IndianCAs: MEF Empanelment Form

 

This is to inform that Multipurpose Empanelment form for the year 2011-12 (including form for empanelment of Bank Branch Auditors for the year 2011-12) has been hosted on the website www.meficai.org on 29th July. Last date for submission of online applications on www.meficai.org is 27th August, 2011.

| Ashwin Nagar | FCA and SAP-Finance & Consolidations |

Success is not permanent and failure is not final

 

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e-Payment of Customs Duty Mandatory

E-payment of Customs duty for importers paying Rs 1 lakh or more has been made mandatory by the Central Board of Excise and Custom (CBEC).

The date from which e-payment will be mandatory will be notified soon by the CBEC. In 2007, e-payment facility was introduced on a voluntary basis.

The Board has clarified that Accredited Importers, under the Custom Accredited Client programme, will need to pay any amount of duty through electronic mode only.

Lower transaction cost

"Besides expediting the process of payment of duty and clearance of imported goods, the facility of e-payment has resulted in reduction of transaction costs," says CBEC.

Any importer wanting to make use of the e-payment facility first needs to have an Internet account with a designated bank.

Payment gateway

The Board has set up a dedicated payment gateway called, 'ICEGATE'.

If the importer is registered on this Web site, it can easily use the e-payment facility with the current log-in facility.

Those that are un-registered can also use the Web site as an 'unregistered user'.

The Board has said that the importer need not produce any proof of payment for the clearance of goods in case of e-payment

TTD CA Empanlement

Tirumala Tirupati Devasthanams has given advertisement in The Hindu Business Line for Empanlement of Chartered Accounting Firm for undertaking Accounting activities of TDS- see attachment.

Report on Illegal Mining

Raiders of the Mines: Download Lokayukta Report On Illegal Mining

Santosh Hegde

The report dated 27th July 2011 by Karnataka Lokayukta Santosh Hegde exposes the illegal mining carried out in the State of Karnataka. The report claims that Rules were flouted, government officials bribed and private companies and banks too participated in this loot, throwing to winds all norms of corporate governance and propriety. The report says that the State has lost revenue of about Rs. 16,085 crores.

The report names several well known corporates as having paid bribes, under-invoiced exports and dealt in fudged permits. NMDC, the public sector giant, is accused of under-invoicing sales. Adani Enterprises is accused of paying bribes and permitting illicit iron ore exports through the Belekere port. JSW Steel is accused of not only paying bribes but also of colluding with G Janardhan Reddy to buy illegal ore

An extract from the report (page 413):

"One of the main reasons for explosive illegal iron ore mining during 2009-2010 was posting of favored officials at strategic posts of Police, Mines, Forest, Revenue and other departments. Because of this, a fearless atmosphere prevailed in the Bellary district. Law of the land was seemed to have been suspended and oral whip was used to keep silent. Consequently administration has allowed to loot the natural resources, in this case the iron ore, which continued without any opposition. Huge bribes were paid. Mafia type operations were the routine practices of the day"

ITR Clarification

Section 139 of the Income-tax Act, 1961 - Return of income - Exemption from requirement of furnishing return of income for A.Y. 2011-12 where income does not exceed Rs. 5 lakhs - Assessee has option to avail said exemption

ORDER [F.NO. 142/09/2011-SO(TPL)], DATED 25-7-2011

The Central Board of Direct Taxes had exempted a certain class of persons from the requirement of furnishing a Return of income under sub-section (1) of section 139 of the Income-tax Act, 1961 for the assessment year 2011-12, vide Notification SO No. 1439 (E), dated 23-6-2011, subject to the conditions specified in the Notification.

2. It has come to the notice of the Board that in some Income-tax offices. Returns of Income are not being received by the staff on the ground that an individual with less than Rs. 5 lakhs of income is not required to furnish his return of income.

3. Necessary instructions may be issued to the officers and staff concerned to accept Returns of Income from those taxpayers who wish to file their Return of income even if they satisfy the conditions of the above-mentioned notification.

