State Health Society, Jaipur

Description:
Selection of Concurrent auditors – Request for Proposal for Hiring services of Chartered accountant firm for concurrent audit of Rajasthan district health society / district rural health societies for the financial year 2012-13 under national rural health mission 


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State Health Society


Address :Goverment of Rajasthan National Rural Health Mission Rajasthan State Health Sociey Swasthya Bhawan, Tilak Marg,Jaipur-302005 

Phone :01412220962 

Last Date : 23/11/2012 

Chamundeshwari Electricity Supply Corporation Limited

Description:
Invites from eligible chartered accountants for conducting revenue audit of consumers ledger accounts of the year 2008 to 2011 within 3 months on contract basis on service charges 

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Chamundeshwari Electricity Supply Corporation Limited



Address :Chamundeshwari Electricity Supply Corporation Limited Corporate Office,No,927,L.j.Avenue,New Kantharaja Urs Road,Saraswathipuram,Mysore-570009 

Last Date : 15/11/2012 

Department Of Public Instruction

Description: Expression of Interest from Chhattisgarh Empanelled Chartered Accountant Firms for Carrying Out the Procurement & Civil Works Audit Under European Commission State Partnership Program Detailed RPF Cab be Obtained from the Office of DPI  Click the link here: Department Of Public Instruction  Address :Directorate Of Public Instruction Chhattisgarh,Pension Bada,Raipur  Last Date : 09/11/2012

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 

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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 

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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 

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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 

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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.