Team ITA wishes you a very Happy and Prosperous New Year 2013

Lets Embrace the New Year with not just a new look 

but also with a new and positive approach 

to make things simple in the year ahead.

Documents required for refund of Service Tax in respect of the services used in export

Documents required for refund of Service Tax in respect of the services used in export, as specified in Notification No.17/2009 – ST dated 07.07.2009 as amended by Notification No.40/2009 – ST dated 30.09.2009 are as follows:-

1. Refund application in Form A-1 as annexed to the said notification for an exporter who is registered under Central Excise Act, 1944.

Gold likely to hold 'steady-to-firm' in 2013

Gold is likely to hold steady-to- firm in 2013 and could reach Rs 33,000-level as economic growth prospects improve and certain international factors push up the commodity's price, market experts have said.

In the long term, gold looks firm with most central banks pushing liquidity into the markets and increasing their loading of the yellow metal, Kotak Commodity Services analyst Madhavi Mehta said.

RBI releases Financial Stability Report : December 2012

The sixth issue of the Financial Stability Report (FSR) of the Reserve Bank of India is being released in an environment of global macroeconomic instability and uncertainty. Economic growth in India has moderated in recent quarters, buffeted by global headwinds and domestic policy uncertainties. Growth, however, needs to accelerate if the momentum of poverty reduction, employment generation and pay off from the demographic dividend is to be accelerated. The Report reflects the collective assessment of the Sub Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability.

Calendar for Auction of Government of India Treasury Bills (For the Quarter ending March 2013)

The Reserve Bank of India, in consultation with Government of India, after reviewing the cash position of the Government of India and funding requirement in the first quarter of the next financial year, has decided to notify the amounts for the issuance of Treasury Bills for the quarter ending March 2013 as under:

CS M S Sahoo appointed as Secretary of the ICSI w.e.f 1st January, 2013

CS M S Sahoo a Fellow Member  of the Institute of Company Secretaries of India has been appointed as Secretary, ICSI w.e.f. 1^st January, 2013. 

Mr. Sahoo has over three decades of rich work experience in self-employment, private sector, public sector, regulator and government in varied functional areas such as reforms, policy, regulations, research and analysis.

RBI notifies the Definition of 'Infrastructure Loan' for NBFCs

RBI/2012-13/351
DNBS.PD.CC.No. 317/03.10.001/2012-13

December 28, 2012

All NBFCs

Dear Sir/Madam,

Definition of 'Infrastructure Loan' of NBFCs - Harmonisation

Please refer to RBI’s circular DBOD.No.BP.BC.58/ 08.12.014/2012-13 dated November 20, 2012 on ‘Second Quarter Review of Monetary Policy 2012-13 – Definition of Infrastructure Lending' in terms of which the definition of ‘infrastructure lending for the purpose of financing of infrastructure by the banks and Financial Institutions’ has been harmonized with that of the Master List of Infrastructure sub-sectors’ notified by the Government of India on March 27, 2012. It has been decided to harmonise the definition of infrastructure lending for NBFCs with that of banks.

Ratan Tata to retire today, Cyrus Mistry to succeed him

Ratan Tata, who led the transformation of the Tata group from a conventional corporate house into a $ 100 billion global conglomerate with high-profile acquisitions abroad, will retire on Friday ending 50-year run in one of India's oldest business empires.

Marking a generational change, Tata, who turns 75 on Friday, will hand over the reins of the group to 44-year-old Cyrus Mistry, who was chosen his successor in 2011 and formally appointed Chairman earlier in December.

Change in situation of Office of Official Liquidator - Ministry of Corporate Affairs

It is informed that the office of Official Liquidator attached to the High Court of Delhi, Ministry of Corporate Affairs will start functioning from its new premises at 8th Floor, Lok Nayak Bhawan, Khan Market, New Delhi with effect from the 1st January, 2013.

Under Secretary

Ministry of Corporate Affairs

Shastri Bhawan, New Delhi

ICAI renamed the Integrated Professional Competence Examination (IPCE)

In terms of Notification NO XCA(7)/145/2012 dated 1st August 2012, “Integrated Professional Competence Examination(IPCE)”, stands renamed as “Intermediate (IPC) Examination” and would be known accordingly, with effect from May 2013 examination onwards. 

