IndianCAs by Ashwin Nagar: November 2010

26 November 2010

DIN Amendment

Companies Act

Rules/Amendment Rules

Companies (Director Identification Number) Rules, 2006 (Amendment) 2010 - Amendment in Forms DIN-1 and DIN-3

NOTIFICATION NO. GSR 849(E), DATED 15-10-2010

In exercise of the powers conferred by clauses (a) and (b) of sub-section (1) of section 642 read with sections 266A, 266B and 266E of the Companies Act, 1956 (1 of 1956) the Central Government hereby makes the following rules further to amend the Companies (Director Identification Number) Rules 2006, namely :—

1. (1) These rules may be called the Companies (Director Identification Number) Rules 2006, (Amendment), 2010.

(2) These rules shall come into force on the 5th day of December, 2010.

2. In the Companies (Director Identification Number) Rules 2006 :—

(i) in Form DIN-1, in the declaration, at the bottom of serial number 14, the following declarations shall be inserted namely :—

"I also confirm that I am not restrained/disqualified/removed of, for being appointed as Director of a company under the provisions of the Companies Act. 1956 including sections 203, 274 and 388E of the said Act.

I further confirm that I have not been declared as proclaimed offender by any Economic Offence Court or Judicial Magistrate Court or High Court or any other Court."

(ii) in Form DIN-3, under Verification, the following Verifications shall be added namely :—

"It is hereby confirmed that the appointed Director(s) whose particulars are given above, has given declaration to the company that he/she is not restrained/disqualified/removed of, for being appointed as Director of a company under the provisions of the Companies Act, 1956 including sections 203, 274 and 388E of the said Act.

It is also confirmed that the appointed Director(s) whose particulars are given above. has given a declaration to the company that he/she has not been declared as proclaimed offender by any Economic Offence Court or Judicial Magistrate Court or High Court or any other Court."

--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
+91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx

22 November 2010

CBDT on Stay of Demand

CBDT's clarification on instructions on Stay of Demand

Letter [F.No. 404/10/2009-ITCC], dated 1-12-2009

Many queries have been received regarding the applicability of Instruction number 95 dated 21.8.1969 vis-à-vis Instruction number 1914 dated 2.12.1993. Many assesses are taking the plea that Instruction No. 1914 does not supercede Instruction No. 95 dated 21.8.1969.

2. Instruction No. 95 dated 22.8.1969 was an assurance given by the then Deputy Prime Minister during the 8^th Meeting of the Informal Consultative Committee held on 13^th May, 1969. The observations made by the Deputy Prime Minister were as under:-

"Where the income determined on assessment was substantially higher than the returned income, say twice the latter amount or more, the collection of the tax in dispute should be held in abeyance till the decision on the appeal provided there were no lapses on the part of the assesses."

The above observations were circulated to the field officers by the Board as Instruction number 95 dated 21.8.1969.

2. The matter has been considered by the Board and the decision of the Board has been approved by the Finance Minister. It is hereby clarified that subsequent to Instruction No. 95 following Instructions/clarifications on the stay of demand were issued till 15^th October 1980:-

(i)Clarification to Instruction number 95 was issued on 14/09/1970 stating that it relates to disputed demands only.

(ii) Instruction number 635 was issued on 12/11/1973 stating that stay should be granted only in those cases where demands are attributable to substantial points of dispute.

(iii)Clarification to Instruction number 95 dated 13/07/1976 held that the Instruction becomes operative only in cases where there are no lapses on the part of the assessee.

(iv)Instruction number 1067 dated 21/06/1977 held that the ITO can pass the necessary orders u/s 220 (6) in all cases except cases under section 144A or 144B where the approval of IAC is required.

(v) Instruction number 1158 dated 27^th March 1978 held that in suitable cases the assessee may be allowed to furnish security.

(vi) Instruction number 1282 dated 4^th October 1979 held that requests should be made to CIT(A) and ITAT for early disposal of appeals and constant watch should be kept on progress of appeals.

