Finance Bill, 2006 has received the assent from the President of India

Dear friend,

This is to inform you that Finance Bill, 2006 has received the assent from the President of India today i.e. 19th April, 2006. Accordingly the rate of Service Tax shall be 12% plus 2% education cess.

Clarification on Bank Empanelment

Dear members,

Some of the members might have been disappointed on account of the non-allotment of bank branch audit to their firm. In this regard, I wish to draw your attention to the following points:

1. The Announcement hosted on the home page of the ICAI website mentions the reasons in brief from PD Secretariat.

2. Every year, out of 24,000 (approx.) firms which get empanelled, only about 16,000 get allotment. Therefore, sizeable number of firms do not get allotment every year on the basis of internal norms of the RBI.

3. ICAI only processes and forwards the list. It is only the RBI which develops norms and makes allotment on that basis.

4. This year, the non allotment, apart from other reasons, appears to be mainly on account of rejection of less than three years old firm and cooling period wherein, instead of 16 existing centres, 17 more have been added, making it 33 centres.

Hope this will clarify the position with respect to bank Audit empanelment.

regards,
Ashwin Nagar

Bank Allotment details on ICAI site from 10th march

Dear members,

Name of the Bank to which your firm name, if emapaneled, has been forwarded by RBI will be available on http://www.icai.org/ from 10th March.

The URL is:
http://icai.org:7777/icairoot/announcements/announ508.jsp

Regards,

Ashwin Nagar

Know More About President & Vice President

Mr. T. N. MANOHARAN

PRESIDENT, ICAI Mr. T.N. Manoharan, FCA, Chennai, aged 48, has been elected as the president of the Institute of Chartered Accountants of India (ICAI), the Apex Body of the profession of Chartered Accountants in India, for a period of one year commencing from 5th February, 2006. He hails from a freedom fighter's family with agriculture background. He is a post graduate in commerce from Sri Venkateswara University and a law graduate from Madras University. A member of the ICAI with 23 years of standing, Mr. Manoharan was elected to the Council of ICAI for the first time in 2001 and thereafter in 2004. He has served in all standing committees and various non-standing committees of the ICAI. During his association with the ICAI, he pioneered the bringing out of Peer Review Manual. He took initiative to bring out the Guidance Notes on Certification for Transfer Pricing and for Minimum Alternate Tax. He was instrumental in bringing out the revised edition of `Issues on Tax Audit'. Mr. Manoharan was the convenor of Working group constituted at the instance of Government of India for formulating recommendations for amendment in the Chartered Accountants Act, 1949. Mr. Manoharan represented the ICAI at the meetings of the International Innovative Network (INN), UK; Government Finance Officers Association (GFOA), USA and International Standards of Accounting and Reporting (ISAR) of the United Nations Conference on Trade and Development (UNCTAD), Geneva. Mr. Manoharan is presently chairman of ICAI Accounting Research Foundation. He is Chairman of the Centre of Excellence on Education, training and Continuing Professional Development (CPD) of the South Asian Federation of Accountants (SAFA - an Apex Body of SAARC). Mr. Manoharan is a member of the International Accounting Education Standards Board of International Federation of Accountants (IFAC). Mr. Manoharan was a visiting faculty at renowned professional Institutions and Business Schools. Besides being Chairman at technical sessions, Paper Writer and Key Note speaker at various conferences/seminars/workshops organised by professional bodies in India and abroad, he is also a prolific writer. He has authored many books on Direct Taxation. He has contributed articles in leading newspapers and journals.

