C M YCMMYCYCMY K
C M YCMMYCYCMY K
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Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
Latest updates of income tax by praveen kumar
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Latest updates of income tax by praveen kumar

  1. 1. C M YCMMYCYCMY K
  2. 2. C M YCMMYCYCMY K
  3. 3. i ii i Latest Updates of Income Tax, TDS by PRAVEEN KUMAR Praveen Kumar C M YCMMYCYCMY K manufactured byi i i i
  4. 4. i ii i The original blog can be found at http: // latestupdatesofincometax . blogspot .com/ C M YCMMYCYCMY K All rights reserved by the author. No part of this publication may be repro- duced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording and/or otherwise without the prior written permission of the author. This book may not be lent, resold, hired out or otherwise disposed of by way of trade in any form, binding or cover other than that in which it is published, without the prior consent of the author. Manufactured by on September 28, 2011i i i i
  5. 5. i ii i Interactive Platform for All Finance Professionals In Easy Language, Readers Queries are also welcome. C M YCMMYCYCMY Ki i i i
  6. 6. i ii i C M YCMMYCYCMY Ki i i i
  7. 7. i ii i Contents 50 Paise Coins to be Minimum Denomination Coin Acceptable for Transaction from June 30, 2011 . . . 1 Exemption from attaching accounts of subsidiaries with balance sheet of holding company . . . . . . . . 1 SEBIs recommendation on related party transactions 3 Centralized Processing Center (CPC), Bangalore has begun processing of returns for AY 2010-11 . . . . . 5 Budget – 2011- (Tax limit enhanced from Rs 1,60,000 C to Rs 1,80,000)) . . . . . . . . . . . . . . . . . . . . . . . 5 Monthly Compliance Chart – With Due Dates (very useful for every Finance professional) . . . . . . . . . M 7 Budget – 2011-Salaried Employee eraning Less then YCM 5 lacs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10MY Budget – 2011 – ( CHANGES IN INCOME TAX & SERVICE TAX – MAIN POINTS) . . . . . . . . . . . . . 12 PUBLIC INTEREST : VALUABLE INFORMATION . .CY 14 Notifications & Circulars (DVAT) – Extend the timeCMY K limit DVAT 51, up to 31st March, 2011 . . . . . . . . 15 Payment of MCA filing fees through electronic mode made mandatory . . . . . . . . . . . . . . . . . . . . . . . 18 Coins of 25 Paise and Below – Withdrawal from Circulation . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Ministry approves 9.5% interest on PF deposits . . . 20 Monthly Obligation Chart APRIL- 2011 . . . . . . . . . 21 10 things to know about Mr. Anna Hazare and Lok Pal Bill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 COMPANIES NEED NOT PAY STAMP DUTY ON INCREASED CAPITAL: HC . . . . . . . . . . . . . . . . 24 ii i i i
  8. 8. i ii i Imp. Info. : DUE DATE TO DEPOSIT TDS DEDUCTED AND PROVISIONS IN MARCH, 2011 IS 30TH APRIL, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Clarification on issues relating to CENVAT Credit Rules 2004- Regarding Circular No.943/04/2011-CX- 29.04.2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 STATUTORY OBLIGATION CHART FOR THE MONTH OF MAY, 2011 . . . . . . . . . . . . . . . . . . . . . . . . 31 e-Filing for AY 2011-12 has been started (ITR-1(SAHAJ) and ITR-2 are now enabled). . . . . . . . . . . . . . . . 33 Instructions on Issuance of TDS certificates in form no. 16A and option to authenticate same by way of Digital Signature . . . . . . . . . . . . . . . . . . . . . . . 34 Form No. 16A now generated from Tax Information Network (TIN). Mandatory for Companies and Banks to issue Form 16A from TIN to their deductees for C deductions made from April 1, 2011 (F. Y. 2011-12) 37 M E-filing for ITR 5 and ITR 6 enabled for AY 2011-12 40 Y RBI asks banks to reimburse failed ATM transactions in 7 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 Monthly Obligation / Due Date Chart for month ofCMMY June, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . 43CY Filing of Balance Sheet and Profit and Loss AccountCMY in XBRL . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 K इनकम टैक्स रिटर्न भरने से छूट . . . . . . . . . . . . . . . . . . . 47 KNOW YOUR PF BALANCE ONLINE . . . . . . . . . . . . . . . 49 Monthly Obligation Chart (July, 2011) . . . . . . . . . . . . . . . . 49 Service tax Payable on billing basis from July 1 2011 (Clarification) 51 Cost Inflation Index for Financial Year 2011-2012 Notified . . . . . 52 Full Year Statutory Obligation Chart (2011-12) . . . . . . . . . . . 55 E-Filing : Digital Signature Certificate made mandatory w.e.f 1st Ju- ly 2011 for Firms and Individuals . . . . . . . . . . . . . . . . . . . 66 e-Filing Process – At a glance . . . . . . . . . . . . . . . . . . . . 66 GOD is One . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 CHECKLIST FOR INCOME TAX RETURN (Nice Info.) . . . . . 69 Monthly Obligations – August 2011 . . . . . . . . . . . . . . . . . 71 HDFC Bank starts income tax payment facility through ATMs . . . 73 Salaries of Chief Executives . . . . . . . . . . . . . . . . . . . . . 73 iii i i i
  9. 9. i ii i Electronic filing of service tax return made mandatory for all w.e.f. 01st October 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 Procedure of Filling Service Tax Return Electronically . . . . . . . 75 Excel Tips : – Fast AutoFill . . . . . . . . . . . . . . . . . . . . . . 78 Service Tax on fees charged for issuance of Country of Origin Cer- tificate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 Format of reply to Penalty notice under section 272B for wrong quot- ing or non-quoting of PAN . . . . . . . . . . . . . . . . . . . . . . 79 Gujarat HC upholds constitutional validity of service tax on renting of immovable property . . . . . . . . . . . . . . . . . . . . . . . . 81 Cost Inflation Index meaning and Index for all the years . . . . . . . 101 Your Monthly Obligation Chart for September, 2011 . . . . . . . . 107 How to rectify and avoid interest default in Payment of TDS and How to calculate interest on TDS defaults . . . . . . . . . . . . . . . . . 109 eTDS Correction Returns – Common reasons for rejection of TDS Returns and solution for the same . . . . . . . . . . . . . . . . . . . 114 C Income Tax Deductions under section 80C – Eligible Investments M and Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 Y Download MCA-21 All ROC Forms . . . . . . . . . . . . . . . . . 134 HAPPY TEACHER’S DAY…… . . . . . . . . . . . . . . . . . . . 146 How to interact with departmental officers & ReplyCMMY to SCN and adjudication- Service Tax . . . . . . . . . 146CY Useful Information on “CIBIL” . . . . . . . . . . . . . . 168CMY Modification in PPF Scheme: Deposit Limit Raised from Rs. 70,000 to Rs. 1,00,000/-(One Lac) . . . . . 171 Revised Schedule VI (shall be effective from 01.04.2011)172 K Online incorporation of companies within 24 hours . 174 MCA Circular on e-filing to avoid last minute rush . 175 Due date for submission of ITR-V extended . . . . . . 177 How To download FUV file from NSDL Website to revise e-TDS return . . . . . . . . . . . . . . . . . . . . . 178 FAQ on XBRL regarding software Purchase, Training, Filing of form 23AC and 23ACA, How to upload and Taxonomy . . . . . . . . . . . . . . . . . . . . . . . . . . . 179 Income Tax Calculator . . . . . . . . . . . . . . . . . . . 181 Computer Tricks : Is your computer male or female ?181 Computer Tricks : Hear a PDF file instead of reading it . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182 iiii i i i
