IndianCAs: ICAI announcement on AS 30

 

ICAI announcement on AS 30

Application of AS 30, Financial Instruments: Recognition and Measurement, for the accounting periods ending on or before 31 st March 2011.

1 AS 30 was issued by the Institute of Chartered Accountants of India (ICAI) in 2007 but as not yet been notified by the Government under Section 211(3C) of the Companies Act, 956. As per this standard;

"Accounting Standard (AS) 30, Financial Instruments: Recognition and Measurement, issued by the Council of the Institute of Chartered Accountants of India, comes into effect in respect of accounting periods commencing on or after 1 -4-2009 and will be recommendatory in nature for an initial period of two years. This Accounting Standard will become mandatory in respect of accounting periods commencing on or after 1 -4- 2011 for all commercial, industrial and business entities except to a Small and Medium -sized Entity…."

2 AS 30 further states;

From the date this Accounting Standard becomes recommendatory in nature, the following Guidance Notes issued by the Institute of Chartered Accountants of India,stand withdrawn:

(i) Guidance Note on Guarantees & Counter Guarantees Given by the Companies.

(ii) Guidance Note on Accounting for Investments in the Financial Statements of Mutual funds.

(iii) Guidance Note on Accounting for Securitisation.

(iv) Guidance Note on Accounting for Equity Index and Equity Stock Futures and Options."

3 Subsequent to the issuance of AS 30, the world witnessed financial crisis which raised issues with regard to accounting treatment of financial in struments. Accordingly, various accounting standards setting bodies including the ICAI examined these aspects. Insofar as International Accounting Standards Board is concerned certain modifications have been made in the corresponding International Account ing Standard, viz., IAS 39, Financial Instruments: Recognition and Measurement . The International Accounting Standards Board has also issued IFRS 9, Financial Instruments, which replaces certain requirements contained in IAS 39 and it is expected that ultimately the entire IAS 39 on which AS 30 is based is not expected to be replaced before June 30, 2011 as presently committed by IASB. Accordingly, AS 30 is not expected to continue in its present form including for those entities for which converged Indi an Accounting Standards will come into force from 1st April, 2011. In this changed scenario, the Council has reconsidered the matter regarding the status of the existing AS-30 and has decided to issue the following clarification for the guidance of the Members and others concerned.

4 It is clarified that in respect of the financial statements or other financial information for the accounting periods commencing on or after 1 st April 2009 and ending on or before 31 st March 2011, the status of AS 30 would be as below:

(i) To the extent of accounting treatments covered by any of the existing notified accounting standards (for eg. AS 11, AS 13 etc,) the existing accounting standards would continue to prevail over AS 30.

(ii) In cases where a relevant regul atory authority has prescribed specific regulatory requirements (eg. Loan impairment, investment classification or accounting for securitizations by the RBI ,etc), the prescribed regulatory requirements would continue to prevail over AS 30.

(iii) The preparers of the financial statements are encouraged to follow the principles  enunciated in the accounting treatments contained in AS 30 . The aforesaid is, however, subject to (i) and ( ii) above.

5. From 1st April 2011 onwards,

(i) the entities to which converged Indian accounting standards will be applied as per the roadmap issued by MCA, the Indian Accounting Standard (Ind AS) 39, Financial Instruments; Recognition and Measurement , will apply.

(ii) for entities other than those covered under paragraph 5(i) above, the status of AS 30 will continue as clarified in paragraph 4 above .

6. The abovementioned clarifications would also be relevant to the existing AS 31, Financial Instruments: Presentation and AS 32, Financial Instruments: Disclosures as well as for Ind AS 32, Financial Instruments: Presentation and Ind AS 107, Financial Instruments: Disclosures , after 1st April 2011 onwards.

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IndianCAs: G.Ramaswamy new President & Jaydeep Shah Vice President of ICAI

 

CA. G.Ramaswamy has been elected as new President & CA. Jaydeep Shah as new Vice President of ICAI for the year 20011-12

 

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IndianCAs: Revised Limits For Filing Appeals By Department Before Appellate Authorities

 

Revised Limits For Filing Appeals By Department Before Appellate Authorities

 

INSTRUCTION NO. 3/2011 [F. NO. 279/MISC. 142/2007-ITJ], DATED 9-2-2011

 

Reference is Invited to Board's instruction No. 5/2008 dated 15-5-2008 wherein monetary limits and other conditions for filing departmental appeals (In Income-tax matters) before Appellate Tribunal, High Courts and Supreme Court were specified.

