"October, 2013" Archive

Govt increases export price of onion

Notification No. 49 (RE-2013)/2009-201 (31/10/2013)

Export of onion for the item description at Serial Number 51 & 52 of Schedule 2 of ITC(HS) Classification of Export & Import Items shall be permitted subject to a Minimum Export Price(MEP) of US$ 1150 per Metric Ton F.O.B. or as notified by DGFT from time-to-time...

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Notification No. 107/2013-Customs (N.T.) Dated: 31/10/2013

Notification No. 107/2013-Customs (N.T.) (31/10/2013)

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 ...

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Pros and Cons of extension of due date for furnishing of TAR / ITR

The much hyped extended due date for electronically furnishing of TAR and consequent ITR would also come to an end today. Before it is too late, let us examine the pros and cons of such extension. I have tried to make a beginning. Suggestions are always welcome....

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Posted Under: DGFT |

DIT Invite Suggestions For New Income Tax Business Application

Notification F No.System/ITBA/Suggestions/11-12/26 (31/10/2013)

As you are aware ITD has undertaken the task of developing new Income-Tax Business Application with the help of M/S TCS who were onboarded as service provider w.e.f. 9th may 2013. We are in the process of finalizing SRS (Software Requirement Specifications) for various modules/processes which in turn will be used as reference documents fo...

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Ignorance of law in not furnishing Section 92E Report – whether a reasonable cause for not levying penalty

Under section 92E, every person who enters into an international transaction during a previous year is required to obtain a report from a chartered accountant and furnish such report on or before the specified date on the prescribed form. Rule 10E provides that the auditor’s report shall be in Form No.3CEB....

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Posted Under: DGFT |

CBDT Instruction on Receipt/Revenue Audit Objections

Instruction No. 16/2013 (31/10/2013)

It is a matter of concern that despite a comprehensive procedure prescribed through the Instruction for action at different stages of Audit Objections, settlement track record is unsatisfactory and remedial action is delayed. ...

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Govt. to Come-Up with Inflation based Certificate

Government to Come-Up with Inflation based Certificate to Neutralize the Impact of Inflation; National Level Workshop on Voluntary Savings Organized on World Thrift Day ...

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Posted Under: DGFT |

Public Notice No. 35 (RE-2013)/2009-2014, Dated: 30.10.2013

Public Notice No. 35 (RE-2013)/2009-2014 (30/10/2013)

If only export has been fully completed / partly completed before 1.8.2013, then the corresponding import would be allowed subject to an undertaking from the authorization holder, that the inputs which have been actually used in the product already exported shall only be imported....

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Seeks to amend notification No. 146/1994-Customs dated 13.7.1994

Notification No. 48/2013-Customs [G.S.R. 713(E)] (30/10/2013)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes...

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Double benefit of CENVAT credit and duty drawback cannnot be claimed

Policy Circular No. 9 (RE-2013)/2009-14 (30/10/2013)

All Industry Rate of Duty Drawback, as notified by Department of Revenue, wherever admissible, also includes service tax component on input services. While giving a declaration for non-availment of CENVAT credit, applicant has to ensure that it has also not claimed CENVAT credit on service tax on input services. While making an applicat...

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Provisions of para 4.1.15 of FTP applies for supplies to SEZs & deemed exports too

Nofification No. 48 (RE-2013)/ 2009-2014 (30/10/2013)

Wherever SION permits use of either (a) a generic input or (b) alternative inputs, unless the name of the specific input(s) [which has (have) been used in manufacturing the export product] gets indicated / endorsed in the relevant shipping bill and these inputs, so endorsed, match the description in the relevant bill of entry, the concern...

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MCA 21 Portal Crosses Milestone of 1 Lakh Filings on One Single Day

The MCA 21 portal of the Ministry of Corporate Affairs crossed a significant milestone of 1,00,000 filings on one single day on 26th October 2013, surpassing the previous best of 88,119 filings last year (on 21/11/2012)....

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Posted Under: DGFT |

2nd Quarter Review of RBI Monetary Policy 2013-14

Date : 29 Oct 2013 Second Quarter Review of Monetary Policy 2013-14 : Statement by Dr. Raghuram G. Rajan, Governor, Reserve Bank of India “Good Morning and welcome to the Reserve Bank. Today, continuing the process begun in September, we have announced the following policy measures: we have reduced the marginal standing facility (MS...

