Case Law on ITR-V - CPC

Where assessee filed return electronically and had also submitted ITR-V form by ordinary post, department could not treat return as invalid on ground that ITR-V form had not been received by CPC, Bangalore

ST - CLSS - DIN 4

CBEC prescribes the documents to be submitted along with the application of service tax registration

The following documents have been prescribed by the CBEC to be submitted along with the application for registration under service tax:

1. Copy of Permanent Account Number (PAN)
2. Proof of Residence
3. Constitution of the Applicant
4. Power of Attorney in respect of authorized person (s).

The above documents must be submitted within a period of 15 days from the date of filing of the application, otherwise the application may be rejected.  The time limit of seven days within which the registration is to be granted by the Superintendent of Central Excise/Service Tax would be reckoned from the date the application for registration is complete in all respects.

[Order no. 2/2011 - ST dated 13.12.2011 - F.No. 137/120/2011 - ST]

+++++++++++++++++++++++++++++++++++++++++++++++++++++

Important message

"Last date for availing benefit under Company Law Settlement Scheme (CLSS), 2011 has been extended up to 15th January, 2012. It is further stated that this Scheme will not be extended beyond 15th January, 2012. For details kindly see General Circular No: 71/2011 available on MCA portal under News & Events and under heading Act, Bills and Rules. Further, the last date for filing form DIN-4 by DIN holders for furnishing their Income tax PAN and to update Income- tax PAN details has been extended up to 29th February, 2012. For details kindly see General Circular No: 70/2011 available on MCA portal under News & Events and under heading Act, Bills and Rules. "

Service Tax Circular No.149-ST Refund- Exporters

Circular No. 149/18/2011-ST

F.No.354/66/2011-TRU

Government of India

Ministry of Finance

Department of Revenue

Central Board of Excise & Customs

(Tax Research Unit)

                                                                                        146-F, North Block,

                     New Delhi, 16^th December, 2011

To

Chief Commissioners of Customs (All)

Chief Commissioners of Customs and Central Excise (All)

Chief Commissioners of Central Excise & Service Tax (All)

Director General of Export Promotion

Director General of Service Tax

Commissioners of Customs (All)

Commissioners of Customs and Central Excise (All)

Commissioners of Central Excise and Service Tax (All)

Commissioners of Service Tax (All)

Madam/Sir,

Subject: Service Tax Refund to exporters through the Indian Customs EDI System (ICES) —   regarding.

So far Service Tax Refund (STR) was made available to exporters (other than SEZ Units/Developers) on specified services used for export of goods covered in Notification 17/2009-ST dated 07.07.2009 (as amended) subject to certain conditions.  In this connection, Honourable Finance Minister, had stated in his Budget Speech that

"There have been considerable difficulties in the sanction of refunds, relating to tax paid on services used for export of goods. I propose to shortly introduce a scheme for the refund of these taxes on the lines of drawback of duties in a far more simplified and expeditious manner".                                   

2.         Accordingly, Government has proposed to introduce a simplified scheme for electronic refund of service tax to exporters, on the lines of duty drawback.  With the introduction of this new scheme, exporters now have a choice: either they can opt for electronic refund through ICES system, which is based on the 'schedule of rates' or they can opt for refund on the basis of documents, by approaching the Central Excise/Service Tax formations.

3.         To obtain benefit under the new electronic STR scheme, which is based on the 'schedule of rates', an exporter: (i) should have a bank account and also a central excise registration or service tax code number and the same should be registered with Customs ICES 1.5 using 'Annexure –A' Form;(ii) should declare his option to avail STR on the electronic shipping bill while presenting the same to the proper officer of Customs.

4.         In the 'schedule of rates', to be notified shortly, rates are specified for goods of a class or description. An exporter, who wishes to obtain electronic STR, should express his option by mentioning in the shipping bill, chapter/subheading number at the first two digits or four digit levels specified in the schedule of rates, as applicable to the export goods declared in the shipping bill. This chapter/sub heading number should tally with RITC code mentioned in the Shipping Bill against the export goods. Eligible refund amount of service tax paid on the specified services used for export of goods declared in the shipping bill will be calculated electronically by the ICES system, by applying the rate specified in the schedule against the said goods, as a percentage of the FOB value.

