Mutual funds participating in CDS transactions, as users, shall be required to comply with the guidelines issued by RBI, vide notification no. IDMD.PCD.No.5053/14.03.04/2010-11 dated May 23, 2011 and subsequent guidelines issued by RBI and SEBI from time to time.
This office is in receipt of queries with regards to the admissibility of submission of returns, application for refund in Form-501, Audit Report in Form-704 or like documents and payment of amount towards VAT on the next working day immediately following due date which falls on Sunday or Public Holiday.
Circular No. F.1-AD (E-BENCH)/AT/2012 It is directed that appeals and applications fixed before the Income Tax Appellate Tribunal, Nagpur Bench will be heard through Video Conferencing by the Members of the ITAT sitting at ITAT, Mumbai.
On a review of the extant ECB policy, it has been decided to include SIDBI as an eligible borrower for availing of ECB for on-lending to MSME sector, as defined under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, subject to the following terms and conditions:-
MCA is regularly receiving requests from the companies and cost auditors for making corrections in the e-forms 23C & 23D in respect of minor typographical errors or other mistakes such as incorrect financial year, incorrect name of the cost auditor or the cost audit firm, incorrect PAN number, incorrect scope of audit, etc.
In the following cases, the Registrars routinely scrutinize balance sheets:(i) of companies against whom there are complaints; (ii) of companies which have raised money from the public through public issue of shares/ debentures etc.; (iii) in cases where the auditors have qualified their reports.
CTS-2010 standard is a set of benchmarks towards achieving standardisation of cheques issued by banks across the country. These include provision of mandatory minimum security features on cheque forms like quality of paper, watermark, bank’s logo in invisible ink, void pantograph, etc., and standardisation of field placements on cheques. The benchmark prescriptions known as CTS-2010 standard are to be implemented by December 31, 2012.
If a company or the cost auditor contravenes any provisions of this circular, the company and every officer thereof who is found to be in default, and the cost auditor in case he is in default, shall be punishable as per applicable provisions of the Companies Act, 1956.
Letter [F.No. DIT(S) -III/CPC/2012-13 —14161 —78] The assessing officers are required to verify uploaded arrear demands in CPC portal in these cases and certify their correctness before they are considered for adjustment against refunds. This is to ensure that no undue hardship is faced by tax payers, consequently generating grievances.
Ministry of Corporate Affairs vide General Circular No. 15/2011, dated April 11, 2011 had prescribed a revised procedure to be followed for appointment of cost auditors. As per the revised procedure, each company is required to e-file its application with the Central Government in the prescribed Form 23C within ninety days from the date of commencement of each financial year, which shall be approved by MCA within 30 days.
