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Showing posts from September, 2012

ST 3- Period -Apr-June Only-Amended

New Delhi, the  28th  September, 2012 6 Asvina, 1934 Saka G.S.R           (E).-In exercise of the powers conferred by sub-section(1) read with sub-section (2) of section 94 of the Finance Act 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely:-
1.        (1) These rules may be called the Service Tax(Fourth Amendment) Rules, 2012.            (2)  They shall come into force on the date of their publication in the Official Gazette.
2.         In the Service Tax Rules,1994, in rule 7, in sub-rule(2), the following proviso shall be inserted, namely:-
"Provided that  the Form 'ST-3' required to be submitted by the 25th day of October, 2012 shall cover the period between 1st April  to 30th June, 2012 only."

F.No 341/21/20…

CBDT on Scrutiny Assessments

25-9-2012 Letter DO F.No. 225/97/2012/ITA.II As you are aware, the CBDT has laid special emphasis in the CAP 2012-13 for improving the quality of assessments. In this regard, a strategy has been mentioned at Annexure-II (pgs. 38-43) of CAP Document. 2. The then Member (IT) had asked the Chief-Commissioners of Income-tax ('CCsIT') to send list of top 100 quality assessments in respective charges. This direction of Member was not complied with by many of CCsIT which has been viewed seriously by the Board. It is expected from the field-formation that in future the directions of the Board will not be ignored. 3. Some CCsIT have forwarded the list in mechanical manner without bringing out the quality aspect of the assessments. The analysis of the information supplied to the Board shows that the quality of assessments in the FY 2011-12 has been far from satisfactory in majority of cases. 4. The CCsIT are therefore requested to sensitize the Assessing Officers in their Region to pay focus…

Form 23 B Date Extended

FILING OF FORM 23B BY STATUTORY AUDITOR FOR THE ACCOUNTING YEAR 2012-13 GENERAL CIRCULAR NO. 31/2012 [F.NO. 17/160/2012 CL-V], DATED 28-9-2012 The Ministry had issued Circular No. 14 of 2012 whereby the fees was imposed on filing of 23B as per Schedule X of the Act. To ensure smooth filing of the forms 23AC (Non-XBRL) and 23ACA (Non-XBRL) with the approval of the competent authority, the filing of e-form 23B is extended without any additional fees till 23-12-2012 or due date of filing, whichever is later

Programs by ICAI Committee for Members in Industry (CMII) & Internal Audit Standards Board (IASB)

Programmes to be organised by CMII & IASB Sl. No. Title of the Seminar/ Conference/ Webcasts CPE Hours Link for programme details and online payment Contact Person 1 Seminar on Internal Audit and Risk Management on October 6, 2012 at Hotel Tip Top Plaza, LBS Road, Thane Fees: Rs. 1200/- 6 Please refer link for details: Thane Branch of WIRC of ICAI Contact Nos. : 022-25382451/53/54, 56 E-mail Id : CA. Jyoti Singh, Secretary, IASB, 011-30110420, 2 Job Fair Exclusively Structured for Small & Medium Sized Enterprises and Small & Medium Sized CA. Firms during October 2012  (9th October 2012 to 12th October 2012) Being conducted at 10 centres viz. Mumbai, Hyderabad, Bengaluru, New Delhi, Chennai, Kolkata  Ahmedabad, Jaipur , Pune and Vapi NA For programme details, please visit Dr. Surinder Pal, Secretary, Committee for Members in Industry, ICAI Phone No-011-30110430 Email:sp…


INCOME-TAX OFFICES TO REMAIN OPEN ON 29TH & 30TH SEPTEMBER, 2012, FOR CONVENIENCE OF TAXPAYERS ORDER [F.NO.225/163/2012/TA-II], DATED 28-9-2012 The Board has decided that the Income-tax offices all over India shall make special arrangements by opening of receipt counters on 29th & 30th September, 2012 being Saturday & Sunday respectively for the convenience of taxpayers.

Tax Residency Certificate-DTAA Relief

CBDT Notification Regarding Format of "Certificate of Tax Residency" For DTAA S. 90 (4) of the Act, as inserted by the Finance Act 2013 w.e.f 1.4.2012 provides that an assessee, not being a resident, to whom an agreement referred to in sub-section (1) of s. 90 applies, shall not be entitled to claim any relief under a Double Taxation Avoidance Agreement unless a certificate, containing such particulars as may be prescribed, of his being a resident in any country outside India or specified territory outside India, as the case may be, is obtained by him from the Government of that country or specified territory. A similar provision has been inserted in sub-section (4) of s. 90A of the Act. Pursuant therto, the CBDT has issued Notification dated 17.09.2012 to insert Rule 21BA and Forms 10FA and 10FB specifying the manner in which the aforesaid Certificate of Tax Residency should be obtained.