 5.        Exporters who do not like to obtain electronic STR on the basis of 'schedule of rates', but wish to opt for claiming STR on the basis of documents, through the Central Excise/Service Tax field formations should declare chapter/subheading number as 9801 in the electronic Shipping Bill. Minimum STR will be Rupees Fifty for an electronic shipping bill. An exporter who wants to get the chapter/sub heading number amended, for any reason, can get the same carried out through the ICES service centre by filing an amendment request; amendment request can also be filed through ICEGATE using Remote EDI System(RES) software. Exporters can track the status of their refund claim and details of refund amount through ICEGATE Document Tracking and Touch Screen Enquiry.

6.         STR amount processed under the ICES will be disbursed through the branch of the authorized bank at each customs location. The STR amount in respect of individual exporters will be credited directly to the bank account of the exporter, in the authorized bank branch at a Custom location or to any core banking enabled banking account of the exporter, in any branch/bank anywhere in the country (through the NEFT/RTGS). For this purpose, the exporters are required to register with Customs, the Indian Financial Service Code (IFSC) of the bank branch in which s/he wishes to receive the STR amount, the core banking enabled account number, bank name and address, using 'Annexure-A'. The procedure for registration of bank account is the same as existing procedure for registration of bank account for receiving drawback amount. Form for registration of bank account, namely, 'Annexure-A' is enclosed to this Circular, for the convenience of the exporters.

7.         Duly filled in 'Annexure–A' form enclosed in this Circular (along with self-certified photocopy of central excise registration or service tax code number), should be submitted to the Designated Superintendent in the Customs Houses/Customs formations, as soon as possible, to get benefit of the electronic refund scheme.  (Merchant Exporters, who require a service tax code, can use Form A-2 provided in the Notification 17/2009-ST and obtain the same from jurisdictional central excise or service tax by following the procedure prescribed in the notification). In respect of exporters who already have their bank accounts registered for receiving drawback amount, no new/separate account will be necessary for receiving service tax refund; but they should register their central excise registration or service tax code number with Customs ICES using Annexure-A Form, if they wish to opt for electronic STR.  An exporter availing drawback scheme cannot have separate bank accounts for drawback and service tax refund.

8.         A new head of accounts under Major Head "0044- Service Tax" has been opened, namely 00441082 for booking of consolidated electronic refunds.

9.         Chief Commissioners/ Commissioners are requested to cause wide publicity to the new electronic STR scheme among exporters. Necessary steps may be taken to disseminate information regarding the salient features of the new electronic STR scheme to the Industry and Trade Bodies/ Chambers / Exporters / CHA Associations.  In major Custom Houses, special arrangements may be made to receive the duly filled in 'Annexure-A' forms from the exporters. Systems Managers may make necessary arrangements to verify the Annexure –A forms and upload the details in the ICES. This circular is also being posted on the CBEC website, www.cbec.gov.in  and www.icegate.gov.in for the information of all stakeholders.

10.        Trade Notices/Facility Circulars may be issued by the service tax/central excise and service tax/customs commissionerates. Hindi version will follow.

Enclosed: Annexure - A Form

(J. M. Kennedy)

Director (TRU)

Tel/Fax: 011-23092634

Email: jm.kennedy@nic.in

                                                     

Annexure A

PART- A

BANK ACCOUNT REGISTRATION FOR E-STR

I.E.C. Number               :           ………………………………………………..

IFS Code                                  :           ………………………………………………..

Bank Account Number       :       ………………………………………………..

Bank Name & Address  :           …………………………………………………

                                                              -----------------------------------------

                                                           …………………………………………………

Certificate from the bank

Certified that the above particulars are correct.

Signature

(Bank Branch Manager along with official seal)

PART-B

Central Excise Registration/Service Tax Code Number

            In case, Service Tax Refund (STR) is to be claimed electronically through ICES 1.5, on the basis of 'schedule of rates', please provide following details:

Central Excise Registration Number:......................................................................

OR

Service Tax Code Number:.................................................................

Declaration

I declare that the above particulars mentioned in Part A and B are correct.

