Final Report on Tax Accounting Standard

FINAL REPORT OF THE COMMITTEE CONSTITUTED FOR FORMULATING ACCOUNTING STANDARDS FOR THE PURPOSES OF NOTIFICATION UNDER SECTION 145(2) OF THE INCOME-TAX ACT, 1961

PRESS RELEASE, DATED 26-10-2012

Section 145(1) of the Income-tax Act, 1961 ('the Act') provides that the income chargeable under the head "Profits and gains of business or profession" or "Income from other sources" shall [subject to the provisions of sub-section (2)] be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. Section 145 (2) provides that the Central Government may notify Accounting Standards ('AS') for any class of assessees or for any class of income.

2. The Central Board of Direct Taxes ('CBDT') constituted a Committee comprising of departmental officers and professionals in December, 2010 to inter alia suggest AS for the purposes of notification under section 145(2)of the Act.

3. The Committee submitted its first Interim Report in August 2011. A discussion paper containing the main recommendations of the Committee was issued in October, 2011 for inviting comments/suggestions from all stakeholders.

4. The Committee has submitted its Final Report in August, 2012. The Committee recommended that the AS notified under the Act should be made applicable only to the computation of taxable income and a taxpayer would not be required to maintain books of account on the basis of AS notified under the Act. The Committee examined all the 31 AS issued by the ICAI and recommended notification of AS on 14 issues under the Act and formulated drafts of AS on these issues. The Committee has termed them as "Tax Accounting Standards" (TAS) to distinguish from the AS issued by the ICAI/notified under the Companies Act, 1956.

5. The Final Report of the Committee (including drafts of the 14 TAS submitted by the Committee) is uploaded on the Finance Ministry website (www.finmin.nic.in) and Income-tax Department website (www.incometaxindia.gov.in) for comments from stakeholders and general public.

6. The comments and suggestions on the final report may be submitted by 26th November, 2012 at the email addresses (dirtpl3@nic.in or rkbhoot@gmail.com) or by post at the following address with "comments on Final Report of Accounting Standards Committee" written on the envelope:

Director (Tax Policy & Legislation)-III

Central Board of Direct Taxes,

Room No.147-G,

North Block,

New Delhi-110001

File Early to Avoid Last Minute Rush.!

Dear Stakeholder,

The Ministry issued General Circular No.30/2012 dated  28.09.2012, In order to ensure smooth filing and to avoid last minute rush, the due date of filing of e-forms 23AC(Non-XBRL) and 23ACA (Non XBRL) as per new schedule VI is extended in following manner without any additional fee :-

a)    Company holding AGM or whose due date for holding AGM is on or before 20.09.2012, the time limit will be 03.11.2012 or due date of filing, which ever is later.

b)    Company holding AGM or whose due date for holding AGM is on or after 21.09.2012, the time limit will be 22.11.2012 or due date of filing, which ever is later.

It is suggested that the e-filing of MCA21 forms (especially filing of Balance Sheets and Annual Returns due in October and November respectively) on MCA portal may be carried out AS SOON AS POSSIBLE without waiting till the last date to avoid the last minute congestion on the MCA/MCA21 website. This will result in smooth service delivery to all the stakeholders from MCA.

Further the Ministry vide General Circular No.31/2012 dated 28.09.2012 has extended the filing of e-form 23B for FY 2012-13 without any additional fee till 23.12.2012 or due date of filing which ever is later. All are advised  to file e-form 23B after 22.11.2012 to avoid system congestion

Your cooperation will be appreciated. In case filing has been done by you, please ignore this message

This is a MCA21 system generated mail for your information and necessary action. Please do not reply to this mail.