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Posted Under: DGFT |

Public Notice No. 34 (RE-2013)/2009-2014, Dated: 29.10.2013

Public Notice No. 34 (RE-2013)/2009-2014 (29/10/2013)

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in Appendix 5 of the Handbook of Procedures (Vol.I) with immediate effect....

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Notification No. 106/2013-Customs (N.T.) Dated: 29/10/2013

Notification No. 106/2013-Customs (N.T.) (29/10/2013)

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 ...

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Download draft rules (4th phase) under Companies Act 2013

Suggestions invited for the 4th Tranche of Draft Rules under the Companies Act 2013. This Phase Covers the IEPF Authority The Ministry of Corporate Affairs has invited suggestions/ comments for the 4th tranche of Draft Rules being framed under the Companies Act, 2013. November 5, 2013 has been fixed as the last date for submission [&helli...

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Posted Under: DGFT |

SC Judgement for “None of the Above” Option on Voting Machine – Clarification

The direction in the judgment dated 27th September, 2013 of the Hon’ble Supreme Court is to provide a NOTA option on the EVM and ballot papers so that the electors who do not want to vote for any of the candidates can exercise their option in secrecy....

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Posted Under: DGFT |

RBI : Macroeconomic & Monetary Developments, 2nd Quarter Review 2013-14

The Reserve Bank of India today released the Macroeconomic and Monetary Developments, Second Quarter Review 2013-14. The document serves as a backdrop to the Second Quarter Review of Monetary of Policy 2013-14 to be announced on October 29, 2013. ...

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Posted Under: DGFT |

Net Interest Margin, Financial Crisis and Bank Behavior: Experience of Indian Banks

Author has attempted to assess the impact of the financial crisis on banks’ efficiency considering Net Interest Margin (NIM) as an efficiency indicator for the Indian banks. By employing disaggregated bank level data across different ownership categories, the author has analysed the factors influencing Indian banks’ margin. ...

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Posted Under: DGFT |

Notification No. 26/2013-Customs (ADD) Dated: 28/10/2013

Notification No. 26/2013-Customs (ADD) (28/10/2013)

The anti-dumping duty imposed under this notification shall be effective for a period of five years (unless revoked, superseded or amended earlier) from the date of publication of this notification in the Official Gazette....

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How to Search Companies/Directors under Prosecution?

How to Search Companies/Directors under Prosecution Under Companies Act, 1956? MCA has recently added a facility under which a user can search the name of the Company or Directors on which prosecution is going on under the Companies Act, 1956....

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Posted Under: DGFT |

How to quantify income in case of admitted accommodation entry

Tarun Goyal Vs ACIT (ITAT Delhi)

The undisputed fact accepted by the assessee is that Mr. Tarun Goyal was running a racket of providing accommodation entries by floating numerous companies. The modus operandi brought out by the AO in the assessment order, is not disputed by the assessee. ...

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Simplified Procedures for Transmission of Securities

Circular No. CIR/MIRSD/10/2013 (28/10/2013)

In case of transmission of securities in dematerialized mode, where the securities are held in a single name without a nominee, the existing threshold limit of Rs. 1,00,000 (Rupees One lakh only) per beneficiary owner account has now been revised to Rs. 5,00,000 (Rupees Five lakh only),...

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ITAT Has No Power to Dismiss Appeal For Non-Appearance

Bharat Petroleum Corporation Limited Vs Income Tax Appellate Tribunal (Bombay High Court)

Whether the Tribunal has power in terms of Rule 24 of the Tribunal Rules to dismiss an appeal before it without considering the merits of the appeal and only on the ground for want of prosecution? ...

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Penalty under normal provisions on assessee assessed under MAT provisions not justified

No penalty initiated under Section 271(1)(c) of I.T. Act 1961was justified for disallowance made under normal provisions when assessee was assessed under MAT provisions....

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Posted Under: DGFT |

No Disallowance U/s. 40(a)(ia) if TDS paid before due date of filing IT return

M/s. Pratibha JV Vs The DCIT (ITAT Mumbai)

The provisions of section 40(a)(ia) as stood prior to the amendments made by the Finance Act 2010 thus were resulting into unintended consequences and causing grave and genuine hardships to the assessees who had substantially complied with the relevant TDS provisions by deducting the tax at source and by paying the same to the credit of t...