Signature

Exporter/ Authorized Representative

Draft Bank Branch Auditors' Panel for the year 2011-12

Here is the links for Draft bank Branch Audit Panel:

1. MEF00001 to MEF10000
2. MEF10001 to MEF20000
3. MEF20001 to MEF30000
4. MEF30001 to MEF40000
5. MEF40001 onwards

     In case, your application number is not appearing in the above lists, please check the following:

·  MEF Declaration not received

·  Financial Documents called for and not received

·  Reply to query sent pursuant to Financial Documents either not received or under checking

     In case of query, pl log a complaint at http://www.meficai.org/complaints/complaint_enrty_enter.jsp

Highlights of Companies Bill,2011

Highlights of Companies Bill,2011- SEE ATTACHMENT

--
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

Cost Accounting Records Rules,2011

Notifications  prescribing Cost Accounting Records Rules, 2011 for different industries

MCA has vide Notifications G.S.R. 869(E), G.S.R.872(E), G.S.R.874(E), G.S.R. 870(E), G.S.R.873(E) and  G.S.R. 871(E) dated 7.12.2011, notified Cost Accounting Records Rules, 2011 for  6 different industries.  The Rules require the stated industries to keep cost records and books of account, and the books of accounts so maintained to contain specified particulars mentioned in the Schedule annexed to the respective rules. The Rules also prescribe the form of Compliance Report and the form for filing the  Report (duly authenticated and signed by a cost accountant) and other documents with the Central Government in electronic mode.  The notified Rules are mentioned as follows: 1.       The Cost Accounting Records(Telecommunication Industry) Rules,2011 vide G.S.R. 869(E) has superseded Cost Accounting Records (Telecommunications) Rules, 2002 2.       The Cost Accounting Records( Sugar Industry) Rules,2011 vide G.S.R. 872(E) has superseded Cost Accounting Records (Sugar) amended Rules, 1997 and Cost Accounting Records (Industrial Alcohol) Rules, 1997 3.       The Cost Accounting Records( Pharmaceutical Industry) Rules,2011 vide G.S.R. 874(E) has superseded Cost Accounting Records (Bulk Drugs) Rules, 1974 and Cost Accounting Records (Formulations) Rules, 1988 4.       The Cost Accounting Records( Petroleum Industry) Rules,2011 vide G.S.R. 870(E) has superseded  Cost Accounting Records (Petroleum Industry) Rules, 2002 5.       The Cost Accounting Records( Fertilizer Industry) Rules,2011 vide G.S.R. 873(E) has superseded  Cost Accounting Records (Fertilizers) Rules, 1993 6.       The Cost Accounting Records( Electricity Industry) Rules,2011 vide G.S.R. 871(E) has superseded  Cost Accounting Records (Electricity Industry) Rules, 2001

 

--
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

LLP-AMT-FORM NO.29C

Income-tax (Ninth Amendment) Rules, 2011 - Insertion of rule 40BA and FoRm No. 29C

NOTIFICATION NO. 60/2011 [F. NO. 133/70/2011-SO(TPL)], DATED 1-12-2011

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 (9th Amendment) Rules, 2011.

(2) They shall come into force on the 1st day of April, 2012.

2. In the Income-tax Rules, 1962, (hereafter referred to as the "said rules"), after rule 40B, the following rule shall be inserted, namely:-

"Special provisions for payment of tax by certain limited liability partnerships

40BA. The report of an accountant which is required to be furnished by the assessee under sub-section (3) of section 115JC, shall be in Form No.29C."

3. In Appendix-II of the said rules, after Form No.29B, the following form shall be inserted, namely:-

"FORM NO. 29C

[See rule 40BA]

Report under section 115JC of the Income-tax Act, 1961 for computing adjusted total income and alternate minimum tax of the limited liability partnership

1. I/We* have examined the accounts and records of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (name and address of the assessee with PAN) engaged in business of. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   (nature of business) in order to arrive at the adjusted total income and the alternate minimum tax for the year ended on the 31st March, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2. (a) I/We* certify that the adjusted total income and the alternate minimum tax has been computed in accordance with the provisions of Chapter XII-BA of the Income-tax Act. The tax payable under section 115JC of the Income-tax Act in respect of the assessment year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . is Rs.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  , which has been determined on the basis of the details in Annexure A to this Form.

3. In my/our * opinion and to the best of my/our* knowledge and according to the explanations given to me/us* the particulars given in the Annexure A are true and correct.

