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Archive: 12 May 2011

Posts in 12 May 2011

Corrigendum to Circular no. 09/2011 dated 31.03.2011 related to Filing of Balance Sheet and Profit and Loss Account in XBRL mode

May 12, 2011 2178 Views 0 comment Print

Corrigendum to Circular no. 09/2011 dated 31.03.2011 In the said circular for clauses (i) and (ii) of paragraph 2 under the Heading Coverage in Phase I, the following shall be substituted and read as :­ (i) All companies listed in India and their subsidiaries, having paid up capital of Rs. 5 Crore and above or a turnover of Rs. 100 crore or above, excluding banking companies, insurance companies, power companies, Non Banking Financial Companies (NBFCs) and overseas subsidiaries of these companies.

Service tax Circular on prosecution for specified offences

May 12, 2011 3407 Views 0 comment Print

With the enactment of Finance Act, 2011 (No.8 of 2011), Section 89 which provides for prosecution of specified offences involving service tax, becomes a part of Chapter V of Finance Act, 1994. Prosecution provision was introduced this year, in Chapter V of Finance Act, 1994, as part of a compliance philosophy involving rationalization of penal provisions. Encouraging voluntary compliance and introduction of penalties based on the gravity of offences are some important principles which guide the changes made this year, in the penal provisions governing service tax.

CORRIGENDUM – Manual filing and processing of bills of entry / shipping bills – stringent checks required to prevent misuse -reg

May 12, 2011 862 Views 0 comment Print

The Board has taken a serious note of the cases of misuse detected on account of manual documentation as well as of casual manner in which this facility is being extended, which is prone to be detrimental to revenue. Accordingly, to redress the issue it has been decided that manual processing and clearance of import/export goods shall be allowed only in exceptional and genuine cases when it is not feasible to process the import/export documents through EDI. Further, in accordance with Sections 46 and 50 of the Customs Act, 1962, this authority shall be exercised only by the Commissioner of Customs. It is reiterated that the facility of manual processing of import/exports documents shall be provided as an exception to the rule of EDI processing and whenever granted it shall be withdrawn no sooner EDI processing is feasible

ROC invites comment on Compliance of provisions of the Companies Act, 1956 and Rules made thereunder

May 12, 2011 1213 Views 0 comment Print

In order to ensure compliance of the provisions of the Companies Act, 1956 and Rules made thereunder, it is observed that the majority companies are only filing their event based information through MCA-21 to the Registrar of Companies, however the statutory compliance related to Annual filings are not complied with. Therefore, it has been decided that the companies who have not filed their statutory Annual Reports (i.e. Balance Sheets, Profit and Loss Accounts and Annual Reports) with the Registrar of Companies, they should not to be allowed to file their other Forms except the following Forms till the companies has filed its updated Statutory Annual Accounts/ Annual Report in MCA-21 system:-

RBI – Monthly Bulletin – May 2011

May 12, 2011 1529 Views 0 comment Print

The May issue of the Bulletin issue carries six special articles: (i) Developments in India’s BoP during Third Quarter of 2010-11: Trade, Invisibles and Capital Account, (ii) Union Budget 2011-12: An Assessment (iii) Railway Budget 2011-12: An Assessment (iv) Finances of State Governments – 2010-11: Highlights (v) Survey of India’s Foreign Liabilities & Assets for the Mutual Fund Companies (2006-2009) (vi) Survey of Small Borrowal Accounts, 2008. Highlights of the special articles

ICAI – Transfer/Termination of Articleship with prior approval of institute

May 12, 2011 9246 Views 4 comments Print

As informed earlier vide announcement dated 2nd July 2010, ICAI is allowing the articled assistants to seek transfer/termination of articleship only on permissible grounds and the articled assistants are advised to get the consent of the Institute before getting Form 109 signed by the Principal in their own interest.

Review of Utilization of 13th Finance Commission Grants

May 12, 2011 540 Views 0 comment Print

A meeting was held under the Chairpersonship of Secretary (Justice) to review the utilization of 13th Finance Commission grants, E-courts project, Gram Nyayalayas, infrastructure support for the subordinate judiciary, undertrial prisoners, family courts and others.

Ministry of Environment and Forest (MoEF) notifies e-waste management rules

May 12, 2011 1343 Views 0 comment Print

Notification No. 1035/2011 – Income Tax The Ministry of Environment and Forest (MoEF) has for the first time notified e-waste management rules. The e-waste (management and handling) Rules, 2011 would recognise the producers’ liability for recycling and reducing e-waste in the country. The rules will come into effect from May 1, 2012.

Format of Auditor’s Report under the Companies Act for Financial Year 2010-11

May 12, 2011 13308 Views 0 comment Print

We have audited the attached Balance Sheet of……………….(name of the Company), as at 31st March, 2XXX and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

IT authorities quiz Kanimozhi, Kalaignar TV MD

May 12, 2011 898 Views 0 comment Print

Tamil Nadu chief minister M Karunanidhi’s daughter Kanimozhi was today questioned by Income Tax authorities for about 90 minutes over the Rs 200 crore transaction from Shahid Balwa-owned DB Realty to Kalaignar TV, in which she holds a minority stake. The 43-year-old MP appeared after summons were issued by the department, as a Delhi court probing the 2G spectrum allocation exempted her from personal experience.

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