Certain changes are brought by Income-tax (Second Amendment) Rules, 2013 with regard to the compliance to be made in respect of TDS and TCS, namely:
1) All statements to be furnished in Form nos. 24Q, 27Q and 26Q shall be furnished electronically and deductor has an option to furnish it under a digital signature;
2) Deductor can file statement in the new Form 26B to claim refund of the sum paid to the Central Government under Chapter XVII-B, provided:
a. The credit of such sum has not been claimed by the deductor;
b. No demand is outstanding against deductor
3) Following forms have been substituted:
a. Form 15G – Declaration to be given for claiming certain receipts without TDS
b. Form 15H - Declaration to be given by an Individual, who is above 60 years of age, for claiming certain receipts without TDS
c. Form 16 – Certificate of tax deduction from salary
d. Form 16A – Certificate for tax deduction from any other payment
e. Form 27C - Declaration to be given for obtaining goods without collection of tax
f. Form 27D – Certificate for tax collected at source
g. Form 27EQ – Quarterly statement for tax collected at source
h. Form 27Q – Quarterly statement for tax deducted at source
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23 February 2013
Changes in TDS Returns
18 February 2013
Statutory Central Auditors of Bank-2012-13
| Names of Audit Firms approved for appointment as Statutory Central Auditors in 25 Public Sector Banks for the year 2012-13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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17 February 2013
Case Law on Section 40(a)(ia)-Section 194 C
Mere providing of machinery on hire without any manpower cannot be termed as carrying out of any work by plant and machinery owners and, thus, no tax is required to be deducted under section 194C - [2013] 30 taxmann.com 235 (Hyderabad - Trib.)
14 February 2013
XBRL e-Filing Extended
FILING OF BALANCE SHEET AND PROFIT AND LOSS ACCOUNT IN eXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL) MODE FOR THE FINANCIAL YEAR COMMENCING ON OR AFTER 1-4-2011
GENERAL CIRCULAR NO. 5/2013 [NO. 17/161/2012-CL-V], DATED 12-2-2013
In continuation of the Ministry's General Circular Nos. 16/2012, dated 6-7-2012, 34/2012, dated 25-10-2012, 39/2012, dated 12-12-2012 and 1/2013 on the subject cited above, it is stated that the time limit to file the financial statements in the XBRL mode without any additional fee/penalty has been extended up to 28th February, 2013 or within 30 days from the due date of AGM of the company, whichever is later.
All other terms and conditions of the General Circular No. 16/2012, dated 6-7-2012 will remain the same.
Important Notice
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Ministry of Corporate Affairs acknowledges that services on MCA are not of the fullest satisfaction of the stakeholders for last few days. The Ministry is seized of the matter and taking all necessary steps for smooth functioning of MCA21. Further that Ministry will consider appropriate & due waiver of the additional fee or any other issue being faced by stakeholders due to non-filing of information because of problems in MCA21 system in last few days.
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RELAXATION OF ADDITIONAL FEES AND EXTENSION OF LAST DATE IN FILING OF VARIOUS FORMS WITH THE MINISTRY OF CORPORATE AFFAIRS
CIRCULAR NO. 3/2013, DATED 8-2-2013
I am directed to inform you that the Ministry of Corporate Affairs has decided to extend the last date of filing and to relax the additional fees applicable on forms as per the provisions of Companies Act read with rules made thereunder, which have been ought to be filed post transition of MCA 21 w.e.f. 17.01.2013, but could not be filed due to technical issues in MCA-21 system.
2. It is hereby clarified that the following relaxation shall be considered by the Regional Director/Registrar of Companies on case to case basis while allowing for relaxation of fees or extension of last date with regard to forms to be filed by the stakeholders wherein :
(i) Last date of filing for Forms where the due date is falling on or after 17th January, 2013 is without charging additional fee.
(ii) All the documents which have been expired on or after 17th January due to non-submission/re-submission PUCL may be restored back.
(iii) All the cases related to filing of court orders/competent authority where the due date/date of filing was falling on or after 17th January is extended without payment of additional fees.