Date. . . . . . . . . . . . . . . . . . . .

Signed

†Accountant

Notes:

1. *Delete whichever is not applicable.

2. †This report is to be given by-

 (i)  a Chartered Accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949); or

 (ii) any person, who in relation to any State, is by virtue of the provisions in sub-section (2) of section 226 of the Companies Act, 1956 (1 of 1956), entitled to be appointed to act as an auditor of companies registered in that State.

3. Where any of the matters stated in this report is answered in the negative or with a qualification, the report shall state the reasons therefor.

ANNEXURE A

[See paragraph 2]

Details relating to the computation of Adjusted Total Income and Alternate Minimum Tax for the purposes of section 115JC of the Income-tax Act, 1961

1.	Name of the assessee
2.	Address of assessee
3.	Permanent Account Number
4.	Assessment year
5.	Total income of the assessee computed in the manner laid down in the Income-tax Act before giving effect to Chapter XII-BA of the Income-tax Act
6.	Income-tax payable on total income referred to in Column 5 above
7.	The amount of deduction claimed under any section included in Chapter VI-A under the heading "C." - "Deductions in respect of certain incomes"	Sl. No.	Section under which deduction claimed	Amount of deduction claimed
8.	The amount of deduction claimed under section 10AA
9.	Adjusted total income of the assessee (5+7 + 8)
10.	Alternate Minimum Tax (18.5% of adjusted total income computed in column 9 above)"

Article on TDS Issue

TDS Issues - One interesting and beneficial judgment has recently been given by the Tribunal in the case of Dy. CIT v. S.K. Tekriwal [2011] 15 taxmann.com 289 (Kol. - Trib.) which shall undoubtedly help in setting aside the objections of the revenue an... - Gaurav Pahuja, CA-

IndianCAs: NEW VAT REGISTRATION SIMPLIFIED IN GUJARAT [1 Attachment]

 

[Attachment(s) from CA. NITESH AGRAWAL included below]

Dear Colleague,

Gujarat Govt has taken a very good step to simplify the VAT Registration Process in Gujarat. According to latest circular, the dealers who want to start business in Gujarat State will be alloted New VAT Registration Number within 3 DAYS ONLY. Also the system of pledging NSC of 10,000 - 50,000 is replaced by tax challan of          FIXED Rs. 10,000/- which shall also be refunded after 2 years. Also, the proofs required for Registration are liberalized. Govt has started Separate Registration Centres in the cities like Ahmedabad , Surat , Vadodara , Bhavnagar , Rajkot and Gandhinagar. The relevant circular for the same is attached herewith. 

Regards,

Nitesh Agrawal (Partner)

B.COM., LL.B., F.C.A., DISA(ICAI), DIRM(ICAI)

---

N R A & CO.

CHARTERED  ACCOUNTANTS

G - 1 ,  Trividh Chamber, 

Near Rushabh Petrol Pump, 

Opp. Fire Brigade, Ring Road,

Surat - 395002

Ph : (0261) 2302389 , 3912389 , 6662389 

Mobile : 98796 90009

E-mail : ca_niteshagrawal@yahoo.co.in

Website : http://nraco.icai.org.in

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Attachment(s) from CA. NITESH AGRAWAL

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__,_._,___

XBRL Filing Date Extended

Important message on due date of XBRL filing

As per Circular No. 69/2011, a company is allowed to file the financial statements in XBRL mode without any additional fee up to 31st December, 2011 or within 60 days from the due date, whichever is later. In case of a company whose financial year is ending on 31-03-2011 and if its date of AGM is 30th September 2011, then its Due date for filing financial statements is 30 days from the AGM date i.e. upto 30th October, 2011. Hence, as per the time lines provided in the circular, the company can file its financial statements in XBRL mode without additional fees upto 31st December, 2011 or 60 days from its due date of filing, which is 29th December, 2011 (i.e. 60 days from due date of filing- 30th October, 2011) whichever is later Similarly, In case of a company whose financial year is ending on 30-06-2011 and if its date of AGM is 31st December 2011, then its Due date for filing financial statements would be 30 days from the AGM date i.e. upto 30th January, 2012. Hence, the company can file its financial statements in XBRL mode without additional fees upto 60 days from its due date of filing, which is 30th March, 2012.