Order of the Supreme Court in Writ Petition (Civil) No. 657 of 1995 in the matter of Research Foundation for Science, Technology & Natural Resource Policy Vs Union of India (UOI), relating to Ship-breaking-
I am directed to refer to this Ministry’s letter of even no. dated 31-7-2012 on the subject cited above and say that wherever fee on pending cases under sections 17, 18, 19, 141 and 188 of the Companies Act, 1956 have already been paid by the companies/stakeholders at the time of filing of petition, consequent upon the transfer of applications/petitions from Company Law Board to the concerned Regional Directors,
Attention is invited to Board Circular No. 50/2005-Cus. dated 1st December, 2005, issued on the above mentioned subject. References have been received regarding difficulties faced in respect of disposal of motor cars and negative list items.
Kind reference is invited to the above, wherein the assessing officers have been instructed to verify and reconcile the demands where such demand or adjustment thereof by CPC is disputed by the taxpayer. They have also been advised to upload amended figure of arrear demand on the Financial Accounting System (FAS) portal of Centralized Processing Center (CPC), Bengaluru wherever there is balance outstanding arrear demand still remaining after aforesaid correction/ reconciliation.
Instruction D.O.F. No. 334/1/2012 Applicability of provisions of Finance Act, 2004 and 2007 relating to education cess and secondary & higher education cess respectively. There has been some doubt regarding the applicability of provisions of the Finance Act, 2004 relating to education cess and the Finance Act, 2007 relating to secondary and higher education cess as the concerned acts make reference to section 66 of the Finance Act, 1994, which shall cease to have effect from July 1, 2012.
52/17/CAB‐2011 In continuation of MCA’s General Circular No. 8/2012 dated 10th May, 2012, it has been decided that filing of Cost Audit Reports and Compliance Reports with the Central Government in the XBRL mode shall be allowed after 31st July, 2012.
Ministry of New & Renewable Energy has made additions/amendments in the existing formats of Application, Annexures, check-lists and drafts of the Excise Duty Exemption Certificate (EDEC) and Concessional Customs Duty Certificate (CCDC).
Vide this Office advertisement dated 05/05/2012; applications were invited from Advocates for empanelment as Senior and Junior Standing Counsels to represent the Income Tax Department before the Hon’ble Madras High Court and other judicial forums. The last date for submission of the application was given in the advertisement as 18/05/2012. Now, the last date for submission of application is extended up to 15th June 2012. The eligibility criteria, procedure for application and selection and the fees payable are prescribed vide the CBDT’s Instruction No.3/2012 dated 11/04/2012.
Instruction No. 4/2012 (i) In all returns (ITR-1 to ITR-6), where the difference between the TDS claim and matching TDS amount reported in AS-26 data does not exceed Rs. Five thousands, the TDS claim may be accepted without verification. (ii) Where there is zero TDS matching, TDS credit shall be allowed only after due verification.
Cost Accounting Records Rules, 2011 do not visualize companies to change their cost accounting system if already in-place; but they are required to comply with the Generally Accepted Cost Accounting Principles and Cost Accounting Standards issued by the Institute of Cost Accountants of India, to the extent these are found to be relevant and applicable and also file compliance report with the Central Government. It was also observed that existence of structured & verified cost accounting records would enable the companies to fulfil regulatory requirements; comply with the Tax Accounting Standards; and assist is their tax assessments.
