14 September 2010

IndianCAs: Tax Audit Guidance Note [1 Attachment]

 
[Attachment(s) from Ashwin Nagar included below]

For Attention of members carrying out tax audit u/s 44AB of the Income-tax Act,1961. - (10-09-2010)

Attention of members is invited towards the changes in the Guidance Note on tax Audit under section 44AB of the Income-tax Act, 1961 approved subsequent to the publication of the Supplementary Guidance Note, issued by the erstwhile Fiscal Laws Committee, as a part of the publication "Guidance Note on Audit of Fringe Benefits under the Income-tax Act, 1961" in 2006.

The Fifth Edition of the Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961 incorporating the law as amended by the Finance Act, 2005 was published in September, 2005. Subsequently, a supplementary Guidance Note has been published on the amendments made by the notification No. 208/2006 dated 10th August, 2006 issued by the Central Board of Direct Taxes in Form No. 3CD.

Subsequent to the publishing of the above Supplementary Guidance Note, the Finance Act, 2007 has made amendments in section 40A(3). New Rule 6DD was inserted in the Income-tax Rules by notification No. 208/2007 dated 27.6.2007 w.e.f. A.Y. 2008-09.

The Council thereupon approved some more changes subsequent to the publication of the Supplementary Guidance Note. These may be taken into consideration while reading in the Guidance Note on Tax Audit [2005 Edition] and the Supplementary Guidance note on Tax Audit [2006 Edition published along with the Guidance Note on Audit of Fringe Benefits under the Income-tax Act, 1961].

For convenience of members the clauses wherein there have been changes are listed hereunder and the full text which forms part of the Guidance to members is available at http://220.227.161.86/20408announ11236a.pdf. Please note that some changes approved relating to fringe benefits have not been given here since they are no longer relevant.

  1. Clause No. 12(a) and (b) of Form 3CD Para No. 23 of the Guidance Note[2005 Edition]
  2. Clause 17(h) of Form 3CD Para 35 of the Guidance Note (Subsequent changes have been made in section 40A(3) by the Finance Act, 2008 and Finance (No. 2) Act, 2009 and also in Rule 6DD.These changes may have an effect on the computation of the amount to be reported but no further guidelines in this regard is considered necessary)
  3. Clause 17(l) of Form 3CD
  4. Clause 17A in Form 3CD – Amount inadmissible under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006.
  5. Select issues in accounting for state level VAT. (These do not represent the views of the Council but are based on the original draft prepared by Indore Branch of the CIRC of the Institute.)

In this connection, we would also like to invite the attention of members towards the announcement dated 12.12.2008, in the light of which from the A.Y.2010-11, an internal auditor of an assessee cannot be appointed as his tax auditor.Click here for Announcement and further clarification regarding non- applicability of the same only for tax audit relating to financial year ending 31st March,2009 in certain cases.

| Ashwin Nagar | FCA and SAP-FICO\SEM-BCS |
Success is not permanent and failure is not final
Ph: India: +91-98330-15352  US: +1-323-325-4111
 
Twitter      : http://twitter.com/ashwinnagar

__._,_.___

Attachment(s) from Ashwin Nagar

1 of 1 File(s)

Revised
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13 September 2010

Tax Audit Guidance Note

For Attention of members carrying out tax audit u/s 44AB of the Income-tax Act,1961. - (10-09-2010)

Attention of members is invited towards the changes in the Guidance Note on tax Audit under section 44AB of the Income-tax Act, 1961 approved subsequent to the publication of the Supplementary Guidance Note, issued by the erstwhile Fiscal Laws Committee, as a part of the publication "Guidance Note on Audit of Fringe Benefits under the Income-tax Act, 1961" in 2006.

The Fifth Edition of the Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961 incorporating the law as amended by the Finance Act, 2005 was published in September, 2005. Subsequently, a supplementary Guidance Note has been published on the amendments made by the notification No. 208/2006 dated 10th August, 2006 issued by the Central Board of Direct Taxes in Form No. 3CD.