  10. 10. i ii i Excel Tips : Automatic Row Height for Wrapped Text182 FAQ on e-TDS / Corrected/Revised Return / Preparation of Correction Statement More than Once on the Same Regular Statement (Correction on Correction) 184 Documents pertaining to the transactions in relation to which PAN to be quoted . . . . . . . . . . . . . . . . 187 Income Tax – Notified long-term infrastructure bond U/s. 80CCF . . . . . . . . . . . . . . . . . . . . . . . . . . 190 FAQs on File Validation Utility (FVU) and How to Verify correctness of e-TDS/TCS return Prepared . . 192 CBDT may recommend VDIS scheme to bring back black money outside India . . . . . . . . . . . . . . . . . 195 How to make correction or Revision in Salary Details of e- TDS return already filed? . . . . . . . . . . . . . . 197 TDS deductor may soon be able to view PAN-wise ledger and different views available for Tax Payers C on NSDL-TIN website . . . . . . . . . . . . . . . . . . . . 200 M 15th September, 2011 – Last Date for Payment of Y Advance Tax . . . . . . . . . . . . . . . . . . . . . . . . . 203 Service Tax Notification No. 45/2011-ST dated 12.09.2011 – Legal Services provided by business entity to businessCMMY entity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204CY Introducing NEFT in MCA . . . . . . . . . . . . . . . . . 205CMY Useful : Download Links for 35 Indian Accounting Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 Amends Central Excise Rules, 2002 (Fourth Amendment) K thereby making e-filing of Central Excise returns mandatory in ACES . . . . . . . . . . . . . . . . . . . . . 207 Repo rate, reverse repo rate hiked by RBI; home, auto loan EMIs to go up . . . . . . . . . . . . . . . . . . 208 After petrol price hike, EGOM meet on LPG gas cylinder subsidy deferred . . . . . . . . . . . . . . . . . 210 FEMA – RBI increased the limit for Transfer of security by way of gift in calendar year to USD 50,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212 VIEW TAX CREDIT (FORM 26AS) FROM BANK SITE THROUGH NET BANKING FACILITY . . . . . . . . . . 214 ivi i i i
  11. 11. i ii i Income Tax Case Law : Claim of bad debts allowable even if debts are of the same year – ITAT Mumbai . 217 Tribunal can issue direction beyond the scope of the appeal for correction of error – Delhi HC . . . . . . . 227 TIPS TO TACKLE OFFICE POLITICS . . . . . . . . . . 240 Amends Notification No. 17/2004-Service Tax, dated the 10th September, 2004 . . . . . . . . . . . . . . . . . 242 Amends Notification No. 18/2002-Service Tax, dated 16th December, 2002 . . . . . . . . . . . . . . . . . . . . 244 Form 3CD with annexures, 3CA, 3CB and Caro Report in Excel Format (Updated) . . . . . . . . . . . . . . . . 245 International companies answerable to Indian consumer courts for service deficiency – Supreme Court . . . . 245 Online filing of excise duty, service tax returns mandatory from 1st October 2011 . . . . . . . . . . . . . . . . . . . 247 Govt may soon credit you service tax refund in you C bank account automatically . . . . . . . . . . . . . . . . 247 M FAQ on TAN Registration Number – What to do if it Y is forgotten or lost . . . . . . . . . . . . . . . . . . . . . 248 Electronic Fund Transfer – Dishonour – Same Liabilities as NI Act . . . . . . . . . . . . . . . . . . . . . . . . . . . 249CMMY New Procedure for Correction of Income Tax PaymentCY challan (Pysical) by Banks . . . . . . . . . . . . . . . . . 251CMY Useful Links for All Finance Professionals (Bookmark This for future reference) . . . . . . . . . . . . . . . . . 256 Payment to tenants for vacating house is cost of K acquisition, Yet Not Relevant For Section 54F . . . . 257 (RBI Notifications) Returns to be submitted by NBFCs – Revised Formats . . . . . . . . . . . . . . . . . . . . . . 261 FAQ on 26AS (Useful) . . . . . . . . . . . . . . . . . . . 264 Provident Fund Secrets (1 of 6) . . . . . . . . . . . . . 271 Provident Fund Secrets Insurance benefits (2 of 6) . 273 Provident Fund Secrets Claim interest on withdrawn amount (3 of 6) . . . . . . . . . . . . . . . . . . . . . . . 274 Provident Fund Secrets Use of EPF TO FUND your NEEDS (4 of 6) . . . . . . . . . . . . . . . . . . . . . . . 275 Provident Fund Secrets PREMATURE WITHDRAWAL (5 of 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277 vi i i i
  12. 12. i ii i Provident Fund Secrets Have your grievances addressed (6 of 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278 Excel Tips : Altering the Displayed Format of Numbers to the Nearest 100 . . . . . . . . . . . . . . . . . . . . . 278 Last date of filing ST-3 returns for the period April, 2011 to September, 2011 is 25th October, 2011 . . 279 Interest received on income tax refund can be set- off against the interest paid on delayed payment of income tax – ITAT Mumbai . . . . . . . . . . . . . . . . 281 Download book covering direct and indirect tax, accounting standards, LLP, Companies Act, Partnership Act in brief . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283 FAQ ON National Pension Scheme (NPS) . . . . . . . 283 How to Apply and ‘Get Certified Copies’ of Documents from ROC . . . . . . . . . . . . . . . . . . . . . . . . . . . 289 Taxability of Leave Travel Allowance (LTA) . . . . . . 290 C Exemptions – Interest on bonds/debentures – Notified M bonds or debentures of public sector companies u/s Y 10(15) of income tax act, 1961 . . . . . . . . . . . . . . 292 (Very Very Useful) अपने फोन को अनचाही कॉल्स और एसए- मएस से ऐसे करें आजाद – (Try Now) :-) . . . . . . . . . . . 295CMMY Fraudulent payments in the Accounts of EPFO throughCY fake cheques‑ precautionary measure to avoid fraudulentCMY payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . 297 Filing of e-return by Legal Heir (LH) using DSC: Revised Process . . . . . . . . . . . . . . . . . . . . . . . 302 K Safe Efiling of ITR E-Filing cares about your security!!!302 Service Tax on Renting of Immovable Property per se upheld by Delhi High Court . . . . . . . . . . . . . . 306 vii i i i
  13. 13. i ii i 50 Paise Coins to be Minimum Denomination Coin Acceptable for Transaction from June 30, 2011 Saturday, January 1, 2011 Government Calls in from Circulation Coins of Denomination of 25 Paise and below The Central Government, Ministry of Finance has notified on December 20, 2010 to call in from circulation the coins of denomination of 25 paise and below, issued from time to time, with effect from June 30, 2011. From this date, these coins shall cease to be a legal tender for payment as well as on account. The procedure for call in shall be notified separately by the Reserve Bank of India. C Consequently, from June 30, 2011 onwards these coins will not be accepted in transactions. The minimum denomination coin acceptable for transaction M will be 50 paise from that date. Also, in accounting, i.e. the entries in books Y of accounts, pricing of products/services/taxes shall also be rounded off toCM 50 paise or whole rupee from that date.MY The notification was issued in exercise of the powers conferred by sub-CY section 15A of the Coinage Act, 1906 (3 of 1906).CMY K Exemption from attaching accounts of subsidiaries with balance sheet of holding company Tuesday, February 15, 2011 Ministry of Corporate Affairs, Government of India (MCA), has on 8 Febru- ary 2011 issued directions through General Circular No. 2/2011 and Press Note 3/2011 exempting holding companies from attaching specified par- ticulars of its subsidiary companies with the balance sheet of the holding company. The directions have been issued by MCA in terms of Section 212(8) of the Companies Act, 1956 (the Act). 1i i i i
  14. 14. i ii i Section 212 of the Act requires holding companies to attach with their bal- ance sheet, the following documents in respect of each of its subsidiary companies viz: 1. Balance sheet; 2. Profit and loss account; 3. Auditor’s report; 4. Director’s report; 5. Statement of holding company’s interest in subsidiary including changes therein if any, etc. MCA observed that large number of companies were approaching MCA for seeking exemption from attaching the above mentioned particulars of subsidiaries with the balance sheet of the holding company. C Considering globalizing Indian economy, increased number of subsidiaries M and introduction of accounting standards on consolidated financial state- ments, MCA directed that provisions of Section 212 of the Act shall not Y apply in relation to subsidiaries of those holding companies which fulfillCM the conditions which include the following:MY 1. Board of Directors of the holding company has given consent byCY a resolution for not attaching the balance sheet of the subsidiary with theCMY balance sheet of the holding company. K 2. The holding company shall present in its annual report, the con- solidated financial statements of holding company and all its subsidiaries audited by its statutory auditors. 3. The consolidated financial statement shall be prepared in strict compliance with the applicable Accounting Standards and, where applica- ble, Listing Agreement as prescribed by Securities and Exchange Board of India. 4. The holding company shall disclose in the consolidated balance sheet specified information in aggregate for each subsidiary including sub- sidiaries of subsidiaries. 5. The holding company shall furnish a hard copy of details of ac- counts of subsidiaries to any shareholder on demand. 2i i i i
