Team Indian Tax Arena wishes you a Joyous and Colourful holi.

Team Indian Tax Arena wishes you a Joyous and Colourful holi.

May the festival bring the vibrance of colours to your life. 

Wish you all a very Happy Holi.

ICSI - Steps for filling online examination form for CS.

Dear Student,  

Please take the following steps if you don’t have password for filling up the examination form:-  

1)     Visit on Institute’s website www.icsi.edu

2)     Click on Login (top right side of your screen)

3)     Click on Student Login

Revision of Interest Rates for Small Savings Schemes with Effect from 1st April, 2013

 PRESS INFORMATION BUREAU

GOVERNMENT OF INDIA

***

REVISION OF INTEREST RATES FOR SMALL SAVINGS SCHEMES WITH EFFECT

FROM 1^st APRIL,2013

New Delhi, 25^th March, 2013 4 Chaitra, 1935 (SAKA)

Based on the decisions taken by the Government on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), the interest rates for small saving schemes are to be notified every financial year, before 1^st April of that year. Accordingly, the rate of interest on various small savings schemes for the financial year 2013-14 effective from 01.04.2013, on the basis of the interest compounding/ payment built-in in the schemes, shall be as under :

ICAI - Postponement of Examination scheduled on 4th & 5th May 2013 in the State of Karnataka

NOTIFICATION

No.13-CA(Exam)/M/2013/II: In partial modification of the Institute’s Notification No. 13-CA(Exam)/M/2013 dated 19th December, 2012, it is notified for general information that in view of the Election to the Karnataka State Legislative Assembly, Group – 1, Paper 2, Strategic Financial Management of Final Examination and Group – 1, Paper – 2, Business Laws, Ethics and Communications of Intermediate (Integrated Professional Competence) Examination scheduled to be held on 4th and 5th May, 2013 at Bangalore, Belgaum, Bellary, Hubli, Mangalore, Mysore and Udupi centre(s) stand postponed and the examination in the said paper(s) shall now be held at on 18th May and 17th May 2013 respectively at the same venue and at the same timings i.e. 2.00 PM to 5.00 PM. Admit Cards already issued would remain valid.

ICAI - Share Your Concern on International Front.

Kind Attention: Members of the Institute of Chartered Accountants of India Share your concern on International front.

ICAI members are requested to share their views on Business Visa Regime in India & difficulties faced by our professionals/businessmen in getting Visa and allied functions while abroad. You may also share any of your concern on International front by sending us email at foreigndesk@icai.in

ICAI - Announcement regarding Expert Panel for Addressing Bank Branch Audit Related Queries for the Financial Year 2012-13

FOR THE ATTENTION OF THE MEMBERS EXPERT PANEL FOR ADDRESSING BANK BRANCH AUDIT RELATED QUERIES FOR THE FINANCIAL YEAR 2012-13

Dear Members, The bank audit season is around the corner. Given the fact that the banking industry is typical in terms of its geographical and customer spread, the volume and varied nature of products and services offered, coupled with the strict constraints for completing the audits, the members, many a times, face a lot of issues/ queries while conducting Bank Branch Audit. These could include determination of NPA status, implications of complicated data found in a branch audit, unavailability of any relevant RBI circular, implications of the requirements of an RBI circular, nature and adequacy of documentation, possible wordings of the audit report on some important matters in branch audit, issues relating to LFAR, etc.

CG imposes Anti Dumping Duty on import of Meta Phenylene Diamine when imported from China

[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.02/2013-Customs (ADD)

            New Delhi, the 22^nd March, 2013

            G.S.R.    (E). –WHEREAS  in the matter of Meta Phenylene Diamine (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 the People’s Republic of China (hereinafter referred to as the subject country), and imported into India, the designated authority in its preliminary findings published in the Gazette of India, Extraordinary, Part I, Section 1,vide notification No. 14/4/2012-DGAD, dated the 1^st January, 2013, had come to the conclusion that –

Branches of Agency Banks and RBI offices to remain open on March 29, 30 and 31, 2013 to facilitate Tax Payment

With a view to providing greater convenience to the tax payers, it has been decided that all designated branches of agency banks and RBI offices conducting Government business will keep their counters open on March 29, 30 and 31, 2013 to accept Government taxes. All tax payers are urged to remit taxes well before the last date to avoid last minute rush. Facility for payment of taxes on-line and through select ATMs is also available.

Alpana Killawala

Chief General Manager

Press Release : 2012-2013/1606

Direction by CBDT Regarding Adjustment of Refunds Against Demand

LETTER [F.NO.DIT(S)-III/CPC/2012-13/ DEMAND MANAGEMENT], DATED 21-3-2013

Subject: Directions of Hon’ble Delhi High Court in the Writ Petition (Civil) No.s 2659 & 5443 of 2012 — Order dated 14.03.2013 -Reg.

Please refer to the above mentioned subject.

2. As per Hon’ble Delhi High Court’s Order dated 14-3-2013, the Department requires to follow the procedure prescribed u/s 245 before making any adjustment of refund payable by the CFC, Bengaluru. Accordingly, the assessee must be given an opportunity to file response or reply and the reply will be considered and examined by the Assessing Officer before any direction for adjustment is made. The process of issue of prior intimation and service thereof on the assessee will be as per the law. The assessee will be entitled to file their response before the Assessing Officer mentioned in the prior intimation. The Assessing Officer will thereafter examine the reply and communicate his findings to the CPC, Bangaluru, who will then process the refund and adjust the demand, if any payable.

