CBEC issues Clarification on Various issues relating to Service Tax VCES

Circular No.  170/5 /2013 - ST

Subject: The Service Tax Voluntary Compliance Encouragement Scheme - clarifications regarding.

             The Service Tax Voluntary Compliance Encouragement Scheme (VCES) has come into effect from 10.5.2013. Some of the issues raised with reference to the Scheme have been clarified by the Board vide circular No. 169/4/2013-ST, dated 13.5.2013.  Subsequently, references have been received by the Board seeking further clarifications as regards the scope and applicability of the Scheme.

Clearance for Companies Bill, 2012 from Rajya Sabha

Rajya Sabha today passed the Companies bill, 2012. The bill was passed by the lower house in 2012. It was tabled in the upper house today and will bring international best practices to Indian businesses. 

The  new legislation will provide for class action lawsuit to be filed. The bill also stipulates a new company law tribunal to be set up.

DVAT - Date for filing of Return for 1st Quarter of FY 2013-14 extended till 29.08.2013

In partial modification to this department's Circular NO.7 of 2013-14 on the subject cited above, and in exercise of the powers conferred under Rule 49A of DVAT Rules, 2005, the last date of filing of return, excluding Annexure 2C and Annexure 20, for the quarter ending 30/06/2013 for dealers, including composition dealers, is extended to the following dates:

• Last Date for Filing Online Return - 29.08.2013
• Last Date for Filing of Hard Copy of Online Return - 31.08.2013

Procedure and criteria for selection of scrutiny cases under compulsory manual during the financial-year 2013-2014

In supersession of earlier instructions on the above subject, the Board hereby lays down the following procedure and criteria for manual selection of returns/cases for scrutiny during the financial-year 2013-2014:

2. The targets for completion of scrutiny assessments and strategy of framing quality assessments as contained in Central Action plan document for Financial Year 2013-2014 has to be complied with. It is being reiterated that all scrutiny assessments including the cases selected under manual criteria will be completed through AST system software only.

DVAT - Rate of VAT on cups/glasses of paper containing Printed Name

IN THE OFFICE OF COMMISSIONER

DEPARTMENT OF TRADE AND TAXES

GOVERNMENT OF N.C.T. OF DELHI

VYAPAR BHAWAN, NEW DELHI

No.336/CDVAT/2013/ 183

Dated: 18-7-2013

G.K. Malhotra

F-1/29 B, Hari Nagar,

New Delhi-110064

ORDER

Present for the Applicant : Sh. Jagmohan Singh, CA

Present for the Department : Sh. T.C. Sharma, Departmental Representative

The above named applicant filed an application on 24.5.2013 under section 84 of Delhi Value Added Tax Act, 2004 (hereinafter referred to as the “said Act”) and the question put up for determination under the aforesaid provision of law is as under: -

“What is the rate of DVAT on cups/glasses of paper containing printed name?”

DVAT - Filing of Stock Statement for Dealers having GTO less than 1 Crore extended till 19.08.2013

(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/Part File/565-576                                                 Dated: 02/08/2013

NOTIFICATION

In partial modification of Notification No.F.7(433)/Policy-II/VAT/2012/Part File/353-364 dated 28/06/2013, I, Prashant Goyal, Commissioner, Value Added Tax, in exercise of the powers conferred on me under sub-section(1) read with sub-section (3) of section 70 of Delhi Value Added Tax Act, 2004, do hereby extend the date for filing of stock statement in Form Stock-1 online for the stock available on 31st March, 2013 to the following date:

Due Date for Filing of Income Tax Return extended to August 5, 2013

The Government of India, in consultation with CBEC, has extended the deadline for filing of income tax returns to August 5, 2013 from July 31, 2013 set earlier.

"As a measure of taxpayers convenience, it has been decided to extend the due date of filing of returns from 31st July, 2013, to 5th August, 2013," the finance ministry said in a statement.

"Taxpayers are requested to avail of this extension of time and file their returns after paying due taxes," it said.

Release of Excel Utility for Filing of Service Tax return of October 2012 to March 2013 - CBEC

The Offline Excel utility for filing half-yearly Service Tax Return (ST-3) for the period October 2012 to March 2013 is now available in the ACES website.

 

The online version of the same will be made available shortly. It is to be noted that the due date for filing the Return has already been announced to be 31st August 2013 vide Order No. 3/2013 - ST dated 23.04.2013.