CA Results Analysis-May 2011

Result-Chartered Accountant Final Examination held in May, 2011 & CPT(Paper Pencil Mode) held on June 19, 2011

PRESS RELEASE July 19, 2011 The Institute of Chartered Accountants of India (ICAI) today announced the following results Chartered Accountants Final Examination held in May, 2011. Common Proficiency Test (Paper Pencil Mode) held on June 19, 2011. Since December1949, the Chartered Accountancy Examination is held twice in a year. The toppers of Chartered Accountants Final Examinations held in May, 2011 are from Bikaner, Mumbai and Pune. The details of the top three rank holders on all India basis for Chartered Accountants Final along with the marks secured by them are mentioned at Annexure-A. The result analysis of the Final examination in terms of gender wise and region wise pass percentage is mentioned at Annexure-B. The toppers of Common Proficiency Test (Paper-Pencil Mode) held on 19th June, 2011 are from Tirupathi, Pune, Hyderabad, Guntur (Andhra Pradesh), Mumbai & Amritsar (Punjab). The details of the Top three rank holders for Common Proficiency Test (Paper Pencil Mode) along with the marks secured by them are mentioned at Annexure- C-1, 2 & 3. The result analysis of the CPT examination in terms of region wise and gender wise pass percentage is mentioned at Annexure-D. Annexure-A Annexure-B Annexure-C-1 Annexure-C-2 Annexure-C-3 Annexure-D

New ER1 & ER 3 Forms

Find enclosed new notification from CBEC.

The Central Board of Excise and Customs has notified new Form ER-1 and Form ER-3. Form ER-1 is the monthly return for production and removal of goods and other relevant particulars and CENVAT credit. Form ER-3 is the quarterly return for production and removal of goods and other relevant particulars and CENVAT credit, by an assessee eligible to avail of the exemption under a notification based on the value of clearances in a financial year.

The new forms would be effective from 1st October, 2011

TDS Defaults (Notice) information in TIN Website (TAN Login)

ITD has started processing of TDS returns for 2010-11 (u/s 200A) and earlier years (u/s 201)

All 'defaults' information, those processed after 01-04-2011, are now made available at www.tin-nsdl.com. (TAN registration login)

The defaults will be raised as & when processed and will be kept updated in this area. It will be in a Zipped Excel sheet (no password) and quarter wise separate files will be available. (for which defaults are identified)

Deductors may also receive physical/email notices from local offices shortly.

So, the TAN registration login will cover below features now:

1. Consolidated TDS file download and request tracking
   
2. Form 16A data download and utility
   
3. Form 15CA Submission
   
4. Defaults information (Mistakes/Inconsistencies)
   
5. Profile update

Consulting Engineers-ST-Receipt Basis

CONSULTING ENGINEERS TO PAY TAX ON RECEIPT OF PAYMENT-POINT OF TAXATION RULES AMENDED

Circular No. 144/13/ 2011 – ST

F.No.354/93/2011-TRU

Government of India

Ministry of Finance

Department of Revenue

Central Board of Excise and Customs

Tax Research Unit

North Block, New Delhi

18^th July, 2011

To

Chief Commissioners of Central Excise and Service Tax (All),

Director General (Service Tax),

Director General (Central Excise Intelligence),

Director General (Audit),

Commissioners of Service Tax (All),

Commissioners of Central Excise and Service Tax (All).

Madam/Sir,

Subject: - Clarification on "Completion of service"- regarding.

Representations requesting clarification on "completion of service" as provided under the Point of Taxation Rules, 2011 and Service Tax Rules, 1994 have been received from certain sections of service providers that in many situations it is not possible to issue invoices within 14 days of the completion of the service since the exact date of completion of service is difficult to identify. Instances have been given where after the task of providing the service may be physically accomplished, but certain other formalities are required to be completed from the client's end before an invoice can be issued.

2. These representations have been examined. The Service Tax Rules, 1994 require that invoice should be issued within a period of 14 days from the completion of the taxable service. The invoice needs to indicate interalia the value of service so completed. Thus it is important to identify the service so completed. This would include not only the physical part of providing the service but also the completion of all other auxiliary activities that enable the service provider to be in a position to issue the invoice. Such auxiliary activities could include activities like measurement, quality testing etc which may be essential pre-requisites for identification of completion of service. The test for the determination whether a service has been completed would be the completion of all the related activities that place the service provider in a situation to be able to issue an invoice. However such activities do not include flimsy or irrelevant grounds for delay in issuance of invoice.

The above interpretation also applies to determination of the date of completion of provision of service in case of "continuous supply of service".

