ICWAI - request for comments/suggestions on exposure draft of Taxonomy for filing of Cost Audit Report and Compliance Report using XBRL

REQUEST FOR COMMENTS

Comments/suggestions, etc are invited from stakeholders on the exposure draft of Taxonomy for filing of Cost Audit Report and Compliance Report using XBRL by applicable class of companies as per MCA’s General Circular No. 8/2012 dated 10th May, 2012 [as amended on 29th June, 2012] and No. 18/2012 dated 26th July, 2012.

Stakeholders are requested to provide their comments/suggestions by 20th August, 2012 at e-mail addresses bharat.goyal@mca.gov.in,goyalbb@gmail.com, xbrl@icwai.org, xbrl.technical@mca.gov.in, xbrl.suggestion@mca.gov.in.

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Grant of exemption in the Foundation Examination of the Institute of Cost Accountants of India to the Intermediate Examination qualified candidates of the Institute of Chartered Accountants of India

Grant of exemption in the Foundation Course Examination of the Institute of Cost Accountants of India to the Intermediate Examination (by whatever name called) qualified candidates of the Institute of Chartered Accountants of India.

In view of grant of exemption by the Institute of Chartered Accountants of India to the Intermediate qualified candidates of the Institute of Cost Accountants of India from passing their Common Proficiency Test, the Institute of Cost  Accountants of India has granted exemption on reciprocal basis to the Intermediate Examination (by whatever name called) qualified candidates of the Institute of Chartered  Accountants of India from passing the Foundation Course Examination of the Institute of Cost Accountants of India with immediate effect.

RBI signs MoU with the Central Bank of the Russian Federation (CBRF)

The Reserve Bank of India and the Central Bank of the Russian Federation (CBRF/The Bank of Russia), on August 3, 2012 concluded a Memorandum of Understanding (MoU) to promote greater co-operation and sharing of supervisory information between the two supervisors. The MoU was signed at CBRF headquarters, Moscow by Shri G. Jaganmohan Rao, CGM-in-Charge, DBS, RBI and Shri Mikhail I. Sukhov, Deputy Chairman, CBRF. DR. K.C. Chakrabarty, DG, Reserve Bank of India was also present. This was the 10th  MoU signed by the Reserve Bank with Central Bank of the Russian Federation (CBRF/The Bank of Russia).

Ajit PrasadAssistant General Manager

Press Release: 2012-2013/232

RBI transfers surplus profit to Government of India

The Reserve Bank's Central Board, at its meeting held today, approved the transfer of surplus profit to the Government of India amounting to `160.10 billion for the year ended June 30, 2012 as against `150.09 billion for the year ended June 30, 2011.

Ajit Prasad
Assistant General Manager

Press Release : 2012-2013/231

Issue of multicity / payable at all branches cheques by CBS enabled banks - RBI

RBI/2012-13/163
DPSS.CO.CHD.No.274/03.01.02/2012-13

August 10, 2012

The Chairman and Managing Director / Chief Executive Officer
All Scheduled Commercial Banks including RRBs /
Urban Co-operative Banks / State Co-operative Banks /
District Central Co-operative Banks

Madam / Dear Sir

Issue of multicity / payable at all branches cheques by CBS enabled banks

As you are aware, various Core Banking Solutions (CBS) implemented in banks marked a paradigm shift in Customer Services. Customers of a branch are now the bank's customers as they can access their accounts from any branch for defined purposes. The new opportunities offered by CBS have enhanced customer service by way of offering various payment products and channels resulting in speedy movement of funds across the country. Leveraging the CBS, banks have started issuing “payable at par” / “multi-city” cheques to select customers with separate transaction codes (29, 30 and 31) by putting in place infrastructure for processing such cheques at all CBS enabled branches.

RBI - Access to Banking Services - Basic Savings Bank Deposit Account

RBI/2012-13/164
DBOD.No. Leg. BC.35/09.07.005/2012-13

August 10, 2012

All Scheduled Commercial Banks
(excluding RRBs)

Dear Sir,

Financial Inclusion- Access to Banking Services –
Basic Savings Bank Deposit Account

Please refer to paragraphs 88 and 89 of Monetary Policy Statement for the year 2012-13 announced on April 17, 2012.

CG Exempts certain specified services provided by the Indian Railways

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

Government of India

Ministry of Finance

(Department of Revenue)

New Delhi, the 2^nd July, 2012

Notification No. 43/2012-Service Tax

            G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the said Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable services of the description mentioned in the Table below, provided by the Indian Railways from the whole of service tax leviable thereon under section 66B of the said Act, with effect from the date of publication of this notification in the Official Gazette, upto and including the 30^th  day of September, 2012.