Submission of DVAT Form T2 deferred till any further Notification

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/2012/530-541                                                                 Dated: 29-07-2013

NOTIFICATION

In exercise of the powers conferred. under sub-section (1) read with sub-section (3) of section 70 of Delhi Value Added Tax Act, 2004, Form T-2 was prescribed for dealers (except the dealers exclusively dealing in tax free goods) whose gross turnover exceeded Rs. 10 crore during the year 2011-12 orany.future date on which the dealer attains the lower limit of GTO of Rs. 10 Cr., vide notification No. F.7(433)/Policy-111VAT/2012/180-190 dated 17.05.2013. to file online information on the goods being imported, but before entry of such goods, into the Territory of Delhi.

E-filing of Audit Reports with the Income Tax Department for AY 2013-14 and onwards

An assessee required to furnish a report of audit specified under sub-clauses (iv), (v), (vi) or (via) of clause (23C) of section 10, section 10A, clause (b) of sub-section (1) of section 12A, section 44AB, section 80-IA, section 80-IB, section 80-IC, section 80-ID, section 80JJAA, section 80LA, section 92E or section 115JB of the Act, shall furnish the said report of audit  and the return of Income electronically for AY 2013-14 and onwards as specified in Notification No. 42/2013 dated 11th June 2013.

Rupee plunges below 60-mark, prices set to soar

The rupee hit an all-time low of 60.71 to the dollar on Wednesday, threatening to blow a bigger hole in household budgets and dashing hopes that the Reserve Bank of India (RBI) will make loans cheaper.

The currency has lost 13% since May, and it could continue to fall unless policy steps to boost the economy are outlined soon, analysts warned.

A sliding rupee is toxic. For a start, it means that India needs to shell out more cash to import fuel, and this in turn raises the prices of transporting goods, leading to higher inflation.

Date of Filing of Form DP-1 Extended as per the GTO of the dealer in the FY 2012-13

Notification

In partial modification of Notification No. F.3(352)/Policy/VAT/2013/231-241 dated 28.05.2013 regarding submission of information online in Form DP-1, I, Prashant Goyal, Commissioner, Value Added Tax, Government of NCT of Delhi, in exercise with power conferred on me by sub-section (1) read with sub-section (2) and (3) of section 70 and sub-section (2) of section 59 of the Delhi Value Added Tax Act, 2004, hereby direct that the information in online Form DP-1, shall be submitted by the dealers as per following schedule:-

CG amends Notification No. 36/2001 dated 03.08.2001

Notification No. 67/2013-Customs (N.T.)

New Delhi, 25th June, 2013

4 Ashadha, 1935 (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 Government , being satisfied that it is necessary and expedient so to do , hereby fixes the tariff value specified in column (4) of the Table below, in respect of the imported goods of the description specified in the corresponding entry in column (3) of the said table and falling under Chapter or heading or sub-heading No. of the first schedule to the Customs Tariff Act, 1975 (51 of 1975), as is specified in the corresponding entry in column (2) of the said Table, having regard to the trend of the value of such or like goods and makes the following further 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 3rd August , 2001 published vide number S.O. 748 (E) dated the 3rd August , 2001 Namely :-

Only "Online Applications" would be acceptable for DVAT Registration w.e.f. 1st July 2013

Notification

I, Prashant Goyal, Commissioner, Value Added Tax, Delhi, in exercise of the powers conferred on me by sub rule (1) of Rule 63 of the Delhi Value Added Tax Rules, 2005, hereby direct that, with effect from 1st July, 2013, the application for registration in Form DVAT-04 under section 19 of the Delhi Value Added Tax Act, 2004, shall be submitted online by the applicant dealer on the departmental website. 'Further, such dealer shall also submit a hard copy of the application with supporting documents, within three working days of electronic filing of such application, in the concerned ward.

FDI in India - Issue of equity shares under the FDI scheme allowed under the Government route against pre-operative/pre-incorporation expenses

RBI/2012-13/502
A.P. (DIR Series) Circular No. 104

May 17, 2013

To
All Category-I Authorised Dealer Banks

Madam / Sir,

Foreign Direct Investment (FDI) in India - Issue of equity shares under the FDI scheme allowed under the Government route against pre-operative/pre-incorporation expenses

Attention of Authorised Dealers Category – I banks is invited to Para 3 (II) of A.P. (DIR Series) Circular No. 74 dated June 20, 2011 read with A.P. (DIR Series) Circular No. 55 dated December 9, 2011, allowing thereby issue of equity shares/ preference shares under the Government route by conversion of import of capital goods, etc., subject to terms and conditions stated therein.

2. On review of the policy, it has now been decided to amend condition at (c) in the aforesaid para. The amended condition is given in the Annex.

Rs 577-cr tax notice on Infosys

Infosys has been slapped a fresh Rs 582 crore ($106 million) tax demand notice by the Income tax department.