Ministry of Corporate Affairs
Government of India 

New ST 3 Released

Modified version of the Service Tax Return (ST3) for the quarter Apr-Jun,2012 is now available for uploading to ACES .It is available in 'DOWNLOADS' section in offline version only and not online version. In view of the implementation of the Negative List concept in Service Tax with effect from 1st July, 2012, the return filing cycle of six months (April-September, 2012) has been spilt. This new ST 3 Return will be only for the period April-June, 2012, when Negative List was not introduced. This return is available in offline utility only with view and print facility in online mode. The last date of filing the ST 3 return for the quarter Apr-Jun,2012 has been extended by CBEC up to 25th November, 2012 vide Order No 3/2012 dated 15th October, 2012. Click Here to download the new excel utility file http://aces.gov.in/download.jsp

District Rural Development Agency

Description : 

Audit work & Preparation of Balance Sheet 

District Rural Development Agency

Address :District Rural Development Agency
Pauri Uttaranchal 

Last Date : 31/10/2012

Department Of Information Technology

Description :
Expression of Interest for Appointment of Registered Chartered Accountant Firm for the Internal Audit of the JSAC for the Year 2008-09, 2009-10, 2010-11 and 2011-12 

Click the link below:

Department Of Information Technology 




Address :Department of Information Technology, Govt. of Jharkhand Ground Floor, Engineers Hostel – I, Golchakkar, Dhurwa, Ranchi – 834004

Phone :2401719 

Last Date : 30/10/2012 

Northern Coalfields Limited

Description :Empanelment of Chartered Accountant/Cost Accountant Firms for Miscellaneous Audit 

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Northern Coalfields Limited 


Address :Northern Coalfields Limited P.o,-Singrauli Colliery,Dist-Singrauli (M P) 486889

Last Date : 21/11/2012 

Jharkhand State Mineral Development Corporation Limited

Description :Expression of Interest For Empanelment Of Internal Auditors For Financial Year 2012-13 

Click the Link:

Jharkhand State Mineral Development Corporation Limited

Address :Khanij Nigam Bhawan,Doranda Ranchi-02 

Phone :2490118 

Last Date : 10/11/2012 

Department Of Industries, Jharkhand

Description :
Empanelment of Financial Consultants form Practicing Chartered Accountants / Company Secretary Firms / Company for a Period of five years 

Clink the link:

Department Of Industries


Address :Jharkhand 

E-Mail :jhr-doi@nic.in

Last Date : 31/10/2012 

Market Committee, Chandigarh

Description:
Engage the Chartered Accountant for the Following financial/Accounts Matter of this office 


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Market Committee

Address :Grain Market Sector-26 Chandigarh - Punjab 

Phone :0172-2792590 

Last Date : 25/10/2012

MCA on XBRL

Press Information Bureau
Government of India
Ministry of Corporate Affairs

19-October-2012 17:59 IST

Quality of xBRL Filing Certified by Professional Members

The Ministry of Corporate Affairs has pressed upon for the need to improve the quality of xBRL (Extensible Business Reporting Language) filings. In a letter sent to the Presidents of the Institute of Chartered Accountants of India (ICAI) and the Institute of Company Secretary in India (ICSI) the ministry said it is the bounden duty of these institutes to improve the quality of XBRL filing for the financial year (FY) 2011-12 to be undertaken by its members. Further, the Institute may conduct further trainings, issue guidelines, etc so that such quality related issues are appropriately resolved.

As per the letter a random scrutiny of XBRL filing of financial statements by few companies to MCA for FY 2010-11 reveals significant variations in disclosures in published results and the xBRL filing due to 'incorrect' mapping of disclosures. It has been observed that few disclosures were 'mapped/ tagged' with incorrect accounting concept despite availability of appropriate element in taxonomy. It has also been observed that provisions of "Block Text tagging" and/ or "Footnote" have been inappropriately used to report disclosures like subsidiary details, related party transactions, Director's Report, etc. even when appropriate elements were available in the taxonomy for such disclosures.