(v) Instruction number 1362 was issued on 15/10/1980 in supersession of all the earlier Instructions. It was an Instruction covering the issue in detail and in para 4 of the same there was a clear reference to the proposition laid down in Instruction number 95 which is as follows:-

In exercising this discretion, the Income-tax Officer should take into account factors such as: whether the points in dispute relate to facts; whether they arise from different interpretations of law; whether the additions have been made as a result of detailed investigation; whether the additions are based on materials gathered through enquiry/survey/search and seizure operations; whether the disputed addition to income has been assessed elsewhere by way of protective assessment and the tax thereon has been paid by such person etc. The magnitude of addition to income returned cannot be the sole determinant in this regard. Each disputed addition will need to be considered to arrive at the quantum of tax that may need to be stayed.

3. It is clear that the substance of the assurance as laid down in Instruction number 95 dated 21.8.1969 was submerged in the Instruction number 1362 dated 15/10/1980 which was issued in supersession of all earlier Instructions on the subject. Instruction No. 1914 dated 2.12.1993 was issued subsequently in super-session of all the earlier Instructions on the subject and the said Instruction also covers unreasonably high pitched assessment order and genuine hardship cases.

4. It is therefore clarified that there is no separate existence of the Instruction number 95 dated 21.8.1969. Instruction number 95 and all subsequent Instructions on the issue ceased to exist from the date Instruction No. 1362 came into operation. In turn Instruction number 1362 and all subsequent Instructions on the issue also ceased to exist the day Instruction number 1914 came into operation i.e. 2/12/1993.The Instruction number 1914 holds the field currently and a copy of Instruction number 1914 is enclosed for reference.

Source:Taxmann

14 November 2010

ROC Additiona Fee Hiked- Comparision

Additional Fees Payable to Registrar of Companies (ROC)

Period of Delay	Additional Fee Upto 04/12/2010	Additonal Fee from 05/12/2010
Upto 30 days	One (1) time of normal filing fee	Two (2) Times of normal filing fee
More than 30 days and upto 60 days	Two (2) Times of normal filing fee	Four (4) Times of normal filing fee
More than 60 days and upto 90 days	Two (2) Times of normal filing fee	Six (6) Times of normal filing fee
More than 90 days and upto 180 days	Four (4) Times of normal filing fee	Nine (9) Times of normal filing fee
More than 180 days and upto 360 days (1 year)	Six (6) Times of normal filing fee	Nine (9) Times of normal filing fee
More than 1 year and upto 2 years	Eight (8) Times of normal filing fee	Nine (9) Times of normal filing fee
More than 2 years	Nine (9) Times of normal filing fee	Nine (9) Times of normal filing fee

ROC Additional Fees Increased wef 05/12/2010

Dear Corporates,

It has been decided to revise the additional fees payable as per Section 611(2) of the

Companies Act, 1956 (except for Form 5) as per below details with effect from 5th December

2010 :-

Period of Delay Fixed rate of additional fee

Upto 30 days Two times of normal filing fee

More than 30 days and upto 60 days Four times of normal filing fee

More than 60 days and upto 90 days Six times of normal filing fee

More than 90 days Nine times of normal filing fee

In order to avoid payment of additional fees, please file within stipulated time.

03 November 2010

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| Ashwin Nagar | FCA and SAP-FICO\SEM-BCS |

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IndianCAs: Bank Branch Auditors' Panel for the year 2010-11

Here is the link for

The Bank Branch Auditors' Panel for the year 2010-11, prepared thereof is hosted at the following link, for your ready reference.

Dear Sir/Madam,

This has reference to your application for the multipurpose panel for the year 2010-11. The Bank Branch Auditors' Panel for the year 2010-11, prepared thereof is hosted at the following link, for your ready reference.