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HC orders Co-Op Registrar to Prepare new panel of Auditors / Audit Firms : HC

Santosh Ganesh Avhad Vs The Cooperation Commissioner and the Registrar of Co-operatives & Anr (Bombay High Court)

The challenge in this petition is to the Circular dated 6th March, 2013 issued by the 1st respondent. The said circular lays down the procedure of preparation of a panel of Auditors and Auditing firms in accordance with the third proviso to sub-section (1) (a) of Section 81 of the Maharashtra ...

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Procedure for closure of cases of default in Export Obligation

Policy Circular No. 8/2009-2014 (25/10/2013)

Provides an option for redemption/ regularisation of old cases of default in export obligation under (a) Duty exemption; and (b) EPCG Scheme. Para (d) of this Public Notice provides that necessary procedure including a system of filing required reports by the respective RAs would be indicated separately....

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Notification No. 85/2013 – Income Tax Dated 25/10/2013

Notification No. 85/2013 - Income Tax (25/10/2013)

Notification No. 85/2013 - Income Tax S.O.3249 (E) – In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income- tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby...

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Notification No. 84/2013 – Income Tax Dated 25/10/2013

Notification No. 84/2013 - Income Tax (25/10/2013)

Notification No. 84/2013 - Income Tax S.O.No. 3250(E) – In exercise of the powers conferred by Section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the Income-tax authorities specified in column (3) of the Schedule below shall be subordinate to the Income-tax authority specified in...

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Notification No. 83/2013 – Income Tax Dated 25/10/2013

Notification No. 83/2013 - Income Tax (25/10/2013)

Notification No. 83/2013 - Income Tax S.O.3251 (E) – In exercise of the powers conferred by sub-sections (1) and (2) of Section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that Commissioner specified in column (2) of the Schedule below, having his Headquarters at the place specified in...

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Notification No.13/2013-Central Excise (N.T.) ; Dated : 25.10.2013

Notification No. 13/2013-Central Excise (N.T.) (25/10/2013)

The principal notification No. 20/2006 - Central Excise (N.T) dated the 30th September , 2006 was published in Gazette of India vide number G.S.R. 609( E). , dated the 30th September , 2006 and was last amended , vide notification No. 17/2011 - C.E (N.T) dated 18-7-11 , published in Gazette of India vide G.S.R.542( E)., dated the 18th Jul...

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Delhi VAT – Details of the main bank account as a mandatory provision

Notification No.F.3(375)/Policy/VAT/13 /923-926 (25/10/2013)

It is to inform that, the dealers, while applying for new registration with the Department of Trade & Taxes, are required to provide the details of the main bank account as a mandatory provision. ...

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Transfer Pricing is not art, its not science….its magic!

Recently Learned CA T.P. Ostwal has commented on Transfer Pricing issues while addressing a WEBCAT for ICAI on Overview of Transfer Pricing that " TP is not art, its not science….. its magic!" He further point out the following deficiencies :-...

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Posted Under: DGFT |

Notification No. 82/2013 – Income Tax Dated 25/10/2013

Notification No. 82/2013 - Income Tax (25/10/2013)

Notification No. 82/2013 - Income Tax (b) authorises the Commissioner of Income-tax referred to in this notification to issue orders in writing for the exercise of the powers and performance of the functions, including powers under Chapters XVII-B and XVII-BB of the said Act, by the Additional Commissioners or Joint Commissioners of Incom...

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Regarding encouragement for stakeholder participation in Customs functioning

Circular No. 42/2013-Customs (25/10/2013)

The CBEC has a well established practice of involving stakeholders in decision-making and resolving operational issues. This is exemplified by the Permanent Trade Facilitation Committee (PTFCs) in each Custom House, which includes local trade and logistics ...

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Digital signatures will be available in USB Token Only

25/10/2013 (25/10/2013)

In respect of Class 1 Certificate, in case the subscriber does not wish to procure a Cryptographic device, the corresponding risk should be made known to the subscriber and an undertaking taken from him/her to the effect that he/she is aware of the risks associated with storing private Key(s) on a device other than a FIPS 140-1/2 validate...

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LOAN TO DIRECTORS- Section 185 – Companies Act, 2013

Section 185 of the Companies Act, 2013 is applicable on private company as well as public Company. PROHIBITED TRANSACTIONS - No Company advances any loan to its director. No Company advance any loan to any firm in which any such director or relative is a partner;...

