BANK AUDITS – IMPORTANT ADDRESSES
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11 September 2009
Addresses of Banks for Bank Audit
09 September 2009
Cost Inflation Index- 09-10- 632
NOTIFICATION NO
67/2009, Dated: September 9, 2009
In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, number S.O.709(E), dated the 20th August, 1998, namely :-
In the said notification, in the Table, after serial number 28 and the entries relating thereto, the following serial number and entries shall be inserted, namely:-
29 | 2009-10 | 632 |
F.No.142/13/2009-TPL
(Vijay Kumar Jaiswal)
Under Secretary (TPL-IV)
Note :- The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section(ii), vide number S.O.709(E), dated the 20th August, 1998 and was last amended vide number S.O. 2037(E), dated the 13th August, 2008.
Prohibition on Crediting Proceeds to Third Party Account
| | Date: Sep 07, 2009 | Collection of Account Payee Cheques - Prohibition on Crediting Proceeds to Third Party Account | |
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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
07 September 2009
ITAT Member Transfer Orders
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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
Dos and Dont's-ITR-V
Dos and Dont's for printing and submitting of ITR-Vs to | |
ITD-CPC Bangalore | |
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1. Please use Ink Jet /Laser printer to print the ITR-V Form. 2. The ITR-V Form should be printed only in black ink. 3. Do not use any other ink option to print ITR V. 4. Use of Dot Matrix printer should be avoided. 5. Ensure that print out is clear and not light print/faded copy. 6. Please do not print any water marks on ITR-V. The only permissible watermark is that of "Income tax Department" which is printed automatically on each ITR-V. 7. The document that is mailed to CPC should be signed in original. 8. Photocopy of signatures will not be accepted. 9. The signatures or any handwritten text should not be written on Bar code. 10. Bar code and numbers below barcode should be clearly visible. 11. Only A4 size white paper should be used. 12. Avoid typing anything at the back of the paper. 13. Perforated paper or any other size paper should be avoided. 14. Do not use stapler on ITR V acknowledgement. 15. In case you are submitting original and revised returns, do not print them back to back. Use two separate papers for printing ITR-Vs separately. 16. Please do not submit any annexures, covering letter, pre stamped envelopes etc. along with ITR-V. 17. The ITR-V form is required to be sent to Post Bag No.1, Electronic City Post Office, Bengaluru, Karnataka-560100, by ordinary post. 18. ITR-Vs that do not conform to the above specifications may get rejected or acknowledgement of receipt may get delayed. | |
Extension of time limit for filing ITR-V form | |
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The Central Board of Direct Taxes had, vide circular No.3/2009 dated 21.05.2009, allowed assessees who file their income tax returns in electronic form without digital signature to submit their verified ITR-V form, within a period of 30 days, thereafter. The ITR-V form was required to be sent to Post Bag No.1, Electronic City Post Office, Bengaluru, Karnataka-560100, by ordinary post. | |
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It has now been decided to extend the time limit for filing the ITR-V form by relaxing the stipulations in the circular dated 21.05.2009. The ITR-V form relating to returns which have been filed electronically (without digital signature) on or after 1st April, 2009 can now be filed on or before the 30th September, 2009 or within a period of 60 days of uploading of the electronic return data, whichever is later. The ITR-V should continue to be sent by ordinary post to Post Bag No.1, Electronic City Post Office, Bengaluru, Karnataka-560100. | |
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To assist taxpayers, a limited call center service with two agents has been established at ITD-CPC, Bengaluru. Taxpayer queries on status of ITR-V receipt at CPC, Bengaluru will be answered on 080-43456700 between 9:30 AM to 6 PM between Monday to Friday. The service will be available in English, Hindi and Kannada. |
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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
05 September 2009
Circular on Liability of Interst on Cenvat Credit wrongly taken
Liability of interest where CENVAT credit was wrongly taken but reversed by assessee before utilization
Circular No. 897/17/2009-CX, dated 3-9-2009
Representation has been received from the field formation stating that the decision of Hon'ble High Court of P&H in the case of CCE, Delhi III V/s Maruti Udyog Ltd. [2007(214)ELT173(P&H)], has upheld the order of Tribunal wherein it was held that assessee is not liable to pay interest in the case where credit was only taken and not utilized. The SLP against this order has been dismissed by the Hon'ble Supreme Court. On the other hand, Rule 14 of The CENVAT Credit Rules, 2004, provides for recovery of credit taken or utilized wrongly with interest. In view of this conflict in legal provisions and the decision of Hon'ble Supreme Court, a clarification has been requested from the Board.