(iv) Name availability expired due to non-submission of incorporation documents will be made available for filing of the same.
(v) In case of charge documents the due date will be extended by Regional Director on case to case basis where the due date of filing was falling on or after 17/01/2013 and could not be filed.
(vi) The due date in above cases is hereby extended till 28/02/2013.
3. The Regional Director/Registrar of Companies will examine the request on case to case basis upon receipt of request from the stakeholders for allowing the relaxation without levying the additional fee.
4. The process of extending date will be as under:-
a. Company/ professional will make request by e-mail/post with RD/ROC alongwith the supporting documents if, any;
b. RD/ROC will raise ticket on service desk immediately after examining the application;
c. The team of operator will resolve the ticket as per the request of RD/ROC. A system generated mail will be sent to RD/ROC and user will be informed accordingly;
d. User should file the documents within the time given in the email.
5. The Regional Director/Registrar of Companies is authorized to allow such extension of time for filing form/alongwith necessary document. The RD/ROC will raise ticket in the service desk for allowing such extension of time for filing forms.
6. The stakeholders who are able to file the documents on or after 17/01/2013 till the date of this circular are not eligible for any fees relaxation or extension of last dates. Further they are not entitled for any refund.
13 February 2013
IndianCAs: Do your firm need article students?
Hi Members,
To help the newly qualified CA students who have passed their IPCC to get them article ship I have taken a new initiative. A portal to get the requirements from the members for articles and at the same time registering requirements from articles. This will help CA firms finding articles and articles students finding CA firms.
If you need CA articles, please register at the following link and we will send you the resumes of everyone who applies for this position.
For CA firms to register:
For CA students to register:
http://www.indiancas.com/register.php
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Further, your attention is invited:
The messages on this group are approved only when the moderator finds it of immense importance to the members at general, otherwise, this group is not used for discussion or as discussion forum.
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09 February 2013
INSTRUCTION NO. 2/2013 [F. NO. 316/01/2013-OT], DATED 5-2-2013
SECTION 269UE OF THE INCOME-TAX ACT, 1961 - VESTING OF PROPERTY IN CENTRAL GOVERNMENT - DISPOSAL OF PROPERTIES ACQUIRED UNDER CHAPTER XX-C - SUPERSESSION OF INSTRUCTION NO. 1857, DATED 19-9-1990
INSTRUCTION NO. 2/2013 [F. NO. 316/01/2013-OT], DATED 5-2-2013
In supersession to CBDT Instruction No. 1857 issued on 19-9-1990 vide F. No. 316/22/1989-OT
for auction of properties purchased under Chapter XX-C of the Income-tax Act, 1961, comprehensive instructions on the modalities of fixing the reserve price for auction of properties acquired under Chapter XX-C are as under :
i. The reserve price of the property is to be fixed with reference to fair market value of the property.
ii. For obtaining the fair market value of the property, the acquired property be referred to Valuation Cell of the Department. Valuation Cell shall submit a Detailed Valuation Report to the Appropriate Authority.
iii. This detailed valuation report should take into account comparative market analysis by quoting at least three sale instances of similar land use cases/properties in the vicinity.
iv. The Appropriate Authority shall, based on the Valuation Report, arrive at the reserve price of the property. In case, it is considered necessary by the Appropriate Authority to fix reserve price below the valuation given by the Valuation Cell, proposal shall be sent to the Board giving detailed reasons seeking prior permission.
v. The reserve price so determined shall be valid for a period of six months from the date of determination of the same.
07 February 2013
Report on Tax Audit
Reporting CBDT on Membership Misuse
We had received the data on tax audit reports e-filed during 2011-12 to ascertain the misuse of membership numbers. Consequently, we recently submitted the details of fake and deceased memberships to the CBDT for appropriate action. We have reported that 652 membership numbers quoted by the assessees in e-returns do not subsist at all. Also, 2,503 tax audits have been conducted using the fake membership. 311 out of 652 membership numbers belong to the deceased who passed away before 31-3-2011. 759 out of 2,503 tax audits were conducted using the identity of the deceased members.