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Posted Under: DGFT |

Listing of SME without making initial public offer

Circular No. CIR/MRD/DSA/33/2013 (24/10/2013)

In order to facilitate capital raising by small and medium enterprises including start­up companies which are in their early stages of growth and to provide for easier exit options for informed investors like angel investors, VCFs and PEs etc., ...

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Delhi VAT – Last date for Mismatch extended

The Department intends to frame the assessment of all registered dealers for the third and fourth Quarter 2012-13 tax-periods on the basis of mismatch in the online data as on 31/10/2013 filed by the dealers in Annexure 2A and 2B of their return....

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Posted Under: DGFT |

Public Notice No. 33 (RE-2013)/2009-2014, Dated: 24.10.2013

Public Notice No. 33 (RE-2013)/2009-2014 (24/10/2013)

In the existing entry of SION at SI. No. A- 3504 of the Product Group “Chemical and Allied Products”, the description of import item no. 1 may be read as “7-Chloro-1-cyclopropyl-6-fluoro-1,4-dihydro-4-oxo-3-Quinoline carboxylic acid” instead of “ 7-Chloro-1-cyclopropyl-6-fluoro-1,4-dihydro-4-oxo-3-Quinoline-3-carboxylic acid....

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Tax audit & ROI due date extended to 31.10.2013 for A.Y. 2013-14

Order under Section 119 - F. No. 225/117/ 2013/ ITA.II (24/10/2013)

In exercise of powers conferred under section 119 of the Income tax Act, 1961, the Central Board of direct Taxes, in continuation to order u/s 119 dated 26.09.2013 in F. No. 225/117/2013/ITA.II, hereby directs that in cases where the ‘due date’ of furnishing reports of audit and corresponding income-tax returns was 30th September, 201...

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Attention : Members in practice – Annual eFiling of ROC Returns

Members in practice may kindly note that the Ministry of Corporate Affairs, Govt. of India has recently advised that it would not entertain/accede to any request for extension of last date for e-Filing beyond the expiry/specified date concerned. ...

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Posted Under: DGFT |

CBDT strengthens role of supervisory authorities to streamline Internal Audit System

Instruction No 15/2013 (18/10/2013)

Reference is invited to Board's Instruction No. 3 of 2007 dated 17.4.2007 on the New Internal Audit System (hereinafter Instruction). The slow progress of work relating to settlement of Internal Audit Objections and also quality & coverage of internal audit have been a matter of serious concern. ...

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One Person Companies (OPC) Under Companies Act, 2013

One Person Company means a company which has only one person as a member. It may be formed for any lawful purpose by one person as a private company by subscribing his name to a memorandum and complying which the requirements of this act in respect of registration....

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Posted Under: DGFT |

DGFT relaxes export policy for export of Red Sanders wood

Notification No. 47 (RE- 2013 )/2009-2014 (24/10/2013)

Government of Andhra Pradesh/DRI shall finalize the modalities including allocation of quantities to various entities, as applicable, for export of the respective quantities within 6 months of issue of this notification and such export must be completed within 6 months thereafter. The whole process of export shall be completed latest by 3...

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Norms & Procedure For Designation Of Advocates As Senior Advocates

Notification No. 298/2013 - Income Tax (24/10/2013)

Notification No. 298/2013 - Income Tax (1) Fifteen years standing at the Bar. In calculating the 15 years standing at the Bar, services rendered as Judicial Officer shall be taken into consideration; (2) Annual declared gross income from profession should not be less than Rs.7,00,000/- for the past three years and should be an income tax...

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Date Extended for Giving Suggestions on 3rd Tranche of Draft Rules – Companies Act 2013

The Ministry of Corporate Affairs has extended by 4 days the last date for accepting suggestions/ comments for the 3rd tranche of Draft Rules being framed under the Companies Act, 2013. Now, such suggestions/ comments can be given till 5th November 2013. ...

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Posted Under: DGFT |

Corporate Pricing Power, Inflation and IIP Growth: An Empirical Investigation

Pricing power is generally characterised as the degree to which firms pass through changes in input costs to prices of finished goods. Previous studies have indicated that the degree to which firms pass through both, price increases at competing firms and cost increases, depends upon the level of inflation. ...