  15. 15. i ii i 6. The holding as well as subsidiary companies in question shall reg- ularly file such data to the various regulatory and Government authorities as may be required by them. 7. The holding company shall give Indian rupee equivalent of the figures given in foreign currency appearing in the accounts of the subsidiary com- panies along with exchange rate as on closing day of the financial year. Conclusion • Approaching MCA on yearly basis for seeking exemption from attaching particulars of subsidiaries with the balance sheet of holding com- pany has been done away with if specified conditions are complied with. • Consolidation of financial statements will be a prerequisite for an unlisted holding company who wants to avail of the aforesaid general ex- emption. C Source : General Circular No. 2/2011 M YCM SEBI’s recommendation on related partyMY transactions Tuesday, February 15, 2011CYCMY Background:-Securities and Exchange Board of India [SEBI] at their Board K Meeting held on 7 February 2011 decided to recommend to the Ministry of Corporate Affairs, Government of India [MCA] to suitably amend Clause 166 of the Companies Bill, 2009 [Companies Bill], to disallow interested shareholders from voting on the special resolution of the prescribed relat- ed party transaction. SEBI move is aimed to protect small and diversified shareholders in listed companies from abusive related party transactions. As per Clause 166 of the Companies Bill, the Board of Directors of a com- pany is required to approve specified related party transactions. In case of companies having specified capital, such related party transactions which are not on an arm’s length basis would require prior approval of sharehold- ers by a special resolution. Specified related party transactions shall include any contract or arrangement with a related party with respect to— 3i i i i
  16. 16. i ii i (a) sale, purchase or supply of any goods or materials; (b) selling or otherwise disposing of, or buying, property of any kind; (c) leasing of property of any kind; (d) availing or rendering of any services; (e) appointment of any agents for purchase or sale of goods, materials, services or property; (f) appointment to any office or place of profit in the company or its subsidiary company; and (g) underwriting the subscription of any securities or derivatives there- of, of the company. SEBI has already mandated non-participation in voting in the shareholders meeting by interested shareholders in the following cases: C • In case of issue of sweat equity shares to promoters under SEBI M (Issue of Sweat Equity) Regulations, 2002, for obtaining shareholders’ ap- Y proval by special resolution, the promoters to whom Sweat Equity SharesCM are proposed to be issued cannot participate in voting.MY • In case of voluntary delisting under SEBI (Delisting of EquityCY Shares) Regulations, 2009, the special resolution for seeking shareholders’ approval is considered to be approved, if the votes cast in favour of the pro-CMY posal by public shareholders is at least two times the number of votes cast K against it. Conclusion • The related party transactions which are not on an arm’s length basis in case of listed companies will be subject to a greater scrutiny from non- interested shareholders if the proposal is accepted by the MCA. Source: Press release PR No.24/2011 dated 7 February 2011 issued by SE- BI 4i i i i
  17. 17. i ii i Centralized Processing Center (CPC), Bangalore has begun processing of returns for AY 2010-11 Wednesday, February 16, 2011 As on 11/2/2011 it has processed over 34.1 lakh e-filed returns of AY 2010- 11 in all categories of ITRs including Corporate Returns and generated re- funds in over 8.6 lakh cases. The Income Tax Department has now extended the last date for sending ITR Vs for AY 2010-11 to 31st July, 2011 or 120 days whichever is later . All taxpayers are requested to send their ITR-V early so that processing and issue of refunds can be completed. Marking the advent of Income Tax department in digital era, all intimation C orders are being sent by e-mail to taxpayers as a digitally signed password M protected PDF document. Y SMS alerts (where mobile number is provided) to taxpayers on completionCM of processing and determination of refunds has been introduced for ITRs ofMY AY 2010-11.CYCMY Budget – 2011- (Tax limit enhanced from Rs K 1,60,000 to Rs 1,80,000)) Monday, February 28, 2011 Finance minister MR. Pranab Mukharjee presented Union Budget – 2011 in Parliament today. Highlights of the Budget :- INCOME TAX: No change in tax slabs has been proposed. The tax ex- emption limit for general category has been raised from Rs 1,60,000 to Rs 1,80,000. No change in tax exemption limit for women. 5i i i i
  18. 18. i ii i For senior citizens, exemption age limit has been reduced from 65 to 60. Their tax exemption limit will be Rs 2,50,000. Apart from this, a new exemption bracket has been created for those above 80 years of age. Their tax exemption limit will be Rs 5,00,000. Surcharge for companies cut to 5 per cent, from 7.5 per cent. A new revised income tax return form ‘Sugam’ to be introduced for small tax papers. DIRECT TAX: The FM announced that Direct Tax Code will be imple- mented from April, 2012 and the Goods and Services Tax Bill is to be in- troduced in Parliament this year. SERVICE TAX: Service tax widened to cover hotel accommodation above Rs 1,000 per day, A/C restaurants serving liquor, some category of hospitals, diagnostic C tests. M Service tax on air travel increased by Rs 50 for domestic travel and Rs 250 Y for international travel in economy class.CM On higher classes, it will be 10% flat.MYCY EXCISE AND CUSTOMS DUTY: There is a proposal to introduce self- assessment of customs duty wherein importers and exporters will them-CMY selves assess payment of duty. K There will be change in excise duty. The standard rate of central exercise duty will be maintained at 10%. A 1% central excise duty on 130 items entering the tax net. Basic food and fuel and precious stones, gold and silver jewellery will be exempted and there will be no change in CENVAT rates. A new scheme is to be introduced for refund of service tax on the lines of drawback of duties, he announced. Also, capital investment in fertiliser production will be considered as infrastructure sub-sector, Pranab said. Tax-free bonds of Rs 30,000 cr will be issued for infrastructure development which will cover Warehousing Corporation, NHAI, IRFC and HUDCO. 6i i i i
  19. 19. i ii i Monthly Compliance Chart – With Due Dates (very useful for every Finance professional) Monday, February 28, 2011 Hello Friends, Given below are Compliance Reminder Chart which is very useful for every Finance professional Due Date Particulars C M 5th / 6th of every month YCM Service Tax & Excise Duty payment for preceeding month (6th if electronic payment, otherwise,MYCY the due date is 5th) (excluding March month)CMY 31/03 K Service Tax & Excise Duty payment for month of March 7th of every month TDS / TCS payment for the preceeding month (31 May with respect to TDS on entries passed on 31 March) 10th of every month 7i i i i
