Revised Form 23AC & Form 23ACA

COMPANIES (CENTRAL GOVERNMENT'S) GENERAL RULES AND FORMS (SIXTH AMENDMENT) RULES, 2012 - SUBSTITUTION OF FORMS 23AC AND 23ACA

NOTIFICATION [F.NO.17/160/2012-CLV], DATED 21-9-2012

In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Central Government's) General Rules and Forms, 1956, namely: -

1. (1) These rules may be called the Companies (Central Government's) General Rules and Forms (Sixth Amendment) Rules, 2012.

(2) They shall come into force with effect from the 30th September, 2012.

2. In the Companies (Central Government's) General Rules and Forms, 1956, in Annexure 'A' for Forms 23AC and 23ACA, the following Forms shall be substituted, namely:-

FORM 23AC Form for filing balance sheet and other documents with the Registrar [See section 220 of the Companies Act, 1956 and Rule 7B]

FORM 23ACA Form for filing profit & loss account and other documents with the Registrar [See section 220 of the Companies Act, 1956 and Rule 7B]

FDI Article by S Gurumurthy

Reform' at nation's cost: S.Gurumurthy http://newindianexpress.com/opinion/article666721.ece By S Gurumurthy 20th September 2012 12:05 AM Indeed ironical. On the same Friday (September 14) Prime Minister Manmohan Singh rolled out the red carpet for Walmart, New York City, America's largest, shut Walmart out. Again ironically the very Friday the UPA government handed the FDI bouquet to Walmart and lobbyists assured that small retailers are safe, Atlanticcities, a web-newspaper from the stable of the famous Foreign Affairs magazine, carried a devastating headline news: 'Radiating Death: How Walmart Displaces Nearby Small Businesses'. Weeks ago, on June 30, over 10,000 people, shouting "Walmart = Poverty", marched through Los Angeles, America's richest city, against Walmart stores. On June 1, hundreds protested in Washington DC against Walmart. "Say-No-To-Walmart" is an ongoing movement all over the United States. Why focus on Walmart? It is world's most powerful retailer; it has 'spent' a lot to get the UPA nod for FDI in retail. Even as lobbyists here celebrate Walmart, it has become untouchable where it was born, in the US. Why is Walmart so hated in the US? "Walmart will devastate local businesses," say New York trade unions and local communities. The mass protesters at Los Angeles too cited the same reason: "small business will close down"; and screamed "Walmart has no heart and no morals. We don't want you in Los Angeles." Politicians in the US, however, seem to be like the UPA's cousins. In March last, the Los Angeles City Council had put a moratorium on big retailers, but, Walmart got building permits just a day before! Recall the 2G permit cut off date? Yet, the UPA certifies Walmart and its competitor cousins as compassionate to small retailers and farmers. It promises they will employ millions here. The evidence in the US is to the contrary. According to the Atlanticcities article, Walmart entered in Austin neighbourhood of Chicago in 2006. And by 2008, some 82 of the 306 small shops had closed down. The Economic Development Quarterly study found the closure rate around Walmart location at 35-60 per cent. Walmart radiated closure of 20 per cent of drug stores every mile from its stores; and 15 per cent home furnishing, 18 per cent hardware and 25 per cent toy stores. Studies in the US nail the UPA lie that FDI in retail will not hurt small shops. On job creation, a latest report (January 2010) titled 'Walmart's Economic Footprint' prepared for the New York City Public Advocate says that Walmart kills three local jobs for every two it creates. So the job creation argument too is a lie. The third justification that the 'farmers will get better prices' is a clever lie, and so needs a closer look. It suppresses the vital fact that Walmart does not buy, or pay, over the counter. It buys the nation's next harvest in futures market and fixes farm prices. It also imports cheap goods — from China — and destroy local production like it has done in the US. Take the first case, with the recent experience of the US and the world. Rice prices in the US and world markets shot up by three times in April 2008 as compared to January 2007. It was then that the US President George W Bush made the funny remark that prices had gone up because the newly prosperous Indians had begun eating more! What was the truth? The USA Today (April 23, 2008) and CNN (April 24, 2008) quoted the California Rice Commission and USA Rice Federation as denying shortage of rice and saying there was enough stock. Why then were prices rising? It was because, said the CNN, Sams Club (Walmart's wholesale division), holding huge stocks, was pushing up the prices. US farmers accused speculators and futures market for the high prices. It was not farmers who traded in farm futures. Investment funds accounted for 40 per cent of wheat futures trade in the US in January 2008, which rose to 60 per cent by April. Wheat futures that was $4 a bushel in early 2007, rose to $14 per bushel in April 2008. The US farmer, who had sold his harvest in futures market, lost and Walmart, which had bought the futures, gained. Even if some farmers had some stocks Walmart, which had stocked at cheaper prices, refused to buy at higher prices, pointed out the media. Look at it this way. If the US farmers get remunerative prices from Walmart why does the US, with two per cent farming population, grant annual farming subsidies of $20 billion and the European Union, for its five per cent farming population, gift a subsidy of $74.5 billion annually. The experience of the US and West nail all three justifications for the FDI in retail as lies. Foreign direct investment in retail will incrementally hit the 12 million family retailers in India; it will not help farmers; it will cut jobs. Even more dangerous, it will destroy the rural food security. Two of UPA government's reports — of the Planning Commission Working Group on Agriculture for the XI Plan (2007-2012), and the 19th report of the Standing Committee of Parliament on Food (2006-2007) to Parliament — themselves nail the lie that Walmart will link farm-gate to its gate and make Indian farmers rich. The reports describe the farm-gate thus: a total of 59 million of farming families (32 crore rural people) live on subsistence farms of five acres or less (while US farms are 250 times and the Australian, 4000 times, larger); about 60 per cent of food products is barter-exchanged and consumed by farmers and farm labour, and as seed and animal feeds within villages; only 40 per cent move out of villages for commercial marketing. Even if a small part of the large local needs is drawn by an efficient Walmart from the farm gate to its gate, that will mean urban pricing in rural areas that will destroy the food security of two-thirds of Indians in villages. The Montek Ahluwalia-led Planning Commission report laments that 'the marginal farmers are certainly going to stay for a long time' and 'what happens to them has implications for the entire economy." However, the small farmer is no waste. He is more efficient. His productivity a third higher, than in large farms. Small farmers use one-third of the total cultivated area and produce 41 per cent of nation's food and 110 million tonnes of milk. If large ones replace them, the nation's food production will fall by 7 per cent. The reformers do not know that recent global researches have confirmed that economy of scale that applies to industries does not apply to agriculture, where small ones are more efficient than large ones. QED: The 'reformers' betray illiteracy; clamour for fame as reformers; secure it at nation's cost. Reformers or deformers? S Gurumurthy is a well-known commentator on political and economic issues