Moreover, Such filing are inaccurate and do not adequately represent true and fair view of the state of affairs of the company as per Section 211 of the Companies Act, 1956. Such XBRL filing, apart from being misleading, also dilute the effectiveness of XBRL, for stakeholders' usage relating to the companies. It is unfortunate that professionals have certified the authenticity of such incorrect date, for which they are liable to be penalized. Such lapses defeat the very purpose of introducing XBRL filing which are meant to elicit more detailed and refined information as to the affairs of companies. Please note that XBRL filing are being minutely scrutinized to see if similar mistakes also appear in a larger sample.

It is note worthy that xBRL filing of financial statements by a select class of companies for FY 2010-11 was mandated vide Ministry of Corporate Affairs Notification GSR No: 748(E) dated 05.10.2011. The e-forms were duly certified by CA/CS/CWA professionals for their completeness and correctness in representation with respect to audited financial statement of the company.

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CBDT ON ARREAR DEMAND GRIEVANCES

Dear Members,

 CBDTs letter on Resolving All Arrear Demand Grievances

Please Click here to Download - 975-demand_grievance_CBDT.pdf

CIRCULAR NO. 9/2012 [F. NO. 275/11/2012-IT(B)], DATED 17-10-2012

SECTION 194C OF THE INCOME-TAX ACT, 1961 - DEDUCTION OF TAX AT SOURCE - PAYMENTS TO CONTRACTORS & SUB-CONTRACTORS - DEDUCTION OF TAX AT SOURCE ON PAYMENT OF GAS TRANSPORTATION CHARGES BY THE PURCHASER OF NATURAL GAS TO THE SELLER OF GAS

CIRCULAR NO. 9/2012 [F. NO. 275/11/2012-IT(B)], DATED 17-10-2012

Representations have been received from various sections of the Industry on the difficulties faced in the matter of Tax Deduction at Source on Gas Transportation Charges paid by the purchasers of Natural gas to the sellers of gas.

2. The Hon'ble Gujarat High Court in the case of CIT (TDS) v. Krishak Bharati Cooperative Limited in Tax Appeal No. 618 of 2010 videorder dated 12-7-2011, has held that the question as to whether payment of Gas Transportation Charges by the purchasers of Natural gas to the Gas Distribution Companies is covered under the provision of Chapter XVII-B of Income-tax Act, 1961 (the Act) or not, can be ascertained only on the basis of the terms of agreement between the Gas Distributing Company and the purchaser of the Natural gas. In the operative part of the order, the Hon'ble Court says that in the facts of the abovementioned case, the agreement is for purchase and sale of gas. Transportation of gas is only a part of the entire sale transaction. Laying down the pipeline and supplying gas through such pipeline were the steps taken in furtherance of such a contract. There was a clear understanding of the parties that the ownership of gas would pass on to the buyer at the delivery point which clearly shows that transport of gas by the seller was a step towards execution of contract for sale of gas and there was no contract for carriage of goods. The Court added that Transportation of gas was only in furtherance of contract for sale of gas. The Hon'ble High Court then decided that in such a case the supply of gas is under a 'contract for sale' and not under a 'works contract' as envisaged under section 194C of the Act and hence in such a case TDS provisions are not applicable.

3. The matter has been examined by the Board. The main stakeholders in this Industry are the - Owners/Sellers of the gas (which could be a Gas Distribution Company); Transporters of gas (which could be the Owners/Sellers of the gas or a third party/parties) and the purchasers/ end-users of the gas. The Owner/Seller of the gas may transfer the ownership of the gas to the purchaser either at the point of delivery at the premises of the purchaser or at any intermediate point.

4. It is clarified that in case the Owner/Seller of the gas sells as well as transports the gas to the purchaser till the point of delivery, where the ownership of gas to the purchaser is simultaneously transferred, the manner of raising the sale bill (whether the transportation charges are embedded in the cost of gas or shown separately) does not alter the basic nature of such contract which remains essentially a 'contract for sale' and not a 'works contract' as envisaged in section 194C of the Act. Hence in such circumstances, provisions of Chapter XVII-B of the Act are not applicable on the component of Gas Transportation Charges paid by the purchaser to the Owner/Seller of the gas. The use of different modes of transportation of gas by Owner/Seller will not alter the position.