Source: President Message-CA Journal-Feb,2013
01 February 2013
Extension of last date of XBRL filing of cost audit
http://icmai.in/upload/Institute/Updates/Filing-XBRL-Mode.pdf
Zero Tolerance for Malpractice and Corruption in Tax Dept
The Revenue Secretary has issued an Office Memorandum dated 22.01.2013 in which he has expressed concern over the searches/ investigations conducted by the Anti-Corruption branch of the CBI on the officers of the CBDT & CBEC and the complaints alleging misconduct by the officers in their official conduct of duties. He has stated that such incidents erode the confidence of the taxpaying community and the public and should be avoided. The Revenue Secretary has emphasized that there should be "Zero tolerance towards malpractices and corruption" and that senior officers should lead by example. Some suggestions have been given on how to achieve this salutary goal.
25 January 2013
Number of branch audits to come down drastically
List of various firms to be allotted statutory branch auditors by banks has been forwarded to banks by RBI yesterday with threshold limit as 20 crores. Number of branch audits to come down drastically.
21 January 2013
SC on Depreciation
SUPREME COURT DECISION ON DEPRECIATION
'Leasing firm entitled to depreciation if the lessee uses the vehicle for hiring'
It is not necessary that the assessee must have used the asset itself in order to be entitled to depreciation, held the Supreme Court in ICDS Ltd v CIT. It was contended by the revenue that one of the requirements for grant of depreciation is use of the asset by the assessee and in case of lease of the asset by the assessee, it simply could not have used the asset as it was physically with the lessee. The apex court, while rejecting this contention, held that user contemplated was for the purpose of business. It was indeed used for the purpose of business when the asset was leased and the lessee used it. That the vehicle was registered in the name of the lessee with the transport authorities, need not come in the way of grant of depreciation, said the court. It also upheld the claim of the leasing company that since the lessee used the vehicle for his business of running it on hire, the vehicle should beget heightened depreciation reserved for such vehicles. In short, in case of leasing, the tax benefits predicated on the type of use would devolve on to the leasing company from the lessee.
ICAI: Final and CPT results
ICAI: Final and CPT results:
http://caresults.nic.in/final/final_roll.asp
http://caresults.nic.in/final/final_roll.asp
19 January 2013
CENTRALISED PROCESSING OF STATEMENTS OF TAX DEDUCTED AT SOURCE SCHEME, 2013
CENTRALISED PROCESSING OF STATEMENTS OF TAX DEDUCTED AT SOURCE SCHEME, 2013
NOTIFICATION NO. 3/2013[F.NO.142/39/2012-SO(TPL)], DATED 15-1-2013
The Bombay High Court today (17.01.2013) granted ad-interim stay against coercive recovery pursuant to Circular No. 967/01/ 2013 – CX dated 01.01.2013 issued by the Central Board of Excise and Customs. The orders were passed in the case of Uhde India Pvt. Ltd vs. UOI WP 380 of 2013, Exide Industries Ltd vs. UOI WP No. 381 of 2013 and connected matters. The Petitions are now listed for admission on 31.01.2013 to enable the Department to file a reply. The Andhra Pradesh High Court has already granted on 09.01.2013 a stay in the matter in the case of Ultratech Cement Ltd vs. UOI W.P. No. 736 of 2013.
The view that is taken by the High Courts in these matters will have considerable bearing in income-tax matters as well.
Gujarat Municipal Finance Board
Gujarat Municipal Finance Board
Proposal for Project Management & Training Unit (PMTU) Cell for
Accrual Based, Double - Entry Accounting System in
Municipalities of Gujarat State
Click the link:
18 January 2013
Sardar Sarovar Narmada Nigam Limited
Description :Proposals from the firms of chartered accountants
Last Date : 02/02/2013
Address :Sardar Sarovar Narmada Nigam Limited 7th Floor,Block No.12,New Sachivalaya Complex, Gandhinagar-382010.
Phone :23252767
Last Date : 02/02/2013
Address :Sardar Sarovar Narmada Nigam Limited 7th Floor,Block No.12,New Sachivalaya Complex, Gandhinagar-382010.