MR. SUNIL H . TALATI

VICE-PRESIDENT, ICAI

Shri Sunil H. Talati, FCA, Ahmedabad, aged 54 years has been elected as the Vice-President of the Institute of Chartered Accountants of India (ICAI), the Apex Body of the profession of Chartered Accountants in India, for the year 2006-07. He is a postgraduate in commerce and also a law graduate. A member of the ICAI with 30 years of standing, Shri Talati was elected to the Council of ICAI for the first time in 2001 and thereafter in 2004. He has held the position of Chairman of Expert Advisory Committee, Financial Reporting Review Board, Corporate & Allied Laws, Corporate Governance Committee; and Vice-Chairman of Professional Development Committee, Committee for Members in Industry, Board of Studies, Committee for Information Technology and Professional Development Committee. Besides the above, he has also served on the Examination Committee, Disciplinary Committee, Expert Advisory Committee, Committee for Vision & Restructuring, Fiscal Laws Committee, Research Committee, Committee on Ethical Standards, Committee on Career Counselling and Commerce Education, Professional Development Committee, Editorial Board, Financial Market and Investor's Protection, Expert Advisory Committee, Committee on Information Technology. Audit Committee, Accounting Standards Board and Board of Studies as a Member. Shri Talati was the Vice-Chairman of the Western India Regional Council (WIRC) of ICAI and also Secretary of the Ahmedabad Branch of WIRC of ICAI. During his association with the ICAI, he was actively involved in preparing Pre and Post Budget suggestions/proposals. He has contributed actively in bringing out other publications by various Committees. Shri Talati has authored the Income Tax Ready Referencer in Gujarati and was also instrumental in bringing out Form 2C of Income Tax Act in Gujarati. Besides excellence in education and profession, he had been excelling in extra curricular activities also. He had been first Rotaract Governor in India from District 305 and first Chairman of National Council of Rotaract Governors. Having held various posts in Jaycees and in other social leading clubs, he was a sportsman right from School and College days being champion in Swimming, Tennis and Badminton. He is a regular columnist in Gujarati 'Financial Express' every Tuesday and monthly Journal Tax Reporter.

CPE requirements for the Calendar Year 2006

CPE requirements for the Calendar Year 2006

(i) For Members in Practice:

Minimum CPE Credit hours for the calendar year 2006 for Members in Practice shall be 20(Twenty). Unstructured CPE Learning hours are not applicable for the year 2006.

Members shall have to make up any shortfalls in their CPE Credit in a given calendar year by obtaining twice the amount of the shortfall before the 31st of December of the subsequent calendar year. Such `make-up hours' shall be in addition to the regular CPE Credit hour requirements for every calendar year. The above overrides the provisions of clause 7 of Appendix `B' of the Statement on Continuing Professional Education, 2003.

(ii) For Members in Industry :

It has been decided to make the requirements of CPE Credit hours recommendatory to members engaged otherwise than in practice. Such members are recommended to earn a minimum of 10 (Ten) ours of CPE Credit in a calendar year. This comes into effect from 1.1.2006.

(iii) For Members residing Abroad :

It has been decided to make the requirements of CPE Credit hours recommendatory for Members residing Abroad. This comes into effect from 1.1.2006.

Regards,
Ashwin Nagar
in Ahmedabad 9825781065

IT DEPARTMENT TO ACCEPT IT RETURNS ON 29TH AND 30TH OCTOBER ALSO

The Income tax authorities have been directed to make arrangements for accepting the returns of income on 29th and 30th October, 2005 (being Saturday & Sunday). The Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income Tax Act, has issued this direction for administrative convenience. The due date for filing of return of income within the meaning of Explanation 2(a) and (b) to Section 139(1) of the Income Tax Act, 1961 is 31st October, 2005.

Ashwin Nagar

in Ahmedabad (+91) 09825781065

In Mumbai (+91) 09833015352

Success is not permanent and failure is not final

 

Note on SAP

 

Dear friends,

 

As promised by me, I am writing this Note on SAP for the benefit of all the members.

 

1. What is SAP:

It is an ERP software. Very wide and very big. There are so many other software available such as Oracle, BAAN, Peoplesoft etc.

 

2. What CAs role in SAP:

SAP has so many different modules. It is integrated software. SO CAs with good domain knowledge can take course in SAP FICO module that is Financial and Controlling. As a functional consultant, FICO consultant has role in implementation of the software in organisations opting for SAP. This is a very vast module wherein all possible business processes are covered. The CAs with SAP knowledge can better configure and implement this module.

 

3. SAP FICO for a CA who is practicing:

I think this is not for practicing CAs who are in practice for a long period of time. The practicing CAs can take up this course for the better understanding of the software where by better conduct of the audit in the organisations which are running on SAP. But you know who is auditing the concerns that run SAP? Big firms only. So for CAs associated with small or medium size firms, I don’t think this is of more use or the learning of the SAP could be a value for money.

 

4. What if practicing CAs take up a job?

It is very difficult for a practicing CA to get a job. A CA with 10 years of experience will not EVEN be called for interview for even a post of Assistant manager Finance. In service industry, the practice experience never counts, except in very few companies and for very few positions. All gate closed for these CAs, they have to do practice only.