5. It is needless to mention that transportation charges paid to a third party transporter of gas, either by the Owner/Seller of the gas or purchaser of the gas or any other person, shall continue to be governed by the appropriate provisions of the Act and TDS shall be deductible on such payment to the third party at the applicable rates.

Uttar Pradesh Participatory Forest Management And Poverty Alleviation Project

Description :Engage reputed C.A. firms for audit of different units of the project. PMU invites eligible C.A. Firms to indicate their interest in providing the desired services. The eligible firms would be mandated to undertake audit of all the units at the PMU, dmus, fmus and JF mcs/ edcs within the frame work of theproject, every year, for the period of 3 years
 
Uttar Pradesh Participatory Forest Management And Poverty Alleviation Project


Address :Chief Project Director, PMU, UPPFMPAP, Aranya Sadan, Shisham Bagh, Sector 19, Indira Nagar, Lucknow 

Phone :91 522-2718301 

E-Mail :jbicup@gmail.com

Last Date : 19/11/2012

College Of Dairy Technology

Description :
Tenders from Reputed Competent Chartered Accountants Implementation of Double Entry Accounting System on Accrual Basis in all the Units of University 

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College Of Dairy Technology

 
Address :Chhattisgarh Kamdhenu Vishwavidyalaya Camp Office Collage of Dairy Techonology,Raipur 

Last Date : 01/11/2012

Software Technology Parks Of India

Description :
Engagement of Internal Auditor for STPI & its sub centres 

Software Technology Parks Of India

Address :The Additional Director, STPI-Bhubaneswar, Fortune Towers, C-Ground Zero, Fortune Towers, Bhubaneswar-23 

Last Date : 25/10/2012 

Municipal Corporation, Sikar

Description :
Supply of Construction Materials. Supply of Electric items. Providing of Chartered accountant service for chartered accountant work.  Repair of Road light 

Click the below link:

Municipal Corporation 

Address :Sikar - Rajasthan 

Last Date : 23/10/2012 

RBI Circular on Loan to NRE

FOREIGN EXCHANGE MANAGEMENT (DEPOSIT) REGULATIONS, 2000 - LOANS TO NON-RESIDENTS/THIRD PARTIES AGAINST SECURITY OF NON-RESIDENT (EXTERNAL) RUPEE ACCOUNTS [NR (E) RA]/FOREIGN CURRENCY NON-RESIDENT (BANK) ACCOUNTS [FCNR (B)] DEPOSITS

A. P. (DIR SERIES 2012-13) CIRCULAR NO. 44, DATED 12-10-2012

Attention of Authorised Dealer Category-I banks and Authorised banks (the banks) is invited to Para 6 of Schedule 1 and Para 9 of Schedule 2 toForeign Exchange Management (Deposit) Regulations, 2000 notified vide Notification No. FEMA 5/2000-RB, dated May 3, 2000, as amended from time to time regarding loans against security of funds held in deposit accounts. Further, attention of the banks is also invited to A. P. (DIR Series) Circular No.66, dated April 28, 2009 in terms of which it was decided to enhance the then existing cap of Rs. 20 lakh to Rs. 100 lakh on loans against security of funds held in NR(E)RA and FCNR(B) deposits either to the depositors or third parties.