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Posted Under: DGFT |

Public Notice No. 32 (RE-2013)/2009-2014, Dated: 23.10.2013

Public Notice No. 32 (RE-2013)/2009-2014 (23/10/2013)

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-2014 and Paragraph 1.1 of Handbook of Procedures (Vol.1), the Director General of Foreign Trade hereby makes the following amendment/modifications in the Handbook of Procedures....

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SEBI : General Information Document

CIR/CFD/DIL/12/2013 (23/10/2003)

issued in exercise of the powers conferred under Section 11 read with Section 1 1A of the Securities and Exchange Board of India Act, 1992 read with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009...

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Relief to Product which experienced a decline in exports in 2012-13 as compared to 2011-12

Policy Circular No. 07 (RE-2013)/2009-14 (23/10/2013)

Para 5.11.2 of the Hand Book of Procedure Volume 1 (HBP v1) permits re-fixation of Annual Average Export Obligation, in case the export in any sector/ product group declines by more than 5%. This implies that for the sector/product group that witnessed such decline in 2012-13 as compared to 2011-12, would be entitled for such relief. ...

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Reg. Import of new motorcycles from Bangladesh

Notification No. 46 (RE-2013)/2009-2014 (23/10/2013)

The import of new vehicles shall be permitted only through the Customs port at Nhava Sheva, Kolkata, Chennai, Chennai Airport, Cochin, ICD Tughlakabad and Delhi Air Cargo, Mumbai Port and Mumbai Air Cargo Complex, ICD Talegaon Pune, ICD Faridabad and Ennore Port....

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Maharashtra Govt doubled Partnership Fees w.e.f. 25/10/2013

Notification No. No IPA. 2012/329/CR (23/10/2013)

Maharashtra Government has vide Notification No. No IPA. 2012/329/CR 59/Desk-1 Dated 25.09.2013 has doubled the fees for partnership related issues. Revised rates are as follows :-...

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Companies Act, 2013 – Draft rules – Phase 3 – Suggestions Invited

Under the third phase, the MCA has released draft rules relating to the following chapters. The last date of receiving comments on draft rules released under the third phase is 1st November, 2013....

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Posted Under: DGFT |

Today is last date for Submitting Suggestions for 2nd Tranche of Draft Rules Under Companies Act 2013

Today i.e. October 23, 2013 is the last date for submission of suggestions/ comments for the 2nd tranche of Draft Rules being framed under the Companies Act, 2013. Earlier, the Ministry of Corporate Affairs had extended the date by 4 days to 23rd October 2013. ...

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Posted Under: DGFT |

Companies Act 2013- Major Highlights

a) Private company can have a maximum of 200 members (earlier limit was upto 50). (Clause 2(68)). b) The maximum limit of directors in the Company has been increased to 15 with a power to add more directors upon passing of Special Resolution without taking CG approval as earlier required. One director can also form a company . ...

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Posted Under: DGFT |

Notification No. 25/2013-Customs (ADD) Dated: 22/10/2013

Notification No. 25/2013-Customs (ADD) (22/10/2013)

Whereas, in the matter of import of vitrified and porcelain tiles, (hereinafter referred to as the subject goods), falling under Chapter 69 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) ...

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Issue Of Income Tax Refund Refunds Without Adjustment Of Demand

Notification - F.NO.DIT(S)-III/CPC/2013-14/Refund Adjustment (22/10/2013)

I have been directed to inform you that in pursuance to the decision of Full Board and minutes of the meeting dated 21/08/2013, the CPC is allowed to issue refunds without adjustment of demand as an interim measure in cases where either the outstanding demand against the assessee was less than Rs. 5000/- or claim of refund was less than R...

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Restrictions on ‘At par’ cheque facility used by Urban Cooperative Banks

RBI/2013-14/332 UBD.BPD (PCB) Cir. No. 32/14.01.062/2013-14 (22/10/2013)

It has been observed that UCBs are utilizing ‘at par’ cheque facility extended by Scheduled Commercial Banks not only for their own use but also for their customers, including walk-in customers....

