Trade Cir. 14T of 2012 he Hon. Bombay High court has delivered judgement in case of Maharashtra Chamber of Housing Industry (MCHI) vs. State of Maharashtra in respect of the writ petition no. 2022 of 2007. The constitutional validity of the amendment to section 2(24) of the Maharashtra value added tax Act, 2002, Notification dated 97-2010 notifying a composition scheme for Builders, Developers was upheld. The Promoters and Builders Association has filed special leave petition No. 17738 and 17709 of 2012 before the Hon’ Supreme Court of India. Hon’ Apex Court admitted the petition but no stay is granted to the judgement of Hon Bombay High Court.As a result, the developers are liable to pay tax under Maharashtra Value Added Tax Act, 2002 with effect from 20th June, 2006.
Trade Circular No. 13T of 2012 To give effect to the Budget proposals, a Bill (Legislative Assembly Bill No. XVII of 2012) to amend the Maharashtra Sugarcane Purchase Tax Act, 1962, the Maharashtra State Tax on Professions, Trades, Callings and Employment Act, 1975, the Maharashtra Tax on Entry of Motor Vehicles into local Areas Act, 1987, the Maharashtra Tax on Luxury Act, 1987, the Maharashtra Tax on Entry of Goods into local Areas Act, 2002 and the Maharashtra Value Added Tax Act, 2002 was introduced in the Legislature. The said Bill has been passed by both the houses of the Legislature. The Act is now published in the Maharashtra Government Gazette dated 25th April 2012. (Mah. Act No. VIII of 2012).
In order to give an opportunity to the defaulting companies in the state of Jammu & Kashmir to enable them to make their default good by filing such belated documents and to become a regular compliant in future, the Ministry, in exercise of the powers under Section 611(2) and 637B (b) of the Companies Act, 1956 has decided to introduce a Special Scheme namely, Company Law Settlement Scheme (Jammu & Kashmir), 2012
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