Inclusion in the Second Schedule to the Reserve Bank of India Act, 1934 – Sumitomo Mitsui Banking Corporation

RBI/2012-13/456
Ref: DBOD. No.Ret. BC. 85/12.07.137/2012-13

March 22, 2013

All Scheduled Commercial Banks

Dear Sir,

Inclusion in the Second Schedule to the Reserve Bank of India Act, 1934 – Sumitomo Mitsui Banking Corporation

We advise that the name of “Sumitomo Mitsui Banking Corporation" has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by Notification DBOD.IBD.No.9808/23.13.155/2012-13 dated January 09, 2013, published in the Gazette of India (Part III – Section 4) dated February 2, 2013.

Inclusion in the Second Schedule to the Reserve Bank of India Act, 1934 – Westpac Banking Corporation

RBI/2012-13/457
Ref: DBOD. No.Ret. BC.86/12.07.136/2012-13

March 22, 2013

All Scheduled Commercial Banks

Dear Sir,

Inclusion in the Second Schedule to the Reserve Bank of India Act, 1934 – Westpac Banking Corporation

We advise that the name of “Westpac Banking Corporation" has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by Notification DBOD.IBD.No.8297/23.13.138/2012-13 dated December 10, 2012, published in the Gazette of India (Part III – Section 4) dated January 12, 2013.

RBI - Clarification on Priority Sector Lending - Treatment of Contingent Liabilities

RBI/2012-13/455
RPCD.CO.Plan. BC 70/04.09.01/2012-13

March 22, 2013

The Chairman/ Managing Director/
Chief Executive Officer
[All scheduled commercial banks
(excluding Regional Rural Banks)]

Dear Sir\Madam,

Priority Sector Lending-Treatment of Contingent Liabilities – Clarifications

It has come to notice that some banks have included contingent liabilities/off-balance sheet items as part of priority sector target achievement. In this connection, we clarify that this is not in conformity with priority sector lending guidelines. Therefore, banks are advised to declassify such accounts with retrospective effect, where a contingent liability / off-balance sheet item is treated as a part of priority sector target achievement.

DVAT - Submission of Information in Form T-2

(TO BE PUBLISHED IN PART IV OF THE DELHI GAZETTE EXTRAORDINARY)

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI

DEPARTMENT OF TRADE AND TAXES

VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI-110 002

No.F.7(433)/Policy-II/VAT/2012/1429-38                                                               Dated : 21/03/2013

NOTIFICATION

In supersession of Notification No.F.7(433)/Policy-II/VAT/2012/585-595 dated 05.09.2012 and all the subsequent notifications regarding submission of information in Form T-2, I, Prashant Goyal, Commissioner, Value Added Tax, Government of National Capital Territory of Delhi, in exercise of the powers conferred on me by sub-section (1) read with sub-section (3) of section 70 of Delhi Value Added Tax Act, 2004, hereby direct that the details of Invoice and Goods Receipt Note in respect of all goods purchased/received as stock transfer from outside Delhi, shall be submitted by the dealers online, using their login id and password, before the goods physically enter the boundary of Delhi. For this purpose, the revised Form T-2 annexed with this Notification shall be used.

Exchange Rates Notified by CBEC w.e.f. 22 March 2013

[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. 31/2013-Customs (N.T.)

DATED THE 21^st March, 2013

30 Phalguna, 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.28/2013-CUSTOMS (N.T.), dated the 7^th March, 2013 vide number S.O.574(E), dated the 7^th March, 2013, 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 22^nd March, 2013 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.

CG issues Companies (Acceptance of Deposit Amendment) Rules, 2013

GOVERNMENT OF INDIA

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, dated 21^st March 2013

In exercise of the powers conferred by section 58A read with section 642 of the Companies Act, 1956 (1 of 1956), the Central Government in consultation with the Reserve Bank of India, hereby makes the following rules to further amend the Companies (Acceptance of Deposit) Rules, 1975, namely:-

CBDT - Extension of Proposal Submission deadline for NJRS Project.

The last date (deadline) for receipt of proposals in response to the RFP for selection of an Implementation Agency for National Judicial Reference System (NJRS) stands extended till 2:00PM on 12/4/2013.

Relaxation of additional fees and extension of last date in filing of various forms with MCA

In continuation of the Ministry's General Circular No: 03/2013 dated 08-02-2013 on the subject cited, I am directed to inform you that with the approval of competent authority the time limit for filing and relaxation of additional fee on forms has been extended till 31-03-2013, as detailed below:-

2. The scenario arising where the due date was falling before 17/01/2013, however, additional fee increased due to non-filing of documents between 17/01/2013 and 28/02/2013 (both days inclusive). The affirmative step based on the ticket raised by ROC and the additional fee mentioned therein, will be:-

Highlights of the Delhi Budget - Tax Proposal for FY 2013-14

Highlights of Delhi Budget - Tax Proposals 2013-14

Major Reliefs:-

1.    As a major relief to small traders, the threshold limit for Registration under VAT has been proposed to be raised from Rs. 10 lakh to Rs. 20 lakh.

2.    A new Composition Scheme is to come into effect from April 1, 2013, under which dealers would be allowed to pay a tax based on their overall turnover. This scheme will enable the Works Contract dealers to discharge their tax liability in a simplified and hassle-free manner.

3.    In order to encourage the use of “MALBA” in the manufacturing of tiles and kerbstones, it is proposed to exempt levy of VAT on tiles and kerbstones made from construction “MALBA”.

Govt. of Delhi - Assessees to pay VAT and CST collected by 21.03.2013

Government of NCT of Delhi appeals to all the Dealers/Assessees to Deposit VAT & CST collected / due by 21st March, 2013 to avoid Penalties @ 1% per week plus Interest Liability @ 15% in addition to the Criminal Liabilities under the provisions of the DVAT Act, 2004.