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Deemed Defective Returns For AY 2013-14 : CBDT

F.No.DIT(S)-III/CPC/2013-14/Unpaid-Self-Assessment-Tax (22/10/2013)

I have been directed to inform that a number of e-Returns have been submitted for AY 2013-14 where unpaid self-assessment-tax existed on the date of submission of e-returns. As on 09-Oct-2013, total 1,46,495 e-Returns of AY 2013-14 were submitted with unpaid self­assessment-tax of Rs. 100/- or more on the date of filing....

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NSDL & CDSL to maintain Centralized Database for Corporate Bonds/Debentures

Circular No. CIR/IMD/DF/17/2013 (22/10/2013)

The depositories shall obtain requisite information regarding the bonds/debentures from Issuers, Stock Exchanges, Credit Rating Agencies and Debenture Trustees. The Database can be accessed by the public or any other users without paying any kind fees or charges....

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Rebate of Rs. 2000 for Individuals Having Total Income Upto Rs 5 Lakh

Finance Act 2013 has provided relief in the form of rebate to individual taxpayers, resident in India, who are in lower income bracket, i. e. having total income not exceeding Rs 5,00,000/-....

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Posted Under: DGFT |

CBDT not agreed to Tax Audit Due Date Extension

1) Committee met with CBDT and sought one month extension from CBDT. 2) CBDT did not agree with the proposal in the meeting and said that they will communicate the final decision. 3) Next hearing at Delhi High Court is on 24th....

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Posted Under: DGFT |

No Services tax on serving of food in canteen by Factory

Notification No. 14/2013-Service Tax (22/10/2013)

Services provided in relation to serving of food or beverages by a canteen having the facility of air-conditioning or central air-heating at any time during the year maintained in a factory covered under the Factories Act, 1948 will be exempt from levy of service tax....

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Notification No. 24/2013-Customs (ADD) Dated: 21/10/2013

Notification No. 24/2013-Customs (ADD) (21/10/2013)

WHEREAS in the matter of Methylene Chloride (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 ...

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Effect of FDI on Various Sector

Foreign direct investment plays very imperative role in the economic development of the country. It helps in transferring of financial resources, technology and innovative, improved management techniques along with raising productivity and to attain a financial stability and economic growth with the help of investments in different sect...

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Posted Under: DGFT |

Analysis of Audited & Un-Audited Bank Branches during 2012-13

The author have analysed the data of Branches under statutory audit of 25 Nationalised banks for Financial Year 2012-13 and it is observed that branches audited of these nationalised banks were ranged between 28.90% to 67.10%. ...

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Posted Under: DGFT |

Notification Appointing Assistant CITs As Deputy CITs – Notification No. 7 of 2013

CBDT Notification No. 7 of 2013 (21/10/2013)

The CBDT has issued Notification No. 7 of 2013 dated 21.10.2013 appointing several Assistant Commissioners of Income-tax (Junior Scale) as Deputy Commissioners of Income-tax (Senior Scale) in the pay scale of Rs. 15,600 – 39,000...

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CORPORATE SOCIAL RESPONSIBILITY Under Companies Act, 2013

Corporate social responsibility (CSR) also called corporate conscience, corporate citizenship, social performance, or sustainable business is a form of corporate self-regulation integrated into a business model. ...

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Posted Under: DGFT |

Reg. CVD on Steam Coal imported from Indonesia

Circular No. 41/2013-Customs (21/10/2013)

Under notification No. 12/2012-Customs, dated 17-03-2012 (S. No. 123 of the Table), Steam Coal falling under sub-heading 27011920 attracts basic customs duty (BCD) at 2% and countervailing duty (CVD) at 2%....

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Setting Up Of Tax Administration Reform Commission (TARC)

Pursuant to the announcement made by the Hon'ble Finance Minister in his Budget Speech 2013-14, the government set-up Tax Administration Reform Commission (TARC) with a view to reviewing the application of Tax Policies and Tax Laws in India...

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Posted Under: DGFT |

RBI guidelines on opening of branches by scheduled commercial banks

RBI/2013-14/330 DBOD.No.BAPD.BC. 60/22.01.001/2013-14 (21/10/2013)

Presently, in terms of reporting requirements as laid down in para 23 of Master Circular DBOD No. BAPD.BC. 18/22.01.001/2013-14 dated July 01, 2013 on Branch Authorisation, banks should report details of opening of a new place of business including Mobile branch/Mobile ATMs, and call centres, and closure, merger, shifting or conversion of...