Phone :23252767
Click the link below:
17 January 2013
AP High Court Stay Order-Recovery of Demand dues
The High Court of Judicature of Andhra Pradesh has granted an interim stay against Circular No. 967/01/2013 – CX, Dated 1st January, 2013 issued by the CBEC, seeking the recovery of confirmed demand during pendency of stay application.
GAAR-01-04-2016
| Major Recommendations of Expert Committee on GAAR Accepted |
The Central Government has carefully considered the report of the Expert Committee on General Anti Avoidance Rules (GAAR) and accepted the major recommendations of the Expert Committee with some modifications. This was announced by the Union Finance Minstar Shri P.Chidambaram here today in a press conference. The Finance Minister said that the following decisions have been taken by Government in this regard:
(i) An arrangement, the main purpose of which is to obtain a tax benefit, would be considered as an impermissible avoidance arrangement. The current provision prescribing that it should be "the main purpose or one of the main purposes" will be amended accordingly.
(ii) The assessing officer will be required to issue a show cause notice,containing reasons, to theassessee before invoking the provisions of Chapter X-A.
(iii) The assessee shall have an opportunity to prove that the arrangement is not an impermissible avoidance arrangement.
(iv) The two separate definitions in the current provisions, namely, 'associated person' and 'connected person' will be combined and there will be only one inclusive provision defining a 'connected person'.
(v) The Approving Panel shall consist of a Chairperson who is or has been a Judge of a High Court; one Member of the Indian Revenue Service not below the rank of Chief Commissioner of Income-tax; and one Member who shall be an academic or scholar having special knowledge of matters such as direct taxes, business accounts and international trade practices. The current provision that the Approving Panel shall consist of not less than three members being Income-tax authorities or officers of the Indian Legal Service will be substituted.
(vi) The Approving Panel may have regard to the period or time for which the arrangement had existed; the fact of payment of taxes by the assessee; and the fact that an exit route was provided by the arrangement. Such factors may be relevant but not sufficient to determine whether the arrangement is an impermissible avoidance arrangement.
(vii) The directions issued by the Approving Panel shall be binding on the assessee as well as the Income-tax authorities. The current provision that it shall be binding only on the Income-tax authorities will be modified accordingly.
(viii) While determining whether an arrangement is an impermissible avoidance arrangement, it will be ensured that the same income is not taxed twice in the hands of the same tax payer in the same year or in different assessment years.
(ix) Investments made before August 30, 2010, the date of introduction of the Direct Taxes Code, Bill, 2010, will be grandfathered.
(x) GAAR will not apply to such FIIs that choose not to take any benefit under an agreement under section 90 or section 90A of the Income-tax Act, 1961. GAAR will also not apply to non-resident investors inFIIs.
(xi) A monetary threshold of Rs. 3 crore of tax benefit in the arrangement will be provided in order to attract the provisions of GAAR.
(xii) Where a part of the arrangement is an impermissible avoidance arrangement, GAAR will be restricted to the tax consequence of that part which is impermissible and not to the whole arrangement.
(xiii) Where GAAR and SAAR are both in force, only one of them will apply to a given case, and guidelines will be made regarding the applicability of one or the other.
(xiv) Statutory forms will be prescribed for the different authorities to exercise their powers under section 144BA.
(xv) Time limits will be provided for action by the various authorities under GAAR.
(xvi) Section 245N(a)(iv) that provides for an advance ruling by the Authority for Advance Rulings (AAR) whether an arrangement is an impermissible avoidance arrangement will be retained and the administration of the AAR will be strengthened.
(xvii) The tax auditor will be required to report any tax avoidance arrangement.
Further, having considered all the circumstances and relevant factors, the Government has also decided that the provisions of Chapter X-A will come into force with effect from April 1, 2016 (as against the current provision of April 1, 2014).
A number of countries have provided for General Anti Avoidance Rules (GAAR) in matters relating to taxation. While tax mitigationis recognized, tax avoidance is frowned upon. International literature describes tax avoidance as the legal exploitation of tax laws to one's own advantage and an arrangement entered into solely or primarily for the purpose of obtaining a tax advantage.