3. Trade Notice/Public Notice may be issued to the field formations accordingly.

4. Please acknowledge the receipt of this circular. Hindi version to follow.

(Samar Nanda)

Under Secretary, TRU

Government of India

Ministry of Finance

(Department of Revenue)

New Delhi, the 27^th June, 2011

Notification No. 41/2011 – Service Tax

G.S.R. (E).- In exercise of the powers conferred by clause (a) and clause (hhh) of sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following rules further to amend the Point of Taxation Rules, 2011, namely:-

1. (1) These rules may be called the Point of Taxation (Second Amendment) Rules, 2011.

(2) They shall come into force on the 1^st day of July, 2011.

2. In the Point of Taxation Rules, 2011, in Rule 7, in sub-rule (c),-

before the bracket and letter "(p)", the bracket and letter "(g)" shall be inserted,

[F. No. 334/3/2011-TRU]

(Samar Nanda)

Under Secretary to the Government of India

Note.- The principal rules were notified vide notification no. 18/2011-Service Tax, dated the 1^st March, 2011, published in the Gazette of India, Extraordinary vide Number G.S.R. 175(E), dated the 1^stMarch, 2011 and last amended vide notification No.25/2011-Service Tax, dated the 31^st March, 2011, published on the Gazette of India vide Number G.S.R. 283(E), dated the 31^st March, 2011.

FAQ ON EXEMPTION FROM FILING OF INCOME-TAX RETURN

EXEMPTION FROM FILING OF INCOME-TAX RETURN

CBDT's FAQs

1. What is the purpose of this notification and who are proposed to be exempted from the requirement of filing of the return?

The primary objective of this notification is to exempt those salaried taxpayers from the requirement of filing income-tax returns, who have (i) total income not exceeding Rs. 5,00,000, and (ii) the total income consists only of income chargeable to income-tax under the head 'Salaries' and interest income from savings bank account if such interest income does not exceed Rs. 10,000.

Further, such salaried taxpayer would be eligible for exemption from filing a return of income only if tax liability has been discharged by the employer by way of Tax Deducted at Source (TDS) and the deposit of the same to the credit of the Central Government. For this purpose, taxpayer has to intimate his interest income to the employer during the course of the year.

For Example -

(i) If an individual has salary income of Rs. 4,90,000 and interest income from savings bank account not exceeding Rs.10,000 (which has been reported to the employer and tax has been deducted thereon), then the taxpayer would be exempt from the requirement of filing income-tax returns since the total income from both the above sources does not exceed five lakh rupees.

(ii) A taxpayer having salary income of Rs. 4,98,000 and interest income from savings bank account of Rs. 2,000 (which has been reported to the employer and tax has been deducted thereon), would also be eligible under this Scheme.

(iii) A taxpayer having salary income up to Rs. 5,00,000 and nil interest income would also be eligible under this Scheme.

(iv) A taxpayer having salary income of Rs.5,50,000, interest income from savings bank account of Rs. 8,000(which has been reported to the employer and tax has been deducted thereon), and who has claimed deduction of Rs. 70,000 under section 80C (on account of certain payments/investments/savings) would also be eligible under the Scheme.

(v) A taxpayer having salary income of Rs. 6,10,000, interest income from savings bank account of Rs. 10,000 (which has been reported to the employer and tax has been deducted thereon), and who has claimed deduction of Rs. 1,00,000 under section 80C (on account of certain payments/investments/savings), a deduction of Rs. 20,000 under 80CCF (Infrastructure Bonds) and a further deduction of Rs. 15,000 under section 80D (Health Insurance Premium) would also be eligible under the Scheme.

2. Whether a salaried taxpayer having total income of less than Rs. 5,00,000 and claiming a refund of Rs. 3,000 would be eligible under this Scheme

No. The taxpayer has to file a return of income for making a claim of refund.

3. Is having a valid PAN a precondition for being covered by the notification?

Yes. The notification clearly specifies that the individual has to report his PAN to the employer. Hence having a valid PAN is a precondition for falling within the ambit of the notification.

4. Can an individual who is getting income under the head "salaries" from more than one employer take benefit of the notification?

No. A salaried taxpayer who has earned income from more than one employer during the financial year is not covered under this Scheme.

5. Whether this notification would also cover taxpayers having 'loss from house property', which are often reported by the employees to the employer.