Subsequent to the publishing of the above Supplementary Guidance Note, the Finance Act, 2007 has made amendments in section 40A(3). New Rule 6DD was inserted in the Income-tax Rules by notification No. 208/2007 dated 27.6.2007 w.e.f. A.Y. 2008-09.

The Council thereupon approved some more changes subsequent to the publication of the Supplementary Guidance Note. These may be taken into consideration while reading in the Guidance Note on Tax Audit [2005 Edition] and the Supplementary Guidance note on Tax Audit [2006 Edition published along with the Guidance Note on Audit of Fringe Benefits under the Income-tax Act, 1961].

For convenience of members the clauses wherein there have been changes are listed hereunder and the full text which forms part of the Guidance to members is available at http://220.227.161.86/20408announ11236a.pdf. Please note that some changes approved relating to fringe benefits have not been given here since they are no longer relevant.

  1. Clause No. 12(a) and (b) of Form 3CD Para No. 23 of the Guidance Note[2005 Edition]
  2. Clause 17(h) of Form 3CD Para 35 of the Guidance Note (Subsequent changes have been made in section 40A(3) by the Finance Act, 2008 and Finance (No. 2) Act, 2009 and also in Rule 6DD.These changes may have an effect on the computation of the amount to be reported but no further guidelines in this regard is considered necessary)
  3. Clause 17(l) of Form 3CD
  4. Clause 17A in Form 3CD – Amount inadmissible under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006.
  5. Select issues in accounting for state level VAT. (These do not represent the views of the Council but are based on the original draft prepared by Indore Branch of the CIRC of the Institute.)

In this connection, we would also like to invite the attention of members towards the announcement dated 12.12.2008, in the light of which from the A.Y.2010-11, an internal auditor of an assessee cannot be appointed as his tax auditor.Click here for Announcement and further clarification regarding non- applicability of the same only for tax audit relating to financial year ending 31st March,2009 in certain cases.



--
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
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Clean Energy Cess Amendment

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

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

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

 

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

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

 

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

     (a) in rule 11,-

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

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

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

 

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

 

“FORM –I

Monthly Return for Removal of specified goods

(See rule 11)

 

 

 

 

 

M 

M

 

Y

Y

Y

Y

 

 

 

 

 

 

 

 

 

I.     (1) Registration Number :  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 (2) Name of the Producer  :

 (3) Full Address       :

 

 

II.    Details of Specified Goods removed and Cess payable

S.No.

Name of the mine along with address

CETSH

NO.

Description of specified goods

Unit of

quantity

Quantity of specified goods removed during the month

(in MT)

Rate of cess per tonne

(Rs. per tonne)

Notification availed

S.No. in  notification

Total cess payable as per billing

(Rs.)

(1)

(2)

(3)

(4)

(5)

 

(6)

(7)

(8)

(9)

(10)

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

III.   Details of payment:

Total  Cess paid

    (Rs.)

Amount of Cess  adjusted during the month under Rule 6(3)

Source document

Cess Code

Challan No.

(CIN)

Remarks

(1)

(2)

(3)

(4)

(5)

(6)

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

IV.           Details of other Payments:

Payments

Amount paid in cash(Rs.)

Challan No.

(CIN )

Source document

No.

Date

Arrears of CESS  under rule 6

 

 

 

 

 

 

Other arrears

 

 

 

 

 

 

Interest payment under rule 6(4)

 

 

 

 

 

 

Other interest payments

 

 

 

 

 

 

*Miscellaneous  payments

 

 

 

 

 

 

Total

 

 

 

 

 

 

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

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

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

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

 

(Name and Signature of the Assessee or Authorised signatory)

Place:   

Date :                                            

                                         

ACKNOWLEDGMENT

 

 

 

 

 

M

M

 

Y

Y

Y

Y

Return of Specified Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

D

D

 

M

M

 

Y

Y

Y

Y

Return of Specified Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

           

INSTRUCTIONS

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

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

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

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

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

 



--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
           +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
           vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx
at No comments:
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