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Showing posts from July, 2012

ITR Return Date Extended

Vide Notification issued u/s 139(1), the CBDT has extended the 'due date' for filing of returns of income for the Assessment Year 2012-13 to August 31, 2012 in respect of assessees who are liable to file such returns by July 31, 2012.

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CA. V.M.V.SUBBA RAO
Chartered Accountant
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Taxpayer Friendly Initiatives

Finance Ministry's Press Release Reg "Taxpayer Friendly Initiatives"Press Release dated 23.0.2012 issued by the Ministry of Finance Income Tax Department Starts Two More Taxpayer Friendly Initiatives : 'Register for Home Visit' and 'Online Tax Help'  In order to make the Income Tax Return filing experience even more convenient, the Income Tax Department has started two more taxpayer friendly initiatives 'Register for Home Visit' and 'Online Tax Help'. To avail these facilities, a taxpayer must visit the website www.trpscheme.com and take help of trained professionals either online or at their homes. The taxpayer can choose between 'online help' or 'home visit'.
On choosing the option of online tax help, the taxpayer can fill in his tax related query along with his contact details. The online query will be resolved by tax experts through Email or Phone within 24 hours.
The taxpayers who choose to register for home v…

PIB on TDS Returns

Press Information Bureau
Government of India
Ministry of Finance
10-July-2012 16:05 IST Deductors Must Comply with their Obligations to Ensure Correct Credit to Persons from Whose Income Tax is Deducted at Source All deductors other than Government deductors must file their quarterly TDS statement for the quarter ending 30th June 2012, on or before 15th July 2012 and Government deductors must file their statement on or before 30th July 2012. While submitting their statements, the deductors have to choose correct and relevant form, quote correct PAN against all entries and ensure that correct CIN/BIN is quoted in the TDS statement. Non-quoting of PAN or TAN in TDS statements or delay in filing of TDS statements may lead to levy of penalty.

Filing of TDS statement with correct PAN and CIN/BIN is important because under Rule 37BA of Income Tax Rules, 1962 credit for tax deducted at source is given to the deductees on the basis of TDS statement furnished to the Income-tax Department by t…

Companies (Second Amendment) Act,2002

MCA Updates Enforcement of certain provisions of Companies (Second Amendment) Act, 2002Companies (Second Amendment) Act, 2002, which proposes to bring about several regulatory and procedural changes in Companies Act, 1956 through insertion of provisions in the Act and amendment in various sections of Companies Act, 1956, is not effective till date. Section 2 of the Amendment Act states that Central Government may appoint a date, by notification in the Official Gazette to bring into force the amendment Act, provided that different dates may be appointed to give into effect different sections of the amendment Act. Drawing its authority from this section, the Ministry of Corporate Affairs, vide Notification S.O. (E) dated July 10, 2012 has notified August 12, 2012 as the effective date of Companies (Second Amendment) Act, 2002, w.r.t. certain sections of Companies Act, 1956. This is for the first time that a date has been notified for any of the sections of …

Highlights of Expert Group Report on Societies Registration Act 1860

Highlights of Expert Group Report on Societies Registration Act 1860 Introduction: An Expert Group was constituted by Ministry of Corporate Affairs to study the legislative and regulatory architecture of the Societies Registration Act, 1860 and to understand and gauge the ground level situation of societies operating in India at present. The Group realized that that there are two different types of societies pertaining in India, one whose functions are restricted to only one state only and others, whose activities are spread in more than one state and it has drafted a Bill in respect of societies having multi- state operations which is called a Multi-State Societies Registration Bill, 2012 (MSSRB, 2011).. A model law governing the registration of societies having operation limited to one state will also be prescribed soon but the said law will have to adopted and enacted by each State separately. It is to be further noted that at present there is no …

Form 23 B Filing date extended

Ministry vide circular number 14/2012 dated 21.06.2012 had imposed fees on Form 23B (Information by auditor to Registrar) w.e.f. 22/07/2012. Kindly note that the last date for filing the Form 23B without fee has been extended for two weeks. Fee shall be charged on any eForm 23B filed on or after 5th August, 2012. You are therefore advised to file the pending eForms within the time limit to avoid any last minute rush.

Form 5INV

Press Information Bureau Government of India Ministry of Corporate Affairs 20-July-2012 15:58 IST MCA Notification on Investor Education and Protection Fund (Uploading of Information Regarding unpaid and Unclaimed Amounts Lying with Companies) Rules, 2012 The Ministry of Corporate Affairs has notified that Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012, has mandated every company to file eForm 5INV containing the information of unclaimed and unpaid amounts as referred to in subsection (2) of section 205C of the Companies Act, 1956. As per the notification this information is required to be filed every year within a period of 90 days after the holding of Annual General Meeting or the date on which it should have been held as per the provisions of section 166 of the Act, and every year thereafter till completion of the seven years' period. The information is to be filed in Form 5- INV as per …

e-PF Passbook

Dear Members, Employees' Provident Fund Organization (EPFO) had recently started the Electronic Challan cum Return facility for employers for promoting a prompt and transparent service. Now, EPFO has issued a circular on introducing a facility ofE-Passbook to Provident Fund Members through Member Portal on EPFO website.