Government to handle selection of auditors for public sector banks

Government to handle selection of auditors for public sector banks

New Delhi
September 21, 2012

The government will now handle the selection of auditors for state-run banks, a finance ministry official said, signalling growing concern over laxity in the audit followed by lenders and possible overstatement of profits.

The finance ministry is expected to issue a directive on the issue soon. "We are in consultation with key players. We expect to issue the directives in the next few days," the official said. The issue of public sector banks selecting auditors on their own had earlier been flagged by the Institute of Chartered Accountants of India (ICAI), which said the appointments should be done by an independent regulator, such as the Reserve Bank of India. The ICAI regulates the profession of accountants in India. "The institute has repeatedly written to the ministries of corporate affairs and finance regarding the new practice of management self-selecting auditors in PSU banks. This is not ethical, given the conflict of interest," a ICAI member, who did not want to be named, told ET. According to the ICAI council member, the selection of auditor in most state-run banks is now being done by the bank heads without consulting either the auditing committee or the central bank, as was the norm earlier.

"Most selections were made on who knows whom," the member said. However, the chief of a public sector bank said, "We will be more than happy if government decides to appoint regulators. There was a lot of push and pull from different influential people and associations. If ministry does it we will not be in a spot anymore." The finance ministry believes that appointment of independent auditors will also address the concern that there is possibility of overstatement of profits. Earlier this year, the ministry had written to some banks saying they had not followed the RBI's income recognition and asset classification norms. As per the RBI, the gross non-performing assets of public sector banks climbed to 3.2% of gross advances at the end of 2011-12, from 2.3% at the end of the previous fiscal. The restructured standard advances in these banks increased to 5.7% of gross advances by at the end of 2011- 12 from 4.2% a year ago.

"There was this issue of not making enough provisioning against stressed assets. We hope that this will also be addressed by the new norms," the finance ministry official said. As per the RBI's annual report 2011-12, restructuring increased substantially in the fourth quarter of 2011-12, taking restructured loans at the end of the year to about 5% of the loan book of the scheduled commercial banks, up from 3.9% a year ago. The central bank carries out an annual financial inspection of banks and suggests corrective measures.