  20. 20. i ii i i) Excise return (ER – 1) for the preceeding month ii) ER-6 monthly return u/r 9A(3) of CCR, 2004 15th of every month PF payment (excluding the 5 grace day allowed) for the preceeding month 15/03, 15/06, 15/09, 15/12 Advance Income tax – installments for the year 15/01,15/06,15/07,15/10 C TDS Quarterly Statement in 24Q (salary payments) /26Q (payments other M than Salary to Residents) Y 15/01,15/06,15/07,15/10CMMY TDS Quarterly Statement in 27Q (payments other than Salary toCY Non-residents)CMY K 15/01,30/04,15/07,15/10 TCS Quarterly Statement in 27EQ 21st of every month i) VAT (Maharashtra) -TDS payment in form 210 for the preceeding month ii) VAT (Maharashtra) & CST monthly payment for the preceeding month iii) ESIC payment for the preceeding month iv) VAT (Maharashtra) & CST monthly return (due date is excluding the 10 days grace allowed) 8i i i i
  21. 21. i ii i 25/04, 25/10 Half yearly service tax return in Form ST-3 25th of every month PF monthly return for the preceeding month Last date of every month i) Issue of TDS certificate for the preeceding month (7 June with respect to TDS on entries passed on 31 March) C II) PT (Maharashtra) payment (challan cum return) for the liability of M preceeding month YCM 30/09MY Corporate tax return, Tax Audit, TP report & Wealth tax return for theCY preceeding March year endCMY K 30/04 i) Annual PF return for the Year ending 31 March ii) ER-5 declaration u/r 9A(1) of CCR, 2004 30/11 ER-4 declaration u/r 12(2)(a) of CER, 2004* (pertaining to previous FY) 9i i i i
  22. 22. i ii i Budget – 2011-Salaried Employee eraning Less then 5 lacs Tuesday, March 1, 2011 SALARIED EMPLOYEE ERANING LESS THEN 5 LACS NOT HAV- ING OTHER INCOME NEED NOT FILE IT RETURN In a big relief from cumbersome tax filing process for the salaried class, Finance Minis- ter Pranab Mukherjee on Monday proposed to exempt them from filing tax returns unless they have other sources of income. The government will be issuing a notification exempting ‘classes of persons’ from the requirement of furnishing income tax returns, said the Memorandum to the Finance Bill 2011. Salary earners having an income of less than Rs 5 lakh will not have to file tax returns from this year. “Salaried people, may be up to Rs 5 C lakh…they need not file the (income tax) return,” CBDT chairman Sudhir Chandra said. The exemption from filing tax returns come into effect M from the assessment year 2011-12. The decision, which will come into Y effect from June 1, 2011, will reduce the compliance burden on small tax-CM payers, it added.MY In case such a salary earner has income from other sources like dividend,CY interest etc. and does not want to file returns, he will have to disclose such income to his employer for tax deduction, Chandra said.CMY K The Form 16 issued to salaried employees will be treated as Income Tax Return, he added. “Therefore, in cases where there is no other source of income, filing of a return is duplication of existing information,” the Memorandum said. The Income Tax department is open to examining a proposal to exempt them from the annual chore. Asked whether the department would think about doing away with Income Tax returns for employees, who had no other income apart from salaries in a financial year, Central Board of Direct Taxes chairman Sudhir Chandra said the department would certainly consider the proposal. 10i i i i
  23. 23. i ii i He agreed that for a substantial chunk of salaried employees, savings bank interest is the only additional income and that in most cases, this not sub- stantial. This proposal, if approved, will benefit a large section of people and would reduce the I-T department’s workload in a big way. Of the country’s 35 million taxpayers, roughly half are salaried employ- ees. The proposal to do away with returns for salaried taxpayers was earlier in- ternally mooted within CBDT a few years ago. The argument in favour of the proposal was that income records for this class of taxpayer were available with both employers and banks. Chandra also promised small taxpayers another major relief. He said the I-T department is planning to release all small-value refunds before March C 31. M “I will ask my officials to give most refunds by the end of the current fi- Y nancial year,” he said. ”We will try to clear most refunds in a month. AtCM least small refunds can be given by March 31,” Chandra added. The newly- appointed chairman said he would communicate this to his officials. SomeMY of the refunds will be given to taxpayers directly through State Bank ofCY India under the refund banker scheme. Under this, tax refunds are sent toCMY taxpayers by State Bank of India, either through the electronic clearing ser- K vice mode or in physical form. The scheme was launched four years ago in Delhi and Patna and later extended to other cities. In 2009-10, the I-T department gave over Rs 58,000 crore (Rs 580 billion) in refunds, which was 50 per cent more than the previous year. CBDT has increased its target for processing refunds to Rs 70,000 crore (Rs 700 bil- lion) in the current financial year. Refunds increased by 19.5 per cent to Rs 44,000 crore (Rs (Rs 440 billion) up to December, 2010. The I-T de- partment has opened a Central Processing Centre in Bengaluru for faster processing of claims for electronically-filed returns. It will roll out three more centres in the Manesar, Pune and Kolkata. 11i i i i
  24. 24. i ii i Budget – 2011 – ( CHANGES IN INCOME TAX & SERVICE TAX – MAIN POINTS) Tuesday, March 1, 2011 CHANGES IN INCOME TAX & SERVICE TAX – MAIN POINTS INCOME TAX 1. The basic exemption limit in the case of individuals increased from Rs.1.60 lacs to Rs.1.80 lacs. However, there is no increase in basic exemption limit in the case of Resident Women. 2. The qualifying age limit for senior citizens has been lowered from 65 years to 60 years and increased the current exemption limit under two cat- egories a. Category -1 – Age of Individual – 60 years or more but less than 80 years at any time during the previous year. The basic exemption limit is increased from Rs.2.40 lacs to Rs.2.50 lacs C b. Category – 2 – Age of Individual beyond 80 years or more at any time M during the previous year. The basic exemption limit is Rs.5.00 lacs. Y 3. In the case of domestic companies the surcharge reduced fromCM Rs.7.5% to 5% 4. In the companies other than domestic companies theMY surcharge has been reduced from 2.5% to 2%CY 5. The definition of charitable purpose u/s 2 (15) includes “the advancementCMY of any other object of general public utility”. The monetary limit in respect K of such activities has been enhanced from Rs.10.00 lacs to Rs.25.00 lacs. 6. The amount paid by an assessee as an employer by way of contribution towards pension scheme, as referred to in sec 80CCD(2) on account of an employee to the extent it doesn’t exceed 10% of the salary of employee in the previous year, shall be allowed as a deduction u/s 36 in computing the income under the head profit and gains of business or profession. 7. The Indian company which receives foreign dividend from foreign sub- sidiary company such dividend is taxable at the 15% as against 30% 8. The rate of MAT i increased to 18.5% from 18% of such book prof- it. 9. Minimum Alternative Tax has been introduced for Limited Liability Partnership (LLP) in line with MAT on companies with effect from the As- sessment Year 2012 – 2013. 12i i i i
