Newsletter taxpert for the moth April

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Newsletter taxpert for the moth April

  1. 1. TAXPERT PROFESSIONALSOUTLOOK Volume – I April 2012Office NewsletterFor the month of April 2012Taxpert Professionals Private LimitedAdding value with quality and commitment www.taxpertpro.com | Monthly Newsletter
  2. 2. We are what we repeatedly do. Excellence,therefore, is not an act but a habit.AristotleThe month of April had been hectic and busy with year closing. Theyear 2011-12 closed with very positive results. Future is promising,charming and beautiful. We are creating the future for ourselves,for our employees and for our clients and society in general. Wetake full responsibility.Overall year was dynamic, we thrive to achieve the same successthis year as well and wish to give the best services to our clients. AtTaxpert, we value relationship. Our relationships are one of our keyassets and maintaining them is one of our core value. We are allinventors, each sailing out on a voyage of discovery, guided each bya private chart, of which there is no duplicate. We are internationalfirm, providing world class services to our clients, this is possiblewith our dedicated, talented and professional team which is closelybind by core values and warmth of being part of Taxpert.Taxpert believes in hardwork, faith and Patience. It endeavourscontinuously to provide the best quality service to its clients andvalues its human resource and thrives to provide most employeefriendly environment for its employees. …………………………….From the Desk of CA. Vinay Bhushan 2nd May 2012 www.taxpertpro.com | Monthly Newsletter
  3. 3. Direct TAX (iii) has received a certificate of tax deduction in Form 16 from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government;Exemption from requirement of furnishing areturn of income (iv) has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer toThe Central Government in exercise of the powers u/s 139(IC) of the the Central Government;Income Tax Act, vide notification No. 9/2012 dated 17.02.2012exempts the following class of persons from the requirement of the (v) has no claim of refund of taxes due to him for the income of thefurnishing the return of Income u/s 139 (IC) of the Income Tax Act, assessment year, andfor the Assessment Year 2012-13. The exemption is subject tocertain condition as listed below: (vi) has received salary from only one employer for the assessment year.1) Class of persons - An individual whose total income for therelevant assessment year does not exceed five lakh rupees and The exemption from the requirement of furnishing a return ofconsists of only income chargeable to income-tax under the income will not be applicable where a notice under the followingfollowing head,- sections has been issued for filing a return of income for the relevant assessment year.(i) “Salary”;(ii) “Income from other sources”, by way of interest from a savingaccount in a bank, not exceeding ten thousand rupees.2) Conditions - The individual referred to in para 1,-(i) has reported to his employer his Permanent Account Number(PAN);(ii) has reported to his employer, the incomes and the employer hasdeducted the tax thereon; www.taxpertpro.com | Monthly Newsletter
  4. 4. Consolidated FDI Policy The consolidated FDI policy document is a single reference point forFEMA investors and regulators. The first such consolidation was released in March, 2010 after which it has been updated every six months. The ‘Circular 1 of 2012’ was issued on 10 April 2012 as fifth edition of the consolidated policy document. The significant changesExternal Commercial Borrowings (ECB) for introduced in this edition of the Circular are:Infrastructure facilities within NationalManufacturing Investment Zone (NMIZ) (i) Policy for FDI in Commodity Exchanges: At present, foreign investment, within a composite (FDI & FII) cap ofAs per the extant guidelines, the infrastructure sector for the 49%, under the Government approval route-i.e. through the Foreignpurpose of availing ECB is defined to include (i) power, (ii) Investment Promotion Board (FIPB)-is permitted in commoditytelecommunication, (iii) railways, (iv) road including bridges, (v) sea exchanges. Within this overall limit of 49%, investment byport and airport, (vi) industrial parks, (vii) urban infrastructure Registered FIIs, under the Portfolio Investment Scheme (PIS) is(water supply, sanitation and sewage projects), (viii) mining, refining limited to 23% and investment under the FDI Scheme is limited toand exploration and (ix) cold storage or cold room facility, includingfor farm level pre-cooling, for preservation or storage of agriculturaland allied produce, marine products and meat. Developers of SEZwere also allowed to provide such infrastructure facilities within theSEZ.Keeping in view the infrastructural needs of the proposed NMIZs, ithas now been decided to allow developers of NMIZ also to avail ofECB under the "approval route" for providing infrastructure facilitieswithin the NMIZ, as indicated above. Press release for the same wasissued dated February 29,2012. www.taxpertpro.com | Monthly Newsletter