According to a filing to the SEC, India’s second largest software exporter has said that this is the tax the company is due to pay for the 2009 fiscal.

This is in addition to the Rs. 1,175 crore ($214 million) that the tax department says that Infosys owes, for the four fiscal years from 2005 onwards, a claim that Infosys is contesting.

MCA portal would not be available due to maintenance issues.

MCA Portal services will not be available from 2300 hours on 18 May 2013 to 0500 hours on 19 May 2013 due to maintenance.

Inconvenience is regretted.

Foreign currency exchange rates notified by CBEC w.e.f 17th May 2013

Notification No. 54/2013-Customs (N.T.)

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.52/2013-CUSTOMS (N.T.), dated the 2nd May, 2013 vide number S.O.1121 (E), dated the 2nd May, 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 17th May, 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.

CBDT notifies Income Tax (3rd Amendment) Rules, 2013 mandating the efiling of Audit Report and RoI for persons having income in excess of Rs.5 LPA

In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962. These rules may be called the Income-tax (3rd Amendment) Rules, 2013 and shall be deemed to have come into force with effect from the 1st day of April, 2013.

The rules further provide that an assessee required to furnish a report of audit under sections 44AB, 92E or 115JB of the Act, shall furnish the same electronically for AY 2013-14 onwards. In addition to this, a person having Total Income in excess of Rs. 5 Lakhs, shall furnish a return of income for AY 2013-14 and subsequent years, electronically.

To read the full notification Click Here.

RBI announces Scheme for Inflation Indexed Bonds – 2013-14

RBI announces Scheme for Inflation Indexed Bonds – 2013-14

- For Rs. 12,000-15,000 crore

- To be issued in tranches

- First tranche on June 4, 2013 for Rs. 1000-2000 crore

Pursuant to the announcement made in the Union Budget for 2013-14 to introduce instruments that will protect savings of poor and middle classes from inflation and incentivise household sector to save in financial instruments rather than buy gold, RBI, in consultation with Government of India, has decided to launch Inflation Indexed Bonds (IIBs).

Features of Service Tax Voluntary Compliance Encouragement Rules, 2013

Central Government vide Notification No. 10//2013-ST dated 13th May, 2013 has introduced “Service Tax Voluntary Compliance Encouragement Rules, 2013”.

The said notification consist the Rules regarding the form and manner of declaration, form and manner of acknowledgement of declaration, manner of payment of tax dues and form and manner of issuing acknowledgement of discharge of tax dues under the Service Tax Voluntary Compliance Encouragement Scheme, 2013.

CBEC clarifies the classification of the machines commercially referred to as “Tablet Computers”

Doubts have been raised regarding classification of products commercially referred to as Tablet Computers under the Customs Tariff which is harmonised with the Harmonized Commodity Description and Coding System, commonly known as "HS Nomenclature". The two major competing headings are 8517 and 8471.

2. The issue has been examined by the Board. The classification is to be determined by application of the General Rules for the Interpretation (GRIs) of the First Schedule to the Customs Tariff Act (CTA), 1975. GRI 1 requires that, “in classifying articles, for legal purpose it shall be determined according to the terms of the headings and any relative Section or Chapter Notes,..”. Hence, all relevant legal texts must be considered. Note 5.(A) to Chapter 84 states that, “For the purposes of heading 8471, the expression “automatic data processing machine” means machine capable of : (i) storing the processing programme or programmes and at least the data immediately necessary for the execution of the programme; (ii) being freely programmed in accordance with the requirements of the user; (iii) performing arithmetical computations specified by the user; and (iv) executing, without human intervention, a processing programme which requires them to modify their execution, by logical decision during the processing run”. In addition to the above relevant Note 3 to Section XVI stipulates that, “unless the context otherwise requires, composite machines consisting of two or more machines fitted together to form a whole and other machines designed for the purpose of per-forming two or more complementary or alternative functions are to be classified as if consisting only of that component or as being that machine which performs the principal function”.

CG amends Notification No. 12/2012-Customs dated 17.03.2012 to reduce Customs Duty on Cashew Nuts

Notification No. 27/2013-Customs

New Delhi, the 10^th May, 2013

             G.S.R. (E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 12/2012-Customs, dated the 17^th March, 2012 which was published in the Gazette of India, Extraordinary, vide G.S.R. 185(E), dated the 17^th March, 2012, namely: -

RBI - SLR Holdings under Held to Maturity Category

RBI/2012-13/501
DBOD.No.BP.BC.92/21.04.141/2012-13

May 15, 2013

All Scheduled Commercial Banks
(excluding RRBs)

Dear Sir,

Monetary Policy Statement 2013-14 –
SLR Holdings under Held to Maturity Category

Please refer to paragraph 84 of the Monetary Policy Statement 2013-14 (extract enclosed) announced on May 3, 2013 on ‘SLR Holdings under Held to Maturity Category’.

