Clean Energy Cess Amendment

Clean Energy Cess (Amendment) Rules, 2010 – Amendment in rule 11 and substitution of Form - I

Notification No. 7/2010-Clean Energy Cess, dated 8-9-2010

In exercise of the powers conferred by section 84 of the Finance Act, 2010 (14 of 2010), the Central Government hereby makes the following rules to amend the Clean Energy Cess Rules, 2010,  namely:-

 

1.   (1) These rules may be called the Clean Energy Cess (Amendment) Rules, 2010.

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

 

2.    In the Clean Energy Cess Rules, 2010,-

     (a) in rule 11,-

(i)             For the words, figures and letters “not later than 10^th day of the month in which the payment has been” the words, figures and letters  “not later than 10^th day of the second month, following the month in which removals were”  shall be substituted;

(ii)            after the proviso, the following illustration shall be inserted, namely:-

“Illustration.− Return for the month of July 2010 shall be due by the 10^th of September, 2010.”

 

     (b)  for Form-I, the following Form-I shall be substituted, namely:-

 

“FORM –I

Monthly Return for Removal of specified goods

(See rule 11)

 

 

 

 

	M	M		Y	Y	Y	Y

 

I.     (1) Registration Number :  

 

 

 (2) Name of the Producer  :

 (3) Full Address       :

 

 

II.    Details of Specified Goods removed and Cess payable

S.No.	Name of the mine along with address	CETSH NO.	Description of specified goods	Unit of quantity	Quantity of specified goods removed during the month (in MT)	Rate of cess per tonne (Rs. per tonne)	Notification availed	S.No. in  notification	Total cess payable as per billing (Rs.)
(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)

(This part is to be repeated for each CETSH and for each mine, in case a producer has obtained centralized registration)

III.   Details of payment:

Total  Cess paid     (Rs.)	Amount of Cess  adjusted during the month under Rule 6(3)	Source document	Cess Code	Challan No. (CIN)	Remarks
(1)	(2)	(3)	(4)	(5)	(6)

(Total Cess paid should include Cess payment made during the month through challan as well as excess payment adjusted from earlier month(s).)

IV.           Details of other Payments:

Payments	Amount paid in cash(Rs.)	Challan No. (CIN )			Source document
					No.	Date
Arrears of CESS  under rule 6
Other arrears
Interest payment under rule 6(4)
Other interest payments
*Miscellaneous  payments
Total

                       (*Miscellaneous payments include penalty, pre-deposit, redemption fine.)

V. (a) I hereby declare that the information given in this return is true, correct and complete in every respect and that I am authorized to sign on behalf of the assessee.

    (b) During the month a total amount of  Rs._____ was deposited vide TR-6 Challan (copies enclosed).

    (c)    During the month, invoices bearing S. No.____to ____were issued. (Mine-wise)          

 

(Name and Signature of the Assessee or Authorised signatory)

Place:   

Date :                                            

                                         

ACKNOWLEDGMENT

 

				M	M		Y	Y	Y	Y
Return of Specified Goods
	D	D		M	M		Y	Y	Y	Y
Return of Specified Goods

 

 

 

(Name and Signature of the Range Officer with Official Seal)

           

INSTRUCTIONS

1.             In case where a producer has obtained a centralized registration under Rule 3 of Clean Energy Cess Rules 2010 he should provide information in respect of table No. II and V (c) in respect of each Mine separately.

2.             In case more than one item is produced, additional row may be inserted in each table.

3.             8-Digit CETHS No. may be indicated without any decimal point.

4.             The details of the challans for duty payment should be mentioned in Table II. Separate challans should be used for pre-deposit of duty for the purpose of appellate remedy.

5.             In the sixth column of Table at serial number IV specify the Order-in-Original number and date relating to the payment of arrears of duty and of interest, the period for which the said interest has been paid. For other miscellaneous payments, mention the source document number and date.”

 

--
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
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e-Mail: vmvsr@rediffmail.com
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http://pdicai.org/MyPage/203038.aspx

Rupee Symbol Interpretation

Land Mark Ruling in Vodaphone - N C Hegde

the bombay high court's ruling in the vodafone case will have a significant impact on the structure of future cross-borders mergers and acquisitions (m&as), especially when a transfer of shares of a foreign company leads to an effective transfer of an indian business. the ruling by itself may have a limited impact due to the likelihood of an appeal to the apex court, given the stake involved, in which case the supreme court would have the final say. however, there is no getting away from the fact that the ruling will act as a boost for the tax department in its quest to tax other cross-border mergers where the facts are similar to those in the vodafone case. going forward, this may not have a very significant impact on a majority of cross-border mergers given that most investors would choose to use intermediary jurisdictions such as mauritius, cyprus and singapore, which offer treaty protection for capital gains in an indian tax context. further, the high court seems to have accepted that a transfer of a share of a foreign company would not be taxable but has gone ahead to hold the transfer as taxable by looking into the entire substance of the transaction. the decision could therefore bolster claims on the part of foreign investors in regard to the non-taxability of other global m&as where the transfer of shares of a foreign company involve transfer of assets other than indian assets or where there is a transfer of assets spanning many jurisdictions. in any case, the direct taxes code bill 2010 has a specific proposal wherein a transfer of foreign company shares will be liable to pay capital gains tax on the proportionate value of indian assets if the underlying assets include more than 50% of indian assets. thus, effective april 1, 2012, the intention is to bring overseas m&as under the tax net. as articulated by the mumbai high court, the position in many countries, including australia and china, currently leads to such overseas deals being taxed in those countries and therefore, going forward, foreign investors will have to factor the taxability while undertaking an acquisition that meets the metrics as stipulated in the direct taxes code bill. the ruling will act as a dampener for foreign investors. but as foreign investors have often stated, their main objection to the vodafone case was more because the stand of the tax department in this case was a departure from a widely understood legal position. once they are put on guard in terms of the impending legislation under the dtc, they will be smart enough to factor the liability and discharge it as well where a legitimate alternative is not available. of course, till such time the direct taxes code comes into play, there is bound to be some degree of turbulence as there are aspects like apportionment of consideration and jurisdiction in the ruling, which have been remitted back to the tax department. the writer is partner, deloitte haskins and sells. views are personal.

