In exercise of the powers conferred by Sub-Section (2) of Section 22D of the Chartered Accountants Act, 1949 [as amended by the Chartered Accountants (Amendment) Act, 2006] read with Section 22A of the Company Secretaries Act, 1980 [as amended by the Company Secretaries (Amendment) Act, 2006] and Section 22A of the Cost and Works Accountants Act, 1959 [as amended by the Cost and Works Accountants (Amendment) Act, 2006], the Appellate Authority hereby makes the following rules, namely- These rules shall be called ‘Appellant Authority (Procedure) Rules, 2011’.
The Government of India notified the Double Taxation Avoidance Agreement (DTAA) with the Government of Mozambique for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 31st May, 2011. The DTAA provides that business profits will be taxable in the source state if the activities of an enterprise constitute a permanent establishment in the source state. Examples of permanent establishment include a branch, factory, office, place of management, etc. Profits of a construction, assembly or installation projects will be taxed in the state of source if the project continues in that state for more than 12 months.
General Circular No. 38 /2011 TMCA has blocked filing of various forms by companies who have failed to file annual accounts and return for any financial year from 2006-07 to 2009-10. The only forms permitted are Annual Accounts, Annual Return, Compliance Certificate, DIN-3, Form 32 for change in directors, Form 21 for Court / Tribunal / CLB orders, IEPF forms. ROC has been directed not to accept any forms (except those mentioned above) in respect of other companies where the Directors of the defaulting company are directors.Company Secretaries and Auditors are not permitted to file forms for these companies as well.Necessary action would be taken against the defaulting directors and officers. This would take effect from 3 July 2011
CIRCULAR [F. NO. A. 35017/35/2011-AD.II], DATED 30-5-2011 – I am directed to state that seven (7) posts of Indirect Tax Ombudsman at 7 stations, viz., New Delhi, Mumbai, Chennai, Kolkata, Bengaluru, Ahmedabad and Lucknow (in the HAG + pay scale of Rs. 75,500-80,000 per month) have been created vide Sanction Order No. 92/2011, dated 5-5-2011 issued from File No. A-11011/1/2006-Ad.I of this Department.
CIRCULAR [D.O. F.NO.A-12026/5/2011-AD.I], DATED 25-5-2011 You are aware that the Government of India has created 7 posts of Indirect Tax Ombudsman at 7 stations, viz., New Delhi, Mumbai, Chennai, Kolkata, Bengaluru, Ahmedabad and Lucknow under the Indirect Tax Ombudsman Guidelines, 2011. Selection for the posts of Indirect Tax Ombudsman in these locations is to be made.
Notification No. 30/2011 – Income Tax FT&TR-II [F.NO.501/152/2000-FT&TR-II], dated 31-5-2011 – Whereas the annexed Agreement between the Government of the Republic of India and the Government of the Republic of Mozambique for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income signed in India on the 30th day of September, 2010 shall come into force on the 28th day of February, 2011, being the date of the later of the notifications after completion of the procedures as required by the respective laws for the entry into force of this Agreement, in accordance with Article 30 of the said Agreement.
DBS. CO.FrMC.BC.No. 10/23.04.001/2010-11 – Based on the findings of the scrutinies, further study has been made across banks to ascertain the policy and operating framework in place for detection, reporting and monitoring of frauds as also the surveillance/ oversight process in operation so as to prevent the perpetration of frauds. The study has shown that while the banks do have certain policies and processes in this regard, they are not well structured and systematic to ensure proper focus on typical fraud events.
Circular No.24/2011-Customs References have been received from the field formations for specifying the ‘proper officer’ for issuance of show cause Notice and adjudication of cases of export under the drawback and Export Promotion Schemes. Further, as per Board’s Circular No.23/2009-Customs dated 1.09.2009, whereas the monetary limits of adjudication are prescribed in terms of duty involved, in respect of notices involving extended period of limitation, the monetary limit is specified based on the value of goods involved. This when worked out in accordance with the duty rates prescribed gives rise to an anomalous situation.
NOTIFICATION NO. G.S.R. 397(E), DATED 24-5-2011 – In exercise of the powers conferred by clause (mc) of sub-section (2) of section 63 read with sub-section (1) of section 53G of the Competition Act, 2002 (12 of 2003), the Central Government hereby makes the following rules, further to amend the Competition Appellate Tribunal (Salaries and Allowances and other terms and conditions of service of the Chairperson and other Members) Rules, 2009,
Notification No. 37/2011 – Customs (N. T.) – Central Board of Excise and Customs (CBEC), Department of Revenue has issued a Notification No.37/2011-Customs (N.T.) dated May 31, 2011 and thereby notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds as shown in the table below.
