MCA Circulars
The MCA has issued two circulars on following issues.
1. Reopening/revision of annual accounts after their adoption in the annual general meeting.- General Circular No.: 5/2010
Wednesday, November 24, 2010
Income Tax Notification No. 84/2010 and Notification No. 85/2010
Income Tax Notification No. 84/2010 and Notification No. 85/2010
Income-tax (Eighth Amendment) Rules, 2010 - Amendment in Rule 2BB
Notification No. 85/2010 [F. No. 149/45/2010-S.O. (TPL)], dated 22-11-2010
In exercise of the powers conferred by section 295 read with clause (14) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rule further to amend Income-tax Rules, 1962, namely :—
1. (1) These Rule may be called the Income-tax (8th Amendment) Rules, 2010.
(2) They shall be deemed to have come into force retrospectively with effect from 1st day of September, 2008.
2. In the Income-tax Rules, 1962, in rule 2BB, in sub-rule (2), in the Table, against serial number 4, in column 4, for letters, figures and words "Rs. 6,000 per month" the letters, figures and words, Rs. 10,000 per month" shall be substituted.
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Tax Return Preparer (First Amendment) Scheme, 2010 - Amendment in paragraphs 2 and 11
Notification No. 84/2010 [F. No. 142/16/2010-S.O. (TPL)], dated 22-11-2010
In exercise of the powers conferred by sub-section (1) of section 139B of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby amends the Tax Return Preparer Scheme, 2006, published vide notification number S.O. 2039(E) dated the 28th November, 2006 namely :—
1. (1) This Scheme may be called the Tax Return Preparer (First Amendment) Scheme, 2010.
(2) It shall come into force from the date of its publication in the Official Gazette.
2. In the Tax Return Preparer Scheme, 2006, :—
(a) for the proviso to sub paragraph (f) of paragraph 2, the following proviso shall be substituted, namely :—
"Provided that a person being a person referred to in clause (ii) or clause (iii) or clause (iv) of sub-section (2) of section 288 shall not be entitled to act as Tax Return Preparer."
(b) for clause (xii) of sub paragraph (1) of paragraph II, the following shall be substituted, namely :—
"(xii) if he, after issue of Tax Return Preparer Certificate to him under clause (viii) of paragraph 4 of the Scheme, becomes a person referred to in clause (ii) or clause (iii) or clause (iv) of sub-section (2) of section 288 of the Act."
C & AG PANEL FOR YEAR 2011-12
OFFICE OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA
10, BAHADUR SHAH ZAFAR MARG, NEW DELHI 110124
Empanelment of Chartered Accountant firms for the year 2011-2012
Applications are invited online from the firms of Chartered Accountants who intend to be empanelled with this office for the year 2011-2012 for appointment as auditors of Government Companies/Corporations. The format of application will be available on our website: www.cag.gov.in from 1st January 2011. Chartered Accountant firms can apply/update the data showing the status of the firm as on 1st January 2011, till 31st March 2011 and generate online acknowledgement letter for the year. Only firms who have generated online acknowledgement letter for the year 2011-2012 will be considered for empanelment.
Any changes in the constitution of the firm occurring after the cutoff date of 1st January 2011 should continue to be updated by the CA firms in the website which will be available throughout the year. However, the changes in the firm occurring after 1st January 2011 till the time of preparing the panel that will lead to a reduction in the rank of the applicant firm shall only be taken into account for ranking the CA firms.