For detailed Notification, visit www.icai.org 

Exam Department.

RBI announces rate of interest on Floating Rate Bonds, 2017

The rate of interest on the Floating Rate Bonds, 2017 (FRB, 2017) applicable for the half-year (January 2, 2013 to July 01, 2013) shall be 8.38 per cent per annum.

It may be recalled that the rate of interest on the FRB, 2017 was set at a mark-up (as decided in the auction held on July 1, 2002) over and above the variable base rate. The variable base rate for payment of interest shall be the average rate (rounded off up to two decimal places) of the implicit yields at cut-off prices of the last six auctions of Government of India 364-day Treasury Bills held up to the commencement of the respective half yearly coupon period which works out to be 8.04 per cent. The mark-up decided in the auction held on July 1, 2002 was (+) 0.34 per cent (plus 34 basis points). The coupon rate has thus been fixed at 8.38 per cent.

Advance Tax Collections registers growth of more than 10% during the first 20 days of December 2012 - Ministry of Finance

Advance Tax Collections for the month of December 2012 up to 20^th December, 2012 registered a growth of 10.44% over the corresponding period last year. Advance tax Collections are worth Rs. 78,226 crores during this period as against Rs.70,826 crores collected during the corresponding period last year.

The overall growth rate of advance tax collections during the current Financial Year 2012-13 from 1^st April 2012 to 20th December, 2012 has been 7.52% over the last financial year’s figures during the corresponding period. It includes corporation tax growth rate of 7% and personal Income Tax growth rate of 12.3%.

ICSI - Registration of CPT passed students of ICAI / or Foundation passed students of ICoAI to CS Executive Program

Registration of CPT passed students of ICAI / or Foundation

passed students of ICoAI to CS Executive Program 

We are pleased to inform that students who have passed Foundation Examination of The Institute of Cost Accountants of India ( ICoAI ) / or students who have passed Common Proficiency Test ( CPT) of The Institute of Chartered Accountants of India ( ICAI ) are eligible to take direct registration in CS Executive Program.  ( Earlier only Final Passed students of ICoAI  / or ICAI were eligible to take direct registration in CS Executive Program.) 

Delhi Government extends the date of filing of Form DVAT 51 till 28th Feb 2013

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, Prashant Goyal, Commissioner, Value Added Tax, Government of National Capital Territory of Delhi, do hereby, extend the time limit prescribed in-

MCA - Extension of time period for Filing of Cost Audit Report and Compliance Report in XBRL mode.

In continuation of MCA’s General Circular Nos. 8/2012 dated May 10, 2012 [as amended on June 29, 2012] and 18/2012 dated July 26, 2012, it has been decided that all cost auditors and the  companies  concerned  are allowed to file their Cost Audit Reports and Compliance Reports for the year 2011-12 [including the overdue reports relating to any previous year(s)]  with the Central Government  in the XBRL  mode, without any penalty, within 180 days from the close of the company’s financial year to which the report relates or by January 31, 2013, whichever is later. The Institute is requested to circulate this for the information of all concerned.

CG imposes Anti-Dumping duty on import of Phthalic Anhydride from Korea RP, Taiwan and Israel

 G.S.R. _(E). –WHEREAS  in the matter of Phthalic Anhydride (hereinafter referred to as the subject goods), falling under Chapter 29 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, Korea RP, Taiwan (Chinese Taipei) and Israel (hereinafter referred to as the subject countries),and imported into India, the designated authority in its final findings published in the Gazette of India, Extraordinary, Part I, Section 1,vide notification No. 14/1/2011-DGAD, dated the 28^th September, 2012, had come to the conclusion that –

(i)     the subject goods have been exported to India from the subject countries below its associated normal value, except in the cases wherein thedumping margin has been found to be negative;

(ii)    the domestic industry has suffered material injury in respect of the subject goods;

(iii)   the injury has been caused by the dumped imports of the subject goods from   subject countries.

