"29 May 2013" Archive

Guidelines for Appointment of Statutory Auditors in Public Sector Banks wef Financial Year 2013-14

It has been decided to revise the guidelines on appointment of statutory auditors in public sector banks with effect from the year 2013-14. The revised eligibility norms for empanelment of SCAs as prescribed by RBI in consultation with the WG have been indicated in Annex 1....

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Posted Under: CA, CS, CMA |

Power of ROCs to obtain declaration/affidavits from subscribers/first directors at incorporation

Circular No. 11/2013 (29/05/2013)

In exercise of the powers under the Companies Act, the Registrar of Companies may obtain declaration/affidavits from subscribers/first directors first at the time of incorporation and from directors, subsequently whenever company changes its objects...

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Writing off of arrears of Central Excise duty, Customs duty and Service Tax – Constitution of Committees to advise the authority for writing off of arrears-reg

Circular No. 971/05/2013-Central Excise (29/05/2013)

With this amendment, the authorities competent to write-off the arrears of Central Excise and the Commissioner of Service Tax are also delegated powers to write-off the arrears of Service Tax as well. Consequently, the constitution of the Committees for examining the proposals for write-off of irrecoverable arrears and recommending deserv...

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Service Tax on Services Provided to Educational Institutions

In this article I am discussing the Service tax provisions in respect to the Services provided TO the Educational Institutions. An illustrative list of services provided to Educational Institutions - Works Contract Services, Renting Services, Transportation, Security Services, Information Technology Services...

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Posted Under: CA, CS, CMA |

No Condonation of Delay for gross negligence, inaction and laches

Shri Kunal Surana, Vs The ITO (ITAT Mumbai)

For condonation of delay, two questions are required to be seen (i) whether there is sufficient cause and it depends from case to case whether in given circumstances, sufficient cause has been established or not? (ii) Whether the law of limitation has to be enforced or the question of limitation should be taken only as a mere formality....

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Deemed export benefits are not available for supplies to Non-Mega Power Project

Policy Circular No. 1 (RE-2013/2009-14) (29/05/2013)

Benefits of deemed exports under para 8.2(f) are available only if supplies are under ICB, except for Mega Power Projects. For Mega Power projects it could be ICB or other than ICB, as given in para 3 above. Para 8.3(c)(i) and para 8.4 of FTP (table given in this para) clearly provide that if supplies are under ICB, then such supplies ar...

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DVAT – Scheduled Banks engaged in business of Silver, Gold, repossessed vehicles to file return on quarterly basis

Notification No. F.3(341)/VAT/Policy/2013/242-252 (29/05/2013)

All the Scheduled Banks, whether registered or not under the Act, having their branches in Delhi and engaged in the business of Silver, Gold, repossessed vehicles, shall furnish the return on quarterly basis, in the enclosed Form Bank-1 prescribed for the purpose. ...

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No person shall act as an investment adviser without obtaining certificate of registration from Board

PR No. 53/2013 (29/05/2013)

For operational convenience and as part of decentralisation of work, it has been decided that the application for registration as an investment adviser under IA Regulations shall be filed with the concerned Regional Office(RO) / Local Office(LO) of the Board under the jurisdiction of which the registered address of the applicant falls. ...

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