 

2. In supersession of the above instruction, it has been decided by the Board that departmental appeals may be filed on merits before Appellate Tribunal, High Courts and Supreme Court keeping in view the monetary limits and conditions specified below.

 

3. Henceforth appeals shall not be filed in cases where the tax effect does not exceed the monetary limits given hereunder:—

 

S. No.	Appeals in Income-tax matters	Monetary Limit (In Rs.)
1.	Appeal before Appellate Tribunal	3,00,000
2.	Appeal u/s 260A before High Court	10,00,000
3.	Appeal before Supreme Court	25,00,000

 

It is clarified that an appeal should not be filed merely because the tax effect in a case exceeds the monetary limits prescribed above. Filing of appeal in such cases is to be decided on merits of the case.

 

4. For this purpose, "tax effect" means the difference between the tax on the total income assessed and the tax that would have been chargeable had such total income been reduced by the amount of income in respect of the issues against which appeal is intended to be filed (hereinafter referred to as "disputed Issues"). However the tax will not include any interest thereon, except where chargeability of interest itself is in dispute. In case the chargeability of interest is the issue under dispute, the amount of interest shall be the tax effect. In cases where returned loss is reduced or assessed as income, the tax effect would include notional tax on disputed additions. In case of penalty orders, the tax effect will mean quantum of penalty deleted or reduced in the order to be appealed against.

 5. The Assessing Officer shall calculate the tax effect separately for every assessment year in respect of the disputed issues in the case of every assessee. If, in the case of an assessee, the disputed issues arise in more than one assessment year, appeal, can be filed in respect of such assessment year or years in which the tax effect in respect of the disputed issues exceeds the monetary limit specified in para 3. No appeal shall be filed in respect of an assessment year or years in which the tax effect is less than the monetary limit specified in para 3. In other words, henceforth, appeals can be filed only with reference to the tax effect in the relevant assessment year. However, in case of a composite order of any High Court or appellate authority, which involves more than one assessment year and common issues in more than one assessment year, appeal shall be filed in respect of all such assessment years even if the 'tax effect' is less than the prescribed monetary limits in any of the year(s), if it is decided to file appeal in respect of the year(s) in which 'tax effect' exceeds the monetary limit prescribed. In case where a composite order/judgment involves more than one assessee, each assessee shall be dealt with separately.

 

6. In a case where appeal before a Tribunal or a Court is not filed only on account of the tax effect being less than the monetary limit specified above, the Commissioner of Income-tax shall specifically record that "even though the decision is not acceptable, appeal is not being filed only on the consideration that the tax effect is less than the monetary limit specified in this instruction". Further, in such cases, there will be no presumption that the Income-tax Department has acquiesced in the decision on the disputed issues. The Income-tax Department shall not be precluded from filing an appeal against the disputed issues in the case of the same assessee for any other assessment year, or in the case of any other assessee for the same or any other assessment year, if the tax effect exceeds the specified monetary limits.

 

7. In the past, a number of instances have come to the notice of the Board, whereby an assessee has claimed relief from the Tribunal or the Court only on the ground that the Department has implicitly accepted the decision of the Tribunal or Court in the case of the assessee for any other assessment year or in the case of any other assessee for the same or any other assessment year, by not filing an appeal on the same disputed issues. The Departmental representatives/counsels must make every effort to bring to the notice of the Tribunal or the Court that the appeal in such cases was not filed or not admitted only for the reason of the tax effect being less than the specified monetary limit and, therefore, no inference should be drawn that the decisions rendered therein were acceptable to the Department. Accordingly, they should impress upon the Tribunal or the Court that such cases do not have any precedent value. As the evidence of not filing appeal due to this instruction may have to be produced in courts, the judicial folders in the office of CsIT must be maintained in a Systemic manner for easy retrieval.

 

8. Adverse judgments relating to the following issues should be contested on merits notwithstanding that the tax effect entailed is less than the monetary limits specified in para 3 above or there is no tax effect.

 

(a) Where the Constitutional validity of the provisions of an Act or Rule are under challenge, or

 

(b) Where Board's order, Notification, Instruction or Circular has been held to be illegal or ultra vires, or

 

(c) Where Revenue Audit objection in the case has been accepted by the Department.

 

9. The proposal for filing Special Leave Petition under Article 136 of the Constitution before the Supreme Court should, in all cases, be sent to the Directorate of Income-tax (Legal & Research), New Delhi and the decision to file Special Leave Petition shall be in consultation with the Ministry of Law and Justice.