Revised Form 23AC & Form 23ACA

COMPANIES (CENTRAL GOVERNMENT'S) GENERAL RULES AND FORMS (SIXTH AMENDMENT) RULES, 2012 - SUBSTITUTION OF FORMS 23AC AND 23ACA NOTIFICATION [F.NO.17/160/2012-CLV], DATED 21-9-2012 In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Central Government's) General Rules and Forms, 1956, namely: - 1. (1) These rules may be called the Companies (Central Government's) General Rules and Forms (Sixth Amendment) Rules, 2012. (2) They shall come into force with effect from the 30th September, 2012. 2. In the Companies (Central Government's) General Rules and Forms, 1956, in Annexure 'A' for Forms 23AC and 23ACA, the following Forms shall be substituted, namely:- FORM 23AC Form for filing balance sheet and other documents with the Registrar [See section 220 of the Companies Act, 1956 and Rule 7B] FORM 23ACA Form …

FDI Article by S Gurumurthy

Reform' at nation's cost: S.Gurumurthy By S Gurumurthy
20th September 2012 12:05 AM Indeed ironical. On the same Friday (September 14) Prime Minister Manmohan Singh rolled out the red carpet for Walmart, New York City, America's largest, shut Walmart out. Again ironically the very Friday the UPA government handed the FDI bouquet to Walmart and lobbyists assured that small retailers are safe, Atlanticcities, a web-newspaper from the stable of the famous Foreign Affairs magazine, carried a devastating headline news: 'Radiating Death: How Walmart Displaces Nearby Small Businesses'. Weeks ago, on June 30, over 10,000 people, shouting "Walmart = Poverty", marched through Los Angeles, America's richest city, against Walmart stores. On June 1, hundreds protested in Washington DC against Walmart. "Say-No-To-Walmart" is an ongoing movement all over the United States. Why focus on Walmart? It is …

Government to handle selection of auditors for public sector banks

Government to handle selection of auditors for public sector banks New Delhi
September 21, 2012 The government will now handle the selection of auditors for state-run banks, a finance ministry official said, signalling growing concern over laxity in the audit followed by lenders and possible overstatement of profits. The finance ministry is expected to issue a directive on the issue soon. "We are in consultation with key players. We expect to issue the directives in the next few days," the official said. The issue of public sector banks selecting auditors on their own had earlier been flagged by the Institute of Chartered Accountants of India (ICAI), which said the appointments should be done by an independent regulator, such as the Reserve Bank of India. The ICAI regulates the profession of accountants in India. "The institute has repeatedly written to the ministries of corporate affairs and finance regarding the new practice of management self-selecting auditors in PSU…

Cost Audit Vs TP Audit

Impact of Cost Accounting Rules on TP ComplianceMr. Simachal Mohanty, Global Head - Direct Tax, Dr. Reddy's Laboratories Ltd

An interesting proverb says "You cannot change your luck and neighbour, but can amend your ways to meet them". We all thought laws about Cost accounting compliance and reporting are neighbouring provisions to the direct tax laws. However, this time we need to welcome this neighbour, at or against our will, since it has already set in to the house of direct tax. Ministry of Corporate Affairs published a notification dated 3rdJune 2011 , notified The Companies (Cost Audit Report) Rules 2011. All we thought that it is another piece of legislation relating to Cost Accounting, we all took a lazy view on it legitimately.  However, these rules have a lot to do with our transfer pricing law – let's analyze. According to Sec. 209 (1)(d) of Companies Act, 1956, a company engaged in production, processing, manufacturing or mining activities must …

Rajiv Gandhi Equity Savings Scheme

Ministry of Finance21-September, 2012 16:11 IST Finance Minister approves the Operational Features of the Rajiv Gandhi Equity Savings Scheme (RGESS)The Union Finance Minister Shri P. Chidambaram approved a new tax saving scheme called "Rajiv Gandhi Equity Saving Scheme"(RGESS),exclusively for the first time retail investors in Securities Market. This Scheme would give tax benefits to new investors who invest up to Rs. 50,000 and whose annual income is below Rs. 10 lakh.

The Scheme not only encourages the flow of savings and improves the depth of domestic capital markets, but also aims to promote an 'equity culture' in India. This is also expected to widen the retail investor base in the Indian securities markets.

Salient features of the Scheme are as under:

a. Scheme is open to new retail investors, identified on the basis of their PAN numbers. This includes those who have opened the Demat Account but have not made any transaction in equity and /or in derivatives till t…

Note on Immunity from TDS Default

Note on  Accountant's certificate format notified to get immunity for TDS default, if due taxes paid by payee (NOTIFICATION NO. 37/2012 [F.NO. 142/18/2012-SO(TPL)], DATED 12-09-2012)
·Any person who fails to deduct the whole or any part of tax deducted at source on the sum paid or credited to the account of resident shall not be deemed to be an assessee in default if the following conditions are satisfied:
oIf payee has furnished his return of income under section 139 oIf Payee has taken into account such sum for computing income in such return of income oIf Payee has paid the tax due on the income  declared by him in such return of income, and othe person furnishes a Certificate in Form 26 A or Form 27BA as the case may be to this effect from a practicing Chartered Accountant
·However, the Deductor is required to pay interest u/s 201(1A) of the Income-tax Act. ·Disqualifications of CA to certify Form 26A or Form 27BA oIf CA is a director, partner or employee of the payee en…

CA Certificate on Return of Income

NCOME-TAX (ELEVENTH AMENDMENT) RULES, 2012 - INSERTION OF RULES 31ACB, 37J, FORM NOS. 26A & 27BA NOTIFICATION NO. 37/2012 [F.NO. 142/18/2012-SO(TPL)], DATED 12-9-2012 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 (11th Amendment) Rules, 2012. (2) They shall come into force on the date of publication in the Official Gazette. 2. In the Income-tax Rules, 1962, (hereafter referred to as the "said rules"),- (a)  after rule 31ACA, the following rule shall be inserted, namely:- "Form for furnishing certificate of accountant under the first proviso to sub-section (1) of section 201 31ACB. The certificate from an accountant under first proviso to sub-section (1) of section 201 shall be furnished in Form No.26A"; (b)  after rule 37-I, the following rule shall …