[Source: The Times of India]

Cost Audit Vs TP Audit

Impact of Cost Accounting Rules on TP Compliance

Mr. Simachal Mohanty, Global Head - Direct Tax, Dr. Reddy's Laboratories Ltd

An interesting proverb says "You cannot change your luck and neighbour, but can amend your ways to meet them".

We all thought laws about Cost accounting compliance and reporting are neighbouring provisions to the direct tax laws. However, this time we need to welcome this neighbour, at or against our will, since it has already set in to the house of direct tax.

Ministry of Corporate Affairs published a notification dated 3 ^rd June 2011 , notified The Companies (Cost Audit Report) Rules 2011. All we thought that it is another piece of legislation relating to Cost Accounting, we all took a lazy view on it legitimately.  However, these rules have a lot to do with our transfer pricing law – let's analyze.

According to Sec. 209 (1)(d) of Companies Act, 1956, a company engaged in production, processing, manufacturing or mining activities must keep cost accounting records relating to utilisation of material or labor other items of costs as may be prescribed by Central Govt subject to specified criteria.

233B (1) of Companies Act, 1956 states that   cost audit and reporting shall be conducted in specified manner in order to ensure compliance of above provisions of Sec.209, Ministry of Corporate Affairs published a notification dated 3 ^rd June 2011, notified The Companies (Cost Audit Report) Rules 2011 which, inter alia, specifies the form of cost audit report and the allied rules.

Every company covered under the above category, shall keep maintain cost details, statements, schedules for each unit and each product or activity comprises in each product, duly authenticated by atleast two Directors of the company and the cost auditor.

Further, this Rule requires a cost auditor, who issues a cost audit report after 1 ^st April 2012, irrespective of the financial year of the company which it relates to, shall be in form proscribed under these rules.

The format of the cost audit report has 10 annexure, out of which one is of utmost importance both to the assessees and to the transfer pricing auditors who issues the report in form 3CEB. This annexure is referred as "RELATED PARTY TRANSACTIONS (for the company as a whole)".

Annexure contains following details which must be reported as integral part of cost accounting report issued by the cost auditor, in a horizontal manner.

RELATED PARTY TRANSACTIONS (for the company as a whole)

Sl. No

Name and address of the Related Party

Name of the Product

Nature of Transactions (Sales, Purchase etc).

Quantity

Transfer Price

Amount

Normal Price

Basis adopted to determine the Normal Price

Note :

1.      Details should be furnished for each sale/purchase separately.

2.      Details of Related Party transactions without indicating the Normal Price and the basis thereof shall be considered as incomplete information.

Compliance to the above requirement would require each of us to undertake a full fledged transfer pricing documentation in a manner it is done for Sec.92 of Income Tax Act. Interestingly, the terminologies such as "Related Party", "Transfer Price", "Normal Price" are not defined under this Rule. But practically we need to take cognizance of Chapter X of Income Tax Act dealing with the Transfer Pricing provisions.

When it is clear that the related parties will be largely construed as "associated enterprises" as per Sec.92A,

and the international transactions with such enterprises will be subject to cost audit reporting requirements, applicability of cost audit reporting requirements to specified domestic transactions including transactions with Special units (80-IA, SEZ units) and transactions with persons covered under Sec 40(A)(2)(b) need to be deliberated and examined.

Next immediate question that comes to us is when this compliance required? All we thought is that as per Income Tax provisions, transfer pricing report in form 3CEB must be issued before 30 ^th Nov, 2012 and accordingly prioritised our work schedule with other assignments.

But now we need to take immediate cognizance of the above cost audit reporting requirements since this report needs to be uploaded to Ministry of Corporate Affairs (Cost audit branch) within 180 days from the close of the company's financial year to which the report relates. So, in most of cases, this cost audit report will have to be uploaded by 30 ^th Sept 2012, which requires our immediate attention.

Data reported in Form no 3CEB and in the cost audit report need to match in all aspects with regard to transactions subject to transfer pricing regulations.

Hence we need to pre-pone finalisation 3CEB details immediately without waiting till 30 ^th Nov, since these details will be direct input for the cost audit report to be uploaded to MCA site before 30 ^th Sept 2012. 