 

10. The monetary limits specified in para 3 above shall not apply to writ matters and direct tax matters other than Income-tax, filing of appeals in other direct tax matters shall continue to be governed by relevant provisions of statute and rules. Further, filing of appeal in cases of Income-tax, where the tax effect is not quantifiable or not involved, such as the case of registration of trusts or institutions under section 12A of the IT Act, 1961, shall not be governed by the limits specified in para 3 above and decision to file appeal in such cases may be taken on merits of a particular case.

 

11. This instruction will apply to appeals filed on or after ……….. 2011. However, the cases where appeals have been filed before ………… 2011 will be governed by the instructions on this subject, operative at the time when such appeal was filed.

 

12. This issues under section 268A(1) of the Income-tax Act, 1961

 

| Ashwin Nagar | FCA and SAP-FICO\SEM-BCS |

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Amendment to Sec 211

Press Note No. 2/2011 dated 8.2.2011 - General Exe...

Subject :	Company Law
Circular Date :	8 Feb 11
Topic :	Press Note No. 2/2011 dated 8.2.2011 - General Exemption under Section 211

Circular Details :
Government of India Ministry of Corporate Affairs Press Note No. 2/2011 dated 8.2.2011 General Exemption under Section 211 Section 211 of the Companies Act, 1956 requires that the balance sheet and profit and loss account of a company shall be in the form set out in Part I of Schedule VI or in such other form as may be approved by the Central Government either generally or in any particular case. The Ministry has been regularly receiving requests for exemption from various classes of companies from the disclosure of certain quantitative details required under Schedule VI. So far, these exemptions were being given on a case-by-case basis with certain conditions. 2.These requirements date back to the era when there was industrial licensing etc., and there was a regulatory purpose in monitoring quantitative aspects of production etc. Their relevance in the present economic and regulatory environment has been re-assessed. Such disclosures are not required in other countries. Indian companies have represented that such disclosure puts Indian companies at a competitive disadvantage where their details are known to foreign competitors, but they cannot get the details from the other side. 3.Accordingly, the Central Government has, by notification, issued a general exemption whereby the categories of companies in column (2) of the Table below will be exempted from the disclosures given in column 3:- SN	Class of Companies	Exemptions from para(s) of Part-II of Schedule VI.
1.	Companies producing Defence Equipments including Space Research;	para 3(i)(a), 3(ii(a), 3(ii)(d), 4-C, 4-D (a) to (e) except (d).
2.	Export Oriented company (whose export is more than 20% of the turnover);	para 3(i)(a) 3(ii)(a), 3(ii)(b), 3(ii)(d).
3.	Shipping companies (Including Airlines);	para 4-D (a) to (e) except (d).
4.	Hotel companies (including Restaurants);	para 3(i)(a) and 3(ii)(d)
5.	Manufacturing companies/multi-product companies;	para 3(i)(a) and 3(ii)(a).
6	Trading companies;	para 3(i)(a) and 3(ii)(b)

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Amendment to Schedule XIII

Ministry of Corporate Affairs08-February, 2011 16:53 IST

Schedul Xiii of the Companies Act 1956 Being Amended- Unlisted Companies Shall not Require Government Approval for Managerial Remuneration Where they have no Profits

The Ministry of Corporate Affairs issued today a notification on Managerial Remuneration in unlisted companies having no profits/inadequate profits. The notification reads as under: Managerial Remuneration in unlisted companies having no profits/ inadequate profits Companies are divided into private limited and public limited companies. Public limited companies are of two types – listed companies (whose shares are listed on a stock exchange) and unlisted companies. Normally, the general public does not hold shares in unlisted companies. Private limited companies are not subject to any limits on managerial remuneration. Public limited companies (listed and unlisted) with no profits/ inadequate profits are currently required to approach the Ministry for approval in those cases where the remuneration of Directors/ equivalent managerial personnel exceeds certain limits. 2. The matter has been re-examined in the light of the evolving economic and regulatory environment. The primary purpose of regulations over managerial remuneration is to protect stakeholders, particularly shareholders and creditors. Unlisted companies are in several respects similar to private limited companies. A substantial number of the applications coming to the Ministry fall under this category and the Ministry's limited manpower is disproportionately involved in this exercise. In the case of unlisted companies so long as the conditions specified in Schedule XIII, including special resolution of shareholders and absence of default on payment to creditors, are fulfilled approval will not be needed hereafter. 3. Accordingly, Schedule XIII of the Companies Act 1956 is being amended to provide that unlisted companies (which are not subsidiaries of listed companies) shall not require Government approval for managerial remuneration in cases where they have no profits/ inadequate profits, provided they meet the other conditions stipulated in the Schedule. VLK/ska (Release ID :69674)

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IndianCAs: ICAI has signed historic arrangment with CICA Canadian Institute of CA

 

Dear Member,

 

ICAI has signed historic arrangment with CICA Canadian Institute of CA for membership recognition on 7th Feb., 2011.