 

About SAP job, the practicing experience in my opinion is very useful, but the employers never recognise it, and the CAs from industry will get an edge. So to get a job as a SAP fresher is equally tough.

 

5. Fresher and young CAs:

Yes, the fresher and young CAs can take up this. Even CAs with some years of industry experience can opt for SAP carrier. SAP certified CAs can opt for either a regular carrier in Industry, there they will have an edge due to their SAP certification, as the companies working on SAP will always prefer a CA who understands how the SAP works.

 

Alternatively, a career could be made as functional consultant in implementing organisations. Here again, CAs can get a good job and good opportunity. But it involves lots of travelling; if the person is in implementation side and not in support side, as majority of work are executed onsite.

 

6. Job Opportunity:

This is very peculiar and vicious circle about job. For a SAP consultant with more than one year experience, there are lots of opportunities and openings available through out the world. But ironically for fresher, No opportunity. To get first job is the great struggle. It may take months or years. The salary will be very low initially. But once you get through the initial phase and have added on experience, there is a very great and very rapid hike in your pay, you will never imagine. SAP professionals are the highest paid community in the world. But No first job, then no experience and No experience then no first job, this circle is a struggle circle and once has to get out of it and this is very challenging phase.

 

7. Future Prospects:

As SAP has introduced packages of even SMEs. One can work as Independent consultant too after acquiring a good experience. The implementation and thereafter support work would there. But there are lots of International and national players, who are in this consultancy. The employees once keep are very highly paid, so looking at all these aspects one can develop business of practice in consultancy and support too. But very challenging this opportunity is.

 

8. The Certification:

The certification does have value, but the experience has more values. I have seen B.Com. Non SAP certified with good experience drawing 80K salary per month. For certification two ways. One, if you have more than one year functional or user experience of SAP, you can directly sit for the exam, the exam fee is 25000 plus Service tax. If you don’t have such experience then, go to any authorised Educational Partner of SAP, Siemens or Genovate and do a 5 weeks course costing 2.25 lacs plus Service tax and then sit for exams. The qualifying marks for exam are 70%. If fail, pay another fee of 25000 plus Service tax and reappear. Costly, yes, very costly affairs.

 

Hope I have answered all the queries members had asked me at different point of time with regard to SAP.

 

Thanks and regards,

Ashwin Nagar

in Ahmedabad (+91) 09825781065

In Mumbai (+91) 09833015352

Success is not permanent and failure is not final

 

New Guidance Note on Tax Audit. Sec. 40 A

TRUE EXTRACT ON IMPORTANT SECTIONS 40A OF Guidance Note on Tax Audit under Section 44AB of the Income – tax Act, 1961. (Revised 2005 Edition)     By

Fiscal Laws committee.

                 

33.clause 17 (f)-amounts inadmissible under section 40 (a)

33.1     Section 40 (a) specifies certain amounts, which shall not be deducted in computing the income chargeable under the head “ profits and gains of business or profession”. They are as follows :

(i)                Any interest, royalty, fees for technical services or other sum chargeable under the income tax act which is payable outside India or inside India to a non-resident or foreign company on which tax has been deductible at source under chapter XVII-B and such tax has not been deducted or after deduction has not been paid during previous year or in subsequent year before the expiry of the time prescribed under the sub section (1) of section 200.

(ii)             Any interest, commission or brokerage, fees for professional services or fees for technical services payable to a resident or amount payable to a contractor or sub-contractor, being resident, for caring out any work  (including supply or labor for carrying out any work) on which tax is deductible under chapter XVII-B and such tax has not been deducted or after deduction has not been paid during the previous year or in the subsequent year before the expiry of the time prescribed under the sub-section (1) of section 200.

(iii)            Any sum paid on the account of securities transaction tax.

(iv)          Any sum paid on the account of fringe benefit tax.

(v)            Any sum paid on account of any rate of tax levied on the profits or gains of any business or profession or assessed of or otherwise on the basis of, any such profits or gains.

(vi)          Any sum paid on account of wealth tax.

(vii)        Any payment which is chargeable under the head “salaries”, if it is payable outside India or to a non-resident and if the tax has not been paid thereon nor deducted there from under chapter XVII-B.

(viii)       Any payment to provident or other fund established for the benefit of employees of the assessed, unless the assessed has made effective arrangement to secure that the tax shall be deducted at source from any payment made from the fund which are chargeable to tax under the had “salaries”.

