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.

PPF-ROI-8.6%

Public provident fund - interest effectIVE from 1-12-2011 notified

Notification [F.No.1/9/2011-NS.(II), dated 25-11-2011

In pursuance of section 5 of the Public Provident Fund Act, 1968 (23 of 1968) the Central Government hereby notifies that the subscriptions made to the fund on or after the 1st day of December, 2011 and balances at the credit of the subscriber shall bear interest at the rate of 8.6 percent, per annum.

CBEC Issues Customs Manual on Self Assessment

CBEC Issues Customs Manual on Self Assessment

CBEC has issued a Customs Manual on Self Assessment. The Manual covers (a) standard operating procedures, (b) compulsory compliance requirements (CCR) and (c) key aspects of Customs requirements such as classification, valuation, exemption notifications etc. for correct Self-Assessment of duty on goods imported or exported.

MC Thakur, Member, Customs, CBEC, says, "Self-Assessment is expected to usher in a new era of trust based Customs-Trade partnership leading to greater facilitation of compliant traders. Therefore, it is important that the trade takes its responsibility for making correct Self-Assessment seriously. Of course, the Departmental officials shall be readily available to resolve any doubts that the trade may have".

He adds a disclaimer, "However, it should be noted that the purpose of this Manual is to serve as a guide or advisory and it is neither exhaustive nor legally binding. Importers and exporters are advised to peruse the statutes, Rules and Regulations as well as Board's Circulars for ascertaining the correct legal provisions".

Why can't they issue a manual that is legally binding?

Filing and Processing of Bill of Entry (B/E)

++ Filing of B/E through Service Centre: The data pertaining to B/E is filed in a prescribed format at the Service Centre and a checklist is generated. While filing the B/E, the correctness of the information given therein has to be certified by the importer in the form of a declaration at its foot and any mis-declaration/incorrect details has legal consequences. The ICES system would accept Annexure for B/E only if it finds that the IGM No. and Bill of Lading (B/L) No. match the corresponding line number of the IGM. The system will accept only one declaration against a line number. If the declaration is not accepted, CHA (includes the importer) should verify the particulars The importer / CHA has to submit duly filled-in Annexure along with one copy of Invoice to the Service Centre . The Service Centre staff enters the data into the ICES system and generates Check List to be verified by the importer / CHA for correctness. On verification, if the data are found to be correctly recorded, the importer / CHA will sign the Check List and return it to the Service Centre, signalling final submission.

++ Filing of B/E through ICEGATE: The importer / CHA can file B/E remotely through ICEGATE. In this case, the ICES application validates the data and in case of errors, a negative acknowledgment mentioning the error description is sent back to the importer / CHA. In case there is no error, B/E Number is assigned to the document and an acknowledgment is sent to the importer / CHA. Thereafter, the importer / CHA can print the Check List in their premises.

++ Processing of B/E not facilitated through RMS: ICES system automatically marks the B/E to the Appraising Group for processing by Appraising Officer (AO). B/Es with assessable value of more than Rs.1 Lac are marked to Group Assistant Commissioner (AC) while others are marked directly for payment of duty. After the assessment is approved by the AC concerned, the following process takes place:

i. Assessed Copy of the B/E with examination instructions and TR-6 challan is printed at the Service Center for payment of duty. AO has the option to change tariff classification / notification / declared value etc., and raise queries for clarification. The queries raised by AO are marked to Group AC for approval.

ii. Processing status of the document can be enquired through Service Centre. In case of query, reply can be given through the Service Center. The duty is to be paid through designated banks or through e-payment mode. On receipt of duty payment message from Bank, the B/E is marked to the Appraiser (Docks). The importer / CHA should present a copy of the B/E along with duty paid challan and other documents including invoice, packing list etc. at the time of examination of the goods.

iii. Inspector / EO examines the goods and enters the examination report and in case of discrepancy, the same is reported to the Appraising Group with comments of the SA. Thereafter, the Group may revise the assessment. Otherwise, the B/E is marked to Shed Appraiser (SA) for "out-of-charge". After out-of-charge, the system generates two copies of B/E (importer's copy and the Exchange Control Copy).