Further arragments for the details shall be available on ICAI website shortly.

| Ashwin Nagar | FCA and SAP-FICO\SEM-BCS |

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IndianCAs: Opportunities for CA Firms

 

Tenders & Assignment

Nagar Palika Parishad

Description : Require of Field Level Consultant (Chartered Accountant Firm) Last Date : 01/02/2011 Address : Office Nagar Palika Parishad Palia Kala-Kheri Lakhimpur, Uttar Pradesh.

Nagar Palika Parishad

Description : Require of Field Level Consultant (Chartered Accountant Firm) Last Date : 09/02/2011 Address :Office Nagar Palika Parishad Maharajganj, Janpath, Maharajganj, Uttar Pradesh.

Navodaya Vidyalaya Samiti

Description : Empanelment of Chartered Accountant. Last Date : 15/02/2011 Address : Navodaya Vidyalaya Samiti, Regional Office, Barik Point, Temple Road, Lachumiere , Shillong-1, Meghalaya-793001.

Guru Ghasidas University

Description :Applications are invited on prescribed proforma from registered Chartered Accountants Firms for Empanelment in GGV for two years 2010-11 and 2011-12. Last Date : 22/02/2011 Address :Guru Ghasidas Vishwavidyalaya Bilaspur, Chhattisgarh-495009.

Punjab State Transmission Corporation Limited

Description : Request of Proposal Selection of Internal auditors. Chartered Accountants for Assignment of Internal Audit for Various offices of PSTCL for Financial year 2010-11, 2011-12. Last Date : 07/03/2011   Address :Punjab State Transmission Corporation Limited PSEB Head Office, The Mall, Patiala, Punjab-147001.

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Service Tax Audit Norms

Frequency Norms of Audit for Service Tax Assessees

 

            Director General of Audit, New Delhi has published Service Tax Audit Manual, 2010.  As per the guidelines, tax payers whose annual service tax payment (including cash and CENVAT) was Rs.3 crore or more in the preceding financial year may be subjected to mandatory audit each year.  It is preferable that Audit of all such Units is done by using Computer Assisted Audit Program (CAAP) techniques.  The frequency of audit for other taxpayers would be as per following norms:-

i.              Taxpayers with Service Tax payment above Rs.3 crores (Cash + CENVAT) (MANDATORY UNITS) – to be audited every year.

 

ii.             Taxpayers with Service Tax payment between Rs.1 crore and Rs.3 crores (Cash + CENVAT) – to be audited once every two years.

 

iii.            Taxpayers with Service Tax payment between Rs.25 lakhs and Rs.1 crore (Cash + CENVAT) – to be audited once every five years.

 

iv.            Taxpayers with Service Tax payment upto Rs.25 lakhs (Cash + CENVAT) – 2% of taxpayers to be audited every year.

 

            The Audit selection guidelines, therefore, would apply to the non-mandatory taxpayers, forming part of the discretionary workload.  These taxpayers should be selected on the basis of assessment of the risk potential to revenue.  This process, which is an essential feature of audit selection, is known as Risk Assessment.  It involves the ranking of taxpayers according to a quantitative indicator of risk known as a "risk parameter".  It is also suggested that the taxpayers whose returns were selected for detailed scrutiny, may not be taken up for Audit that year, to avoid duplication of work.  Similarly, the taxpayers who have been selected for Audit, may not be taken up for detailed scrutiny of their ST-3 Returns during that year.

 

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IndianCAs: Nomination - Very Imp. information [1 Attachment]

 

[Attachment(s) from Ashwin Nagar included below]

A good forward from someone on Nominations. It's really a very good read for all professional brothers and sisters.