Thanking You,

Yours faithfully,

Secretary
Professional Development Committee

Dear Sir/Madam,

Thanking You,

Yours faithfully,

Secretary
Professional Development Committee

http://meficai.org/cov_letter.html

| Ashwin Nagar | FCA and SAP-FICO\SEM-BCS |

Success is not permanent and failure is not final

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01 November 2010

Amendment to Form NO.1

COMPANIES ACT

RULES/AMENDMENT RULES

Companies (Central Government's) General Rules and Forms (Third Amendment), 2010 - Amendment in Annexure 'A'

Notification No. G.S.R. 848(E), dated 15-10-2010 issued by Ministry of Corporate Affairs

In exercise of the powers conferred by sub-section (1) of section 642 read with section 61OB of the Companies Act, 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 (Third Amendment), 2010.

(2) These rules shall come into force on the 5th day of December, 2010.

2. In the Companies (Central Government's) General Rules and Forms; 1956, in Annexurer 'A',—

(i) in Form No. 1,—

(a) in serial number 8, under the heading, Particulars of Promoters (first subscribers to the MOA), at the bottom after the entry Name of the company, the following shall be inserted, namely:—

"Whether the subscriber has been convicted by any court for any offence involving moral turpitude or economic or criminal offences or for any offences in connection with the promotion, formation or management of a company Yes No If yes, provide details."

(b) in Declaration, after serial number (vi), the following Declarations as serial numbers (vii and viii) shall be inserted, namely:—

"(vii) That the subscribers have given declaration of details of his/her conviction by any court for any offences involving moral turpitude or economic or criminal offence or for any offences in connection with the promotion, formation or management of a company;

(viii) That the subscribers have given declaration that he/she has not been declared as proclaimed offender by any Economic Offence Court or Judicial Magistrate Court or High Court or any other Court."

(ii) In Form No. 32, —

(a) in Verification I, after serial number 3, the following Verification as serial number 4, shall be inserted namely:—

"4. It is also confirmed that the appointed director (s) whose particulars are given above, has given a declaration to the company that he/she has not been declared as proclaimed offender by any Economic Offence Court or Judicial Magistrate Court or High Court or any other Court."

ICAI Recommended Scale of Fees for various kind of assignment

RECOMMENDED MINIMUM SCALE OF FEES FOR VARIOUS KIND OF ASSIGNMENTS

I) DEEDS/ AGREEMENTS	Rate

(a) i) Partnership Deed	Rs.6,000/- & Above

ii) Partnership Deed
(With consultation & Tax Planning)	Rs.10,000/- & Above

(b) Filing of Form with ROF	Rs. 2,500/- Per Form


(c) Supplementary Partnership Deed	Rs. 2,500/- & Above

(d) Modification in the Deed	Rs. 2,500/- & Above

(e) Leave & Licence Agreement
i) Drafting	Rs. 5,000/- & Above
ii) Registration& Modification	Rs. 2,500/- & Above
(f) Gift Deed:
i) for Movable Properties	Rs. 5,000/- & Above
ii) for Immovable Properties	Rs. 15,000/- & Above

(g) Trust Declaration Deed	Rs. 10,000/- & Above

(h) Drafting of Will:	English
i) Simple	Rs. 10,000/- & Above
ii) With Trust Planning	Rs. 15,000/- & Above

(i) Agreement to Sell
i) Agreement to Sell, Society formalities & related Documents	Rs. 20,000/- & Above
ii) Only Agreement to Sell	Rs. 10,000/- & Above

(j) Documentation
i) Power of Attorney: Specific	Rs.7,500/- & Above
ii) Power of Attorney: General	Rs.7,500/- & Above
iii) Indemnity Bond- Affidavit	Rs.5,000/- & Above
iv) HUF- Partition Deed	Rs.10,000/- & Above



II) INCOME TAX WORKS

A. Filing of Return of Income
I) For Individuals / HUFs etc.

(a) Filing of Return of Income
With Salary/Other Sources/Share of Profit.	Rs. 3,000/- & Above

(b) Filing of Return of Income
With detailed Capital Gain working
i) Less than 10 Transactions	Rs. 5,000/- & Above
ii) More than 10 Transactions	Rs. 8,000/- & Above

(c) Filing of Return of Income
With Preparation of Bank Summary, Capital A/c and Balance Sheet	Rs. 5,000/- & Above