2. The Committee to review the facilities for individuals under FEMA, 1999 (Chairperson: Smt. K.J. Udeshi) has recommended that the banks may sanction Rupee loans in India or foreign currency loans outside India to either the account holder or a third party to the extent of the balance in the NRE/FCNR (B) account subject to margin requirements. The existing position in this regard has been reviewed and it has been decided, in exercise of powers under paragraph 6(d) of Schedule-1 read with para 9(1) of Schedule-2 of the Foreign Exchange Management (Deposit) Regulations, 2000, that the banks may now grant loans against NR(E)RA and FCNR(B) deposits either to the depositors or the third parties as under:-

	Existing provision	Proposed provision
Rupee loans* in India
Loans against NRE/FCNR(B) Fixed Deposits	Rs. 100 lakhs ceiling applicable	Rupee loans to be allowed to depositor/third party without any ceiling subject to usual margin requirements**
Foreign Currency loan* in India/outside India
Loans against NRE/FCNR(B) Fixed Deposits	Rs. 100 lakhs ceiling applicable	Foreign Currency loans to be allowed to depositor/third party without any ceiling subject to usual margin requirements **

* The term 'loan' shall include all types of fund based/non-fund based facilities.

** In case of FCNR deposits, the margin requirement shall be notionally calculated on the rupee equivalent of the deposits in accordance with para 9(2) of Schedule-2 of Foreign Exchange Management (Deposit) Regulations, 2000.

Further, the facility of premature withdrawal of NRE/FCNR deposits shall not be available where loans against such deposits are to be availed of. This requirement may specifically be brought to the notice of the deposit holder at the time of sanction of the loan. The existing loans which are not in conformity with the above instructions shall continue for their existing term and shall not be rolled over/renewed. Other conditions as regards grant of loan against NRE/FCNR deposits shall remain unchanged.

3. The above instructions shall come into force with immediate effect. The banks may bring contents of this circular to the notice of their constituents and customers concerned.

4. The directions contained in this circular have been issued under sections 10(4) and 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law.

CBDT crackdown on freebies to doctors by pharma industry

Any freebies given to doctors and their associations by the pharmaceutical companies by way of gift, travel facility, hospitality, cash grant and so on, is not allowable as expenditure, while computing the taxable business income of such companies, says a CBDT Circular. The Medical Council of India (MCI) had in 2009 prohibited medical practitioners and their associations from accepting these and other freebies from the pharmaceutical companies at the pain of being hauled up for violating professional ethics. The Explanation to Section 37(1) disallows expenses that are in violation to any law of the land. The regulations made by (MCI) a statutory body is the law of land governing the medical fraternity, and hence, any expenses incurred in violation thereof is squarely hit by the said Explanation, says the circular.

Source : http://www.thehindubusinessline.com/companies/article3991935.ece

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)

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

Success is not permanent and failure is not final

 

Broadcast Engineering Consultants India Limited

Description :Empanelment of Chartered Accountants Firms for carrying out Internal Audit work of Broadcast Engineering Consultants India Limited (BECIL) from Financial Year 2012-13 onwards 

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Broadcast Engineering Consultants India Limited

 

Address :Chairman & Managing Director
Broadcast Engineering Consultants India Limited
BECIL Corporate office C-56/A17, Sector-62
Noida-201301 (UP) 

Last Date : 22/10/2012

Hindustan Aeronautics Limited

Description :Expression of interest for appointment of internal auditors 

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Hindustan Aeronautics Limited


Address :Hindustan Aeronautics Limited
Accessories Division, Faizabad Road, Lucknow-226016 

Last Date : 16/11/2012 

SOUTH EASTERN COALFIELDS LIMITED

Description:
Empanelment of Chartered Accountants/Cost Accountants Partnership Firms registered with the Institute of Chartered Accountants of India / Institute of Cost Accountants of India for conducting Internal Audit of Physical Verification of Stores & Spares in SECL for the year 2012-13. 