Time limit for filing ITR-V for assessment year 2009-10 extended

 

Press Release, dated 1-9-2010

1.The Central Board of Direct Taxes (CBDT) has decided to extend the time limit for filing ITR-V forms relating to income-tax returns for A.Y. 2009-10 filed electronically (without digital signature) on or after 1st April 2009. These ITR-V forms can now be filed up to 31st December 2010 or within a period of 120 days of uploading of the electronic return data, whichever is later.

2. The relaxation has been made since there are still returns relating to A.Y. 2009-10 for which the ITR-V forms have not been received at the Centralised Processing Centre (CPC), Bengaluru or have been received after 31st March 2010 or have been filed with the Assessing Officers. These taxpayers are being given a final opportunity to send ITR-V forms to the CPC by the dates mentioned in para 1 above.

3. The ITR-V forms should be sent by ordinary post or speed post to Post Bag No.1, Electronic City Post Office, Bengaluru:– 560100 (Karnataka).

DTC Bill 2010

DTC shall come into force on the 1st day of April, 2012

TAX AUDIT

88
. (1) Every person, who is required to keep and maintain books of account under
section 87 shall get his accounts for the financial year audited—
(
a) where the person is carrying on any profession, the gross receipts of the
profession exceed twenty-five lakh rupees in the financial year;
(
b) where the person is carrying on any business, the total turnover or gross
receipts, as the case may be, of the business exceed one crore rupees in the financial
year

ICAI TO SEEK POWER TO PUNISH AUDIT FIRMS WITH GOVT NOD

JOE C MATHEW & SIDHARTHA New Delhi, 24 August
The Institute of Chartered Accountants of India (ICAI) is likely to ask for powers to penalise errant audit firms, but only with prior approval from the government.
The ICAI Council, the apex decision-making body that met last week, was divided on the issue of the regulatory agency for auditors getting powers to penalise firms as well. Instead, it agreed that the powers be used only in special circumstances, said members present in the meeting. A panel constituted by the Council has been tasked with defining what can trigger ICAI intervention against afirm. "If we find that auditors from one firm are repeatedly engaged in offences or if the act of an auditor is really grave, ICAI should have powers to act against a firm," a member of the Council said.
Following the Satyam accounting fraud, ICAI had sought powers to cancel the registration of audit firms as well. At present, its jurisdiction covers individual auditors only. The move was also being seen as astep towards regulating foreign firms, most of which are operating in India through tieups with local firms.
Armed with the Council's approval, ICAI would approach the Ministry of Corporate Affairs to amend the Chartered Accountants Act, the institute's president Amarjit Chopra said. "It (regulation) will be done on acase-to-case basis after getting approvals from the ministry on each occasion," Chopra added.
Another ICAI Council member said that amendments to Schedule I and Scheduled II of the Act had been proposed. Once Parliament approves the changes, ICAI will have powers to send show cause notices, levy penalties and in cases of grave offences, cancel licences.
The ICAI move comes days after the Bombay High Court had ruled on August 13 that the Securities and Exchange Board of India (Sebi) could proceed with its enquiry against audit firm Price Waterhouse for its alleged role in the Satyam scam.
The court had observed that Sebi had the power to act in the interest of the shareholders of listed companies. However, it noted that actions against the professionals (chartered accountant in this case) could be taken only by the body that regulates that profession. The court's observation had triggered a debate as to whether Sebi could debar Price Waterhouse from working with listed companies, if proved guilty.
Currently, the disciplinary committee of ICAI holds individual chartered accountants responsible for any malpractices or discrepancy that happens during the audit work. ICAI has the powers to suspend the registration of such persons, if found guilty. However, the institute has no such powers to take similar actions against the audit firm.
POWER WITH A RIDER
ICAI is likely to seek powers to penalise errant audit firms, but not without prior approval from the government
The ICAI Council was divided on the issue of the regulatory agency for auditors getting powers to penalise firms
A panel constituted by the Council has been tasked with defining what can trigger ICAI intervention against a firm
At present, ICAI's jurisdiction covers individual auditors only
Armed with the Council's approval, ICAI would approach the Ministry of Corporate Affairs to amend the Chartered Accountants Act