2. In terms of our circular No.DBOD.BP.BC.37/21.04.141/2004-05 dated September 2, 2004 on Prudential Norms on Classification of Investment Portfolio of Banks, the limit of 25 per cent of total investments under Held to Maturity (HTM) category may be exceeded provided the excess comprised only of Statutory Liquidity Ratio (SLR) securities, and the total SLR securities held in the HTM category is not more than 25 per cent of banks’ Demand and Time Liabilities (DTL) as on the last Friday of the second preceding fortnight. This relaxation was allowed taking into account the requirement of maintenance of SLR at 25 per cent of DTL under Section 24 of the Banking Regulations Act, 1949 at that time. The SLR has since been brought down to 23 per cent of DTL. With a view to align the above and in line with the recommendations of the Working Group on Enhancing Liquidity in the Government Securities and Interest Rate Derivatives Markets (Chairman: R.Gandhi), it has been decided as under:

Postponement of Examination of Group-II, Paper-7, Information Technology & Strategic Management of IPC examination scheduled on 15th May – 2013

It is hereby informed that due to unavoidable circumstances the examination of Group – II, Paper - 7 – Information Technology and Strategic Management of Intermediate (Integrated Professional Competence) Examination scheduled on 15th May-2013 stands postponed. The said examination for the candidates will now be held on 24th May - 2013 (Friday) from 2.00 PM to 5.00 PM. The venue and timing of the said examination will remain unchanged. Admit Card already issued would remain valid for the examination on 24th May 2013.

(G. Somasekhar) Additional Secretary (Examinations)

Import of Gold by Nominated Banks/Agencies - RBI

RBI/2012-13/499
A.P.(DIR Series) Circular No.103

May 13, 2013

To,
All Scheduled Commercial Banks which are
Authorised Dealers in Foreign Exchange

Madam/Sirs

Import of Gold by Nominated Banks/Agencies

Attention of Authorised Persons is invited to paragraph 97 of the Monetary Policy Statement 2013-14 dated May 3, 2013 regarding import of gold. In terms of AD (G.P.Series) circular No.7 dated March 6, 1998 (copy enclosed for ready reference), nominated banks/agencies were permitted to import gold on loan basis, Suppliers Credit/Buyers Credit basis, consignment basis as also on unfixed price basis.

Due Date to File Form DVAT 51 reconciliation return Qtr 1 to 4 of 2011-12 extended to 27/05/2013

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI

DEPRTMENT OF TRADE AND TAXES

VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI-110002

No.F.3(33)/P-II/ VAT/ Misc./2006/168–178 Dated: 09-5-2013

ORDER

In continuation of order No.F.3(33)/P-II/VAT/Misc./2006/54-64 dated 10/04/2013, and 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-
(a) Sub-rule (1) of Rule 67 of the Delhi Value Added Tax Rules, 2005 and Rule 4 of the Central Sales Tax(Delhi) Rules, 2005 for furnishing of reconciliation return in Form DVAT-51; and,
(b) Sub-rule (5) of Rule 5, clause (a) of sub-rule (3) of Rule 6, clause (a) of sub-rule (5) of rule 7, sub-rule (2) of rule 9, rule 68 and sub-rule (2) of rule 6A of the Central Sales tax (Delhi) Rules, 2005 and sub-rule (10) of rule 12 of the Central Sales tax (Registration and Turnover) Rules 1957, for furnishing of the portion marked 'original' of the Declaration Forms 'C', 'E-I' or 'E-II', 'F', 'I', 'J', and 'H' respectively, as per the following time schedule for the year 2011-12:-

CBEC - Classification of Filters referred to as “Disposable Sterilized Dialyzer” and “Microbarrier” for filtering blood

Circular No.19 / 2013 - Customs 

Subject: Classification of Filters referred to as “Disposable Sterilized Dialyzer” and “Microbarrier”: for filtering blood” - regarding

Doubts have been raised regarding classification of the filters referred to as “Disposable Sterilized Dialyzer” and “Microbarrier”: for filtering blood, whether under heading 9018, in tariff item 90189031 which provides for “renal dialysis equipment (artificial kidneys, kidney machines and dialysers)”  or under 8421 in tariff item 84212900 as –“Other”, filter.

CG amends the notification No.26/2012-Service Tax, dated the 20th June, 2012.