AND WHEREAS, the designated authority in its aforesaid findings, has recommended imposition of definitive anti-dumping duty on imports of the subject goods, originating in or exported from the subject countries and imported into India, in order to remove injury to the domestic industry;

Team ITA wishes you a Merry Christmas

May your world be filled with warmth and good 
cheer this Holy season, and throughout the 
year. Wish your Christmas be filled with 
peace and love. Merry X-mas.

Frequently Asked Tax Questions by Qualified Foreign Investors (QFIs)

Q.1. What is Permanent Account Number (PAN) Card? 
Ans:   Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued by the Income Tax Department of India to any “person” to facilitate him in making tax payments filing, returns and claiming refunds.  The number, along with other relevant details, is printed on a card called PAN card. 

Q.2. Are QFIs required to obtain PAN Card to comply with tax norms in India? 
Ans:   Yes. Under the current provisions, QFIs would be required to obtain PAN card. The process of obtaining a PAN card is simple, and user friendly.  An application can be filed by a foreign investor online and the process  can be completed within 2 to 3 weeks.

To know more questions Click Here.

CG exempts Life Insurance Business under JBY or AABY insurance scheme from Service Tax Ambit

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 further 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), number G.S.R. 467 (E), dated the 20^th June, 2012, namely:-

ICAI Extended the last date “for complying with the CPE hours requirement for the calendar year 2012”

This is for kind information of the members that it has been decided to extend the last date for complying with the CPE hours requirement for the calendar year 2012 by one month, i.e., up to 31st January, 2013.

Secretary CPE Committee of ICAI

All India data for refunds alongwith interest paid

Income Tax Refund

Press release, dated 14-12-2012

Processing of returns of income, including those with refund claim, is a continuous process. Statutory time limit to process returns of income is with reference to the financial year of their receipt. As per the Income Tax Act, 1961 returns received during the financial year can be processed upto one year from the end of the financial year in which the return is received. Therefore, returns for the accounting periods as F.Ys 2009-10 and 2010-11 if filed during F.Y. 2011-12 can be processed upto 31.03.2013. Normally, after processing of return, the refund generated is used in due course. The timelines for processing of return of income are complied with as these are contained in the Income Tax Act and statutorily enforceable.

MCA allows rectification of Mistakes in Form 1, 1A & 44 by filing Form 68

GENERAL CIRCULAR NO. 42/2012, DATED 21-12-2012

Rule 20G(1) of Companies (Central Government's) General Rules and Forms (Second Amendment), 2010 allows for filing of an application for rectification of mistakes made while filing Form No.1, Form No.1A and Form No.44 electronically, on the Ministry's website. Such applications are to be made to the Registrar of companies in Form No.68 and are required to be accompanied by a fee of Rs.1000 in case of Forms No.1, Form 1A and Rs. 10000 for Form 44. Rule 20G(2) permits filing of an application in Form N0.68 to be filed with the Registrar within a period of three hundred and sixty five days from the date of approval of the aforesaid forms by the Registrar concerned.

Key Highlights of "The Companies Bill, 2012"

The much awaited Companies Bill, 2012 (Bill) was passed by the Lok Sabha on December 18, 2012, replacing 56-year-old Companies Act, 1956. The Bill seeks to consolidate and amend the law relating to the companies and intends to improve corporate governance and to further strengthen regulations for corporates.

The Bill is divided into 29 chapters, 470 clauses and 7 schedules.

FIIs pour $3.4 billion in December

Overseas investors have pumped in $3.4 billion in the Indian stock market so far this month, taking the total inflow for 2012 to a staggering $23 billion. 

During December 3-21, foreign institutional investors (FIIs) were gross buyers of shares worth Rs 57,024 crore and sellers of equities worth Rs 38,644 crore - translating into a net inflow of Rs.18,380 crore ($ 3.4 billion), according to Sebi data.

Gold down 6.38% from lifetime high on other investor options

Preference for alternate safe haven options like equities and other securities by investors has taken a toll on gold prices, which dropped by as much as 6.38 per cent since hitting a life-time high of Rs 32,975 per 10 grams here last month. 

In the Delhi bullion market, the precious metal prices touched a six-week low of Rs 30,870 on Friday, a loss of Rs Rs 2,105, from its life-time high of Rs 32,975 on November 27, tracking a weak trend in the global markets. 