(ix)          Any tax actually paid by an employer referred to in clause (10CC) of section 10.

33.2        In respect of items (I), (ii) and (vii) the tax auditor should obtain in writing from the assessed the details of all payments of the nature referred to in paragraph 33.1 and debited to the profit and loss account. Where an actual remittance overseas has been made by the assessed during the relevant previous year without deducting any tax at source, the tax auditor may rely upon the legal opinion and/or certificates from chartered accountant based upon which remittance have been made without deduction of tax at source.

The tax auditor need to report under this clause only if he has a different opinion on the issue. In this connection the tax auditor is advised to refer the application Double Taxation Avoidance Agreement (DTAA). Where no remittances have been made during the relevant year, the tax auditor may examine the relevant provisions vis-vis the agreement or correspondence in pursuant to which the liability is provided by the assessed in his books of accounts in order to determine whether any amount so provided is at all chargeable to tax under the Act. The tax auditor may use his professional judgment in these matter based upon decides cases and and he may rely upon a legal opinion obtain by the assessed where no tax is required to be deducted in respect of the amount so provided. In case he discharge with the stand taken by the assessed, he should give both the view in his report.

33.3     With the introduction of clause (ia), in the section 40 (a), the scope of disallowance of the expenditure has been widened to include interest, commission, brokerage, fees for professional services or fees for technical services payable to a resident or amounts payable to a contractor or sub-contractor, being resident for carrying out any work including supply of labor for carrying out any work. Under this sub-clause any payment of expenses, specified therein on which tax is deductible under chapter XVII-B

and such tax has not been deducted or after deduction has not been paid during the previous year or in the subsequent year before the expiry of the time prescribed under the sub-section (1) of section 200, is not eligible for the deduction while computing income chargeable under the head “profits and gains of business or profession”. Accordingly, such amount will be inadmissible and will be required to disclose under this clause. For this purpose the tax auditor will be required to examine whether the provisions relating to tax deduction  at a source have been complied with in respect of the payments specified under the clause. For this purpose the tax auditor may examine the accounts and tax deduction returns pertaining to these payments.

33.4    In case where the  assessed submits that the tax is not required to be

deducted on any payment covered under clause (ia) , the tax auditor may

exercise his judgment  in the light of the applicable laws and repot

accordingly about the compliance of this provision. The tax  auditor may rely

upon the judicial pronouncements while taking any particular view. In case of difference of opinion between the tax auditor and the assessed, the tax auditor should state both the view points.

33.5             As suggested under clause 16(b), here also, in  view of the voluminous  nature of the information, the tax auditor can apply tests checks and compliance test for verifying the information required to be provided under this clause.

33.6             The securities transaction tax (STT) has been levied by Finance (No.2) Act,2004 on transaction of sale / purchase of securities through stock exchange. Sub-clause (ib) of section 40 (a) provides that any amount paid as STT shall not be allowed as deduction. There is possibility that STT paid on purchase or sale is either included in the cost of purchases or reduced from the amount of sale. In both the situations it will have effect on the profit and loss account. The tax auditor should verify this aspect as well and report such amount and the amount of STT debited in the profit and loss account under this clause.

33.7             The finance act,2005 has introduced  a new tax known as Fringe Benefits Tax (FBT) which is levied on an employer at prescribed rate on the amount of fringe benefits or deemed fringe provided to its employees. The Finance Act has also introduced  sub clause (ic) in section 40 (a), which provides that FBT shall not be deductible in computing profits and gains from business and profession. The tax auditor is required to report the amount of fringe benefit tax paid by the employer during the year ended this clause, if the same has been debited to the profit and loss account. The tax auditor should also verify the FBT has not been included under any other head of expenditure.

33.8             The Finance Act, 2002 had increased a clause (10CC) in section 10 to provide that any tax had paid by an employer on non-monetary perquisites is exempt in the hands of employees. Consequently, a new sub-clause (v) was inserted in section 40 (a) to provide that any tax referred in section 10(10CC) paid by the employer on non-monetary perquisites provided to employees shall not be deductible in computing profits and gains from business or profession. The tax auditor is required to report the amount of such tax paid by the employer, in case it is debited to the profits and loss account.