(d) Advance Tax Calculation	Rs. 2,000/- Per installment


II) (a) Partnership Firms/Sole Proprietor
with verification of:
1) Method of Accounting	}
2) Stock Valuation	} Rs.5,000/- Per Verification
3) G. P. Ratio	}
4) Expense Ratios etc.	}

(b) Small Proprietorship/ Partnership	Rs. 5,000/- Per Verification

( c) Minor's I. T. Statement	Rs. 3,000/- & Above

(d) Private Ltd. Company:
i) Active	Rs. 7,500/- & Above
ii) Defunct	Rs. 5,000/- & Above

(e) Public Ltd. Company	Rs. 20,000/- & Above

B. Filing of Forms etc.

(a) Filing of TDS/TCS Return (per Form)	(Quarterly Fees)
i) With 5 or less Entries	Rs.2,000/- & Above
ii) With more than 5 Entries	Rs.3,000/- & Above

(b) Filing Form No. 15-H /G(per Set)	Rs. 1,000/- & Above

( c) PAN/TAN Application	Rs. 1,500/- & Above

C. Certificate
(a) Other Certificates (Like Lower TDS Certificate, 115JB)	Rs. 5,000/- & Above


D. Filing of Appeal etc.

(a) First Appeal.
Preparation of Statement of Facts, Grounds of Appeal, Etc.	Rs. 10,000/- & Above

(b) Second Appeal (Tribunal)	Rs. 15,000/- & Above

E. FBT	Rs.3,000/- & Above per quarter including return

F. Defered Tax Calculation	Rs. 5,000/- & Above


NOTE:
When Matters are referred to Counsel personal time will be billed seperately

G. Assessments etc.

(a) Attending Scrutiny Assessment/ Appeal	Rs. 3,000/- Per Visit subject to minimum Rs.5,000/-

(b) Attending Summons	Rs. 3,000/- Per Visit

( c) Drafting and Attending for Rectifications/ Refunds/ Appeal effects Etc.	Rs. 3,000/- Per Visit subject to minimum Rs.3,000/-

(d) I. T. Survey	Rs. 50,000/-

(e) T.D.S. Survey	Rs.20,000/-

(f) I.T. Search & Seizure	Discretionary

III) CHARITABLE TRUSTS

(a) (i) Registration Under local Act	Rs. 10,000/- & Above
(ii) Societies Registration Act	Rs. 10,000/- & Above

(b) Registration Under Income Tax Act.	Rs. 15,000/- & Above

(c) Exemption Certificate U/s. 80G of I. T. Act.	Rs. 15,000/- & Above

(d) Filing Objection Memo	Rs. 2,000/- & Above

(e) Filing of Change Report	Rs. 2,000/- & Above

(f) Filing of Various Forms	Rs. 2,000/- Per Form

IV) COMPANY WORK

(a) Filing Application for Name Approval	Rs. 5,000/- & Above

(b) Incorporation of a Private Limited Company	Rs. 20,000/- & Above

( c) Incorporation of a Public Limited Company	Rs. 25,000/- & Above

(d)(i) Company's ROC Work, Preparation of Minutes,
Statutory Register & Other Secretarial Work	Rs. 3,000 Per Quarter

(ii) Assisting in Other Certificate	Rs. 3,000/- & Above

(e) Filing Annual Return Etc.	Rs. 5,000/- & Above

(f) Filing Other Forms Like: F-32, 18, 2	Rs. 1,500/- & Above

(g) Increase in Authourised Capital
Filing F-5, F-23, including preparation of Slips
Pages for Memorandum of Association/ Article of Association.	Rs. 5,000/- & Above


V) V.A.T./ PROFESSION TAX:

A. Registration Work

(a) Registration Under V.A.T. & C.S.T.	Rs. 10,000/- & Above

( b) Profession Tax Registration (PTR)	Rs. 1,500/- & Above

(c) Profession Tax Enrolment (per application)	Rs. 1,500/- & Above

B. Filing of Return (V.A.T.)
(a) Monthly Challans with Annual Return	Rs. 1,500/- + (Per Month)

IndianCAs by Ashwin Nagar