TABLE

Sl. No.	Description of taxable services
1.	Service of transportation of passengers, with or without accompanied belongings, by railways in -- (A)   first class; or (B)   an air conditioned coach
2.	Services by way of transportation of goods by railways

  [F. No. 334/1/2012-TRU]

   

(Vikas)

                                         Under Secretary to the Government of India

CG amends Notification No.25/2012-Service Tax by omitting word "Bovine" from entry no. 33

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

Government of India
Ministry of Finance 
(Department of Revenue)

Notification No. 44/2012 - Service Tax

New Delhi, the 7^th August, 2012

   G.S.R. (E)- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.25/2012-Service Tax, dated the 20^th June,2012,  published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i),  vide number  G.S.R.  467 (E), dated the 20^th June, 2012, namely:-

CG amends Notification No.30/2012 thereby Company Liable to pay ST if Service provider is Director

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

Government of India
Ministry of Finance 
(Department of Revenue)

Notification No. 45/2012 - Service Tax

New Delhi, the 7^th August, 2012

G.S.R. (E).- In exercise of the powers conferred by sub-section (2) of section 68 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.30/2012-Service Tax, dated the 20^th June,2012,  published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i),  vide number  G.S.R.  472 (E), dated the 20^th June, 2012, namely:-

CG amends Service Tax Rules

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

Government of India
Ministry of Finance 
(Department of Revenue)

Notification No. 46/2012 - Service Tax

New Delhi, the 7^th August, 2012

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely:—

1.         (1) These rules may be called the Service Tax (Third Amendment) Rules, 2012.

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

2.         In the Service Tax Rules, 1994, in rule 2, in sub-rule (1),-

(A)  in clause (d), in sub-clause (i),-

 (i)  after the item (E), the following item shall be inserted, namely;-

“(EE) in relation to service provided or agreed to be provided by a director of a company to the said company, the recipient of such service;”;

 (ii)  in the item (F), in the sub-item (b), after the words “manpower for any purpose”, the words “ or security services” shall be inserted.          

(B)   after clause (f), the following clause shall be inserted, namely:—

“(fa) “security services” means services relating to the security of any property, whether movable or immovable, or of any person, in any manner and includes the services of investigation, detection or verification, of any fact or activity;”

[F.No. 334 /01/2012- TRU]

(Raj Kumar Digvijay)

Under Secretary to the Government of India

Note.- The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide notification No. 2/94-ST,dated the 28^th June, 1994 vide number G.S.R. 546(E), dated the 28^th June, 1994 and was last amended by notification No. 36/2012-Service Tax, dated the 20^th June, 2012 vide number G.S.R. 478 (E), dated the 20^th June, 2012.

CBEC Determines the Rate of Exchange of conversion of Foreign Currencies applicable from August 2, 2012

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, PART-II, SECTION 3, SUB-SECTION (ii), EXTRAORDINARY]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

DEPARTMENT OF REVENUE

CENTRAL BOARD OF EXCISE AND CUSTOMS

Notification No.67/2012-Customs (N.T.)

DATED THE 1^st August, 2012

10 Shravana, 1934(SAKA)

S.O.       (E). – In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.61/2012-CUSTOMS (N.T.), dated the 19^th July, 2012 vide number S.O.1609 (E), dated the 19^th  July, 2012, except as respects things done or omitted to be done before such super session, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and  Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 2^nd August, 2012 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

Relaxation from compulsory e-filing of return of income for assessment year 2012-13 - for representative assessees of non-residents and in the case of private discretionary trusts

Circular No. 6/2012 [F.No.133/44/2012-SO (TPL)], dated 3-8-2012

Rule 12 of the Income-tax Rules, 1962 mandates that an individual or Hindu undivided family, if his or its total income or the total income in respect of which he is or it is assessable under the Act, during the previous year, exceeds ten lakh rupees, shall furnish the return electronically for the assessment year 2012-13 and subsequent assessment years.

2. It has been brought to the notice of the Board that the agents of non-residents, within the meaning of section 160(1)(i) of the Income -tax Act, are facing difficulties in electronically furnishing the returns of non-residents. This is because there may be more than one agent of the non-resident in India for different transactions or a person in India may be an agent of more than one non-resident. Such situations are not covered by the existing e-filing software which functions on the principle of one assessee-one PAN-one return.

India Signs Tax Information Exchange Agreement with Monaco

Government of India and Government of Principality of Monaco have signed a Tax Information Exchange Agreement (TIEA) yesterday. The agreement was signed by the Minister of State for Finance, Shri S S Palanimanickam from Indian side and Counsellor of Government for Finances and Economy, Mr. Marco Piccinini from Monaco side. This is the ninth TIEA being signed by India.

Salient features of this agreement are:-

CBDT’s Press Release On Extension Of Due Date Of Filing Of ROI

A section of Media has reported that the Central Board of Direct Taxes has extended ‘due date’ of filing of returns to 31st August, 2012 in respect of only those returns which were to be e-filed by 31st July, 2012. It is clarified that the notification issued by the Board on 31st July, 2012 has extended the ‘due date’ of filing of all returns for the Assessment Year 2012-13 which were due to be filed by 31st July, 2012 to 31st August, 2012.

PRESS RELEASE [No. 402/92/2006-MC (20 of 2012)], dated 1-8-2012

Source: CBDT

ICAI - Direct entry to Chartered Accountancy Course

This is to inform all concerned that with the issuance of the Notification No. 1-CA(7)/145/2012 on August 1, 2012, the provisions relating to Direct Entry Scheme for Graduates/Post Graduates, etc., with prescribed percentage of marks, to the Chartered Accountancy Course have come into force from August 1, 2012. 

Interested persons/students, i.e., freshers and existing students are advised to watch for the details of registration formalities and of transitional scheme including fee payable, registration form which will be announced/published by around August 16, 2012.

Source: ICAI