Corrigendum for Recruitment of Meritorious Sports Persons, Hyderabad.

The Chief Commissioner of Income-tax, Hyderabad invites applications for recruitment of meritorious sports persons in different games / sports.

The Income Tax Department hereby amends the upper age limit for the post of Tax Assistants (TA) as specified in the original notification as 18-25 years to 18-27 years.

To read more Click Here

ICAI - Date sheet for May 2013 CA Examinations

No. 13-CA (EXAM)/M/2013: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Intermediate (Integrated Professional Competence) and Final examinations will be held from 2.00 PM to 5.00 PM) (IST) on each day on the dates given below at the following centres provided that sufficient number of candidates offer themselves to appear from each centre.

CG imposes Safegaurd Duty on Electrical Insulators imported into India from China

Central Government, after considering the aforesaid findings of the Director General (Safeguard), hereby imposes on the goods of description specified in column (3) of the Table below, falling under sub-heading of the First Schedule to the said Customs Tariff Act as specified in the corresponding entry in column (2), when imported into India from the People’s Republic of China, a safeguard duty at the rate indicated in the corresponding entry in column (4) ad valorem.

FDI ceiling in Asset Reconstruction Companies raised to 74%

Foreign investment ceiling in Asset Reconstruction Companies (ARCs) has been increased to 74% from 49%, a move aimed at bringing more foreign expertise in the segment. 

However, FDI in ARCs would need to comply with the foreign direct investment (FDI) policy, including the one related with sectoral caps. 

CG amends the Form 23C "Application to CG for Appointment of Cost Auditor"

G.S.R. 906(E). – In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the  following rules further to amend the Companies (Central Government’s) General Rules and Forms, 1956, namely: – 

1.   (1) These rules may be called the Companies (Central Government’s) General Rules and Forms (Seventh Amendment) Rules, 2012. 

CBEC determines the Conversion rate of Foreign Currency for Custom purposes applicable w.e.f. 21.12.2012

[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.111/2012-Customs (N.T.)

DATED THE 20^th December, 2012

29 Agrahayana, 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.108/2012-CUSTOMS (N.T.), dated the 6^th December, 2012 vide number S.O. 2838 (E), dated the 6^th December, 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 21^st December, 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.

ECB for MFIs and NGOs engaged in micro finance activities under Automatic Route

Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, notified vide Notification No. FEMA 3/2000-RB dated May 3, 2000, amended from time to time, A.P. (DIR Series) Circular No. 5 dated August 1, 2005, amended from time to time, A.P. (DIR Series) Circular No. 40 dated April 25, 2005 and A.P. (DIR Series) Circular No. 59 dated December 19, 2011 relating to the External Commercial Borrowings (ECB).

2. It has been decided that the extant guidelines as specified in A.P. (DIR Series) Circular No. 59 dated December 19, 2011 will continue to be applicable until further review.

NBFCs - Standardisation and Enhancement of Security Features in Cheque Forms - Migrating to CTS 2010 Standards

A reference is invited to our Circular No DNBS.PD/ CC.NO.308 /03.10.001/2012-13 November 6, 2012 advising all NBFCs to ensure replacement of all Non-CTS-2010 standard compliant cheques received from their customers for future EMI payments by December 31, 2012.

2. Representations have been received from NBFCs requesting for extension of the time beyond December 31, 2012 for withdrawal / replacement of Non-CTS-2010 Standard cheques / post-dated EMI cheques with CTS-2010 standard compliant cheques.

RBI on Migration to CTS 2010 standard

Please refer to our circulars UBD.BPD.(PCB).Cir.No.26/12.05.001/2012-13 dated December 06, 2012 and circular DPSS.CO.CHD.No.955/04.07.05/2012-13 dated December 14, 2012 issued by our Department of Payment and Settlement System, Central Office under section 18 of the Payment and Settlement System Act, 2007 (Act 51 of 2007).

2. Taking into consideration the representations received from stakeholders, the time limit for withdrawal/ replacement of non-CTS 2010 Standard cheques with CTS 2010 Standard cheques has been extended up to March 31, 2013. However, it may be noted that the residual non CTS 2010 Standard cheques that get presented in the clearing system beyond this extended period will continue to be accepted for the clearing but will be cleared at less frequent intervals.