No. Under the existing procedure, DDO/employer can give credit to the employee for a claim for loss under the head "income from house property" under section 24 made by the employee. As a result, a salaried employee's total income may reduce to less than Rs. 5,00,000 as loss from the head "income from house property" would have been set-off against salary income. Such a taxpayer is not exempted from filing his return of income as the notification exempts only cases where the total income is under the head "salary" and from savings bank account (income from other sources) not in excess of Rs. 10,000. If the taxpayer has any loss under the head "income from house property", he will not be eligible for exemption from filing a return of income.

6. Does savings bank account include other banking accounts like fixed deposits or recurring deposits accounts?

No. The benefit of the notification is available to taxpayers whose interest income comprises of interest earned on savings bank account ONLY.

7. Circular No. 8/2010, dated 13-12-2010 which is applicable for Assessment Year 2011-12 stipulates that the Drawing and Disbursing Officer (DDO)/Employer while deducting TDS from salary of an employee cannot allow deduction u/s 80G except donations made to the Prime Minister's Relief Fund, the Chief Minister's Relief Fund or the Lt. Governor's Relief Fund. Whether the notification would cover only these cases?

Yes. An individual cannot avail the exemption under this notification if the claim of deduction for donations under section 80G is for donations other than those mentioned in Circular No. 8/2010. A taxpayer has to file a return of income for making a claim in respect of claim of deduction under section 80G for such donations (not specified in Circular No. 8/2010).

8. Will a salaried individual having agricultural income, which is exempt from tax, be covered within the ambit of the notification?

A salaried individual with agricultural income exceeding five thousand rupees shall be out of the ambit of the notification. A return will have to be filed in such a case, even if other conditions of the notification are satisfied as the agricultural income (of more than Rs. 5,000) has to be included, for rate purposes, in the total income.

EXEMPTION TO SPECIFIED PERSONS FROM REQUIREMENT OF FURNISHING A RETURN OF INCOME UNDER SECTION 139(1) FOR ASSESSMENT YEAR 2011-12

NOTIFICATION NO. 36/2011 [F. NO. 142/09/2011 (TPL)]/ S.O. 1439 (E), DATED 23-6-2011

In exercise of the powers conferred by sub-section (1C) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under sub-section (1) of section 139 for the assessment year 2011-12, namely :—

Class of Persons

1. An Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,—

(A) "Salaries";

(B) "Income from other sources", by way of interest from a savings account in a bank, not exceeding ten thousand rupees.

Conditions

2. The individual referred to in para 1,—

( i ) has reported to his employer his Permanent Account Number (PAN);

( ii ) has reported to his employer, the incomes mentioned in sub-para (B) of para 1 and the employer has deducted the tax thereon;

ii) has received a certificate of tax deduction in Form 16 from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government;

( iv) has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government;

(v) has no claim of refund of taxes due to him for the income of the assessment year; and

( vi ) has received salary from only one employer for the assessment year.

3. The exemption from the requirement of furnishing a return of income-tax shall not be available where a notice under section 142(1) or section 148 or section 153A or section 153C of the Income-tax Act has been issued for filing a return of income for the relevant assessment year.

4. This notification shall come into force from the date of its publication in the Official Gazette.

CA Final (May 2011) and CPT (June 2011) results announced

See the link for results:

http://www.caresults.nic.in/

Amendment to Rule 114B of IT Act-wef 01-07-2011

--

AMENDMENT IN RULE 114B OF THE INCOME-TAX RULES, 1962

Income-tax (Fifth Amendment) Rules, 2011 - Amendment in rule 114B

NOTIFICATION NO. 27/2011 [F. NO. 149/122/2010-SO(TPL)], DATED 26-5-2011

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 (Fifth Amendment) Rules, 2011.

(2) They shall come into force on the 1st day of July, 2011.

. In the Income-tax Rules, 1962, in rule 114B,—

(i) in the Explanation (a), in clause (k), for the words "tour operator" the words "tour operator, or to an authorized person as defined in clause (c) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999)" shall be substituted.

(ii) in clause (l) for the words "for issue of a credit card" the words "for issue of a credit or debit card" shall be substituted.