Ashwin Nagar

in Ahmedabad (+91) 09825781065

In Mumbai (+91) 09833015352

Success is not permanent and failure is not final

 

re:- change of mail profile

Dear All,

wouod request you to send all mails hitherto marked to me in my previous
mail profile "tapajyoti.sarkar@boci.co.in" to the undermentioned mail
address of mine w e f 15.10.05.

sarkart@rediffmail.com

This is because the undersigned is in the midst of the job change and the
existing mail profile will be closed w e f 15.10.05

Please confirm.

Thanx and regards

tapajyoti sarkar
ACA, 058484

> -----Original Message-----
> From: Ashwin Nagar [SMTP:ashwinnagar@yahoo.com]
> Sent: Sunday, September 25, 2005 11:28 AM
> To: BlogIndianCAs
> Cc: indiancas@yahoogroups.com
> Subject: IndianCAs: DUE DATE FOR 26QA EXTENDED UPTO 31.12.2005
>
> The due date extended. Find the attachement
>
> Write commenst on:
>
> www.IndianCAs.blogspot.com <http://www.IndianCAs.blogspot.com>
>
> With Regards,
>
> Ashwin Nagar
> 9825781065
>
>
> ********************************************************************
> Please Write your comments by clicking on the link below:
> <http://indiancas.blogspot.com/>
>
> Note:All messages posted by memebrs including me on this group are sent in
> their personal capacity. No official position held anywhere by them have
> nothing to do with this email group.
> Further, your attention is invited:
>
> 1. The messages on this groups are approved only when the modertaor finds
> it of immense importance to the members at general, otherwise, this group
> is not used for discussion or as discussion forum.
>
> 2. Members willing to post information regarding Employment or Openings
> for CAs, are requested not topost on this group, rather post on :
> CAjob@yahoogroups.co.in
>
> 3. I get a very large no.of emails, so it happens that some of these just
> skip my attention or some might go directly to Bulk mail folder due to
> some reason, so please bear with me, if your emails are returned and you
> find it important then please resend it.
>
> 4. It is possible that I am not able to reply some of your emails, due to
> some reasons, or simply over burden, please excuse me for that.
>
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> << File: 206A-extension.pdf >>

DUE DATE FOR 26QA EXTENDED UPTO 31.12.2005

DUE DATE FOR 26QA EXTENDED UPTO 31.12.2005

With Regards,

 

Ashwin Nagar
9825781065

Excel Add-in to convert amount in figures to words by Premal

Gentlemen:
AmtInWords.xla is attached to this mail. It is an MS Excel Add-in written by me to convert amount available in figures to words.
Installation
Copy the attached file to the folder where excel stores the add-ins. (To know where excel stores the add-ins, open any workbook, click on Tools - Add-ins - Browse)
Then open an excel workbook. Click on Tools - Add-ins - Browse - Give the path to this Addin - Ok
Usage
You can use the functions AmtInWords and AmtInWordsUS in any worksheet. The syntax is:
=AmtInWords(decimal number/cell reference, [currency code])
=AmtInWordsUS(decimal number/cell reference, [currency code])
Examples follow:
=AmtInWords(10000000)
=AmtInWords(123456.77)
=AmtInWords(C4)
=AmtInWordsUS(B3) ' Shall give the amount in millions (US format)
=AmtInWordsUS(B3,"USD") ' Shall give the amount in millions (US format) and in US currency (Dollars)
=AmtInWords(C4,"GBP") ' Shall give the amount in lakhs and in UK currency (Pounds)
Notes
The system shall NOT give you any warning/error if you use:
=AmtInWords(C4,"USD") ' Amount in lakhs and in US currency (Dollars)
OR
=AmtInWordsUS(C4,"GBP") ' Amount in millions and in UK currency (Pounds)

At present 3 currency codes are supported:
INR (the default ... not required to be given separately)
USD
GBP
Let me know how you find it and/or your suggestions.
Regards
Premal

Non Refundable Charges for Empanlement by Bank of Rajasthan

Dear Fellow Professionals,

Please go through the attachment note the bold sentence.(Emphasis supplied). A nationalised bank is inviting application for empanelment of concurrent auditors with processing fee alongwith the application form. It is high time we all should protest such actions.

It is a shame on the entire profession. Had it been a refundable Earnest Money Deposit, we could understand. What is the logic of asking for non-refundable processing fee? Are we chartered accountants are begging before this bank or other banks for assignments and all so that they are forced to limit the enquiries? It is utter non-sense. We all should unite and tell the bank that this is not the way to assign an audit to a noble professional who is specially trained and experience for this job. ICAI should take up this matter with the bank authorities. It is just like equating a chartered accountant with a street vendor. The bank should be coming to us for getting the audits done and not the other way round and ask for a processing fee also!!!. Ridiculous!!. STAND UP AND SAY NO!