DVAT - Payment of tax on monthly basis by Quarterly Dealers whose tax liability exceeds one lakh rupees

Dealers having ‘Quarter’ as tax period and having net tax liability exceeding Rupees One lakh during the last financial year or current financial year were directed to deposit tax on monthly basis vide Order dated 04.12.2012 issued under Sub-section 4 of Section 3 of the Delhi Value Added Act, 2004.

DVAT - Taxability of Set Top Boxes (STBs)

The Govt. of India has recently taken initiative of digitizing the Indian Television Industry in the next three years. As a result set top boxes were expected to be placed/installed by various cable operators in Delhi region by 31.10.2012, the deadline imposed by the Ministry of Information and Broadcasting, Govt. of India.

Sebi hikes deposit for brokers

Market regulator Sebi on Wednesday increased the minimum deposit that a stock broker should maintain to trade on the bourses up to Rs 50 lakh from Rs 10 lakh earlier. The hike was mainly aimed at putting in a safeguard for all those brokers who offer high frequency algorithmic trading — the buy-sell transactions that are initiated by computers rather than through human intervention. 

Govt promises stable tax regime

The Union Finance Minister, Shri P. Chidambaram said that the Government is fully committed to provide best possible facilities to the tax payers for better tax compliance and revenue augmentation. He said that our focus is always to have a reasonably stable tax regime which is in the interest of both the tax payers as well as tax collectors.

Corrigendum to Circular No. 39/2012 relating to Filing of Financials in XBRL Mode

Ministry of Corporate Affairs Amends the Circular No. 39/2012 by issuing Circular 41/2012 which provides for filing of Balance Sheet & Profit & Loss Account in XBRL Mode for FY commencing on or after 01.04.2011.

RBI - Mid-Quarter Monetary Policy Review: December 2012

Monetary and Liquidity Measures

On the basis of the current macroeconomic assessment, it has been decided to:

• keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.25 per cent of their net demand and time liabilities; and
• keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.0 per cent.

Consequently, the reverse repo rate under the LAF will remain unchanged at 7.0 per cent, and the marginal standing facility (MSF) and the Bank Rate at 9.0 per cent.

Lok Sabha approves Companies Bill

The Lok Sabha on Tuesday approved the much-awaited Companies Bill, 2011, making it mandatory for profit-making companies to spend on activities related to corporate social responsibility (CSR). If a company does not do so, it will have to explain the reasons for it.

The Bill, aimed at improving corporate governance, also contains provisions to strengthen regulations for companies and auditing firms.

RBI Announces OMO Purchase of Government of India Dated Securities for Rs.8,000 crore on December 21, 2012

Consistent with the stance of monetary policy and based on the current assessment of prevailing and evolving liquidity conditions, the Reserve Bank has decided to conduct Open Market Operations by purchasing the following government securities for an aggregate amount of `8,000 crore on December 21, 2012 through multi-security auction using the multiple price method:

Sr. No	Security	Date of Maturity
1	8.24% GS 2018	22 April 2018
2	8.19% GS 2020	16 January 2020
3	8.33% GS 2026	9 July 2026

The auction shall be conducted by the Reserve Bank of India, Fort, Mumbai on December 21, 2012 (Friday).

Market participants may take note of the following:

Exim Bank's Line of Credit to the Government of the Republic of Gambia

Export-Import Bank of India (Exim Bank) has concluded an Agreement dated October 19, 2012 with the Government of the Republic of Gambia, making available to the latter, a Line of Credit (LOC) of USD 16.88 million (USD sixteen million eight hundred and eighty thousand) for financing eligible goods, services, machinery and equipment including consultancy services from India for the purpose of completion of national Assembly Building complex in Gambia. The goods, services, machinery and equipment including consultancy services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement. Out of the total credit by Exim Bank under this Agreement, the goods and services including consultancy services of the value of at least 65 per cent of the contract price shall be supplied by the seller from India and the remaining 35 percent goods and services may be procured by the seller for the purpose of Eligible Contract from outside India.

Download Admit Cards for December 2012 Examination - IC(W)AI

To download admit card for December 2012 examination click here.