Notification

No.09/2013 - Service Tax

New Delhi, the 8th May, 2013

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.26/2012-Service Tax, dated the 20th June, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 468 (E), dated the 20th June, 2012, namely:-

CG amends notification No. 1/2011-Central Excise and 2/2011-Central Excise both dated the 1st March, 2011 & 12/2012-Central Excise, dated 17th March, 2012

Notification

No. 16/2013-Central Excise

New Delhi, the 8th May, 2013

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby directs that each of the notifications of the Government of India in the Ministry of Finance (Department of Revenue) specified in column (2) of the Table hereto annexed shall be further amended in the manner specified in the corresponding entry in column (3) of the said Table, namely:-

Withdrawal of Exemption of Special Additional Duty of Customs on imports of brass scrap

Notification

No. 26/ 2013-Customs

New Delhi, dated the 8th May, 2013

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2012-Customs, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, vide number G.S.R. 194 (E), dated the 17th March, 2012, namely:-

CG amends Notification No. 12/2012-Customs, dated the 17th March, 2012

Notification

No. 25/ 2013-Customs

New Delhi, dated the 8th May, 2013

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 12/2012-Customs, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, vide number G.S.R. 185(E), dated the 17th March, 2012, namely:-

Exemption/Refund of VAT for official purchases of Embassy and personal purchases of diplomats of REPUBLIC OF TAJIKISTAN, New Delhi

NOTIFICATION

No.F.5(54)/Policy-II/VAT/2012-13/ : WHEREAS the Ministry of External Affairs, Government of India, in accordance with the principle of reciprocity have requested the Government of National Capital Territory of Delhi to exempt/refund of VAT in favour of official purchases of the Embassy of the Republic of Tajikistan in New Delhi and personal purchases of its diplomats vide their letter No.D-II/451/12(17)/2009 dated 07/03/2013.

And, whereas, I, Prashant Goyal, Commissioner, Value Added Tax, Government of National Capital Territory of Delhi, am of the opinion that it is expedient in the public interest to do so.

Now, therefore, in exercise of the powers conferred by sub-section (2) of Section 103 of the Delhi Value Added Tax Act, 2004 (Delhi Act 03 of 2005), I hereby make the following amendments in the sixth schedule of the said Act namely:

AMENDMENTS

In the Sixth Schedule appended to the Delhi Value Added Tax Act, 2004 (Delhi Act 03 of 2005), in the entry at Sl.No.1 in Part-A, a new sub-entry after serial No.(96 B) shall be inserted namely:-

“(96 C) REPUBLIC OF TAJIKISTAN, New Delhi for exemption/refund of VAT in favour of official purchases of its Embassy and personal purchases of its diplomats”.

(PRASHANT GOYAL)

COMMISSIONER, VALUE ADDED TAX

ICAI - Information System Audit Examination to be held on 22.06.2013 for the Members of the Institute

No.13-CA(EXAM)/ISA/J/2013: - In pursuance of Paragraph 7 of Post Qualification Course and Examination in Information Systems Audit (ISA) Course Assessment Test under Regulation 204 of the Chartered Accountants Regulations, 1988 the Council of the Institute of Chartered Accountants of India is pleased to notify that the Information Systems Audit (ISA) Course Assessment Test will be held on 22nd June, 2013 (Saturday) from 10.30 AM to 2.30 PM at the following cities provided that sufficient number of candidates offer themselves to appear from each city....

Click Here to read more.

ICAI - Restriction on pursuing additional course during Articled Training/ Breach of CA Regulation 65 - Serious view taken by the Institute

As you are aware, the Council of the Institute, under Regulation 65 of the Chartered Accountants Regulations, 1988 has permitted Articled Assistants to pursue/attend, with prior permission to be obtained from concerned Decentralised offices, only one course simultaneously with CA course subject to the condition that the classes being attended for such permitted courses do not overlap with the Principal`s office hours.

RBI Releases Report of the Technical Committee on Services/Facilities to the Exporters

The Reserve Bank of India today released the report of the Technical Committee on Services/Facilities for the Exporters (Chairman - Shri G. Padmanabhan, Executive Director, RBI). Among others the Committee has made recommendations relating to i) review of Gold Card Scheme for extension of export credit to exporters, ii) appropriate inclusion of export finance under the Priority Sector Advances for scheduled commercial banks, iii) raising of foreign currency loans on pool basis for extension of export credit to exporters, iv) allowing factoring on non recourse basis, v) liberalization of merchanting trade, vi) financing to units in Domestic Tariff Area (DTA) / Special Economic Zone (SEZ), vii) more incentives in the area of taxation benefits and subvention, viii) denomination of export credit limit in foreign currency, ix) simplification of hedging procedure, xi) securitization of receivable/ introduction of new insurance products by Export Credit Gurantee Corporation (ECGC)/liberalization of claim procedure by ECGC, etc. Reserve Bank along with the other agencies would examine the recommendations for implementation.

