Requests have been received from various stakeholders for extension of the date of mandatory issuance and transmission of electronic BRC’s on account of lack of readiness. Accordingly, it has been decided that existing system of physical BRC issuance from bank may be continued further for a period up to 16.08.2012 for smooth transition.
Vide Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, 2011 notified vide GSR No. 748E dated 5.10.2011, select class of companies are required to file their Balance Sheet and Profit & Loss Account and other documents as required u/s 220 of Companies Act , 1956 with the Registrar of Companies for the financial year ending on or after 31st March, 2011.
The concept of reverse though important, has limited applicability in our day-to-day life. We are familiar with reversing a vehicle for limited purposes. A vehicle cannot be driven in reverse for moving forward. However, when it comes to levy of taxation it is not the case. Under the ST, till 30th June, 2012 the concept of levying tax on reverse charge (RC) had limited applicability as only few types of transactions were covered there under. With effect from 1st July, 2012 the things are going to change dramatically.
Section 621 of the Companies Act, 1956 – Offences against Act to be cognizable, only on complaint by registrar, shareholder or Government – Serious fraud investigation officers authorized for purposes of filing and conducting prosecution under the Act. Notification No. GSR 539(E), dated 6-7-2012 – In pursuance of sub-section (1) of section 621 of the Companies Act, 1956 (1 of 1956), the Central Government hereby authorise the following officers in the Serious Fraud Investigation Office, Ministry of Corporate Affairs, for the purposes of filing and conducting prosecution under the Companies Act, 1956, namely:—
Samsung Electronics Co. Ltd. V. DDIT The main grievance of the assessee in this appeal relates to the action of the ld. CIT (Appeals) in confirming the view expressed by the Assessing Officer in holding that the payment of USD 21,270 payable to CEVA DSP Limited, Israel, for purchase of software was in the nature of royalty and the assessee was required to deduct tax at source and pay the same to the Government.
All Articled/ Audit Assistants are hereby informed that due to technical issues implementation of e-diary system for capturing the work done by students, review by the Principal, alert for due dates and monitoring at the Institute’s level is kept in abeyance.
No.13-CA (EXAM)/CPT/ December/2012: 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 Common Proficiency Test (Paper- Pencil Mode) will be held on Sunday, 16th December, 2012 in two sessions as below, at the following centres provided that sufficient number of candidates offer themselves to appear from each centre.
It is informed by Income Tax department that E-Filing Utility for ITR-5 is likely to be made available by 7th July 2012. Government has released format of ITR form 5 & 6 as applicable for Assessment year 2012-13 vide NOTIFICATION NO.25/2012 DATED 2-7-2012.
EA 3, EA 4 and EA 5 forms have been notified for filing appeal in Central Excise disputes. Similarly, CA 3, CA 4 and CA 5 have been prescribed for Customs cases and ST 5, ST 6 and ST 7 for disputes in Service Tax matters. 2. It is proposed to amend the existing forms meant for filing appeals in the Tribunal The purpose of the proposed amendment is to align all the forms and include more fields like assessee code and location code etc for quick and effective communication and, more importantly, to facilitate creation of data base by providing inputs fields that can be captured by the System.
State Bank of India (SBI) today launched a new service that will facilitate filing Income Tax returns online. This service is currently available only to the bank’s customers, at a discounted price, SBI said in a statement. For salaried individuals the fee starts as low as Rs 150, inclusive of taxes, which can be paid by the customer through SBI internet banking or debit card, it said.