Team ITA behest you the best wishes for the Examination.

Download Admit Cards for December 2012 Examination - ICSI

To download admit card for December 2012 examination click here.

Team ITA behest you the best wishes for the Examination.

ICAI - Four Week Residential Programme on Professional Skill Development at Hyderabad

Board of Studies is pleased to announce the 18th & 19th Batch of ICAI Four Weeks Residential Programme on Professional Skills Development from 2nd February, 2013 to 1st March, 2013 at  Centre of Excellence, Hyderabad.

This programme offers an unique opportunity  and would focus on development of communication skills, leadership skills, personal traits for effective functioning in business organization and profession. Keeping in view the basic emphasis of the programme on Development of Communication and Writing skills and also to imbibe confidence  in the participants the content of the programme have been thoroughly revised. More emphasis is given on soft skills, developing personality trait and communication skills of the participants by allocating more time towards these topics.

To know more Click Here

RBI allows ECB for the low cost affordable housing projects under Approval Route

Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No. 5 dated August 01, 2005 relating to ECB policy.

2. On a review of the policy related to ECB and keeping in view the announcement made in the Union Budget for the Year 2012-13, it has been decided to allow ECB for low cost affordable housing projects as a permissible end-use,under the approval route. ECB can be availed of by developers/builders for low cost affordable housing projects. Housing Finance Companies (HFCs)/National Housing Bank (NHB) can also avail of ECB for financing prospective owners of low cost affordable housing units.

CBEC Notifies Tariff Value of Palm Oil, Palmolein, Soyabeen Oil, Brass Scarp, Poppy seeds, Gold and Silver

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

Government of India

Ministry of Finance

(Department of Revenue)

(Central Board of Excise and Customs)

Notification

No.109/2012-CUSTOMS (N. T.)

New Delhi, 14^th, December, 2012

23 Agrahayana, 1934 (SAKA)

S.O. ____ (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient 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. 36/2001-Customs (N.T.), dated the 3^rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3^rd August, 2001, namely:-

No anti-dumping duty on import of vitrified porcelain tiles manufactured by M/s. Jiangxi Zhengda Ceramics Co. Ltd. &

 [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. 53 / 2012 – Customs (ADD)

New Delhi, the 14^th December, 2012

            G.S.R. 888(E). – Whereas, in the matter of import of Vitrified Porcelain Tiles (hereinafter referred to as the subject goods), falling under Chapter 69  of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act) and originating in, or exported from the People's Republic of China (China PR) and United Arab Emirates (UAE) (hereinafter referred to as the subject countries), the designated authority, vide its final findings in notification No.37/1/2001-DGAD, dated  the 5^th February, 2003 in the original anti-dumping case published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 5^th  February, 2003 had come to the conclusion that-

GDP may slip to decade low of 5.7%

The Indian economy is headed for the decade's lowest growth of 5.7-5.9 per cent this fiscal, with a likelihood of its picking up going forward on the back of a confidence-inducing Budget and reforms initiatives.

In its Mid-Year Economic Analysis, which was tabled in Parliament on Monday, the government lowered the economic growth estimate for 2012-13 to 5.7-5.9 per cent, from 7.6 per cent projected in Economic Survey in March.

Documentation for Rebate of duty on inputs used in the manufacture of goods exported

Following are the documents required for rebate of duty on inputs used in the manufacture of goods exported:-

1. A request on the letterhead of the exporter containing claim of rebate, ARE-2 numbers and dates, corresponding invoice numbers and dates, amount of rebate on each ARE-2 and its calculations.
2. Original copy of ARE-2.

Marginal rise in advance tax payments by Mumbai firms

Advance corporate tax paid by top Mumbai-based companies for the third quarter of 2012-13, indicate a marginal rise in tax paid for the period. Companies pay advance tax in four instalments towards the end of each financial quarter, and the quantum of payment reflects their assessment of profitability during the quarter.

PSU bank employees' strike on Dec 20

Employees of public sector banks will observe one-day country-wide strike on December 20 in protest against the government's move to place the Banking Law Amendments bill in the current session of Parliament. 