  25. 25. i ii i 10. The Government exempts assessee having no other income other than salary from furnishing the return of income by notification. The proposed amendment shall be effective from 1st June, 2011. 11. The SEZ developers are required to pay dividend distribution tax on dividends declared / distributed on or after 1st June, 2011. 12. The deduction u/s 80CCF to investment in notified long term infras- tructure bonds extended for the A. Y. 2012-13 also. 13. Liaison offices of a company will be required to file Annual Information in the prescribed form with in the 60 days from the end of the financial year. SERVICE TAX 1. The following new services have been proposed a. Services by air conditioned restaurants having licence to serve liquor; and C b. short term accommodation hotels / inns / clubs / guest houses etc charging M tariff above Rs. 1,000/- per day. Y c. Legal professional entities (other than individual) giving service to indi-CM vidual.MY d. Hospital having more than 25 bed with centralized air conditioning fa-CY cilities have to pay service tax @ of 5% plus cess.CMY e. Life Insurance companies providing services on investment products. K 2. Service Tax increased on air travel. 3. The monetary limit for adjustment of excess service tax paid is increased from Rs. 1.00 lacs to Rs.2.00 lacs. 4. The penalty for delayed payment of service tax u/s 76 has been reduced from 2% to 1% per month or Rs.100 per day whichever is higher. The maximum penalty reduced to 50% of the tax. 5. The rate of interest is reduced by 3% for assesses with turnover of upto 60 lacs. 6. The maximum penalty for delay in filing of return increased from Rs.2,000 to Rs.20,000 7. All individual upto Rs. 60 lacs p.a. turnover not required for service tax audit. 13i i i i
  26. 26. i ii i PUBLIC INTEREST : VALUABLE INFORMATION Monday, March 7, 2011 SHARE THIS VALUABLE INFORMATION WITH YOUR FRIENDS JI JUST RECEIVED THIS INFORMATION ON MY MAIL AND I FOUND IT VALUABLE TO POST IT ON MY BLOG TO SHARE WITH EVERYONE. J 1. If you see children Begging anywhere in INDIA, please contact: “RED SOCIETY” at 9940217816. They will help the children for their studies. 2. Where you can search for any BLOOD GROUP, you will get thou- sand’s of donor address. www.friendstosupport.org 3. Engineering Students can register in www.campuscouncil.comto at- C tend Off Campus for 40 Companies. 4. Free Education and Free M hostel for Handicapped/Physically Challenged children. Contact:- Y 9842062501 & 9894067506.CM 5. If anyone met with fire accident or people born with problems inMY their ear, nose and mouth can get free PLASTIC SURGERY done byCY Kodaikanal PASAM Hospital . From 23rd March to 4th April by German Doctors. Everything is free. Contact : 045420-240668,245732CMY “Helping Hands are Better than Praying Lips” 6. If you find any im- K portant documents like Driving license, Ration card, Passport, Bank Pass Book, etc., missed by someone, simply put them into any near by Post Boxes. They will automatically reach the owner and Fine will be collected from them. 7. By the next 10 months, our earth will become 4 degrees hotter than what it is now. Our Himalayan glaciers are melt- ing at rapid rate. So let all of us lend our hands to fight GLOBAL WARMING. -Plant more Trees. -Don’t waste Water & Electrici- ty. -Don’t use or burn Plastics 8. It costs 38 Trillion dollars to cre- ate OXYGEN for 6 months for all Human beings on earth. “TREES DO IT FOR FREE” “Respect them and Save them” 9. Special phone number for Eye bank and Eye donation: 04428281919 and 04428271616 (Sankara Nethralaya Eye Bank). For 14i i i i
  27. 27. i ii i More information about how to donate eyes plz visit these sites. http: // ruraleye.org/ 10. Heart Surgery free of cost for children (0-10 yr) Sri Valli Baba Institute Banglore. 10. Contact : 9916737471 11. Medicine for Blood Cancer!!!! ‘Imitinef Mercilet’ is a medicine which cures blood cancer. Its available free of cost at “Adyar Cancer Institute in Chennai”. Create Awareness. It might help someone. Cancer Institute in Adyar, Chennai Category: Cancer Address: East Canal Bank Road, Gandhi Nagar Adyar Chennai -600020 Landmark: Near Michael School Phone: 044-24910754 044-24910754, 044-24911526 044-24911526, 044-22350241 044-22350241 12. Please CHECK WASTAGE OF FOOD If you have a function/party at your home in India and food gets wasted, don’t hesitate to call 1098 (only in India ) – Its not a Joke, This is the number of Child helpline. They will come and collect the food. Please circulate this message which can help feed many C children. AND LETS TRY TO HELP INDIA BE A BETTER PLACE M TO LIVE IN Please Save Our Mother Nature for “OUR FUTURE GENERATIONS” YCMMYCY Notifications & Circulars (DVAT) – ExtendCMY the time limit DVAT 51, up to 31st March, K 2011 Friday, March 11, 2011 Extend the time limit DVAT 51, up to 31st March, 2011 GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES VYAPAR BHAWAN, I. P. ESTATE, NEW DELHI-110 002 TEL NO. : 011 23319691, 011 23318568, FAX NO. : 011 23319474 15i i i i
  28. 28. i ii i No. F.3(33)/P-II/VAT/Misc./2006/1932-42 Dated : 04-02-2011 ORDER In exercise of the powers conferred under rule 49A of the Delhi Value Added Tax Rules, 2005, sub-section (2) of section 9 of the Central Sales Tax Act, 1956, and sub-rule (7) of rule 12 of the Central Sales Tax (Registration and Turnover) Rules, 1957, I, Jalaj Shrivastava, Commissioner, Value Added Tax, Government of National Capital Territory of Delhi, do hereby, extend the time limit prescribed in- C (a) sub-rule (1) of rule 67 of the Delhi Value Added Tax Rules, 2005 and M rule 4 of the Central Sales Tax (Delhi) Rules, 2005 for furnishing of reconciliation return in Form DVAT 51, up to 31st March, 2011 for Ist and Y IInd quarter of the year 2010-11.CM (b) Sub-rule (5) of rule 5, clause (a) of sub-rule (3) of rule 6, clause (a) ofMY sub-rule (5) of rule 7, sub-rule (2) of rule 9, rule 6B and sub-rule (2) ofCY rule 6A of the Central Sales Tax (Delhi) Rules, 2005 and sub-rule (10) ofCMY rule 12 of the Central Sales Tax (Registration and Turnover) Rules, 1957 K for furnishing of the portion marked ‘original’ of the Declaration Forms ‘C’, ‘E-I’ or ‘E-II’, ‘F’, ‘I’, ‘J’ and ‘H’ respectively, up to 31st March, 2011 for Ist & IInd quarter of the year 2010-11 in respect of the Declaration Forms which relate to the year 2010-11. (JALAJ SHRIVASTAVA) Commissioner, Value Added Tax No. F.3(33)/P-II/VAT/Misc./2006/1932-42 Dated : 04-02-2011 Copy forwarded for information and necessary action to :- The Principal Secretary (Finance), Government of NCT of Delhi, Delhi Sachivalaya, I. P. Estate, New Delhi. 16i i i i
  29. 29. i ii i The Secretary to Finance Minister, Government of NCT of Delhi, Delhi Sachivalaya, I. P. Estate, New Delhi. PS to Commissioner, Value Added Tax, Department of Trade & Taxes, New Delhi. All Additional / Joint / Deputy Commissioners, Department of Trade and Taxes, Vyapar Bhawan, I. P. Estate, New Delhi. The Joint Commissioner (PR) requesting for wide publicity of the order for information of all concerned dealers. The Registrar, Value Added Tax Appellate Tribunal, Vyapar Bhawan, I. P. Estate, New Delhi. All VATOs/AVATOs, Department of Trade and Taxes, Vyapar Bhawan I. P. Estate, New Delhi. Manager, EDP Unit, Department of Trade and Taxes, Vyapar Bhawan, I. P. C Estate, New Delhi requesting for posting the order on web site of the M Department. Y D. D(R&S), Department of Trade and Taxes, Vyapar Bhawan, I. P. Estate,CM New DelhiMY The President, Sales Tax Bar Association(Regd.), Vyapar Bhawan, I. P.CY Estate, New Delhi.CMY Guard File. K (NAVEEN KATARA) Value Added Tax Officer (Policy) Notification No : No. F.3(33)/P-II/VAT/Misc./2006/1932-42 17i i i i
  30. 30. i ii i Payment of MCA filing fees through electronic mode made mandatory Thursday, March 17, 2011 Payment of MCA filing fees through electronic mode made mandatory Background- Under the Companies Act, 1956 read with Companies (Cen- tral Government’s) General Rules and Forms, 1956, various forms are required to be filed electronically on the MCA21 portal with the Min- istry of Corporate Affairs (MCA), Government of India through the web- site www.mca.gov.in . Presently, MCA accepts payment of filing fees through any of the following channels: (i) Remittance through physical challan at the accredited branches of the authorized banks (cheque / cash) (ii) Credit Card C M (iii) Internet Banking Y (iv) any other mode as may be approved by MCA.CM Modification in payment mechanismMY a) To improve the service delivery time, it is decided that:CY 1. Payments upto Rs. 50,000 will be mandatorily required to be madeCMY through electronic mode w.e.f. 27 March 2011. K 2. Payments above Rs. 50,000 – a. Can be made through electronic mode / challan payment between the period 27th March 2011 to 1 October 2011. b. Will be mandatorily required to be made through electronic mode w.e.f. 1 October 2011. Conclusion- The proposals are one of many being implemented to simplify the existing Company law by removing redundant procedures and making optimum use of information technology. The above is expected to improve the services to the stakeholders by creating faster work item leading to re- duction in time for approvals of forms / applications. 18i i i i