  5. 5. 26%. It has now been decided to liberalise the policy and to holding of an FII to 10% of the capital of the company and themandate the requirement of Government approval only for FDI aggregate limit for FII investment to 24% of the capital of thecomponent of the investment. Such investment by FIIs, in company. This aggregate limit of 24% can be increased to thecommodity exchanges, will, therefore, no longer require sectoral cap/statutory ceiling, as applicable, by the Indian CompanyGovernment approval. This change aligns the policy for foreign concerned, through a resolution by its Board of Directors, followedinvestment in commodity exchanges, with that of other by a special resolution to that effect by its General Body. It has beeninfrastructure companies in the securities markets, such as stock clarified that this would be subject to prior intimation to RBI.exchanges, depositories and clearing corporations. (v) Investment by Foreign Venture Capital Investors (FVCIs):(ii) Non Banking Finance Companies (NBFC)-clarification on Government has permitted FVCIs to invest in the eligible securities‘leasing’: (equity, equity linked instruments, debt, debt instruments,It has been clarified that the activity of ‘leasing and finance’, which debentures of an IVCU or VCF, units of schemes / funds set up by ais one among the eighteen NBFC activities, where induction of FDI is VCF) by way of private arrangement / purchase from a third partypermitted, covers only ‘financial leases’ and not ‘operating leases’. also, subject to stipulated terms and conditions. SEBI registeredThis provision intends to clarify the coverage of the term ‘leasing FVCIs have also been permitted to invest in securities on aand finance’, insofar as the NBFC sector is concerned. recognized stock exchange subject to the provisions of the SEBI (FVCI) Regulations, 2000. These provisions have now been reflected(iii) Import of capital goods/ machinery/ equipment (including under the FDI policy as well.second-hand machinery)-conversion to equity: (vi) Investment by ‘Qualified Financial Investors (QFIs)’:With a view to incentivising machinery embodying state-of-the-arttechnology, compliant with international standards, in terms of Government has permitted QFIs to invest (DPs), in equity shares ofbeing green, clean and energy efficient, second-hand machinery has listed Indian companies as well as in equity shares of Indiannow been excluded from the purview of this provision. companies which are offered to public in India in terms of the relevant and applicable SEBI guidelines/regulations. QFls have also(iv) Clarification on investment by Foreign Institutional Investors(FIIs): been permitted to acquire equity shares by way of right shares, bonus shares or equity shares, on account of stockCurrently, an FII may invest in the capital of an Indian Company split/consolidation or equity shares on account of amalgamation,under the Portfolio Investment Scheme which limits the individual demerger or such corporate actions, subject to the prescribed www.taxpertpro.com | Monthly Newsletter
  6. 6. investment limits. These provisions have now been reflected underthe FDI policy as well. Contributed by CA. Sudha G. BhushanMAHARASHTRA VAT(i) The Commissioner of Sales Tax has issued notification under Rule17A dated 4.2.2012. By this notification the Commissioner hasnotified Annexures to be filled up by the dealers who are not underVAT Audit.(ii) The Commissioner of Sales Tax has issued notification dated4.2.2012 under Rule 17A by which he has notified that the dealersnot under VAT Audit should submit Annexures J1 etc. along with lastreturn and the period for filing such last return is notified as 90 daysfrom the end of the period of last return.(iii) The Government of Maharashtra has issued Notification dated16.2.2012 by which amendments are effected in Rules 52, 53 and54. The amendments appears to be corrective in nature. Contributed by Mr. Milin Shah www.taxpertpro.com | Monthly Newsletter
  7. 7. Corporate Law updateREGISTRATION OF COMPANIES OR LLPs BYPROFESSIONALS [www.mca.gov.in]The MCA has issued General Circular No. 02/2012 dtd. 01.03.2012clarifying that where at the time of incorporation of companies,one of the objects is to carry on the business of banking, insuranceor to practice the profession of chartered accountancy, costaccountancy and company secretaries, then the concernedRegistrar of Companies shall incorporate the same only onproduction of in-principle approval/NOC from the concernedregulator/professional institutes. It is also clarified that where oneof the objects is to carry on the business/profession ofarchitecture, then the concerned Registrar of Companies/Registrarof LLP shall incorporate the same only on production of the in-principle approval/NOC from the concerned regulator. www.taxpertpro.com | Monthly Newsletter
  8. 8. Laugh it off "Earth is 98% full. Please delete anyone you can."Error Messages "Ooops. My brain just hit a bad sector." "Cannot find REALITY.SYS...Universe Halted." "The world will end in 5 minutes. Please log out..." "WARNING: Keyboard Not Attached. Press F10 to Continue." "COFFEE.EXE missing. Insert cup and press any key." "Bad Command or File Name. Good try, though." "Press any key... no, no, no, NOT THAT ONE!" "Enter any 11-digit prime number to continue..." "Error reading FAT record. Try the SKINNY one? (Y/N)" "General Failures Fault. Not Yours." "Hit any user to continue." "Scandisk is now checking your hard disk. You can start praying." "Smash forehead on keyboard to continue." www.taxpertpro.com | Monthly Newsletter
  9. 9. Achievement and Success:  CA. Usha Tolani have joined the Team Taxpert. We welcome her in the family and wish her very good and promising career ahead.  Brother of Abhineet Shukla got scholarship in his exams. We are very proud of him and wish him all the best.  The Budget publication of company was appreciated by clients and is viewed more than 1000 times. The efforts of team especially Milin, CA. Garima, CA.Shilpa and Hema are much esteemed.  CA. Sudha G. Bhushan addressed the Company secretary members on Budget Implication on Foreign Investors. The presentation was shared with 150 Members and was selected for being uploading in the official website of Institute of Company Secretaries of India. http://www.icsi.edu/docs/wiro/efocus/Mar2012.pdf www.taxpertpro.com | Monthly Newsletter
  10. 10. Musings….Anniversary of CA. Shilpa www.taxpertpro.com | Monthly Newsletter

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