The section 23 of the MVAT Act, 2002 provides for the assessment of tax under different contingencies. 2. Sub-section (11) of section 23 provides that, (1) where a dealer has been assessed under sub-section (2), (3) or (4) and if he makes an application in Form-316 to the Commissioner within thirty days from the date of service of the assessment order, for the cancellation of the assessment on the ground that he was unable to attend before the Commissioner for hearing.
Assessment officers of many charges have conveyed to the Board that they are not being provided any secretarial assistance or other office help and they are left with no option but to make private arrangement to finalise their assessment orders and other time bound matters.
General Circular No.38 /2012 , Dated 23.11.2012 In continuation of General Circular No. 30/2012 dated 28.09.20 12 on the subject cited above, I am directed to say that Due date of filing of e-forms 23AC(Non-XBRL) and 23ACA (Non XBRL) as per new schedule VI (applicable for the accounting year commencing on or after 1.4.2011 ) has been extended upto 24.11.2012 for Companies holding AGM or whose due date for holding AGM is on or after 2 1.09.2012.
Any lender or borrower who wishes to extend an existing lent or borrow position shall be permitted to roll-over such positions i.e. a lender who is due to receive securities in the pay out of an SLB session, may extend the period of lending. Similarly, a borrower who has to return borrowed securities in the pay-in of an SLB session, may, through the same SLB session, extend the period of borrowing. The roll-over shall be conducted as part of the SLB session.
Circular No. 165/16/2012 -ST Service specific Accounting Codes restored; 120 services labeled with codes unlike to one code for negative list. – Negative List based comprehensive approach to taxation of services came into effect from the first day of July, 2012. Accounting code for the purpose of payment of service tax under the Negative List approach [All Taxable Services – 00441089] was prescribed vide Circular 161/12/2012, dated 6th July, 2012.
Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 40 dated November 01, 2011 enhancing the period of realization and repatriation to India of the amount representing the full export value of goods or software exported, from six months to twelve months from the date of export. This relaxation was available up to September 30, 2012.
SEBI vide Circular No. SEBI/DNPD/Cir-33/2007, dated December 27, 2007 had permitted Stock Exchanges to introduce mini derivative contract on Index (Sensex and Nifty) with a minimum contract size of INR 1 lakh.
The facility of remittance of refund through ECS will be optional to all the dealers in Greater Mumbai. However, in future the department proposes to make ECS refund scheme mandatory. Therefore, all the dealers who do not have Bank account in an ECS enabled Bank are advised to open an account in an ECS enabled Bank.
Please find enclosed a copy of the gazette notification No. LAD-NRO/GN/2012- 13/17/21502 dated September 26, 2012 pertaining to Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2012, for your information and implementation.
Attention is invited to Board’s Circular No. 37/2011- Cus., dated 23.08.2011 which gives details on the ‘Authorized Economic Operator’ (AEO) Programme . The said Circular contains the salient features of the AEO Programme including the processing, validations and certification of AEOs. It also indicated Board’s decision to initially begin a pilot before finalizing the AEO Programme for a full scale roll out. Accordingly applications were invited for participation in the Pilot AEO Programme, which has since been completed.