(iii) after clause (p) and before the first proviso, the following clauses shall be inserted, namely :—

"(q) payment of an amount aggregating fifty thousand rupees or more in a year as life insurance premium to an insurer as defined in clause (9) of section 2 of the Insurance Act, 1938 (4 of 1938);

(r) payment to a dealer,—

(i) of an amount of five lakh rupees or more at any one time; or

(ii) against a bill for an amount of five lakh rupees or more,

for purchase of bullion or jewellery;".

Synchronisation of DPIN with DIN

Limited Liability Partnership Rules, 2009 (Amendment) Rules, 2011

Ministry of Corporate Affairs vide its Notification dated 05.07.2011 has come out with the Limited Liability Partnership Rules, 2009 (Amendment) Rules, 2011. The notification stands effective with effect from July 9, 2011

A brief of the substituted provisions for Rule 2, sub rule (1), para (iv) and Rule 10 has been specified below

(i)Designated Partner Identification Number" (DPIN) means an identification number which the Central Government may allot to any individual, intending to be appointed as designated partner of a limited liability partnership (LLP)and shall also include Directors Identification Number issued under Section 266A, 266B and 266E of the Companies Act, 1956 and rules made thereunder.

(ii)Individual intending to be appointed as designated partner of LLP would be required to make an application under Form DIN 1 in order to obtain DPIN

(iii)In case, person is holding DIN and DPIN both, DPIN shall stand cancelled and DIN would suffice the purpose of being appointed as Designated Partner

(iv)Consent to become Designated partner shall be made in Form 9 and an intimation to be made about such DPIN to registrar in Form 4

(v)Every Designated Partner shall intimate any change in the particulars of DIN 1 in form DIN 4 within  30 days of such changes

(vi)Form 7 (Application for allotment of DPIN) and Form 10 (Intimation of changes in particulars by Designated Partners) shall stand deleted.

In light of above, while efforts have been made to synchronize the DPIN with DIN and it has been clarified that with respect to person holding both DPIN and DIN, the DIN shall become effective and future applications for obtaining DPIN needs to be filed in DIN Form, however, ambiguities still remain on the fact whether the person holding just DPIN would be required file fresh application for allotment of DIN. It seems that such with reference to such person, once they apply for DIN, their DPIN would automatically stand cancelled.

In tune to effect the above said amendment, the Ministry of Corporate Affairs vide its Notification dated 05.07.2011 has accordingly amended the Companies (Director Identification Number) Rules, 2006, which stands effective with effect from July 9, 2011.

A brief of the substituted provisions for Rule 2, sub rule (ii) has been specified below

(i)"Director Identification Number" (DIN) means an identification number which the Central Government may allot to any individual, intending to be appointed as Director or to any existing directors of a company and shall also include Designated Partnership Identification Number (DPIN) issued under Section 7 of the Limited Liability Partnership Act, 2008 and rules made thereunder.

Revised versions of Form DIN 1 and DIN 4 shall substitute the old forms.

IndianCAs: ITR 4 & 5- DSC - ER 8 [1 Attachment]

INCOME-TAX (SIXTH AMENDMENT) RULES, 2011 - AMENDMENT IN RULE 12

NOTIFICATION NO. 37/2011 [F. NO. 149/68/2011-SO (TPL)], DATED 1-7-2011

In exercise of the powers conferred by section 295, read with section 139 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 (Sixth Amendment) Rules, 2011.

(2) They shall come into force from the date of its publication in the Official Gazette.

2. In the Income-tax Rules, 1962 in rule 12, in sub-rule (3), in the proviso, for clauses (a) and (aa) the following clause shall be substituted, namely :—

"(a) a firm required to furnish the return in Form ITR-5 or an individual or Hindu Undivided Family (HUF) required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable, shall furnish the return for assessment year 2011-12 and subsequent assessment years in the manner specified in clause (ii);"

1 of 1 File(s)

ITR 4 & 5-DSC - ER 8.pdf

IndianCAs: Happy CA Day!!

My Dear CA friends,

My best wishes on 1st July, being a CA Day!!

I wish you a wonderful year ahead as a chartered accountant,

with prosperity & success in professional life

and fulfillment & happiness in perosnal life!!

Let's celebrate the birthday of this greatest profession!!

Ashwin Nagar FCA and SAP-Finance & Consolidations

Success is not permanent and failure is not final

Facebook : http://www.facebook.com/ashwinnagar

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