 

| Ashwin Nagar |

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Attachment(s) from Ashwin Nagar

1 of 1 File(s)

Will_your_Nominee_get_the_money_on_your_death.pdf

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Excise Returns-Penalty

SERVICE TAX

INSTRUCTION

Rule 27 of the Central Excise Rules, 2002, read with rule 15A of Cenvat Credit Rules, 2004 - General penalty - Enforcement of penal provisions for non-submission of returns

DEPARTMENTAL INSTRUCTION F.NO.267/117/2010-CX8, DATED 14-1-2011

1. Under Central Excise Law, the assessee is required to file different categories of returns depending on its applicability to them. Some of them are monthly viz., ER-1, ER-2 and ER-6, some are quarterly viz., ER-3 and some others are yearly viz., ER-4, ER-5 and ER-7. Central Excise Law envisages self-assessment of duty by the assessee and filing of the prescribed returns periodically, so that department is kept informed about the assessment and duty payment by the assessee. Fundamental ingredient of this trust based scheme, is the regular filing of returns by the assessee. These returns enable the department to verify the duty payment, Cenvat credit taken and other such parameters related to assessment.

2. It has been brought to the notice of the Board, that many assessees are not filing the returns at all and some others are submitting the same after long delays. This problem has been found to be more pronounced in the case of specialized returns like ER-5, ER-6 and ER-7. It has also been brought to the notice of Board that the field formations do not identify the defaulters and take necessary follow up action to ensure submission of these returns.

2.1 It is stated that scrutiny of returns is the essential and basic job of the Central Excise Ranges in the field formations. Scrutiny includes identifying the assessees who have not submitted the prescribed returns, and taking follow-up action to ensure that these returns are filed at prescribed periodicity. In this regards, it is also pointed out that penalty under Rule 27 of Central Excise Rules, 2002 and Rule 15A of CENVAT Credit Rules, 2004 can be invoked against such errant assessees.

3. In view of above, the Board directs that immediate action may be taken by the jurisdictional Commissioners to institute a mechanism to identify such defaulters, and ensure that follow-up action including invoking penalty under the provisions of Central Excise law are taken against them. The jurisdictional Chief Commissioners shall also monitor the proper working of this mechanism every quarter.

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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

IndianCAs: Mobile-number-portability-a-great-idea-sirji

Here are the steps to port your mobile number to another service provider.

1. First, you need to generate UPC (Unique Porting Code).

This can be done by sending an SMS to 1900.

The SMS should be in this format: PORT Eg: PORT <99XXXXXXXX>.

This should be sent to 1900

Operator SMS charge will be applicable.

PM to flag off nationwide roll-out of MNP on Jan 20
2. In reply, you will receive a UPC (Unique Porting Code) as SMS from 1901.

The UPC will be an 8 digit alpha-numeric code. You will also receive
the date till when the UPC will remain valid in the MM/DD/YYYY format.

3. Send the UPC to the service number of the mobile operator you wish
to switch to, through an SMS, if such a number is available.

You can confirm by visiting the operator's website. Else, visit the
nearest outlet/showroom of the operator you want to migrate to with
your UPC in hand.

4. Some service providers charge a nominal fee for the process, while
others like BSNL have advertised free porting.

5. You will also have to fill and submit the prescribed Mobile Number
Portability form to the new operator. They could also ask you to
submit documents (like photo ID and address proof). Post-paid
subscribers will be asked to submit a copy of their latest bill too.

6. Your request could be denied if any of these factors apply:

You have an unpaid bill on your existing postpaid mobile number.
Pending request for change of ownership of the concerned Mobile Number
The mobile number is under contractual obligation
90 Days has not lapsed since number activation
90 Days has not lapsed since last Porting Request from the same Mobile Number
You have applied for inter-circle porting
There is a pending legal case against your mobile number
7. The number portability has to be completed within 7 working days as
per process mandated by DoT. You will also receive an SMS mentioning
the time and date for porting.

8. Once the switch is complete, you will receive another SMS from the
new operator.

Your mobile phone may go 'dead' for 120 minutes, the time when the
porting takes place. At the end of it, your migration to your new
operator should be complete.

9. One thing you must keep in mind - You can change your operator only
once in every 90 days. So, use the service with care

Ashwin Nagar
Success is not permanent and failure is not final

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TDS Circular on Salaries-2010-11

INCOME-TAX ACT

CIRCULAR

Section 192 of the Income-tax Act, 1961 - Deduction of tax at source - Salaries - Income-tax deduction from salaries during the financial year 2010-11

CIRCULAR NO. 8/2010 [F.No. 275/192/2009-IT(B)], DATED 13-12-2010

Reference is invited to Circular No.01/2010 dated 11-1-2010 whereby the rates of deduction of income-tax from the payment of income under the head "Salaries" under section 192 of the Income-tax Act, 1961, during the financial year 2009-10, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head "Salaries" during the financial year 2010-11 and explains certain related provisions of the Income-tax Act. The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax Department.

Index