2. The matter has been examined. It is seen that the Tribunal decision and the High Court judgement referred to above, was delivered in the context of erstwhile Rule 57I of the Central Excise Rules, 1944 and that the Supreme Court order under reference is only a decision and not a judgement. Since, the Rule 14 of the CENVAT Credit Rules, 2004, is clear and unambiguous in the position that interest would be recoverable when CENVAT credit is taken or utilized wrongly, it is clarified that the interest shall be recoverable when credit has been wrongly taken, even if it has not been utilized, in terms of the wordings of the present Rule 14.
3. Trade & Industry as well as field formations may be suitably informed.
4. Receipt of this circular may kindly be acknowledged.
Revenue clarifies that Interest liability is triggered if Cenvat credit is wrongly taken though not utilized The Central Board of Excise and Customs has issued Circular No. 897/17/2009-CX ('Board Circular') on September 3, 2009 clarifying that liability to interest would arise where CENVAT credit is wrongly taken but reversed by the taxpayer even before utilization. Background Rule 14 of the CENVAT Credit Rules, 2004 ('CENVAT Rules') provides for recovery of credit taken or utilized wrongly along with interest.
In the case of CCE vs Maruti Udyog Limited [2007 (214) ELT 173 (P&H)], the High Court had held that the taxpayer is not liable to pay interest where credit was taken but not utilized. The Special Leave Petition ('SLP') against this order was dismissed by the Hon'ble Supreme Court. The Clarification The Board observed that the High Court decision in Maruti Udyog Limited was delivered in the context of erstwhile Rule 57-I of the Central Excise Rules, 1944 ('Erstwhile Rules') and that the dismissal of the SLP by the Supreme Court was not a judgment. The Board clarified that interest shall be recoverable when credit has been wrongly taken, even if it has not been utilized, in terms of the wordings of Rule 14 of the CENVAT Rules.
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01 September 2009
Acceptance of Deposits by Chit Fund Companies
Circular No. DNBS (PD) CC.No. 159/03.03.01/2009-10, dated 28-8-2009
The Reserve Bank of India, having considered it necessary in the public interest and being satisfied that for the purpose of enabling the Bank to regulate the credit system of the country to its advantage, it is necessary to amend the Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977, in exercise of the powers conferred by Sections 45J,45K and 45L of the Reserve Bank of India Act, 1934, (2 of 1934) and of all the powers enabling it in this behalf, hereby with immediate effect, prohibit MNBCs from accepting deposits from public except from the shareholders, which is subject to the conditions specified in the Directions issued by the Reserve Bank. Any deposit accepted and held by the MNBCs other than from its shareholders as on date shall be repaid on maturity and shall not be eligible for renewal. 2. The amending notification No. 207 of date as also the updated Notification DNBC.39/DG(H) -77 dated June 20, 1977 (as amended up-to-date) are enclosed for your information and compliance. 3. Kindly acknowledge receipt to the Regional Office of the Department of Non-Banking Supervision, Reserve Bank of India under whose jurisdiction the Registered Office of your company is situated.
Notification No. DNBS. 207 / CGM (ANR)-2009 dated August 28, 2009 The Reserve Bank of India, having considered it necessary in the public interest and being satisfied that for the purpose of enabling the Bank to regulate the credit system of the country to its advantage, it is necessary to amend the Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977, (hereinafter referred to as the Directions) in exercise of the powers conferred by Sections 45J, 45K and 45L of the Reserve Bank of India Act, 1934 (2 of 1934) and of all the powers enabling it in this behalf, hereby directs that the said directions contained in Notification No. DNBC. 39 / DG (H)-77 dated June 20, 1977 shall stand amended with immediate effect, as follows, namely –
A. In clause (a) of paragraph 5 of the Directions, the first and second provisos shall stand deleted.
B. In clause (b) of paragraph 5 of the Directions, 1. Sub-clause (i) shall be substituted with the following words: "any deposit from a shareholder, if the amount of such deposit already received and outstanding in the books of the company as on the date of acceptance or renewal of such deposits, exceeds fifteen per cent of its net owned funds". 2. Sub-clause (ii) shall be substituted with the following words: "any other deposit, including non-convertible bonds or debentures". 3. The following Proviso shall be inserted:
"Provided that where a miscellaneous non-banking company is holding any deposit accepted from any person other than its shareholders, the same shall be repaid on maturity and shall not be eligible for renewal". 4. Sub-clauses (iii) and (iv) shall stand deleted.