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SOUTH EASTERN COALFIELDS LIMITED

Address :SOUTH EASTERN COALFIELDS LIMITED Seepat Road, Bilaspur (CG)-495006 

Phone : 09425531262 

Last Date : 10/11/2012 

Central Coalfields Limited

Description:
Appointment of Auditors for Physical Verification of Central / Regional / Charged off stores of CCL as on 31-12-2012 & NL/PL Reconciliation of central stores barkakana as on 01-04-2012 

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Central Coalfields Limited

Address : Ranchi - Jharkhand

Last Date : 31/10/2012 

Bihar State Aids Control Society

Description:
Expression of Interest for Chartered Accountant Firms for Internal Audit for Implementing the Centrally Sponsored national Aids control programme (NACP) in the State of Biha 

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Bihar State Aids Control Society

Address :BIHAR STATE AIDS CONTROL SOCIETY State Institute of Health & Family Welfare Building, Sheikhpura, Patna-800014. 

Phone :0612-2290278 

E-Mail :bsacshelp@bsacs.org

Last Date : 29/10/2012 

State Health And Family Welfare Society Hyderabad

Description :
Hiring services of charted accountant firms for concurrent audit of state health society (SHS & 4 groups of district health socities 

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State Health And Family Welfare Society


Address :State Health And Family Welfare Society DM&HS Campus,Sultan Bazar,Hyderabad-500095 

Phone :040-24613005 

E-Mail :cfo.nrhm@gmail.com

Last Date : 26/10/2012 

Jammu And Kashmir State Agro Industries Development Corporation Limited

Description :
Detailed transaction audit, internal audit of different divisions of the corporation for year 2000 onwards 

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Jammu And Kashmir State Agro Industries Development Corporation Limited

Address :Srinagar - Jammu-kashmir 

Last Date : 20/10/2012 

Department Of Information And Public Relation Assam

Description :Invited from the Registered Charter Accountancy firm for submission of quarterly income tax return both salary and non-salary portion of the office of Director of Information and Public Relations  Clicke the link: Department Of Information And Public Relation Address :Department Of Information And Public Relations,Assam. Dispur,Guwahati-6  Last Date : 12/10/2012

Shome Committee Draft Report On Vodafone Retrospective Law

Shome Committee Draft Report On Vodafone Retrospective Law

The Shome Committee has issued a draft report making far-reaching suggestions on whether the retrospective law seeking to tax Vodafone should be retained or not. The report makes important recommendations on the steps that the Government should take to address apprehensions about the certainty, predictability and stability of tax laws in India. Comments and Suggestions on the Draft Report are required to be submitted by 19th October, 2012

Department Of Information And Public Relations

Description :Invited from the Registered Charter Accountancy firm for submission of quarterly income tax return both salary and non-salary portion of the office of Director of Information and Public Relations Click Link: Department Of Information And Public Relations  Address :Department Of Information And Public Relations,Assam. Dispur,Guwahati-6  Last Date : 12/10/2012

Municipal Council, Badmer -Rajasthan

Description :Providing of Chartered accountant service – double entry system accounting year 2009-10, 2010-11, 2011-12 & 2012-13. 
Preparation of Statement of Affairs for one year (as on balance sheet) 2010-11, 2011-12 & 2012-13 per annum. Bank reconciliation work (per annum) from 01.04.2006 to 31.03.2013 

Click Link: 

Municipal Council

Address : Municipal Council,Badmer -Rajasthan  Last Date : 17/10/2012

Department of Health Services Chhatisgarh

Request for proposal for hiring services of post procurement auditor...

Here is the link:

http://pdicai.org/docs/tend_department_health-_services_250902012.JPG

Last Date: 29 Oct 2012

Department of Forests, Government of Tripura

Inviting Tenders of auditing  the accounts of  Tripura Forests Environmental Improvement and Poverty Alleviation Society (TFIPAS).

