In supersession of this Ministry’s Circular No. 9/2011, dated 31-3-2011 and 25/2011 dated 12-5-2011, Ministry of Corporate Affairs hereby mandated certain class of companies to file Balance sheets and Profit and loss Account along with Director’s and Auditor’s Report for the year 2010-11 onwards by using XBRL taxonomy. The Taxonomy Business Rules, Validity tools etc. required for preparation the above documents in XBRL format as the existing Schedule VI and Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 have been prepared and hosted on the website of the Ministry at www.mca.gov.in . The Frequently Asked Questions (FAQs) about XBRL have been framed by the Ministry and they are being annexed as Annexure I with this circular for the information and easy understanding of the stakeholders. To enable filing on XBRL by stakeholders, MCA-21 portal will have XBRL filing module by July, 2011. Actual date will be informed separately.
What were the conditions for levy of duty on articles of jewellery? In order to attract this levy the following conditions were required to be fulfilled: a. The articles of jewellery must be of the type covered under heading 7113 of Central Excise Tariff Act and such articles must have brand name or trade name indelibly affixed or embossed on the articles of jewellery itself. b. “Brand name” or “Trade name” meant a brand name or trade name, whether registered or not, that is to say, a name or a mark, such as symbol, monogram, label, signature or invented words or any writing which is used in relation to a product, for the purpose of indicating, or so as to indicate, a connection in the course of trade between the product and some person using such name or mark with or without any indication of the identity of that person.
The Government today said that PPF accounts of Hindu Undivided Families (HUFs) which were closed down between May 2005 and December 7 last year would get 8 per cent interest on the deposits. The Finance Ministry has issued the clarification in view of the doubts raised with regard to payment of interest on Public Provident Fund (PPF) accounts held by the HUFs beyond the maturity period.
Reliance in this connection can be placed on the decision of Hon’ble Delhi High Court in case of Suresh Kumar Bansal vs UOI [W.P.(C) 2235/2011] wherein levy of Service Tax on the value of flats sold during construction stage has been held unconstitutional, if such value includes the value of Land.
THE Ministry of Corporate Affairs has decided that with effect from 12th June, 2011, all DIN-1 & DIN-4 applications have to be digitally signed by the practicing Chartered Accountants, Company Secretaries or Cost Accountants who shall also verify the particulars of the applicant given in the applications. All these applications will be approved online.
The next time an Income Tax team raids your business premise they will not seize anything but instead leave the name and contact number of their boss with you. The I-T team will do so even before they begin the raid and the step has been taken to do away with any grievance related to harassment or corruption by I-T officials under the garb of such operations.
he EPFO has issued an inter-department clarification on May 23, 2011 indicating that splitting of minimum wages for the purposes of PF contributions is not permissible. This Clarification, which has been issued in view of the lack of a uniform approach followed by the PF authorities in different states, seems to be an attempt by the labour department to settle the ongoing ambiguity with respect to the calculation of provident fund contributions.
Sri Rajeswari Agencies V. Additional Deputy Commercial Tax Officer II, Sales Tax – Declaration Forms – Arrears Of Tax – C Form Cannot Be Refused To Be Issued On Ground Of Arrears Of Tax – Central Sales Tax Act (74 Of 1956), S. 9(2) – Central Sales Tax (Registration And Turnover) Rules, 1957, Form C.
In order to reduce cost of posting and speedy delivery of documents, service of documents through electronic mode has been permitted under section 53 of the Companies Act, 1956 in place of service of document under certificate of posting. Similarly, to reduce the consumption of papers and speedy secure delivery, service of copies of Balance Sheets and Auditors Report etc., to the members of the company as required under section 219 of the Companies Act, 1956 has been allowed to be served through electronic mode by capturing their e-mail addresses available with the depositories or by obtaining directly from the shareholders.
Delhi HC Reserves the Judgement in the case related to applicability of of service tax on renting of immovable Property on 20.05.2011 after hearing the submission of by way of rejoinder from Sr. Counsels Mr. Abhishek Manu Singhvi, Mr. S. Ganesh and Mr. PK Sahu, Advocate (a fromer IRS officer). To ascertain whether renting of immovable property is taxable service or not, the test should not be whether there is value addition or not. The concept of value added tax is different for different tax laws.