C. In sub-clause (a) of clause (1) of paragraph 9A, the proviso "Provided that nothing contained in this clause shall apply to monies raised by the issue of debentures and bonds", shall stand deleted. D. In paragraph 9A, clause (2) shall stand deleted. E. In Paragraph 9AB, after the words "an existing depositor" and before the words "to renew his deposit" the following words shall be inserted: "being a shareholder". F. In Paragraph 9B, in the title of clauses (ii) and (iii) viz; 'Repayment of public deposits by miscellaneous non-banking company not being a problem miscellaneous non-banking company' and 'Repayment of public deposits by problem miscellaneous non-banking company' respectively, the word 'public' shall stand deleted. |
New MCA Webpage with ICAI link
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Clarification regarding deduction of tax at source from payments of second installment of arrears to Government employees on account of implementation of Sixth Central Pay Commission's recommendations
Circular No. 6/2009, dated 31-8-2009 Under the provisions of Section 192 of the Income-tax Act, an employer is required to deduct tax at source from any payments in the nature of salary, which inter alia also includes any arrear payments. The Implementation Cell of the Department of Expenditure, Govt of India, vide its Office Order dated 30th Aug' 08 had stated that 40% of the aggregate arrear (first installment of arrears) would be payable during FY 2008-09. In Circular No. 09/2008 dated 29th Sept. 2008 issued from this office it was stated that during 2008-09 the tax has to be deducted at source on this 40% of aggregate arrear during FY 2008-09. The OM,F.No-1//1/2008-IC, of the Implementation Cell of the Department of Expenditure, Govt of India, vide its order dated 25th August, 2009 has stated that the remaining 60% of the aggregate arrear ( second installment of arrears) would be paid to the concerned Government servants during FY 2009-10. Such arrangements could be followed by State Governments also. In this regard, all the DDOs and PAOs as the case may be, in the Central/State Government and various organizations under them are advised to compute the correct tax liability of every employee on second installment of arrears drawn by him and immediately recover the full tax liability along with education cess thereon at the rates in force. The deduction of tax at source on such arrear payment should not be deferred in any circumstance. They should further ensure that the tax so recovered is paid to the account of Central Government account immediately as per the Income Tax Rules, 1962. The DDOs/PAOs are further advised that they should ensure that the PAN details of the deductees (recipient of arrears) are correctly quoted in the relevant quarterly e-TDS returns filed by them so that the Government Servants get proper credit of their tax deducted in their respective income tax returns. DDOs/PAOs who fail to comply with the provisions of Section 192 of the Income-tax Act, 1961 would be liable to pay interest under section 201(1)/(1A) of Income Tax Act along with other penal consequences. Hindi version will follow. |
Service Tax Notifications on New Services
TO BE PUBLISHED IN THE GAZZETE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
Government of India New Delhi, the 31st August, 2009 Notification No. 28/2009 - Service Tax G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable service provided to any person in relation to transport of goods, the description of which is specified in column (2) of the Table, by rail as referred to in sub-clause (zzzp) of clause (105) of section 65 of the Finance Act, from the whole of the service tax leviable thereon under section 66 of the Finance Act.
2. This notification shall come into force on the first day of September, 2009. Table
F. No. 356/24/2009-TRU
Prashant Kumar TO BE PUBLISHED IN THE GAZZETE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India New Delhi, the 31st August, 2009 Notification No. 29/2009-Service Tax
In exercise of the powers conferred by sub-section (1) of section 93 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 further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 1/2006-Service Tax, dated the 1 st March, 2006, G.S.R. 115(E), dated the 1 st March, 2006, with effect from the 1st day of September, 2009 namely:- 2. In the said notification, in the Table, in S.No.11 for the entry in column (3), the following entry shall be substituted, namely:- "Transport of goods by rail." F. No. 356/24/2009-TRU Prashant Kumar
Note.- The principal notification No. 1/2006-Service Tax, dated the 1st March, 2006, was published vide number G.S.R. 115(E), dated the 1st March, 2006 and last amended vide notification No.20/2006 dated the 25 th April 2006, published vide number G.S.R.250(E), dated the 25 th April,2006.
[TO BE PUBLISHED IN THE GAZZETE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India New Delhi, the 31st August, 2009 Notification No. 30/2009 – Service Tax
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable service provided to any person in relation to the transport of goods, the description of which is specified in column (2) of the Table, through national waterway, inland water and coastal shipping as referred to in sub-clause (zzzzl) of clause (105) of section 65 of the Finance Act, from the whole of service tax leviable thereon under Section 66 of the said Act.
2. This notification shall come into force on the first day of September 2009.
Table
[F. No. 354/163/2009-TRU] (Prashant Kumar) Under Secretary to the Government of India |
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