Here is the link:

http://pdicai.org/docs/tend_forest_department_tripura060102012.pdf

Last Date: 19 Oct 2012

STATE HEALTH SOCIETY, BIHAR, PATNA

EXPRESSION OF INTEREST for Concurrent Audit 2012-13

HIRING SERVICES OF CHARTERED ACCOUNTANTS FIRM FOR CONCURRENT AUDIT OF 

STATE HEALTH SOCIETY, BIHAR (SHSB) & DISTRICT HEALTH SOCIETY (DHS) FOR THE 

FINANCIAL YEAR 2012-13 UNDER NATIONAL RURAL HEALTH MISSION (NRHM)

Request for Proposal (RFP) for Concurrent Auditor for the State of Bihar

Here is the link:

http://statehealthsocietybihar.org/shs/tenders/Concurrent_Audit.pdf

Last date: 18/10/2012

Uttarakhand Power Corporation Limited

Uttarakhand Power Corporation Limited

Description : Audit of receivables outstanding as on 31.03.2012 pertaining to distribution units of UPCL Last Date : 06/11/2012 Address :Uttarakhand Power Corporation Limited Urja Bhawan Kanwali Road,Dehradun-248001 Phone :0135-2763672

Government Of Jammu And Kashmir

Government Of Jammu And Kashmir

Description :Auditing of accounts of RSVY & BRGF scheme Last Date : 05/10/2012 Address :Kupwara - Jammu-kashmir Phone :01955-253335 E-Mail :kupwara@nic.in