Suppose, out of around 65000 CA's, at least 2000 all over India apply for the same, the bank will be getting Rs. 40.00 lakhs, which will be sufficient for them to pay the concurrent audit fee for at least 40 branches for one year. What a brilliant idea!!!

Your opinion on this is highly appreciated.

A POEM OF ACCOUNTS

A POEM OF ACCOUNTS

IN THE JOURNAL PAPER OF MY HEART,
I HAVE WRITTEN A JOURNAL ENTRY

DEBITING MY LOVE & CREDITING MY AFFECTION,
NOW PARTNER , YOU WRITE THE NARRATION.

YOUR BEAUTY IS CAPITAL OF OUR BUSINESS,
AND YOUR EYES ARE STOCK IN TRADE.

NOW LET US ENTER INTO A TRANSACTION,
WITHOUT PROVIDING DEPRECIATION.

YOUR FIRST LOVE , I HAVE ALREADY INDICATED,
ON THE LEDGER FOLIO COLUMN.

ANYWAY OUR REALIZATION ARE BASED ON
DOUBLE ENTRY SYSTEM.

OUR LOVE IS REAL AND TANGIBLE,
WHICH CAN BE REALIZED,
INTEREST ON THE SAME CAN BE CAPITALIZED.

PARTNER YOU ARE LIKE A CONTRA - ENTRY,
YOU ARE ON MY DEBIT SIDE & CREDITSIDE
BOTH AT THE SAME TIME

CAN IT BE POSTED INTO LEDGER ?
THAT YOU DECIDE.

AND SO MY PARTNER , NOW LET US RECTIFY
ALL OUR ERRORS AND TOTAL THE TRIAL BALANCE OF OUR AFFAIRS
AND EMOTIONS

A POEM OF ACCOUNTS

WITHOUT MAINTAING ANY SUSPENSE A/C AND
ANY DIFFERENCE IN THE TRIAL BALANCE

IN THE BALANCE SHEET OF OUR LIFE.
OUR CHILDREN WILL BE ASSET & LIABILITIES
IF THEY ARE BOYS , SHALL WE CALL
THEM SUNDRY DEBTORS ?
IF THEY ARE GIRLS WE CALL THEM
SUNDRY CREDITORS.
BUT IF WE HAVE A BOY & A GIRL,
OUR BALANCE SHEET WILL TALLY AUTOMATICALLY
AND THE AUDITOR WILL CERTIFY LIKE THIS,
THE ACCOUNTS SHOW A TRUE & FAIR VIEW OF LOVELY
BUSINESS CONDUCTED DURING LIFE IS ACCOUNTS.

no penalty for delayed payment of service tax in Mahrashtra and Gujarat

As you are aware the States of Maharashtra and Gujarat have been adversely affected by the impact of unprecedented rains resulting in widespread water logging, floods and landslides.
2. Board have received representations from certain associations of service tax payers in these states requesting for extension of date for depositing service tax for the month of July, 2005, due for payment on 5th August. The matter has been examined.
3. Section 75 of the Finance Act, 1994 envisages payment of interest on delayed payment of service tax. Section 76 provides for imposition of penalty in cases of delayed payment of service tax. Section 80 specifically mentions that no penalty shall be imposed under section 76 for delayed payment of service tax if the assessee proves that there was reasonable cause for the delay in payment of service tax within the due date.
4. In view of the unprecedented rains and floods and consequent difficulties faced by the assessees in Mahrashtra and Gujarat, for delayed payment of service tax due for the month of July, 2005, paid on or before 20th August, 2005, you are advised to take a lenient view under section 80 and impose no penalty under section 76 of the Finance Act, 1994. This facility may be provided only for assessees who discharge their full liability for payment of service tax for the month of July' 2005 on or before 20th August, 2005.

Cost Inflation Index for Financial Year 2005-06

Dear friends,
This is to inform you that the Cost Inflation Index for the Financial Year 2005-06 is "497".
Not. 189/2005, Dated: August 12, 2005

Date of FBTs First Installment Payment extended

The date of Payment of First Installment of FBT has been extended to 31st August 2005.