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Showing posts from August, 2013


SECTION 5 OF THE LIMITED LIABILITY PARTNERSHIP ACT, 2008 - PARTNERS - WHETHER HINDU UNDIVIDED FAMILY (HUF)/ITS KARTA CAN BECOME PARTNER/DESIGNATED PARTNER (DP) IN LIMITED LIABILITY PARTNERSHIP (LLP) GENERAL CIRCULAR NO. 13/2013 [F.NO. 1/13/2012-CL-V],DATED 29-7-2013 It has come to the notice of the Ministry that some Hindu Undivided Families (HUFs)/Kartas of such families are applying to become partner/ Designated partner (DP) in LLPs and a question has arisen whether a 'HUF' or a karta can be allowed to do so. The matter has been examined in consultation with Ministry of Law. 2.As per section 5 of LLP Act, 2008 only an individual or body corporate may be a partner in a Limited Liability Partnership. A HUF cannot be treated as a body corporate for the purposes of LLP Act, 2008. Therefore, a HUF or its karta can not become designated partner in LLP. 3.This issues with the approval of Secretary, MCA

ST Return Due Date Extended

ORDER NO 4/2013-Service Tax, Dated : August 30, 2013 In exercise of the powers conferred by sub-rule(4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs hereby extends the date of submission of the Form ST-3 for the period from 1stOctober 2012 to 31stMarch 2013, from 31stAugust, 2013 to 10thSeptember, 2013. The circumstances of a special nature, which have given rise to this extension of time, are as follows: "Difficulties have been faced by assessees in uploading the offline utilities". F.No.137/99/2011-Service Tax Himani Bhayana
Under Secretary (Service Tax)
Central Board of Excise and Customs


ATDS breather on service tax portion
The Rajasthan High Court, in the case of Rajasthan Urban Infrastructure Development Project, ruled that no tax need be withheld under Section 194J on the service tax payable on professional/ technical fees. Interestingly, the Central Board of Direct Taxes had in an earlier circular held that the scope of withholding tax under Section 194J includes 'any sum' by way of professional/ technical services, and withholding tax applies on the service tax component as well. However, the High Court ruled that if service tax is payable in addition to professional/ technical fees under the contract, the withholding tax will be restricted to the fees, thereby highlighting that examination of contract terms is imperative. This ruling may also be relevant in the context of other similarly worded withholding tax provisions.

Very Important Alert on e Filing of Tax Audit Report

Dear Members,

Please note that there is clear instructions from Income-tax Department wherever there is requirement in the Form to be submitted a signed copy of document by an Assessee/ CA as an attachment, upload the scanned copy of the same documents.
Please see the instruction in ITD website.
Please adhere to the instruction while e filing the Balance Sheet and Profit and Loss while uploading the tax audit report.

Parliament Passes Companies Bill,2012

Dear Members,

Parliament Passes the Historic Companies Bill 2012

The Parliament has passed the historic Companies Bill 2012, moved by Shri Sachin Pilot, Minister of Corporate Affairs. The Bill was passed by the Rajya Sabha here today which had already been passed by the Lok Sabha many months ago (in December 2012). Shri Pilot has termed it as a historic day for the country as it will usher in a new era in the Corporate Governance. The new Companies Bill, on its enactment, will allow the country to have a modern legislation for growth and regulation of corporate sector in India. The existing statute for regulation of companies in the country, viz. the Companies Act, 1956 had been under consideration for quite long for comprehensive revision in view of the changing economic and commercial environment nationally as well as internationally. The new law will facilitate business-friendly corporate regulation, improve corporate governance norms, enhance accountability on the part…


Dear Members, The CBEC has issued Circular No. 170/5 /2013 ST dated 08.08.2013 (as attached) clarifying references received by the Board seeking further clarifications as regards the scope and applicability of the VCES Scheme. Some of the issues raised with reference to the Scheme have been clarified by the Board vide circular No. 169/4/2013-ST, dated 13.5.2013. The Union Finance Minister, Mr P. Chidambaram, has also released a booklet containing Frequently Asked Questions (FAQ) on Service Tax Voluntary Compliance Encouragement Scheme, 2013 in New Delhi today in the presence of Revenue Secretary, Chairperson and other members of Central Board of Excise & Customs and media. Service Tax Voluntary Compliance Encouragement Scheme (VCES) announced by the Finance Minister in his Budget speech has come into effect on 10 th May, 2013. The objective of the scheme is to encourage disclosure of Tax dues and compliance of Service Tax law by the persons who have not paid service tax…

IndianCAs: Key Highlights of Companies Bill,2012

Key Highlights of Companies Bill,2012

Incorporation of a One Person Company has been permitted.Numbers of permissible members in private company has been raised to 200 as against existing limit of 50 members.Listed companies shall have at least 1/3rd of the total number of directors as Independent Directors and the Central Government may prescribe the minimum number of Independent Directors for any class of public companies.Nominee director cannot be regarded as Independent Director.Maximum term of ID has been restricted to five years at once subject to a maximum of two such terms.Appointment of at least one woman director on the board of prescribed classes of companies has been made mandatory.Appointment of at least one director resident in India, i.e. a director who has stayed in India for at least 182 days in the previous calendar year, is made mandatory for all companies. Maximum number of directors has been increased from twelve (12) to fifteen (15) directors .Further no Central G…

IndianCAs: The Companies Act, 2012 - Knowledge Sharing [1 Attachment]

[Attachment(s) from Ashwin Nagar included below]Dear Friend, Please find the attached New companies bill, 2012 passed by Rajya sabha yesterday and which was passed in Lok Sabha on 18th Dec, 2012. Have a happy reading.Shared by: Viju patel<>
| Ashwin Nagar | FCA and SAP-Finance & Consolidations |Success is not permanent and failure is not final

__._,_.___ Attachment(s) from Ashwin Nagar 1 of 1 File(s) The_Companies_Bill_2012.pdf Reply via web post Reply to sender Reply to group Start a New TopicMessages in this topic () Recent Activity:Visit Your Group Note: All messages posted by members including me on this group are sent in their personal capacity. No official position held anywhere by them have nothing to do with this email group. The group does   not accept any responsibility with regards to accuracy or the mistakes in the material circulated…