  31. 31. i ii i Coins of 25 Paise and Below – Withdrawal from Circulation Thursday, March 17, 2011 Coins of 25 Paise and Below – Withdrawal from Circulation RBI/2010-11/428 UBD. BPD. (PCB). Cir. No. 39 /09.73.000/2010-11 March 15, 2011 The Chief Executive Officers, All Primary (Urban) Co-operative Banks. Madam / Dear Sir, C Coins of 25 Paise and Below – Withdrawal from Circulation M Please refer to the Govt. of India Gazette Notification S. O 2978(E) dated Y December 20, 2010 and the Reserve Bank Press Release dated February 1,CM 2011 on the above subject (copies enclosed).MY 2. The Government of India has decided to withdraw coins of denomina-CY tion of 25 paise and below from circulation with effect from June 30, 2011.CMY The Reserve Bank of India has instructed the banks maintaining small coin depots to arrange for exchange of coins of denomination of 25 paise and K below for their face value at their branches. The coins will be exchanged at the branches of these banks as also the offices of the Reserve Bank till the close of business on June 30, 2011. Coins of denomination of 25 paise and below will not be accepted for exchange at the bank branches from July 1, 2011 onwards. The UCBs may take note of the above instructions. 3. Please acknowledge receipt to the Regional Office concerned. Yours faithfully (Uma Shankar) Chief General Manager 19i i i i
  32. 32. i ii i Ministry approves 9.5% interest on PF deposits Friday, March 18, 2011 The Finance Ministry on 17.03.2011 on Thursday approved higher interest rate of 9.5 per cent to over 4.7 crore depositors with the Employees Provi- dent Fund Organisation (EPFO) for 2010-11. The EPFO had been paying 8.5 per cent interest on PF deposits since 2005- 06. In September last year, it had recommended an increase in interest rate to 9.5 per cent for 2010-11 after discovering Rs 1,731 crore surplus in their books of accounts. “The finance ministry has ratified 9.5 per cent rate of return on PF deposits for 2010-11. We have received a notification in this regard,” Central Prov- ident Fund Commissioner Samirendra Chatterjee told PTI. C M Chatterjee further added that “our calculations regarding Rs 1,731 crore surplus in the interest suspense account were found correct by the finance Y ministry and so they approved this higher rate of return”.CM The finance ministry’s approval is subject to the condition that any shortfallMY on account of payment of 9.5 per cent rate of return would be met by makingCY adjustments in the interest rate in 2011-12.CMY Chatterjee, however, said that there would be no need for making any ad- K justment in the next fiscal as “EPFO calculations are correct regarding the discovery of a surplus of Rs 1,731 crore in the interest suspense account.” The finance ministry has also asked the EPFO to update its subscriber ac- counts within the next six months. EPFO’s apex decision making body – the Central Board of Trustees (CBT) – in September last year had decided to provide 9.5 rate of return on retirement savings in 2010-11 after it found a surplus of Rs 1,731 crore. Refusing to ratify the said rate of return, the finance ministry had earlier argued that the surplus shown by the ministry was not real after CAG report has called the EPFO’s so called surplus unverifiable. 20i i i i
  33. 33. i ii i According to sources, the finance ministry approved 9.5 per cent interest after the intervention by Finance Minister Pranab Mukherjee. Monthly Obligation Chart APRIL- 2011 Monday, April 4, 2011 SERVICE TAX As early as possible Deposit of shortfall (If any) of service tax in case of companies for the month of Mar. 2011 and in other cases for the Quarter Jan. to Mar. 2011, if not deposited upto 31st March 2011. DVAT/CST 25th April 2011 Filing of Half Yearly Return for Oct. 2010 to Mar. 2011. 15th April 2011 Filing of DVAT-55 for change of period of filing of return C in respect of change of quantum of turnover in F/Y 2010-11 in comparison M to F/Y 2009-2010. Y 15th April 2011 Deposits TDS (VAT) in challans DVAT 20 and issueCM certificate for TDS in form DVAT–43 for deductions in the month of Mar-MY 10.CY 25th April 2011 Deposit of DVAT/CST Challans and e-filing of return forCMY the month of Mar. 2011 for the dealers filing monthly returns. K 25th April 2011 Deposit of DVAT/CST Challans and e-filing of return for the Quarter ending March 2011 for the dealers filing quarterly returns. 28th April 2011 Deposit monthly return (Hard Copy of Electronic Filing) of VAT/CST for month March 2011. 28th April 2011 Deposit Quarterly return (Hard Copy of Electronic filing) of VAT/CST for quarter ending March 2011. 28th April 2011 For dealers filing Half Yearly or Yearly Return, to de- posit VAT/CST for quarter ending March 2011 irrespective of half yearly or yearly return. 30th April 2011 Filing of DVAT-01/DVAT-02/DVAT 3A/ WC 01 etc for opting /withdrawal from composition scheme 21i i i i
  34. 34. i ii i INCOME TAX/T. D. S. 7th April 2011 Deliver a copy of form 15G/15H/27C to CCIT or CIT for declarations received in the month of Mar. 2011 7th April 2011 Deposit of TDS on Salary/TCS in challans no. ITNS 281 for deductions/collections made in the month of Mar. 2011. Deposit TDS other than Salary in challans ITNS 281 as per following Schedule: 7 th April 2011 i. TDS deducted upto 30/03/2011. 7th April 2011 ii. TDS deducted on the payment made on 31/03/2011. 31st May 2011 iii. TDS deducted on the payments credited but not made on 31/03/2011. 30th April 2011 Submit quarterly statement of deduction of TCS in Form 27EQ for quarter ending Mar., 2011 C 30th April 2011 Issue of consolidated certificate for credit/payments made M during the year 2010-2011 in Form 16 for salary & Form 16A for payments other than salaries. YCMMY 10 things to know about Mr. Anna HazareCY and Lok Pal BillCMY Friday, April 8, 2011 K Let’s at least pass the Message on and enlighten ppl on what is the Impor- tance of this Anna Hazare’s Hunger Strike….. !!!!!!!!! 1. Who is Anna Hazare? An ex-army man. Fought 1965 Indo-Pak War 2. What’s so special about him? He built a village Ralegaon Siddhi in Ahamad Nagar district, Maharash- tra 3. So what? 22i i i i
  35. 35. i ii i This village is a self-sustained model village. Energy is produced in the village itself from solar power, biofuel and wind mills. In 1975, it used to be a poverty clad village. Now it is one of the richest village in India. It has become a model for self-sustained, eco-friendly & harmonic village. 4. Ok, …? This guy, Anna Hazare was awarded Padma Bhushan and is a known figure for his social activities. 5. Really, what is he fighting for? He is supporting a cause, the amendment of a law to curb corruption in India. 6. How that can be possible? C He is advocating for a Bil, The Lok Pal Bill (The Citizen Ombudsman Bill), M that will form an autonomous authority who will make politicians (minis- ters), beurocrats (IAS/IPS) accountable for their deeds. YCM 8. It’s an entirely new thing right..?MY In 1972, the bill was proposed by then Law minister Mr. Shanti Bhushan.CY Since then it has been neglected by the politicians and some are trying to change the bill to suit thier theft (corruption).CMY K 7. Oh.. He is going on a hunger strike for that whole thing of passing a Bill ! How can that be possible in such a short span of time? The first thing he is asking for is: the government should come forward and announce that the bill is going to be passed. Next, they make a joint committee to DRAFT the LOK PAL BILL. 50% goverment participation and 50% public participation. Because you cant trust the government entirely for making such a bill which does not suit them. 8. Fine, What will happen when this bill is passed? A LokPal will be appointed at the centre. He will have an autonomous charge, say like the Election Commission of India. In each and every state, Lokayukta will be appointed. The job is to bring all alleged party to trial 23i i i i
