General Circular No. 1/2011
F. No. 2/7/2010-CL V Government of India Ministry of Corporate Affairs
5 th Floor, 'A' Wing, Shastri Bhavan, Dr. R.P. Road , New Delhi Dated the 3 rd Feb, 2011
To All Regional Director, All Registrar of Companies.
Subject: Easy Exit Scheme , 2011
Sir, In continuation to this Ministry's earlier circular no. 6/2010 dated 03.12.2010 on the subject cited above, it has been decided to extend the Scheme for another three months i.e. upto 30 th April, 2011. 2. All the terms of circular no. 6/2010 dated 03.12.2010 will remain the same.
Yours faithfully,
(Monika Gupta)
Assistant Director
INCOME-TAX ACT
INSTRUCTION
Section 119 of the Income-tax Act, 1961 - Instructions to subordinate authorities - Instructions regarding income limits for assigning cases to Deputy Commissioners/Assistant Commissioners/ITOs.
INSTRUCTION NO. 1/2011 [F. NO. 187/12/2010-IT(A-I)], DATED 31-1-2011
References have been received by the Board from a large number of taxpayers, especially from mofussil areas, that the existing monetary limits for assigning cases to ITOs and DCs/ACs is causing hardship to the taxpayers, as it results in transfer of their cases to a DC/AC who is located in a different station, which increases their cost of compliance. The Board had considered the matter and is of the opinion that the existing limits need to be revised to remove the abovementioned hardship.
An increase in the monetary limits is also considered desirable in view of the increase in the scale of trade and industry since 2001, when the present income limits were introduced. It has therefore been decided to increase the monetary limits as under:
|
| Income Declared (Mofussil | Income Declared | ||
|
| areas) | (Metro cities) | ||
|
| ITOs | ACs/DCs | ITOs | DCs/ACs |
| Corporate returns | Upto Rs. 20 lacs | Above Rs. 20 lacs | Upto Rs. 30 lacs | Above Rs. 30 lacs |
| Non-corporate returns | Upto Rs. 15 lacs | Above Rs. 15 lacs | Upto Rs. 20 lacs | Above Rs. 20 lacs |
Metro charges for the purpose of above instructions shall be Ahmedabad, Bangalore, Chennai, Delhi, Kolkata, Hyderabad, Mumbai and Pune.
The above instructions are issued in supersession of the earlier instructions and shall be applicable with effect from 1-4-2011.
On Line Articles Placement Portal Reopened for selection of Articled Assistants by CA Firms w.e.f. 29th January, 2011
ANNOUNCEMENT , January 31, 2011
Considering the overwhelming response both from CA Firms and students and the result of IPCC/PCC exam which is expected to be declared on 5 th February, 2011, online placement portal has been reopened from 29th January,2011. Both eligible CA firms and candidates who are willing to avail of this facility shall have to register themselves online through the articles placement portal at http://bosapp.icai.org The services on the Portal would be available for two months from the time ofregistration by the firm. Similarly the bio data of a student will also be available on the portal for a maximum period of 2 months from the date of student's registration.
The Articles Placement Portal has been providing a platform to the firms of Chartered Accountants having vacancies for Articled Assistants to shortlist eligible students for selection of articled assistants, and call them for Interview at their offices, as per date and time convenient to them. The candidates who have either (a) Passed Group-I or both Groups of the IPCC examination, or (b) Passed either of the Groups or both groups of PE-II examination; and are eligible for undergoing articled training for selection as articled assistants in the CA firms can register themselves on the portal, such that they can be considered for selection by the CA Firms. The candidates shortlisted by CA Firms would be automatically informed by e-mail through the Portal, to appear for interview at their respective Offices, at the designated date and time.
Norms for Firms of Chartered Accountants participating in the Campus Placement Programme:
• All CA firms registered with the Institute and having vacancies for articled assistants are eligible to register through Portal by paying the requisite fee mentioned hereunder.
• After Registration, the participating firms would short list the candidates from the data available on the portal as per their requirement on the basis of number of vacancies available with them and call the candidates for interviews/interaction at their offices as per the suitable time and date convenient to them.
• Participating CA Firms should ensure that they have the number of vacancies available with them for articled assistants and shall have to mandatorily give offer letter to the selected candidates in writing on the date of the interview itself. (Please access ICAI website under "Know Your Firm Details" to find latest position).
• The CA firms are also requested to please see the list of candidates already selected by other CA firms on the Portal before giving offer letters to the candidates.
• The services on the Portal would be available for two months from the time of registration by the firm. Similarly the bio data of a student will also be available on the portal for a maximum period of 2 months from student's registration.
Scale of Fee to be Charged From the Participating CA Firms:
CA Firms making use of the above Portal are required to pay through the Payment Gate way at the following rates to cover costs of the Portal, etc.:
| Proprietorship Firms | Rs. 1,000/-
|
| Partnership Firms up to 6 partners | Rs. 1,500/- |
| Partnership Firms having 7 to 12 partners
| Rs. 2,000/- |
| Partnership Firms having more than 12 partners
| Rs. 3,000/-
|
| (Please add applicable Service Tax @ 10.3%) | |
Guidelines for CA Students:
· CA students who have qualified either (a) Passed Group-I or both Groups of the IPCC examination, or (b) Passed either of the Groups or both groups of PE-II examination and are eligible for undergoing articled training can apply for registration through Portal.
· The participating firms would short list the candidates registered on the Portal as per their requirement and call the candidates for interviews/interactions as per date and time convenient to them at their offices.
· If the date and/or time given by the CA firm is clashing with date and/or time of other CA firm(s), the candidate concerned is required to intimate the other firm(s) about the clash of date and time and request the firm(s) to change the same as per mutual convenience.
· Candidates appearing for the interviews are required to carry proof of their identity along with a copy of the mark-sheet(s) relating to IPCC/PE-II Examination, duly attested by a Chartered Accountant or a Gazetted Officer.
· Each student who would be given letter by the CA firm for pursuing articled training is required to give acceptance to the firm within 7 days' time.
· In case the consent as per consent form is given by the Article to the firm this will be irrevocable from both sides and student will not be registered by ICAI under any other CA firm without the consent of the firm who were originally given the consent.
· After giving consent to the CA firm, he shall be required to indicate about his selection at the appropriate place on the Portal so that he should not be invited for further interviews by the CA firms.
· Students are advised to follow the proper Dress Code as prescribed by the Institute while appearing for interviews/interactions.
Disclaimer
Please note that The Institute of Chartered Accountants of India will be acting as a facilitator only and shall not be responsible in case of non-placement / non-selection of candidates.
In case of any clarification, please contact the Board of Studies, ICAI Bhawan, A-29, Sector-62, Noida-201309, Tel. No. 0120-3045930/931; eMail: bosapp@icai.org.
Director, Board of Studies
CPC commences issue of Income Tax refunds for AY 2010-11 returns
Centralized Processing Center (CPC), Bangalore has begun processing of returns for AY 2010-11. As on 31/1/2011 it has processed over 31.3 lakh e-filed returns of AY 2010-11 in ITRs 1, 2, 3, 4 and issued refunds in over 8.3 lakh cases. The processing of ITR 5 & 6 has just been commenced.
-CA.RAJU SHAH.
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