CG imposes Anti-Dumping Duty on "Phenol" till 31st October 2013 when originating or exported from South Africa

Notification No. 10/2013-Customs (ADD)

             

                        G.S.R. 285 (E). – Whereas, in the matter of import of Phenol (hereinafter referred to as the subject goods), falling under Chapter 27 or 29 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act), originating in, or exported from, European Union, South Africa and Singapore (hereinafter referred to as the subject countries),  on the basis of the findings of the designated authority made vide notification No. 15/09/2007-DGAD dated the 4^th August, 2008,  published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 4^th August, 2008, the Central Government had imposed definitive anti-dumping duty on the subject goods vide notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 114/2008-Customs, dated the 31^st October, 2008, published in the Gazette of India Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.758 (E), dated, the 31^st October, 2008.

Clarification on amendment to Section 206-C of Income-Tax Act dealing with TCS on sale of bullion or jewellery in cash

Currently, sale in cash of bullion (excluding coin or any other article weighing 10 grams or less) in excess of Rs. 2 lakh or jewellery in excess of Rs. 5 lakh is subject to Tax Collection at Source (TCS) @ 1%. As coins were neither included in bullion nor in jewellery, therefore, coins, even when amounting to more than Rs. 2 lakh in value, were being sold in cash without TCS.

Income-Tax (Third Amendment) Rules, 2013 - Amendment in Rule 12 & substitution of forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 AND ITR-V

NOTIFICATION NO. 34/2013 [F.NO.142/5/2013-TPL]/SO 1111(E), DATED 1-5-2013

In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—

1. (1) These rules may be called the Income-tax (3rd Amendment) Rules, 2013.

(2) They shall be deemed to have come into force with effect from the 1st day of April, 2013.

Foreign Currency Exchange Rates notified by CBEC w.e.f. 03-May-2013

Notification No. 52/2013-Customs (N.T.)

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.40/2013-CUSTOMS (N.T.), dated the 18th April, 2013 vide number S.O.993 (E), dated the 18th April, 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 3rd May, 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.

ICAI - Valuation Course Exam to be held on 26th May, 2013

Certificate Course on Valuation, Examination to be held on 26th May, 2013

Dear Participants;

Written Exams to be held on 26th May, 2013 (Sunday) from 10 AM to 1 PM . Please bring your membership card / Final year mark sheet as ID proof to appear in the examination. In case of any change in your contact details, please mail us at valuation@icai.org.

Yours truly,

Corporate Laws & Corporate Governance Committee

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

Notification

No. 51/2013-CUSTOMS (N. T.)

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:-

ICAI Study Tour to Sydney and Melbourne September 18-23, 2013.

The Australia and India have enjoyed a special bonding in terms of their move to a regional economic operation and in terms of services sector in general and accountancy sector in particular. Both countries share common cultural and linguistic ties as both are part of the Commonwealth of Nations. The Institute of Chartered Accountants of India (ICAI) has recently signed Memorandum of Understanding (MOU) with CPA Australia and the Institute of Chartered Accountants of Australia (ICAA). These MoUs will provide an ample opportunity and recognition to Indian Chartered Accountants in Australia. In order to promote member to member and firm to firm contact so as to under stand the economic and regulatory environment and better understanding of the economic opportunities and to tap the vast market existing for Chartered Accountants in Australia; the International Affairs Committee of ICAI will be undertaking the tour to selected cities of Australia during 18-23 September, 2013 for members, on self financing basis. The Study Tour is a mix of business meetings and networking.  The study tour would seek to hold discussions with counterpart organizations, stakeholders, members etc. and will have the following basic objectives:- Build sustainable capacity by providing participants an opportunity to see and interact with various officials in respective countries Facilitate understanding and steps towards networking of the accounting firms in India and respective countries Seek association for the research and developmental activities of the Institute in different fields Discuss the issues of qualification and ways to facilitate cooperation at firm level Develop an understanding to help trade and industry in the respective countries and facilitate inter-country trade and investment

Since, the delegation size would be limited to 50, registration for the study tour would be on first-come-first-serve basis and ICAI reserves the right to finalize the composition of the delegation. The package would include the following: Economy Class Airfare with applicable taxes Ex- New Delhi Visa cost All accommodation on twin sharing basis in 4 star hotels or similar to cut down on costs All meals (Indian): Breakfast, Lunch and Dinner. All transfers by private A/C coach Sight seeing activities in Sydney and Melbourne Cost of all entrance tickets / fees for the above mentioned sightseeing tours. Services of local tour guide and/or tour escort All current applicable Hotel & Government Taxes

Complete details reading the itinerary and the amount to be paid will be uploaded on the website www.icai.org shortly. The interested members (spouses are allowed) may write to us at ia@icai.in for any further information For further details, please contact: Secretariat of the International Affairs Committee, The Institute of Chartered Accountants of India, ICAI Bhawan, PB No. 7100, Indraprastha Marg, New Delhi - 110 002, India. Ph +91 11 30110443,448, 39893989 (Extn. 443,448), fax +91 11 30110591.