  36. 36. i ii i in case of corruptions within 1 year. Within 2 years, the guilty will be pun- ished. Not like, Bofors scam or Bhopal Gas Tragedy case, that has been going for last 25 years without any result. 9. Is he alone? Whoelse is there in the fight with Anna Hazare? Baba Ramdev, Ex. IPS Kiran Bedi, Social Activist Swami Agnivesh, RTI activist Arvind Kejriwal and many more. Prominent personalities like Aamir Khan are supporting his cause. 10. Ok, got it. What can I do? At least we can spread the message. How? Putting status message, links, video, changing profile pics. Join him at Jantar Mantar, New Delhi. At least we can support Anna Hazare and the cause for uprooting corruption C from India. M At least we can hope that his Hunger Strike does not go in vain. YCM At least we can pray for his good health.MYCY COMPANIES NEED NOT PAY STAMP DUTYCMY K ON INCREASED CAPITAL: HC Wednesday, April 27, 2011 NEW DELHI: The Delhi High Court has held that a company is not required to pay the stamp duty on the increased amount of its authorised share capi- tal. A bench headed by justice S Muralidhar said this while allowing the plea of S E Investments, which challenged the direction of the Registrar of Com- panies (ROC) seeking stamp duty on increased amount in authorised share capital. 24i i i i
  37. 37. i ii i “In the absence of a specific provision that permits the levy of stamp duty on the increase in authorised share capital, it would not be open to the Re- spondents (ROC) to insist upon S E Investments having to pay stamp duty for the increased authorised share capital,” the court said. The court, however, made it clear that the company would not be entitled to refund of the amount which it had already paid as stamp duty. “This will however not enable the petitioner to claim refund of any stamp duty paid earlier by it for increase in authorised share capital,” the court added. S E Investments, a public limited company, was incorporated on March 5, 1992 with an authorised share capital of 3.5 crore. In 2010, it increased its capital to 125 crore. The company sought the opinion of ROC and contended that there is no pro- vision in the Delhi Stamp Act to pay the duty on increase in the authorised share capital. C However, the ROC directed the company to pay 25 lakh as stamp duty, M prompting S E Investments to move the court. Y “It is directed that the ROC will now proceed to accept the petitioner’s FormCM 5 and record the increased authorised share capital without insisting on theMY petitioner paying stamp duty thereon,” the court added.CY Decision on: April 21, 2011CMY K Imp. Info. : DUE DATE TO DEPOSIT TDS DEDUCTED AND PROVISIONS IN MARCH, 2011 IS 30TH APRIL, 2011 Thursday, April 28, 2011 DUE DATE TO DEPOSIT TDS DEDUCTED AND PROVISIONS IN MARCH, 2011 IS 30TH APRI Due date to deposit the tax deducted on amount/Income paid in March 2011 and Tax deducted on provisions created in March 2011 is 30.04.2011. This is as per notification 41/2010 dated 31.05.2010 25i i i i
  38. 38. i ii i Old rule: Many people have doubts regarding the due date for TDS pay- ment in March month. In old rules due date for tax deducted in month of March was 7 April and date to deposit tds deducted on provision on last day of financial year was 31.05 of next financial year. But the these rule has been amended and as per latest rule for tds deducted in march 2011, due date to deposit tax is 30.04.2011 So deposit tax on or before 30.04.2011. TAX is deducted by Govt Department 1 Tax deposited without challan Same day 2 Tax deposited with Challan 7th of next month C M 3 YCM Tax on perquisites opt to be deposited by the employerMY 7th of next monthCY TAX is deducted by other 1CMY Tax deductible in March K 30th April of next year 2 Other months & tax on perquisites opted to be 7th of next month (3) Notwithstanding anything contained in sub Rule (2), in special cases, the Assessing Officer may, with the prior approval of the Joint Commissioner, permit quarterly payment of the tax deducted under section 192 or section 194A or section 194D or section 194H for the quarters of the financial year specified to in column (2) of the Table below by the date referred to in column (3) of the said Table: 26i i i i
  39. 39. i ii i S. No. Quarter of Financial year ended Date of payment 1 30th June 7th July 2 30th September 7th Oct 3 31st Dec 7th January 4 31st March 30th April PLEASE NOTE- TDS RETURN FOR MARCH 2011 TO BE FILED ON OR BEFORE 15.05.2011 Clarification on issues relating to CENVAT Credit Rules 2004- Regarding Circular No.943/04/2011-CX-29.04.2011 Monday, May 2, 2011 Clarification on issues relating to CENVAT Credit Rules 2004– Regard- ing C M Circular No.943/04/2011-CX Y New Delhi, 29th April 2011CM F. No.354/73/2011 -TRUMY Government of IndiaCYCMY Ministry of Finance K Department of Revenue Tax Research Unit To The Chief Commissioners of Central Excise and Service Tax (All), The Director General (All), The Commissioners of Service Tax (All), The Commissioners of Central Excise and Service Tax (All). Madam/Sir, 27i i i i
  40. 40. i ii i Sub: Clarification on issues relating to CENVAT Credit Rules 2004– Re- garding. The CENVAT Credit Rules 2004 were amended along with the Budget 2011 announcements vide Notification 3/2011-CE (NT) dt 1.3.2011. A few changes were further effected vide Notification 13/2011-CE (NT) dt 31.3.2011. On a few issues trade has requested for clarity. Accordingly the following clarifications are presented issue wise in a tabular format. S. No. Issue Clarification 1 Can credit of capital goods be availed of when used in manufacture of du- tiable goods on which benefit under Notification 1/2011- CE is availed or C in provision of a servicewhose part of value is exempted on the condition M that no credit of inputs and input services is taken? Y As per Rule 6(4) no credit can be availed on capital goods used exclusive-CM ly in manufacture of exempted goods or in providing exempted service.MY Goods in respect of which the benefit of an exemption under notificationCY No. 1/2011-CE, dated the 1st March, 2011 is availed are exempted goods [Rule 2(d)]. Taxableservices whose part of value is exempted on the con-CMY dition that no credit of inputs and input services, used for providing such K taxable service, shall be taken, are exempted services [Rule 2(e)]. Hence credit of capital goods used exclusively in manufacture of such goods or in providing such service is not allowed. 2 Is the credit of only specified goods and services listed in the definition of inputs and input services not allowed such as goods used in a club, outdoor catering etc, or is the list only illustrative? The list is only illustrative. The principle is that cenvat credit is not al- lowed when any goods and services are used primarily for personal use or consumption of employees. 3 28i i i i