Courtesy : taxsutra

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Rajiv Gandhi Equity Savings Scheme

Ministry of Finance21-September, 2012 16:11 IST

Finance Minister approves the Operational Features of the Rajiv Gandhi Equity Savings Scheme (RGESS)

The Union Finance Minister Shri P. Chidambaram approved a new tax saving scheme called "Rajiv Gandhi Equity Saving Scheme"(RGESS),exclusively for the first time retail investors in Securities Market. This Scheme would give tax benefits to new investors who invest up to Rs. 50,000 and whose annual income is below Rs. 10 lakh. The Scheme not only encourages the flow of savings and improves the depth of domestic capital markets, but also aims to promote an 'equity culture' in India. This is also expected to widen the retail investor base in the Indian securities markets. Salient features of the Scheme are as under: a. Scheme is open to new retail investors, identified on the basis of their PAN numbers. This includes those who have opened the Demat Account but have not made any transaction in equity and /or in derivatives till the date of notification of this Scheme and all those account holders other than the first account holder who wish to open a fresh account. b. Those investors whose annual taxable income is ≤ Rs. 10 lakhs are eligible under the Scheme. c. The maximum Investment permissible under the Scheme is Rs. 50,000 and the investor would get a 50% deduction of the amount invested from the taxable income for that year. d. Under the Scheme, those stocks listed under the BSE 100 or CNX 100, or those of public sector undertakings which are Navratnas, Maharatnas and Miniratnas would be eligible. Follow-on Public Offers (FPOs) of the above companies would also be eligible under the Scheme. IPOs of PSUs, which are getting listed in the relevant financial year and whose annual turnover is not less than Rs. 4000 Crore for each of the immediate past three years, would also be eligible. e. In addition, considering the requests from various stakeholders, Exchange Traded Funds (ETFs) and Mutual Funds (MFs) that have RGESS eligible securities as their underlying and are listed and traded in the stock exchanges and settled through a depository mechanism have also been brought under RGESS. f. To benefit the small investors, the investments are allowed to be made in instalments in the year in which tax claims are made. g. The total lock-in period for investments under the Scheme would be three years including an initial blanket lock-in period of one year, commencing from the date of last purchase of securities under RGESS. h. After the first year, investors would be allowed to trade in the securities in furtherance of the goal of promoting an equity culture and as a provision to protect them from adverse market movements or stock specific risks as well as to give them avenues to realize profits. i. Investors would, however, be required to maintain their level of investment during these two years at the amount for which they have claimed income tax benefit or at the value of the portfolio before initiating a sale transaction, whichever is less, for at least 270 days in a year. The calculation of 270 days includes those days pursuant to the day on which the market value of the residual shares /units has automatically touched the stipulated value after the date of debit. j. The general principle under which trading is allowed is that whatever is the value of stocks / units sold by the investor from the RGESS portfolio, RGESS compliant securities of at least the same value are credited back into the account subsequently. However, the investor is allowed to take benefits of the appreciation of his RGESS portfolio, provided its value, as on the previous day of trading, remains above the investment for which they have claimed income tax benefit. k. For the purpose of valuation of shares, the closing price as on the previous day of the date of trading will be considered so that new investors are certain about their debits and credits into the account. l. In case the investor fails to meet the conditions stipulated, the tax benefit will be withdrawn. Like all financial products which have reached out substantially to the retail investors (post office savings, life insurance policies etc) through tax benefits, this tax break for direct investment in equity is expected to substantially encourage the retail participation in securities market as well as to enhance their participation in the growth of Indian industry. Entry of more retail investors are expected to further deepen the securities markets as they bring in long-term stable funds, which can counteract the volatility created by the liquidity providers of the market. The Scheme, thus, also furthers the goal of financial stability and promotes financial inclusion. Since Exchange Traded Funds and Mutual Funds have also been brought under the Scheme, the Scheme should provide encouragement and re-assurance to the first time investors. The broad provisions of the Scheme and the income tax benefits under it have already been incorporated as a new Section - 80CCG - of the Income Tax Act, 1961, as amended by the Finance Act, 2012. Department of Revenue will notify the Scheme and SEBI will issue the relevant circulars to operationalize the Scheme in the next two weeks. DSM/RS/Hb (Release ID :87893)

Note on Immunity from TDS Default

Note on  Accountant's certificate format notified to get immunity for TDS default, if due taxes paid by payee

(NOTIFICATION NO. 37/2012 [F.NO. 142/18/2012-SO(TPL)], DATED 12-09-2012)

·         Any person who fails to deduct the whole or any part of tax deducted at source on the sum paid or credited to the account of resident shall not be deemed to be an assessee in default if the following conditions are satisfied:

o   If payee has furnished his return of income under section 139

o   If Payee has taken into account such sum for computing income in such return of income

o   If Payee has paid the tax due on the income  declared by him in such return of income, and

o   the person furnishes a Certificate in Form 26 A or Form 27BA as the case may be to this effect from a practicing Chartered Accountant

·         However, the Deductor is required to pay interest u/s 201(1A) of the Income-tax Act.