DVAT - Issuance of Statutory Forms in Advance

The matter regarding advance issue of 'C' Forms has been examined and it has been decided to discourage advance issue of forms except in exceptional circumstances. Also, it should be ensured that the item is allowed on the Central RC of the purchasing dealer for stated purpose. In order to check any misuse of these forms, the Assessing Authorities are directed to strictly follow the following guidelines: -

RBI - Withdrawal of non-CTS 2010 Standard cheques postponed till 31st March 2013

A reference is invited to our circular DPSS.CO.CHD.No. 399/04.07.05/2012-13 dated September 3, 2012 advising all banks to arrange to issue only multi-city/payable at par CTS-2010 standard cheques not later than September 30, 2012 and to withdraw the non-CTS-2010 Standard cheques in circulation before December 31, 2012 by creating customer awareness. Further, banks holding post-dated EMI cheques (received either on their own behalf or on behalf of their NBFC clients) were advised to ensure the replacement of non-CTS-2010 Standard cheques with CTS-2010 standard cheques before December 31, 2012.

RBI on ECB Policy for Review of all-in-cost ceiling

Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 99 dated March 30, 2012 and A.P. (DIR Series) Circular No. 40 dated October 09, 2012 relating to ECB.

2. It has been decided that the all-in-cost ceiling as specified in A.P. (DIR Series) Circular No. 99 dated March 30, 2012 will continue to be applicable till March 31, 2013 and subject to review thereafter. All other aspects of ECB policy remain unchanged.

RBI - Monthly Data on India’s International Trade in Services for the Month of October 2012

The Reserve Bank releases provisional aggregate monthly data on India’s international trade in services with a lag of 45 days. Accordingly, the data for the month of September 2012 were released on November 15, 2012.

'Bitter medicine' necessary to restore health of the economy - P Chidambaram

Finance Minister P Chidambaram has warned that some "bitter medicine" is necessary to restore the health of the economy ,uncharacteristically using words that signal some tough measures may be in the offing in the government's quest to revive growth and restore fiscal credibility.

Foreign Companies having authorized signatory a non-resident foreigner - Registration on ITD website

In case of a Foreign Company, if the authorized signatory is a non-resident foreigner, an e-mail may be sent to efilinghelpdesk@incometaxindia.gov.in with a subject "Non-resident Foreign Director (NRFD) update".

Introduction of E-Signature by Income Tax Department

Income Tax Department proposes to introduce Electronic Signature for e-Filing of Income Tax Returns in addition to existing Digital Signature Certificate / ITR V. The e-signature shall be based on the validation of the taxpayer on the basis of the data available with the Income Tax department such as bank A/c number, CPC intimation number, valid TAN and the personal details of the taxpayer. This e-signature proposed to be given to the existing e-filers (will not be available to first time e-filers) in select categories of ITRs such as ITR 1, ITR 2 and ITR 4S. Your response/suggestion/comment on introduction of e-signature is sought in the email of efiling_schema_utility@incometaxindia.gov.in.

Shri Vinod Rai, the C&AG of India, re-elected as Chairman of UN’s panel of External Auditors

The United Nations’ Panel of External Auditors which comprises Supreme Audit Institutions (SAIs) engaged in auditing United Nations, its specialised agencies and the International Atomic Energy Agency, held its 53^rd meeting which concluded last night at the UN  Headquarters in New York. Shri Vinod Rai, the CAG of India, who is current Chairman of the panel, met the Secretary General, Mr Ban Ki Moon along with the Heads of the participating SAIs and briefed him on the decisions of the Panel's meeting regarding conduct of audit of the United Nations and related organisations. The Secretary General appreciated the Panel of External Auditors and the yeoman service rendered by the external auditors in improving governance in the United Nations system.

Annual Filing of ROC Forms under XBRL mode extended upto 15th January 2013

As per General Circular number 39/2012 dated 12.12.2012, time limit to file financial statements in XBRL mode (for the financial year commencing on or after 01.04.2011) without any additional fee has been extended upto 15th January´2013 or within 30 days of AGM of the company , which ever is later.

Government geared up to take action against Defaulters of non deposition of TDS with exchequer

The Revenue Department has asked its officials to take action against those entities which do not promptly deposit with exchequer the tax they collect at source.