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CPE credit Hours requirements for Calender Year 2011 to 2013 for CAs

CPE credit Hours requirements for the block of 3 years started with effect from 01-01-2011 to 31-12-2013 to be complied with by different categories of members: ...

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Posted Under: DGFT |

Constitution Of Committee to Revisit Extent Manual & Submission Of The Draft Of Manual for TRO

ORDER [F.NO. 375/1/2011-ITB] (15/10/2013)

Central Action Plan 2013-14 has given annual action target for the work of Tax Recovery Officers. On a review of the present work of TRO, it has been found that the Manual for TRO which was published in 2007 needs to be revisited afresh, keeping in view the emphasis on recovery of tax ...

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SEBI : Gold Exchange Traded Fund Scheme (Gold ETFs) and Gold Deposit Scheme (GDS) of Banks

CIR/IMD/DF/16/2013 (18/10/2013)

circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act 1992, read with the provision of Regulation 77 of SEBI (Mutual Funds) Regulation....

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Directors Report under Companies Act, 2013- Disclosures in Brief

The Directors Report is the part of Annual Report in which the details of Company has been mentioned. There is no restriction to put any matter in the Directors Report if the Directors have intention to mention there apart from legal provisions. In view of this various company put a lot of matters, issues and publications which are not ma...

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Posted Under: DGFT |

Request to send Screenshots of Service Validation Errors on E-filing Website

Delhi Chartered Accountants Society has filed a writ petition in the Delhi High Court for extension of due date of tax audit as, on the last date of tax Audit i.e. 30.09.2013, there was default on the part of the Respondents (Union of India, CBDT) as the site of the Income Tax Department had crashed. ...

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Posted Under: DGFT |

National Financial Reporting Authority (NFRA) – Under Companies Act, 2013

The concept of having a body such as National Financial Reporting Authority is not new as such. The Institute of Chartered Accountants of India already has many of these powers. In the Companies (Amendment) Act, 1999, new sub-sections (3A), (3B) and (3C) were inserted in section 211...

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Posted Under: DGFT |

Same activity cannot be considered as manufacturing and service at a time

Whether the same activity can be considered as manufacturing and subjected to excise duty and at the same time considered to be a service and subjected to service tax?...

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Posted Under: DGFT |

Voter Registration : All you want to know

In this Article we have discussed the FAQ related to Eligibility to Register as Voter, How to Register as Voter or How to apply for Voting Card, Who is not eligible for the same, Documents Required to Register, Forms For Registration and where to Register? ...

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Posted Under: DGFT |

Govt approves creation of six new Benches of CESTAT

The Union Cabinet today gave its approval for setting up six additional Benches of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), including three at the existing locations of New Delhi, Mumbai and Chennai and three new Benches at Chandigarh, Allahabad and Hyderabad. ...

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4 more Days to Submit Suggestions on 2nd Tranche of Draft Rules under Companies Act 2013

The Ministry of Corporate Affairs has extended by 4 days the last date for submission of suggestions/ comments for the 2nd tranche of Draft Rules being framed under the Companies Act, 2013. Earlier, the last date was fixed as 19th of this month but now it has been extended to 23rd October 2013....

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Gold ETFs in GDS can be held by mutual funds in dematerialized or physical form

Circular No. CIR/IMD/DF/16/2013 (18/10/2013)

Gold certificates issued by Banks in respect of investments made by Gold ETFs in GDS can be held by mutual funds in dematerialized or physical form....

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Public Notice No. 31 (RE-2013)/2009-2014, Dated: 17.10.2013

Public Notice No. 31 (RE-2013)/2009-2014 (17/10/2013)

Incorporation of 2D (GS 1 Data Matrix) barcodes on medicines at strip/vials/bottle level encoding unique product identification code (GTIN), Batch Number, Expiry Date and Serial Number of the Primary pack. Mono cartons containing stripes/vials/bottle shall be treated as part of primary level packaging....

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Deduction U/s. 54F not allowable if constructed house are not habitable

Smt. Usharani Kalidindi Vs The Income Tax Officer (ITAT Hyderabad)

A construction in inhabitable position cannot be equated with a residential house. If a person cannot live in a premises, then such premises cannot be considered as a residential house. In our opinion, investment in the construction would be complete as a house only when such house becomes habitable....