Standing Committee Report on Companies Bill,2011

SEE ATTACHMENT

Standing Committee Report on Companies Bill 2011 The Companies Bill, 2011 introduced in Lok Sabha on 14 December, 2011, was referred to the standing Committee on 5 January, 2012 for examination and report thereon, by the Hon'ble Lok Sabha Speaker. The standing committee headed by Shri Yaswant Sinha after several meeting and deliberations have submitted their much awaited report to the speaker on 26th June 2012.

The key contents of the report are:
Report of MCA on the treatment of various recommendations of the Standing Committee on their earlier report on Companies Bill 2009, in the Companies Bill 2011. Comments of MCA on various suggestions received by the Standing Committee from the stakeholders during their their deliberation on the Companies Bill 2011. Observations & recommendations of the Standing Committee on the Companies Bill 2011.
The report of Standing Committee has raised fresh hopes of introduction of the Companies Bill 20…

Draft GAAR Rules

Dear Members,
Vide letter dated 28.06.2012, the Director General of Income-tax has issued draft guidelines in respect of the General Anti-Avoidance Rules (GAAR). GAAR is scheduled to become applicable w.e.f. 1.4.2013. The guidelines contain illustrations to explain how the GAAR provisions will apply together the draft of the forms required to be filled in. Comments can be forwarded till 20.07.2012

Cess Applicable on ST

Circular No. 160/11/2012-ST F.No.334/1/2012-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs (Tax Research Unit) ***** Room No. 153, North Block, New Delhi, 29thJune, 2012. To Chief Commissioners of Customs and Central Excise (All) Chief Commissioners of Central Excise & Service Tax (All) Directors General of Service Tax/Central Excise Intelligence/Audit Commissioners of Central Excise & Service Tax (All) Commissioners of Service Tax (All) Commissioners of Customs and Central Excise (All) Madam/Sir,

Subject:Applicability of provisions of the Finance Act, 2004 relating to education cess and the Finance Act, 2007 relating to secondary and higher education cess– regarding.        

There has been some doubt regarding the applicability of provisions of the Finance Act, 2004 relating to education cess and the Finance Act, 2007 relating to secondary and higher education cess as the concerned Acts make reference to section 66 of the Fi…

Form 23B- Fee Payable to ROC

Form 23B

Every statutory auditor appointed by the company in the Annual General Meeting under section 224(1) of the Companies Act, 1956 in this form has to intimate whether he has accepted the appointment or not to the concerned Registrar of Companies, , within 30 days of the intimation received from the company by the auditor.

Earlier, the form was filed free of cost, but now it has to be filed through MCA 21, as per the fees mentioned in Schedule X of the Companies Act, 1956


IndianCAs: Shocking News (No cap likely on audit firms’ clients in Cos Bill)

The big four audit firms can breathe easy as the Ministry of Corporate Affairs (MCA) has decided there will be no cap on the number of companies an audit firm can take on as clients.

A source in the government told The Indian Express that the ministry has decided to drop the recomendation of the Parliamentary Standing Committee on Finance to restrict the number of companies beyond which audit firms shall not be auditors.

It is also likely to retain the current definition of listed companies instead of the narrower definition of listing suggested by the the committee, viz. an alteration to include a reference to equities and in the case of debt, of having been issued to public.

The current definition instead makes no such distinction and says a company is listed if any of its securities, equity or debt are traded in a stock exchange.

The broader definition has helped the government in the case of Sahara debentures for instance as they were treated as listed and hence under the purview…

IndianCAs: Framework for audit of Gram Panchayat accounts by CAs [1 Attachment]

[Attachment(s) from Ashwin Nagar included below]
Useful information shared by Irani Sarosh.
| Ashwin Nagar | FCA and SAP-Finance & Consolidations |
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Subject: Draft Framework for audit of Gram Panchayat accounts by CAs
Dear Convenors / Dy. Convenors,

Our study circle founder member, Arun Anandagiri and myself had the opportunity to meet the Union Minister for Rural Development, Shri Jairam Ramesh on Tuesday in New Delhi.

During the course of our meeting he discussed the important role that Chartered Accountants could play in proper implementation of one of the flagship schemes of the Government - National Rural Employment Guarantee Scheme (NREGA). He shared with us the draft framework that is being put into plac…

CLARIFICATION ON SERVICE TAX ON REMITTANCES

CLARIFICATION ON SERVICE TAX ON REMITTANCES CIRCULAR NO. 163/14/2012-ST, DATED 10-7-2012 Concerns have been expressed in various forums regarding the leviability of service tax on the remittance of foreign currency in India from overseas. 2. The matter has been examined and it is clarified that there is no service tax per se on the amount of foreign currency remitted to India from overseas. In the negative list regime, 'service' has been defined in clause (44) of section 65B of the Finance Act 1994, as amended, which excludes transaction in money. As the amount of remittance comprises money, the activity does not comprise a 'service' and thus not subjected to service tax. 3. In case any fee or conversion charges are levied for sending such money, they are also not liable to service tax as the person sending the money and the company conducting the remittance are located outside India. In terms of the Place of Provision of Services Rules, 2012, such services are deemed t…