Customs Manual of Self-Assessment

Proforma For Obtaining Transfer Pricing & International Tax Information

Proforma For Obtaining Transfer Pricing & International Tax Information

The CBDT has vide Office Memorandum dated 21.11.2011 proposed a proforma for obtaining information relating to Transfer Pricing and in other cases. Information on tax matters is being sought by field officers of the Income Tax Department from countries/jurisdictions with which India has Double Taxation Avoidance Agreement (DTAA) or Tax Information Exchange Agreement (TIEA) under the relevant 'Exchange of Information' Article of DTAA/TIEA through the office of competent authority viz. the Joint Secretary in the Foreign Tax & Tax Division, CBDT. Presently the above information is being sought obtained in a prescribed checklist/proforma (copy enclosed as Annexure-A). Further in the case of U.K. for obtaining banking information, a separate proforma has been prescribed by U.K. tax authorities.

IndianCAs: ICAI to check No. of Tax Audit done by Each CA

 

Dear Professional Colleague,

As you must be aware, recently the ICAI had represented before Central Board of Direct Taxes (CBDT) seekingtax audit data based on returns e-filed during the year 2010-11. I would like to inform you that in response to the representation made to CBDT, the ICAI has been provided with the data relating tonumber of tax audits conducted by themembers along with the membership numbers of the tax auditors.

As per the data provided, the total number oftax audit returns filed in respect of thefinancial year 2010-11 was 16, 16,096 which were conducted by 59,472 auditors. The data so provided is being further processed with regard to fake membership numbers, membership numbers which exceeded the specified number (ceiling) of tax audit assignments, etc. In order to prevent misuse of membership numbers of tax auditors, we have been given assurance that from next year onwards the uploading of tax audit report along with digital signatures would be made mandatory.

Further, the ICAI has also suggested that on the basis of data of practicing Chartered Accountants provided by ICAI, a user id and a password may be made available to all practicing members so that they can view all the tax audit reports uploaded in their name, which in turn would further curb the malpractice of misusing the details of member by the assessee. A tax audit not done by the member may be then reported by him to the Income-tax Department for the action at its end.

The said suggestion found favor with the Department which has assured that the idea would be taken forward for further consideration. I would also request you to kindly provide your valuable suggestion(s) to curb the malpractices being followed further in this regard.

As regards the data being processed, we would keep you posted.

Warm Regards,

CA. G. Ramaswamy

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

Success is not permanent and failure is not final

 

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PPF-NSC- CHANGES

 

Interest rates on small savings have been hiked in the range of 4 per cent up to 8.6 per cent. The investment limit for Public Provident Fund (PPF) has also been increased by Rs 30,000 to Rs 1 lakh, as also the interest rate at 8.6 per cent from 8 per cent at present.

Announcing the new norms on Friday, the Finance Ministry said the new rates will be applicable from the date of notification which will be announced soon. From next year, the rates would be notified before April 1, it added.

The small saving schemes have been restructured on the basis of the recommendations of the Shyamala Gopinath Committee, which submitted its report in June.

The rate of interest on small savings schemes will be aligned with Government Securities rates of similar maturity, with a spread of 25 basis points with two exceptions. The spread on 10-year National Savings Certificates (new instrument) will be 50 basis points and on Senior Citizens Savings Scheme 100 basis points.

The maturity period for the post office Monthly Income Scheme (MIS) and National Savings Certificate (NSC) has been reduced to five years from six years at present.

AGENTS DISAPPOINTED

Although this is good news for small savers, collection agents are disappointed. According to an office memorandum issued by the Finance Ministry, payment of commission on PPF at the rate of 1 per cent and Senior Citizens Savings Scheme at the rate of 0.5 per cent will be discontinued.

Agency commission under all other schemes (except Mahila Pradhan Kshetriya Bachat Yojana) will be reduced by half, from the existing 1 per cent

Extension of filling date for Form 8 (Statement of Accounts and Solvency) under LLP

Extension of filling date for Form 8 (Statement of Accounts and Solvency) under LLP

"Please note that as per Notification dated 04.11.2011, LLP shall file Form 8 (Statement of Accounts and Solvency) for the financial year ended 31.03.2011 with the Registrar, within a period of sixty days from 30.09.2011 i.e. from the end of six months of the financial year. "

LLP : LLP (Amendment) Rules, 2011 - Amendment in rule 24

Notification (F. No. 2/17/2011-CLV), dated 4-11-2011

In exercise of the powers conferred by sub-sections (1) and (2) of section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby makes the following rules, further to amend the Limited Liability Partnership Rules, 2009 namely :—

1. (1) These rules may be called the Limited Liability Partnership (Amendment) Rules, 2011.

(2) These rules shall come into force from the date of their publication in the Official Gazette.