The principle of GAAR was incorporated in the Direct Taxes Code which was introduced as a Bill in Parliament on August 30, 2010.
Pending consideration of the Bill, the Income-tax Act, 1961 was amended by Finance Bill, 2012 to add Chapter X-A titled 'General Anti- Avoidance Rule'. It became part of the law when the Finance Bill was passed by Parliament. Draft GAAR guidelines were also published. Under the current provisions, Chapter X-A would come into force with effect from April 1, 2014.
A number of representations were received against the provisions contained in Chapter X-A. Hence, on July 13, 2012, the Prime Minister approved the constitution of an Expert Committee on GAAR to undertake stakeholder consultations and finalize the guidelines for GAAR. Accordingly, an Expert Committee consisting of Dr.Parthasarathi Shome and three others was constituted on July 17, 2012 with broad terms of reference including consultation with stakeholders and finalizing the GAAR guidelines and a roadmap for implementation.
The Expert Committee submitted its draft report on August 31, 2012 which was placed in the public domain on September 1, 2012. After examining the responses to the draft, the Expert Committee submitted its final report on September 30, 2012.
The final report of the Expert Committee has been now put on the website of the Ministry of Finance i.e.finmin.nic.in.
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XBRL Date Extended upto 15-02-2013
General Circular number 01/2013 dated 15.01.2013
As per General Circular number 01/2013 dated 15.01.2013, time limit to file financial statements in XBRL mode (for the financial year commencing on or after 01.04.2011) without any additional fee has been extended upto 15th February´ 2013or within 30 days of AGM of the company, which ever is later.
As per General Circular number 01/2013 dated 15.01.2013, time limit to file financial statements in XBRL mode (for the financial year commencing on or after 01.04.2011) without any additional fee has been extended upto 15th February´ 2013or within 30 days of AGM of the company, which ever is later.
07 January 2013
Assocham on IT re-assessment
Showing a grave concern over the fact that notices for reopening of assessments by the tax authorities are being issued in thousands in recent times, ASSOCHAM today said returns should not be re-opened beyond three years.
As Finance Minister P Chidambaram has started his pre-budget consultations with different stakeholders, the ASSOCHAM has submitted a detailed memorandum to the Finance Ministry seeking changes in Sections 147/148 of the Income Tax Act . These sections relate to the tax re-assessment on matters already examined or in a blanket manner.
"In recent times, tax reopening notices under sections 147/148 have become a very common occurrence and such notices are being served in thousands across the country, the ASSOCHAM memorandum said. It appears that there is no consideration in following the principles on the subject laid down by the Supreme Court and High Courts over the years, it added.
As Finance Minister P Chidambaram has started his pre-budget consultations with different stakeholders, the ASSOCHAM has submitted a detailed memorandum to the Finance Ministry seeking changes in Sections 147/148 of the Income Tax Act . These sections relate to the tax re-assessment on matters already examined or in a blanket manner.
"In recent times, tax reopening notices under sections 147/148 have become a very common occurrence and such notices are being served in thousands across the country, the ASSOCHAM memorandum said. It appears that there is no consideration in following the principles on the subject laid down by the Supreme Court and High Courts over the years, it added.
Simple audit observations, even on points of law, are frequently being used as grounds for re-opening leading to "extreme harassment of all assesses. In fact, the position has become so bad that even for legislations which have become obsolete, like Interest Tax (withdrawn in Finance Act,2001), reopening are being done for very old years since the relevant law permitted reopening without any time limit", added ASSOCHAM paper.
ASSOCHAM President Rajkumar N Dhoot said the provisions relating to reopening of tax assessments are being misused in different locations, particularly for salaried assesses, where scrutiny assessment is not possible as per the CBDT (Central Board of Direct Tax) guidelines. This has become a breeding ground for corruption and harassment.
"It is suggested that a new proviso to Section 147 should state tall matters which have been examined in the original assessment should not be reassessed," said Mr Dhoot. He also said the annual income tax assessment/reassessment procedure should be normal and routine and should not provide for excessive powers to harass assesses.
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