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AO is Duty bound to Assist tax payer in a reasonable way

Shri Paramjeet Singh Chhabra Vs Income Tax Officer 1(2) (ITAT Indore)

The facts, in brief, are that during the year the assessee sold a shop for Rs.18 lacs on 17.1.2005 and declared sale price while working out the capital gain and investment in construction of a residential house....

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PPT on Service Tax VCES Scheme, 2013

We recently had meeting with Member, CBEC during Interaction with various Trade Associations on 23.09.2013. The presentation was made by Department officials on Service Tax Voluntary Compliance Encouragement Scheme, 2013. For the benefit of all the professional colleagues, I am giving link to download Notification and forms. The copy of p...

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Income accrued must be considered from a realistic & practical angle – SC

Commissioner of Income Tax Vs M/s Excel Industries Ltd. (Supreme Court of India)

Applying the three tests laid down by various decisions of this Court, namely, whether the income accrued to the assessee is real or hypothetical; whether there is a corresponding liability of the other party to pass on the benefits of duty free import to the assessee even without any imports having been made...

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Non deduction of TDS on Medical Reimbursement

The Assistant Commissioner of Income Tax (TDS) Vs M/s. SAP Labs India Pvt. Ltd. (ITAT Bangalore)

conditions for grant of exemption up to Rs.15,000 per employee towards medical reimbursement paid by the Assessee satisfies conditions contemplated by the proviso (v) to Sec.1 7(2) of the Act, can the AO deny the relief under the proviso (v) to Sec.17(2) of the Act? ...

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Rate of exchange of conversion of each of foreign currency wef 18.10.2013

Notification No. 105/2013-Customs (N.T.) (17/10/2013)

Notification No.105/2013-Customs (N.T.) , Dated the 17th October, 2013 Rate of exchange of conversion of each of the foreign currency with effect from October 18, 2013...

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Impact of Increased Derivatives-Trading in India on Price-Discovery Process

PR No. 102/2013 (17/10/2013)

SEBI released the Development Research Group (DRG) Study titled, Impact of Increased Derivatives-Trading in India on the Price-Discovery Process. The study is co-authored by Prof. Banikanta Mishra, Dr. Sarat Malik, and Laltu Pore....

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Merger and Amalgamation in India

Merger and amalgamation (‘M&A’) deals are increasing in India. Increase in competition has made organizations merger themselves to reap the benefits of a large-sized company. To understand this article, first one need to know the terms – merger, amalgamation, transferor company and transferee company....

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Companies Act, 2013 – Private placement norms made stringent

The much-awaited Companies Bill, 2013 got the President’s assent on 29 August 2013. The new Companies Act, 2013 seeks to consolidate and amend the law relating to the companies and intends to improve corporate governance, raise levels of transparency and to further strengthen regulations for corporates. The Act has made significant chan...

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CBDT to provide details of No. of Tax Audit & Auditors to RTI Applicant

CBDT has provided Tax Audit Data to ICAI based on the returns e-filed during the financial year 2010-11. This has been published in one of the leading Private Website for CAs on 16th day of November 2011. ...

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No service validation error in Online Tax Audit Report : CBDT

As per verbal talk with the CA Swadesh Gupta, a counter affidavit was filed by CBDT in high court stating that there were no service validation error, so we require evidence to prove that there were service validation errors in ITR and Tax Audit Report Filing. ...

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e-Filing Experiments By Government Departments On Indian Citizens

CA Haresh N Mehta Can you allow anybody to give untested medicines to Citizens of India? Can you allow anybody to serve half-cooked food to public at large? This is exactly what our beloved Government Departments are doing. They are releasing various forms & e-filing templates which are like half cooked food & which is […]...

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ICAI loses important RTI case on study circle

Shri Shashikant Vasudeo Barve

The CPIO vide her letter dated 21.08.2012, while, inter-alia, informing the Appellant that the relationship between ICAI and CPE study circles is only for limited purpose of recognizing the CPE hours, denied the information on the ground that the same was not maintained by them....

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Co-Operative Banks may be allowed to open Specialized Branches

RBI/2013-14/336 UBD.CO.LS.(PCB).Cir.No. 30/07.01.000/2013-14 (15/10/2013)

We have of late been receiving requests from banks for setting up of Specialized Branches like Central Processing Centres (CPCs)/ Retail Assets Processing Centres/ Regional/ Zonal Processing Centres. ...

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