I am directed to refer to the Ministry’s General Circular no. 14/2012 dated 21st June 2012 & General Circular no. 19/2012 dated 27th July 2012 and to say that fees on Form 23B (Information by statutory auditor to the Registrar) has been further deferred for one week and shall now be applicable from 12th August, 2012.
Circular No. 6/2012 – Rule 12 of the Income-tax Rules, 1962 mandates that an individual or Hindu undivided family, if his or its total income or the total income in respect of which he is or it is assessable under the Act, during the previous year, exceeds ten lakh rupees, shall furnish the return electronically for the assessment year 2012-13 and subsequent assessment years.
Notification no. S.0-447 (E) dated 28.02.2011 on revised schedule VI is effective from 1st April 2011. The current year filing is based on revised schedule VI is due for filing. The revised form 23AC & ACA is under finalization and will be notified shortly on the MCA website.
The facility of DMA provided by the stock broker shall be used by the client or an investment manager of the client. A SEBI registered entity shall be permitted to act as an investment manager on behalf of institutional clients. In case the facility of DMA is used by the client through an investment manager, the investment manager may execute the necessary documents on behalf of the client(s).
CIRCULAR no. MRD/DP/21/2012, dated 2-8-2012 In addition to the above circular, it has now been decided that in case of IPO for debt securities the ISINs shall be activated only on the date of commencement of trading on the stock exchange.
(a) Any Company, which has filed multiple Form 5 INV while uploading the information for the year 2010-11 on or before the date of issue of this circular, should again file Form 5 INV (single) and upload the details of investors in excel template. This process should be completed by 31′ August, 2012. (b) All Companies, which have not yet filed Form No. 5 INV are allowed to file Form No. 5 INV along with details of investors in excel template upto 31′ August, 2012.
NEW PROCEDURE TO BE FOLLOWED FOR PASSING AND CANCELLATION OF UAO:- (1) The new system of automatic cancellation of UAO shall be applicable with effect from 1st August 2012. (2) With effect from 1st August 2012, assessing authority shall pass an UAO only through MAHAVIKAS. (3) MAHAVIKAS will automatically ascertain the return filing status for a particular period and in respect of a particular dealer vis-a-vis UAO. If, after mapping requisite criteria, it is noticed that the dealer has filed the return in respect of a particular period under UAO, then the MAHAVIKAS shall cancel the order of assessment so passed. There will be no need for the dealer to make an application in Form-304. As explained above, it will not be necessary to pass separate order for cancellation of UAO. An e-mail will be sent to the dealers e-mail ID provided by the Sales Tax Department. This e-mail will give information about the cancellation of UAO, The dealer may also access his e-mail at
Circular No. 21 /2012-Customs – From the wordings of the notification no. 146/64-Customs dated 13.07.1994, it is seen that the exemption covers two broad categories of goods. First category covering sports goods required for training purposes by a sports person of outstanding eminence, which are listed in specified terms under each item or sport such as Archery, Athletics, Badminton etc. The second category being the goods that are described in general as ‘sports goods, sports equipments and sports requisites’ and their ‘spares, accessories and consumables’ for import by specified sports bodies for national or international completion/ championship.
CIRCULAR NO. 5/2012 The council in exercise of its statutory powers amended the Indian Medical Council (Professional Conduct, Etiquette and Ethics) Regulations, 2002 (the regulations) on 10-12-2009 imposing a prohibition on the medical practitioner and their professional associations from taking any Gift, Travel facility, Hospitality, Cash or monetary grant from the pharmaceutical and allied health sector Industries.
It has now been decided to restore the erstwhile stipulation of allowing credit of 100% foreign exchange earnings to the EEFC account subject to the condition that the sum total of the accruals in the account during a calendar month should be converted into Rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments. Accordingly, balances outstanding in an EEFC account as on July 31, 2012 and those balances that would accrue in the account with effect from August 1, 2012 shall get converted to Rupee balances on or before close of business on September 30, 2012. Similar procedure may be followed for accruals during the subsequent months.