  41. 41. i ii i How is the “no relationship whatsoever with the manufacture of a final product” to be determined? Credit of all goods used in the factory is allowed except in so far as it is specifically denied. The expression “no relationship whatsoever with the manufacture of a final product” must be interpreted and applied strictly and not loosely. The expression does not include any goods used in or in rela- tion to the manufacture of final products whether directly or indirectly and whether contained in the final product or not. Only credit of goods used in the factory but having absolutely no relationship with the manufacture of final product is not allowed. Goods such as furniture and stationary used in an office within the factory are goods used in the factory and are used in relation to the manufacturing business and hence the credit of same is allowed. 4 C Is the credit of input services used for repair or renovation of factory or M office available? Y Credit of input services used for repair or renovation of factory or officeCM is allowed. Services used in relation to renovation or repairs of a factory, premises of provider of output service or an office relating to such factory orMY premises, are specifically provided for in the inclusive part of the definitionCY of input services.CMY 5 K Is the credit of Business Auxiliary Service (BAS) on account of sales com- mission now disallowed after the deletion of expression “activities related to business”? The definition of input services allows all credit on services used for clear- ance of final products upto the place of removal. Moreover activity of sale promotion is specifically allowed and on many occasions the remuneration for same is linked to actual sale. Reading the provisions harmoniously it is clarified that credit is admissible on the services of sale of dutiable goods on commission basis. 6 29i i i i
  42. 42. i ii i Can the credit of input or input services used exclusively in trading, be availed? Trading is an exempted service. Hence the credit of any inputs or input services used exclusively in trading cannot be availed. 7 What shall be the treatment of credit of input and input services used in trading before 1.4.2008? Trading is an exempted service. Hence credit of any inputs or input services used exclusively in trading cannot be availed. Credit of common inputs and input services could be availed subject to restriction of utilization of credit up to 20% of the total duty liability as provided for in extant Rules. 8 While calculating the value of trading what principle to follow- FIFO, LIFO C or one to one correlation? M The method normally followed by the concern for its accounting purpose Y as per generally accepted accounting principles should be used.CM 9MYCY Are the taxes and year end discounts to be included in the sale price and cost of goods sold while calculating the value of trading?CMY K Generally accepted accounting principles need to be followed in this regard. All taxes for which set off or credit is available or are refundable/ refunded may not be included. Discounts are to be included. 10 Does the expression “in or in relation” used in Rule 6 override the defi- nition of “input” under Rule 2(k) for determining the eligibility of Cenvat credit? The definition of “input” is given in Rule 2(k) and Rule 6 only intends to segregate the credits of inputs used towards dutiable goods and exempted goods. While applying Rule 6, the expression “in or in relation” must be read harmoniously with the definition of “inputs”. 11 30i i i i
  43. 43. i ii i Sub-rules 3B and 3C of rule 6 apply to whole entity or independently in respect of each registration? The sub-rules 6(3B) and 6(3C) impose obligation on the entities providing banking and financial services (in case of a bank and a financial institution including a non-banking financial company) or life insurance services or management of investment under ULIP service. The obligation is applica- ble independently in respect of each registration. When such a concern is exclusively rendering any other service from a registered premises, the said rules do not apply. In addition to BoFS and life insurance services if any other service is rendered from the same registered premises, the said rules will apply and due reversals need to be done. 12 Is the credit available on services received before 1.4.11 on which cred- it is not allowed now? e.g. rent-a-cab service C The credit on such service shall be available if its provision had been com- M pleted before 1.4.2011. Y 2. Trade and Industry as well as field formations may be suitably in-CM formed.MY 3. Receipt of this Circular may kindly be acknowledged.CY 4. Hindi version will follow.CMY K Yours faithfully, (Shobhit Jain) OSD, TRU STATUTORY OBLIGATION CHART FOR THE MONTH OF MAY, 2011 Tuesday, May 3, 2011 SERVICE TAX 31i i i i
  44. 44. i ii i 5th May 2011 Deposit of service tax in case of companies for the month of April.2011 ———————————————————————————————————————— INCOME TAX/T. D. S. 7th May 2011 Deliver a copy of form 15G/15H/27C to CCIT or CIT for declarations received in the month of April. 2011 7th May 2011 Deposit of TDS /TCS for deductions/collections made in the month of April. 2011. 15th May 2011 Submit quarterly statement of de- duction of TDS/TCS in Form 24Q/26Q/27EQ for quarter ending Mar.2011. ———————————————————————————————————————— C M DVAT/CST Y 12th May 2011 E-filing of Half-yearly return of VAT/CST forCM the period Oct.2010 to Mar.2011MY 15th May 2011 Deposit hard copy of E-filed Half-yearly return of VAT/C-CY ST for the period Oct.2010 to Mar.2011.CMY 15th May 2011 Deposits TDS (VAT) in challans DVAT 20 and issue cer- K tificate for TDS in form DVAT–43 for deductions in the month of April- 11. 25th May 2011 E – payment of DVAT/CST Challans and e-filing of return for the month of April. 2011 for the dealers filing monthly returns. Note-E payment of DVAT/CST Challans has been made mandatory by Delhi vat deptt April 2011 onwards for monthly dealers through net banking 28th May 2011 Deposit Monthly return (Hard Copy of Electron- ic filing) of VAT/CST for month April 2011. 32i i i i
  45. 45. i ii i e-Filing for AY 2011-12 has been started (ITR-1(SAHAJ) and ITR-2 are now enabled). Wednesday, May 4, 2011 LATEST NEWS: E-FILING FOR AY 2011-12 HAS BEEN STARTED (ITR-1(SAHAJ) AND ITR-2 ARE NOW ENABLED). CAN BE DOWNLOADED FROM INCOME TAX WEBSITE, LINKS ARE GIVEN BELOW :- SL. NO. FORM NAME RETURN PREPARATION SOFTWARE C REMARKS M SYSTEM REQUIREMENTS Y 1CMMY ITR-1 (SAHAJ)CY EXCEL UTILITY(VERSION 1.0)CMY NEW RELEASE K MS EXCEL 2 ITR-2 EXCEL UTILITY(VERSION 1.0) NEW RELEASE MS EXCEL 33i i i i
  46. 46. i ii i Instructions on Issuance of TDS certificates in form no. 16A and option to authenticate same by way of Digital Signature Thursday, May 19, 2011 Instructions on Issuance of TDS certificates in form no. 16A and option to authenticate same by way of Digital Signature CIRCULAR NO. 3/2011 [F. NO. 275/34/2011-(IT-B) DATED 13-5-2011 Section 203 of the Income-tax Act 1961 (“the Act”) read with the Rule 31 C of the Income-tax Rules, 1962 (“the IT Rules”) provides for furnishing of certificate of tax deduction at source (TDS) by the deductor to the M deductee specifying therein the prescribed particulars like amount of TDS, Y permanent account number (PAN), tax deduction and collection accountCM number (TAN), etc. The relevant form for such TDS certificate is FormMY No.16 in case of deduction under section 192 and Form No.16A for deduction under any other provisions of Chapter XVII-B of the Act. TDSCY certificate in Form No.16 is to be issued annually whereas TDS certificateCMY in Form No.16A is to be issued quarterly. K 2. Currently, a deductor has an option to authenticate TDS certificate in Form No.16 by using a digital signature. However, no such option of using a digital signature is available to a deductor for issuing TDS certificate in Form No.16A and it, therefore, needs to be authenticated by a manual signature. The Central Board of Direct Taxes (the Board) has received representations to allow the option of using digital signature for authentication of TDS certificate in Form No.16A as issuance of TDS certificate in Form No.16A by manual signature is very time consuming, specially for deductors who are required to issue a large number of TDS certificates. 3. The Department has already enabled the online viewing of Form No.26AS by deductees which contains TDS details of the deductee based 34i i i i

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