·         Disqualifications of CA to certify Form 26A or Form 27BA

o   If CA is a director, partner or employee of the payee entity or its associated concerns.

o   If certificate proved incorrect or false is liable for penal action.

·         As per  Section 40(a)(ia) no disallowance if the above provisions are complied in full as per Section 201.

CA Certificate on Return of Income

NCOME-TAX (ELEVENTH AMENDMENT) RULES, 2012 - INSERTION OF RULES 31ACB, 37J, FORM NOS. 26A & 27BA

NOTIFICATION NO. 37/2012 [F.NO. 142/18/2012-SO(TPL)], DATED 12-9-2012

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 (11th Amendment) Rules, 2012.

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

2. In the Income-tax Rules, 1962, (hereafter referred to as the "said rules"),-

(a)  after rule 31ACA, the following rule shall be inserted, namely:-

"Form for furnishing certificate of accountant under the first proviso to sub-section (1) of section 201

31ACB. The certificate from an accountant under first proviso to sub-section (1) of section 201 shall be furnished in Form No.26A";

(b)  after rule 37-I, the following rule shall be inserted, namely:-

"Form for furnishing certificate of accountant under first proviso to sub-section (6A) of section 206C

37J. The certificate from an accountant under first proviso to sub-section (6A) of section 206C shall be furnished in Form No. 27BA."

3. In Appendix-II to the said rules.-

(a) after Form No. 26, the following form shall be inserted, namely.—

"FORM No. 26A

[See rule 31ACB]

Form for furnishing accountant certificate under the first proviso to sub-section (1) of section 201 of the Income-tax Act, 1961

I (name) _________________________ am the person responsible for paying (within the meaning of section 204) in the case of (name of the payer) ______________________ with PAN # (PAN of the payer) __________________________________________ and TAN (TAN of the payer) ______________________ located at  (address of the payer) _______________________ ______________

I do hereby state that I, being the person responsible for paying had paid to/credited to the account of (name of the payee)  _________________ a sum of _____________________ rupees without deduction of whole or any part of the tax

A certificate from an accountant certifying that the payee has fulfilled all the conditions mentioned in the first proviso to sub-section (1) of section 201 of the Income-tax Act, 1961 is enclosed as Annex 'A' to this Form

I further state that the interest under sub-section (1A) of section 201 amounting to _______ rupees for non-deduction/short deduction of tax * has been paid by me the details of which are as under -

BSR Code/**24G Receipt Number (first seven digits of BIN)	Challan Serial Number/**DDO Serial Number (last five digits of BIN)	Date of deposit through challan/**date of transfer voucher

or

*has not yet been paid by me

Place	Signature
Date	Designation

 # In case of Government deductors "PAN NOT REQD" should be mentioned

* Delete whichever is not applicable

** For payment made without the production of challan

ANNEXURE A

Certificate of accountant under first proviso to sub-section (1) of section 201 of the Income-tax Act, 1961 for certifying the furnishing of return of income, payment of tax etc. by the payee

I/We *hereby confirm that I/we* have examined the relevant accounts, documents and records of (name and address of the payee with PAN) __________________________________________________ for the period ___________________ and hereby certify the following:

(i) ____________________  (payer) has paid to or credited following sum to the account of ________________ (payee) without deduction of whole or any part of the tax in accordance with the provisions of Chapter-XVII-B

Nature of payment	Date of payment or credit	Section under which tax was deductible	Amount paid or credited	Amount of tax deductible	Details of amount deducted, if any
					Amount deducted	Date of deduction

(ii) The payee, who is a resident, has furnished his return of income for the assessment year ______________ relevant to the payment referred to in (i) above. The details of return of income filed by the payee are as under -

Date of filing return	Mode of filing i.e.whether e-filed or paper return	Acknowledgement number of return filed	If paper return-designation and address of the Assessing Officer	Amount of total taxable income as per return filed	Tax due on the income declared in the return	Details of tax paid

(iii) The payee has taken into account the sum referred to in (i) for computing his taxable income in return of income filed by him the details of which are as under -

Receipt on which Tax has not been deducted	Head of Income under which the receipt is accounted for	Gross receipt under the head of income under which the receipt is accounted for	Amount of taxable income under the head of income under which the receipt is accounted for

(iv) It has been ensured that the information furnished is true and correct in all respects and no relevant information has been concealed or withheld

(v) Neither I, nor any of my partners, is a director, partner or an employee of the above mentioned entities or its associated concerns

I/we* fully understand that any statement made in this certificate, if proved incorrect or false, will render me/us* liable for any penal or other consequences as may be prescribed in law or is otherwise warranted

(Signature and Stamp/Seal of the Signatory)

†Accountant

Place	Name of the Signatory
Date	Full Address
	Membership No.

