ helpdesk details for filing assistance