“The CBDT has taken serious view of non-filers (of tax deducted at source) and has incorporated a new section 234E in the Act which levies a fee of Rs 200 for everyday of delay and the system does not accept the TDS statement until the delay fee has been paid,” Chief Commissioner Income Tax, Delhi-1, M Sailo said at an ASSOCHAM event here.

Save Tax under Rajiv Gandhi Equity Savings Scheme u/s 80CCG

The deduction under the Rajiv Gandhi Equity Savings Scheme shall be available to a new retail investor who complies with the conditions of the Scheme and whose gross total income for the financial year in which the investment is made under the Scheme is less than or equal to  ten lakh rupees.

RBI - Issuance of rupee denominated co-branded pre-paid cards

Issuance of rupee denominated co-branded pre-paid cards

Please refer to paragraphs 106 and 107 (extract enclosed) of the Second Quarter Review of Monetary Policy 2012-13 announced on October 30, 2012, proposing to accord general permission to banks for issue of co-branded debit and rupee denominated pre-paid instruments, subject to certain conditions, in order to obviate the need for banks to approach the Reserve Bank for every co-branding arrangement.

RBI places on its Website Draft Guidelines based on Usha Thorat Committee Report on Issues and Concerns in NBFC Sector

In order to adopt a consultative approach, the Reserve Bank of India has, today, placed on its website, draft guidelines to address issues and concerns in the NBFC sector. The draft guidelines are based on recommendations made by the Working Group on the Issues and Concerns chaired by Smt. Usha Thorat, former Deputy Governor, Reserve Bank of India. The Report of the Working Group was placed on RBI website in August 2011.

DVAT - Framing of Default Assessment Order

It has been observed that many dealers have not filed all their Statutory Declaration Forms. Accordingly, it has been decided to undertake default assessment in all cases for the year 2008-09 (for tax  periods  that  are  not  yet  time-barred),  2009-10  and  2010-11,  where deficiency of forms exists. The default assessments for one dealer should be taken up together for all these years.  This process needs to be completed by 31st January, 2013 and hence inordinate adjournments may not be allowed. Saturday will remain a working day during this period. 

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ICAI - Financial Assistance from Chartered Accountants Students Benevolent Fund

THE CHARTERED ACCOUNTANTS STUDENTS BENEVOLENT FUND (CASBF)

The Board of Trustees of The Chartered Accountants Students Benevolent Fund have decided to grant financial assistance to 200 students (who are currently undergoing articled training in accordance with The Chartered Accountants Regulations, 1988 and are poor, needy but meritorious) requiring financial assistance to pursue the Chartered Accountancy course @ Rs. 1000/- p.m. for one year with effect from 1st April, 2012 to 31st March, 2013 to be paid in lump sum.

Success for Government on Debt Laws Bill

After the first adjournment, government managers were seen sending text messages to their party MPs to get back to Lok Sabha. But the failure to get its flock together forced the House to be adjourned for the day. When the House reconvened, Opposition members continued with the uproar. In the din, Vyas rejected the Oppositions demand, leading to louder protests and adjournment of the House. Speaking to reporters outside Parliament, Chidambaram said it was unprecedented for a bill to be sent back to a standing committee for just one change. 

Recruitment of Meritorious Sports Persons for Income Tax Department, Hyderabad

The Chief Commissioner of Income-tax, Hyderabad invites applications for recruitment of meritorious sports persons in different games / sports.

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RBI - Issue of Rs.100 Bank notes within set letter 'L'

The Reserve Bank of India will shortly issue `100 denomination Bank notes with inset letter 'L', in both the numbering panels, in the Mahatma Gandhi Series-2005, bearing the signature of Dr. D. Subbarao, Governor , Reserve Bank of India, and the year of printing 2012 printed on the reverse of the Bank note.

RBI releases 'Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks: March 2012'

The Reserve Bank of India today released its 'Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks, March 2012’. The publication contains data on spatial distribution of deposits and credit of scheduled commercial banks including regional rural banks (RRBs) based on Basic Statistical Return (BSR)-7 as on March 31, 2012. The data are classified according to states, centres (top 100 and 200 centres), population groups and bank groups.

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