2. After sub-rule (4) of rule 24 of the Limited Liability Partnership Rules, 2009, the following proviso shall be inserted, namely :—

"Provided that if a limited liability partnership has closed the financial year on the 31st March, 2011, it shall file the Statement of Account and Solvency in Form 8 with the Registrar, within a period of sixty days from the end of six months of the financial year to which the Statement of Account and Solvency relates".

 

RBI allows transfer of shares between NRIs, residents under FDI

Transfer of shares between non-resident Indians and residents under foreign direct investments can be done without the Reserve Bank of India's approval subject to certain conditions.

This is a step towards further liberalising the procedures and policies related to FDI. In a notification issued on Friday, the RBI said transfer of shares from a non-resident to resident or from resident to non-resident under the FDI scheme can be carried out without the prior approval of the RBI.

However, the conditions include ensuring that the original and resultant investment are in line with the extant FDI policy and FEMA regulations in terms of sectoral caps, conditions (such as minimum capitalisation) and documentation, and the pricing for the transaction is compliant with the relevant SEBI guidelines such as IPO or book-building.

A certificate from a chartered accountant indicating compliance with SEBI guidelines is also required, RBI said.

Similarly, transfer of shares where the investee company (the company in which the investment is being done) is in the financial sector can be done without prior RBI approval provided that no-objection certificates are obtained from the respective financial sector regulator, RBI said.

These steps are likely to improve the flow of FDI into Indian companies as it does away with the requirement of prior approval from the RBI, said bankers

NRI PAN Application

INCOME-TAX (SEVENTH AMENDMENT) RULES, 2011 - AMENDMENT IN RULE 114 AND SUBSTITUTION OF FORM NO. 49A

NOTIFICATION NO. 56/2011 [F.NO. 133/48/2011-SO(TPL)], DATED 17-10-2011

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 (7th Amendment) Rules, 2011.

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

2. In the Income-tax Rules, 1962,-

 (A)  in rule 114,-

 (a)  in sub-rule (1), after the words, figures and letter "Form 49A", the words, figures and letters, "or 49AA , as the case may be" shall be inserted:

 (b)  in sub-rule (3),—

  (i)  for the words "accounting year" wherever they occur, the words "financial year" shall be substituted;

 (ii)  after item (iii) the following item shall be inserted, namely:—

"(iv) in the case of a person who is entitled to receive any sum or income or amount , on which tax is deductible under Chapter XVII-B in any financial year, before the end of such financial year.";

  (c)  in sub-rule (4), for the words "Table below shall be accompanied by documents mentioned in Column 3" the words "Table below shall be filed in Forms mentioned in Column 3 and shall be accompanied by the documents mentioned in Column 4" shall be inserted ;

MCA on Date Extension upto 31-10-2011

Attention Stakeholders!!!! Dear Corporates please note that Companies having last date of Annual Filling as October 30th 2011 can file on October 31, 2011 also without any additional fee, on account of Oct 30th 2011 being a Sunday. File before October 31st Midnight and save additional fee (Note: Lean time for filing is after 8 P.M. till 9 A.M. next morning.) In case of any technical difficulty, please contact us: North (011-64506000), East (033-23675242/ 033-64506000), South (044-28152455/ 044-64506000), West (022-65161996/ 022-64506000) or you can write to us at appl.helpdesk@mca.gov.in. Click here to view ROC facilitation office/ helpdesk details for filing assistance

NEW FORM FORM 49A-PAN

WISH YOU HAPPY DIWALI

The Income Tax Department has released a Notification for PAN application-SEE ATTACHMENT

National Manufacturing Policy

Press Information Bureau
Government of India
Ministry of Commerce & Industry

25-October-2011 14:59 IST

National Manufacturing Policy

The Cabinet approved the revised proposal of the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry to put in place a National Manufacturing Policy.

The Cabinet in its meeting held on 15" September 2011 considered the National Manufacturing Policy and directed that the policy may be considered by a Group of Ministers (GOM) for further harmonizing the differences in some inter-ministerial positions notably relating to Ministry of Labour and Employment and the Ministry of Environment and Forests. The GOM in its meeting held on 14th October 2011 has resolved the relevant issues. A revised note incorporating the recommendations of the GOM has been approved by the Cabinet today.

The major objectives of the National Manufacturing Policy are to increase the sectoral share of manufacturing in GOP to at least 25% by 2022; to increase the rate of job creation so as to create 100 million additional jobs by 2022; and to enhance global competitiveness, domestic value addition, technological depth and environmental sustainability of growth.