Official Amendments to Companies Bill,2011

Cabinet approves Amendments to the Companies Bill, 2011

The Union Cabinet today approved the proposal to make official amendments to the Companies Bill, 2011. The Companies Bill, 2011, on its enactment, would allow the country to have a modern legislation for growth and regulation of corporate sector in India. The existing statute for regulation of companies in the country, viz. the Companies Act, 1956 had been under consideration for quite long for comprehensive revision in view of the changing economic and commercial environment nationally as well as internationally. In view of various reformatory and contemporary provisions proposed in the Companies Bill, 2011 together with omission of existing unwanted and obsolete compliance requirements, the companies in the country would be able to comply with the requirements of the proposed Companies Act in a better and more effective manner. The Salient features of amendments approved by the Cabinet are as follows: 1. The words `make every endeavour to` omitted from Clause 135(5). Such clause is also amended to provide that the company shall give preference to local areas where it operates, for spending amount earmarked for Corporate Social Responsibility (CSR) activities, The approach to `implement or cite reasons for non implementation1 retained. (Amendment of Clause 135). 2. To help in curbing a major source of corporate delinquency, Clause 36 (c) amended, to also include punishment for falsely inducing a person to enter into any agreement with bank or financial institution, with a view to obtaining credit facilities. (Amendment in Clause 36). 3. Provisions relating to audit of Government Companies by Comptroller and Auditor General of India (C&AG) modified to enable C&AG to perform such audit more effectively. {Amendment in Clauses 143(5) and (6)}. 4. Clause 186 amended to provide that the rate of interest on inter corporate loans will be the prevailing rate of interest on dated Government Securities. (Amendment in Clause 186). 5. Provisions relating to restrictions on non audit services modified to provide that such restrictions shall not apply to associate companies and further to provide for transitional period for complying with such provisions. (Amendment in Clause 144). 6. Provisions relating to separation of office of Chairman and Managing Director (MD) modified to allow, in certain cases, a class of companies having multiple business and separate divisional MDs to appoint same person as `chairman as well as MD. (Amendment in Clause 203). 7. Provisions relating to extent of criminal liability of auditors particularly in case of partners of an audit firm reviewed to bring clarity. Further, to ensure that the liability in respect of damages paid by auditor, as per the order of the Court, (in case of conviction under Clause 147) is promptly used for payment to affected parties including tax authorities, Central Government has been empowered to specify any statutory body/authority for such purpose. (Amendments in Clause 147 and 245). 8. The limit in respect of maximum number of companies in which a person may be appointed as auditor has been proposed as twenty companies. {Amendment in Clause 141(3) (g)}. 9. Appointment of auditors for five years shall be subject to ratification by members at every Annual General Meeting (Amendment of Clause 139(1). 10. Provisions relating to voluntary rotation of auditing partner (in case of an audit firm) modified to provide that members may rotate the partner `at such interval as may be resolved by members` in stead of `every year` proposed in the clause earlier. {Amendment in Clause 139(3)}. 11. `Whole-time director` has been included in the definition of the term `key managerial personnel` {Amendment of Clause 2(51)}. 12. The term `private placement` has been defined to bring clarity. (Amendment in Clause 42). 13. Approval of the Tribunal shall be required for consolidation and division of share capital only if the voting percentage of shareholders changes consequent on such consolidation {Amendment of Clause 61(1) (b)}. 14. Clarification included in the Bill to provide that `Independent Directors` shall be excluded for the purpose of computing `one third of retiring Directors`. This would bring harmonisation between provisions of Clause 149(12) and rotational norms provided in clause 152. (Amendment in Clause 152). 15. Provisions in respect of removal of difficulty modified to provide that the power to remove difficulties may be exercised by the Central Government upto `five years` (after enactment of the legislation) in stead of earlier upto `three years`. This is considered necessary to avoid serious hardship and dislocation since many provisions of the Bill involve transition from pre-existing arrangements to new systems. (Amendment in Clause 470). Background: (i) The Companies Bill, 2011 was introduced in the Lok Sabha on 14th December, 2011 and was considered by the Parliamentary Standing Committee on Finance which submitted its report to the Honourable Speaker, Lok Sabha on 26th June, 2012. The report was laid in Parliament on 13th August 2012. Keeping in view the recommendations made by such Committee it was decided to make certain modifications in the Companies Bill, 2011 through official amendments. (ii) In view of the developments taking place nationally as well as internationally, and with the intent to modernize the structure for corporate regulation in India and also to promote the development of the Indian corporate sector through enlightened regulation and good corporate governance practices, a decision has been taken to revise the existing Companies Act, 1956 comprehensively. Various stakeholders viz Industry Chambers, Professional Institutes, Government Departments, Legal Experts and Professionals etc. were consulted in the process and accordingly, the Companies Bill 2009 was introduced in the Lok Sabha on 3rd August, 2009 which was referred to Parliamentary Standing Committee on Finance for examination and report, which submitted its report to the Parliament on 31st August, 2010. (iii) Keeping in view the recommendations made by the Standing Committee and consultation with various Ministries/Departments etc. a revised Companies Bill, 2011 was prepared which was approved by the Cabinet on 24th November, 2011. The revised Bill was introduced in the Lok Sabha on 14th December, 2011. On introduction of the Companies Bill, 2011, the Companies Bill, 2009 was withdrawn. (iv) The Companies Bill, 2011 was referred to the Parliamentary Standing Committee on Finance for examination and report. The Committee examined the Bill and presented its report/ recommendations to the Speaker, Lok Sabha on 26th June, 2012. The report was laid in the Parliament on 13th August, 2012. Keeping in view the recommendations made by the Committee and the inter-ministerial consultation held with concerned Ministries/Departments, it has been decided to make official amendments to the Companies Bill, 2011. *** SH/SKS (Release ID :88161)

Cap for applicability of Payment of Wages Act, 1936 increased to Rs. 18,000 per month

NOTIFICATION NO. SO 2260(E), DATED 11-09-2012

SECTION 1(6) OF THE PAYMENT OF WAGES ACT, 1936 - WAGES PAYABLE TO AN EMPLOYED PERSON - SPECIFIED AMOUNT OF WAGES PAYABLE UNDER SECTION 1(6)

NOTIFICATION NO. SO 2260(E), DATED 11-9-2012

In exercise of the powers conferred by sub-section (6) of section 1 of Payment of Wages Act, 1936 (4 of 1936), the Central Government, on the basis of figures of the Consumer Expenditure Survey published by the National Sample Survey Organisation, hereby specifies Rupees eighteen thousand per month as the wages under said sub-section (6).

Note:

Payment  of Wages Act 1936 is applicable where the monthly salary exceeds Rs.18,000 per month (earlier it was Rs.10,000 pm)