ICAI - President's Message

Ethics is all about our becoming and feeling responsible about everything that is around us. We are responsible only when we appreciate everything that is ethical and denounce all that is not ethical around us. I would like our membership to ensure that they always go for the stricter interpretation, foregoing the liberal one wherever and whenever they realise a presence of two interpretations on a matter of professional interest, despite both being legal. Such a courageous display of moral conduct will inspire not only generations of our professionals, but also those from other walks of life. 

Regarding refund of 4% CVD (SAD)-Extension of time upto 30th September 2013, for using re-credited 4% CVD (SAD) amount in DEPB

Circular No. 18/2013

Your kind attention is invited to the Circular No.27/2010-Customs, dated 13.08.2010, regarding procedure on refund of 4% Special Additional Duty (SAD). The above Circular provides the facility of manual filing of Bill of Entry for utilizing the amount of re-credited 4% SAD refunds for payment of duty in case of re-credited DEPB/ Reward Scheme scrips upto 31-03-2012. Circular No. 10/2012-Customs dated 29.03.2012 further extended the time upto 30.06.2012 utilizing the amount of re-credited 4% SAD refunds for payment of duty in case of re-credited DEPB/ Reward Scheme scrips.

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

Notification

No. 50/2013-CUSTOMS (N. T.)

New Delhi, the 26^th of April, 2013

6 Vaisakh, 1935 (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:-

Disclosure of information respecting assessees to Specified Officer, Authority or Body Performing functions under any other law - Notified Authority

SECTION 138 OF THE INCOME-TAX ACT, 1961 - DISCLOSURE OF INFORMATION RESPECTING ASSESSEES TO SPECIFIED OFFICER, AUTHORITY OR BODY PERFORMING FUNCTIONS UNDER ANY OTHER LAW - NOTIFIED AUTHORITY

NOTIFICATION NO. 32/2013 [F.NO.225/62/2013-ITAT.II], DATED 18-4-2013

Whereas the Central Government is of the opinion that it is necessary to do so in the public interest; and, therefore, in pursuance of sub-clause (ii) of clause (a) of sub-section(1) of section 138 of the Income-tax Act, 1961, the Central Government hereby specifies officers of the rank of Joint Director and above serving in Directorate of Enforcement, Department of Revenue, Ministry of Finance, Government of India, who are performing functions under the Foreign Exchange Management Act, 1999 and the Prevention of Money Laundering Act, 2002, for the purpose of the said clause.

CG amends Notification No. 1/2013 dated 08-01-2013

SECTION 80-IA, SUB-CLAUSE (III) OF SUB-SECTION (4) OF THE INCOME-TAX ACT, 1961 - DEDUCTIONS - IN RESPECT OF PROFITS AND GAINS FROM INDUSTRIAL UNDERTAKINGS, OR ENTERPRISES ENGAGED IN INFRASTRUCTURE DEVELOPMENT, ETC. - NOTIFIED UNDERTAKINGS - AMENDMENT IN NOTIFICATION NO.1/2013, DATED 8-1-2013

NOTIFICATION NO. 31/2013 [F.NO.178/02/2008-ITAT-I], DATED 18-4-2013

In exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes following amendment to the notification of the Government of India in the Ministry of Finance, Department of Revenue published in the Gazette of India, Part II, section 3, sub-section (ii), vide Notification number 01/2013, F.No.178/02/2008-(ITA-I) dated the 8th January, 2013, namely:-

RBI - Clarification on Overseas Direct Investments

RBI/2012-13/481
A.P. (DIR Series) Circular No. 100

April 25, 2013

To
All Category-I Authorised Dealer Banks
Madam / Sir,

Overseas Direct Investments – Clarification

Attention of the Authorised Dealers (AD) is invited to Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004 notified by the Reserve Bank vide Notification No. FEMA 120/RB-2004 dated July 07, 2004 and as amended from time to time.