The policy has been formulated after detailed consultations with the industry; subject matter experts; State Governments and the concerned Ministries/Departments of the Government of India. The policy envisages specific interventions broadly in the areas of industrial infrastructure development; improvement of the business environment through rationalization and simplification of business regulations; development of appropriate technologies especially green technologies for sustainable development and skill development of the younger population.

Industrial infrastructure development is envisaged not only generally but also through the creation of large integrated industrial townships called National Investment and Manufacturing Zones (NIMZs) with state-of-the-art infrastructure; land use on the basis of zoning; clean and energy efficient technologies; necessary social and institutional infrastructure in order to provide a productive environment to persons transitioning from the primary to the secondary and tertiary sectors. The land for these zones will preferably be waste infertile land not suitable for cultivation; not in the vicinity of any ecologically fragile area and with reasonable access to basic resources.

It is envisaged to ensure compliance of labour and environmental laws while introducing procedural simplifications and rationalization so that the regulatory burden on industry is reduced. The interventions proposed are generally sector neutral, location neutral and technology neutral except the attempt to incentivize green technology for sustainable development No subsidies are proposed for individual units or areas. The basic thrust is to provide an enabling environment for tapping the potential of the private sector and the entrepreneurial skills of the younger population.

The contribution of the manufacturing sector at just over 16% of India's GOP is much below its potential and a cause of concern especially in the context of other Asian countries in similar stages of development. This also has its socio-economic manifestations and prevents India from fully leveraging the opportunities of globalization. India is a young country with over 60% of its population in the working age group. With over 220 million people estimated to join the work force in the next decade, the manufacturing sector will have to create gainful employment for at least half this number. With a view to accelerating the growth of the manufacturing sector, the manufacturing policy proposes to create an enabling environment suitable for the sector to flourish in India.


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AD/SC/SK/LM

Tax Accounting Standards(Draft)

Drafts of tax accounting standard on construction contracts, government grants issued

The Central Board of Direct Taxes (CBDT) has invited comments and suggestions from stakeholders on the proposed tax accounting standards (TAS) on construction contracts and government grants. The drafts of the TAS on these two issues were released today.

A committee constituted by the CBDT in December last to study the harmonisation of the accounting standards issued by the CA institute with the direct tax laws in India has recommended the draft of these two TAS. The drafts of the other TAS would be issued in due course, the CBDT has said. The CBDT committee, comprising departmental officers and professionals, had submitted its interim report in August. This committee has also been tasked to suggest appropriate amendments to the income tax law in view of transition to IFRS (IND AS) regime. The interim report has recommended that accounting standards notified under the income tax law should be made applicable only to the computation of taxable income and a taxpayer should not be required to maintain books of account on the basis of accounting standards notified under the income tax law.

As two different sets of accounting standards may cause confusion for taxpayers and other stakeholders, the committee has suggested that the accounting standards notified under the Income Tax Act should be termed as "tax accounting standards". So far, under the income tax law only two accounting standards relating to disclosure of accounting policies and disclosure of prior period and extraordinary items and changes in accounting policies have been notified.

ST 3 RETURN DATE EXTENDED

SECTION 70 OF THE FINANCE ACT, 1994 - FURNISHING OF RETURNS - DATE OF FILING RETURN EXTENDED FOR PERIOD APRIL 2011 TO SEPTEMBER 2011 FROM 25-10-2011 TO 26-12-2011

ORDER NO. 1/2011 - SERVICE TAX, DATED 20-10-2011

In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules, 1994 read with Notification No. 48/2011-Service-tax, dated 19th October 2011, Central Board of Excise and Customs hereby extends the date of submission of half yearly return for the period April 2011 to September 2011 from 25th October 2011 to 26th December 2011.

This is being done in view of the fact that the e-filing of service tax returns for all class of service tax assessees has been made mandatory for the first time vide Notification No. 43/2011- Service-tax, dated 25-8-2011, as such leaving less time for the trade to adjust to the requirement of e-filing.

DIN 4 Date Extended

SECTION 266B OF THE COMPANIES ACT, 1956 - ALLOTMENT OF DIRECTOR'S IDENTIFICATION NUMBER (DIN) - TIME FOR FILING DIN-4 BY DIN HOLDERS FOR FURNISHING PAN & TO UPDATE PAN DETAILS EXTENDED

GENERAL CIRCULAR NO. 66/2011, DATED 4-10-2011

In continuation of General Circular No. 32/2011, dated 31-5-2011 on the subject cited matter, I am directed to say that the time for filing DIN-4 by DIN holders for furnishing the PAN and to update PAN details has been extended till 15-12-2011.