Notes:

 1.  *Delete whichever is not applicable

 2.  †This certificate 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 "

(b) after Form No. 27B, the following form shall be inserted, namely.—

"FORM No. 27BA

[See rule 37J]

Form for furnishing accountant certificate under first proviso to sub-section (6A) of section 206C of the Income-tax Act, 1961

I. (name) ____________________ am the person responsible for collecting tax under section 206C in the case of (name of the seller/licensor/lessor) ________________________________ with PAN # (PAN of the seller/licensor/lessor) ___________________ and TAN (TAN of the seller licensor/lessor) ____________________ located at (address of the seller/licensor/lessor) _______________

I do hereby state that I, being the person responsible for collecting tax had received from debited to the account of (name of the buyer/licensee/lessee) _________________ a sum of _______________ rupees without collection of whole or any part of tax.

A certificate from accountant certifying that the buyer/licensee/lessee has fulfilled all the conditions mentioned in the first proviso to sub-section (6A) of section 206C of the Income-tax Act, 1961 is enclosed as Annex 'A' to this Form.

I, further, state that the interest under sub-section (7) of section 206C amounting to ____________ rupees for non-collection short collection of tax

* has been paid by me, the details of which are as under :-

BSR Code/**24G Receipt Number (first seven digits of BIN)	Challan Serial Number/**DDO Serial Number (last five digits of BIN)	Date of deposit through challan/* *date of transfer voucher

or

*has not yet been paid by me.

Place:	Signature:
Date:	Designation:

# In case of Government deductors, "PAN NOT REQD" should be mentioned.

*Delete whichever is not applicable.

** For payment made without the production of challan by the Government deductor.

ANNEXURE A

Certificate of accountant under first proviso to sub-section (6A) of section 206C of the Income-tax Act, 1961 for certifying the furnishing of return of income, payment of tax etc. by the buyer/licensee/lessee

I/We* hereby confirm that I/we* have examined the relevant accounts, documents and records of (name and address of the buyer/licensee/lessee with PAN) ____________________ for the period _______________ and hereby certify the following:

(i) ______________________________ (seller/licensor/lessor) has received from or debited following sum to the account of _______________________ (buyer/licensee/lessee) without collection of whole or any part of the tax in accordance with the provisions of Chapter -XVII-BB

Nature of Receipt	Date of Receipt or debit	Section under which tax was Collectible	Amount received or debited	Amount tax collectible	Details of amount collected, if any
					Amount collected	Date of collection

(ii) The buyer/licensee/lessee, has furnished his return of income for the assessment year _________________ relevant to the receipt referred to in (i) above. The details of return of income filed by the buyer/licensee/lessee are as under -

Date of filing return	Mode of filing i.e.whether e-filed or paper return	Acknowledgement number of return filed	If paper return-designation and address of the Assessing Officer	Amount of total taxable income as per return filed	Tax due on the income declared in the return	Details of tax paid

(iii) The buyer/licensee/lessee has taken into account the sum referred to in (i) for computing his taxable income in return of income filed by him, the details of which are as under:-

Payment on which Tax has not been collected	Head of Income under which the payment is accounted for	Gross payment under the head of income under which the payment is accounted for	Amount of taxable income under the head of income under which the payment is accounted for

(iv) It has been ensured that the information furnished is true and correct in all respects and no relevant information has been concealed or withheld

(v) Neither I, nor any of my partners, is a director, partner or an employee of the above mentioned entities or its associated concerns

I/we* fully understand that any statement made in this certificate, if proved incorrect or false, will render me/us* liable for any penal or other consequences as may be prescribed in law or is otherwise warranted.

(Signature and Stamp/Seal of the Signatory)

†Accountant

Place:	Name of the Signatory..............................
Date:	Full Address:............................................
	Membership No.......................................

Notes:

 1.  *Delete whichever is not applicable.

 2.  †this certificate 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.".

-CA. V.M.V.SUBBA RAO

Cost Inflation Index for FY 2012-13 is 852

Notified Cost Inflation Index for Financial Year 2012-13 / Assessment Year 2013-14 : 852