ICAI - PNGRB Reference on Compliance with AS 17 by CGD Entities

ATTENTION MEMBERS

PNGRB reference on compliance with AS 17 by CGD entities

The Petroleum and Natural Gas Regulatory Board (PNGRB), entrusted with the duties, interalia, of regulating the transportation rate for city or local natural gas distribution networks or common or contract carrier pipelines, has recently informed the Institute that in the course of their consultation process, they have come to know that CGD entities i.e. entities engaged in the activities of laying building, operating or expanding city or local natural gas distribution networks are not adhering to the requirements of segment reporting on the ground that they operate in only one segment of business and therefore Accounting Standard 17 (Segment Reporting) that contains provisions for segment reporting does not apply to them.

Filing of online DVAT Returns for March, 2013 and Fourth Quarter 2012-13 is extended

In order to facilitate the filing of online DVAT/CST returns, in exercise of the powers conferred under Rule 49A of the DVAT Rules, 2005, the last date of online filing of return for monthly dealers and composition dealers, for the return due on April 25, 2013, is hereby extended up to 01.05.2013. The last date of filing of hard copy of the return for the above tax period is also extended up to 06.05.2013.

All Forms (Other than ITR) are available in the e-Filing portal of Income Tax for filing.

Forms (Other than ITR) are available in the e-Filing portal for filing. Click here to know more on the Forms.

CG notifies the rate of Variation between the ALP determined u/s 92C & the price at which the internation transaction or specified domestic transaction has taken

In exercise of the powers conferred by the second proviso to sub‐section (2) of section 92C of the Income Tax Act, 1961 (43 of 1961), the Central Government hereby notifies that where the variation between the arm’s length price determined under section 92C and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed one per cent of the latter for wholesale traders and three per cent of the latter in all other cases, the price at which the international transaction or specified domestic transaction has actually been undertaken shall be deemed to be the arm’s length price for assessment year 2013‐2014.

NOTIFICATION NO. 30/2013 (F.NO. 500/185/2011‐FTD I]

(Sanjay Kumar Mishra)

Joint Secretary to the Government of India

Issuance of certificate for TDS in Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules 1962

1. Section 203 of the Income-tax Act 1961 (“the Act”) read with the Rule 31 of the Income-tax Rules 1962 (“the Rules”) stipulates furnishing of certificate of tax deduction at source (TDS) by the deductor to the deductee specifying therein the prescribed particulars such as amount of TDS, valid permanent account number (PAN) of the deductee, tax deduction and collection account number (TAN) of the deductor, etc. The relevant form for such TDS certificate is Form No. 16 in case of deduction under section 192 and Form No. 16A for deduction under any other provision of Chapter XVII-B of the Act. TDS certificate in Form No. 16 is to be issued annually whereas TDS certificate in Form No. 16A is to be issued quarterly. TDS Certificate in Form No 16 as notified vide Notification No. 11/2013 dated 19.02.2013 has two parts viz Part A and Part B (Annexure). Part A contains details of tax deduction and deposit and Part B (Annexure) contains details of income.

Extension of due date of submission of Service Tax Return for October 2012 to March 2013

Recently Central Board of Excise and Custom vide Order No. 03/2013 dated 23.04.2013 has announced the last date of submission of Service Tax Return for the period October, 2012 to March, 2013 to be 31st August 2013.

CG seeks to levy definitive anti-dumping duty on import of Soda Ash when originating or exported from Russia and Turkey.

[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. 8 /2013-Customs (ADD)

New Delhi, dated the 18^th April, 2013

            G.S.R.    (E). – Whereas, in the matter of Soda Ash (hereinafter referred to as the subject goods), falling under sub-heading  283620 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act), originating in, or exported from, Russia and Turkey (hereinafter referred to as the subject countries) and imported into India, the designated authority vide its final findings No. 14/3/2011-DGAD dated the 9^thFebuary, 2013, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 9^thFebuary, 2013, had come to the conclusion that-

CG amend notification No. 06/2011-Customs, dated 7-02-2011

[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. 7 /2013 – Customs (ADD)

New Delhi, the 18^th April, 2013

G.S.R.       (E). - In exercise of the powers conferred by sub-section (1) and (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 18 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby makes the following amendments in notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 06/2011-Customs, dated the 7th February, 2011, published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (i), vide number G.S.R.     69 (E), dated the 7^th February, 2011, namely:-

Regarding exemption from Service Tax by CG under Vishesh Krishi and Gram Udyog Yojana (VKGUY)

[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. 08/ 2013 - Service Tax

New Delhi, dated the 18^th April, 2013  

            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 provided or agreed to be provided against a scrip by a person located in the taxable territory, from the whole of the service tax leviable thereon under section 66B of the said Act.