Sd/-
Director General (Commercial)
Regards,
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CA.C.V.PAWAR
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CA.C.V.PAWAR
0253-2319641. M-9423961209
Sunday, November 21, 2010
ITR (TRIB) VOL 6 PART 4
ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))
Volume 6 : Part 4 (Issue dated : 22-11-2010)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Business income --Addition on account of difference between account balances of dealer and customer--Explanation of dealer that difference due to non-settlement of bills by customer--Reconciliation of difference in personal accounts not completely administered by dealer during assessment--Profit element alone taxable--Restriction of quantum addition justified--Income-tax Act, 1961-- Deputy CIT v. HVAC Systems P. Ltd. (Bangalore) . . . 346
Company --Book profit--Powers of Assessing Officer--Waiver of loan and interest thereon by Government of India approving capital restructuring plan not disclosed in books of account but disclosed in notes to account--Assessing Officer can consider--Waiver benefits already accrued to assessee to be included in computation of book profit --Income-tax Act, 1961, s. 115JA-- Hindustan Shipyard Ltd. v. Deputy CIT (Visakhapatnam) . . . 407
----Book profit--Provision for bad and doubtful debts, ship repair bills and obsolescence of material classifiable under diminution in value of assets--Cannot be added back--Provision for liquidated damages and leave encashment--Ascertained liabilities--Cannot be added back--Provision for guarantee repairs--Similar to product warranty covered under contingent liability--To be added back--Income-tax Act, 1961, s. 115JA, Expln. (c)-- Hindustan Shipyard Ltd. v. Deputy CIT (Visakhapatnam) . . . 407
Donations to charitable institutions --Special deduction--Approval of institution--Charitable purpose--Assessee providing education to poor and needy against nominal payments--Charitable activity--Registration granted to assessee under section 12A not withdrawn--Renewal of certificate under section 80G to be granted--Income-tax Act, 1961, ss. 2(15), 80G-- Gian Educational Society v. CIT (Delhi) . . . 350
Exemption --Foreign company--Foreign company deriving income from Indian concern under agreement for provision of licence for technology and intellectual property--Assessee fulfilling all conditions prescribed under section 10(6A)--Assessee entitled to exemption--Income-tax Act, 1961, s. 10(6A)-- ITO v. Shell Gas B. V. (Ahmedabad) . . . 353
Interest --Assessee not liable to pay advance tax--Interest not leviable--Income-tax Act, 1961, s. 234B-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391
Non-resident --Taxability in India--Composite contract with Metro Railways for supply of equipment on freight on board basis and provision of services--Consideration for offshore supply of equipment received outside India--Not relatable to rendering of services--No accrual of income in India--Sale to Indian party not sufficient to prove business connection in India --Not liable to pay tax in India--Double Taxation Avoidance Agreement cannot be invoked to create tax liability--Income-tax Act, 1961, ss. 5(2), 9(1)(i)--Circular No. 23, dated 23-7-1969--Instruction No. 1829, dated 21-9-1989--Double Taxation Avoidance Agreement between India and Australia-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391
Return --Interest--Return filed within due date--Interest cannot be charged--Income-tax Act, 1961, s. 234A-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391
Search and seizure --Assessment in search cases--Assessment of any other person--Seized documents not "belonging to assessee"--Assessments not pending on date of search--Original assessments not abated--Assessment under section 153A set aside--Original assessment revived--Income-tax Act, 1961, ss. 153A, 153C-- Meghmani Organics Ltd . v. Deputy CIT (Ahmedabad) . . . 360
----Assessment of third party--No amount of money, bullion, jewellery or other valuable article or thing or books of account or documents seized belonged to assessee--Assessing Officer does not assume jurisdiction for framing assessment under section 153C--Assessments to be cancelled--Income-tax Act, 1961, s. 153C-- Asst. CIT v. Gambhir Silk Mills (Ahmedabad) . . . 376
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
S. 2(15) --Donations to charitable institutions--Special deduction--Approval of institution--Charitable purpose--Assessee providing education to poor and needy against nominal payments--Charitable activity--Registration granted to assessee under section 12A not withdrawn--Renewal of certificate under section 80G to be granted-- Gian Educational Society v. CIT (Delhi) . . . 350
S. 5(2) --Non-resident--Taxability in India--Composite contract with Metro Railways for supply of equipment on freight on board basis and provision of services--Consideration for offshore supply of equipment received outside India--Not relatable to rendering of services--No accrual of income in India--Sale to Indian party not sufficient to prove business connection in India--Not liable to pay tax in India--Double Taxation Avoidance Agreement cannot be invoked to create tax liability--Circular No. 23, dated 23-7-1969--Instruction No. 1829, dated 21-9-1989--Double Taxation Avoidance Agreement between India and Australia-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391
S. 9(1)(i) --Non-resident--Taxability in India--Composite contract with Metro Railways for supply of equipment on freight on board basis and provision of services--Consideration for offshore supply of equipment received outside India--Not relatable to rendering of services--No accrual of income in India--Sale to Indian party not sufficient to prove business connection in India --Not liable to pay tax in India--Double Taxation Avoidance Agreement cannot be invoked to create tax liability--Circular No. 23, dated 23-7-1969--Instruction No. 1829, dated 21-9-1989--Double Taxation Avoidance Agreement between India and Australia-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391
S. 10(6A) --Exemption--Foreign company--Foreign company deriving income from Indian concern under agreement for provision of licence for technology and intellectual property--Assessee fulfilling all conditions prescribed under section 10(6A)--Assessee entitled to exemption-- ITO v. Shell Gas B. V. (Ahmedabad) . . . 353
S. 80G --Donations to charitable institutions--Special deduction--Approval of institution--Charitable purpose--Assessee providing education to poor and needy against nominal payments--Charitable activity--Registration granted to assessee under section 12A not withdrawn--Renewal of certificate under section 80G to be granted-- Gian Educational Society v. CIT (Delhi) . . . 350
S. 115JA --Company--Book profit--Powers of Assessing Officer--Waiver of loan and interest thereon by Government of India approving capital restructuring plan not disclosed in books of account but disclosed in notes to account--Assessing Officer can consider--Waiver benefits already accrued to assessee to be included in computation of book profit -- Hindustan Shipyard Ltd. v. Deputy CIT (Visakhapatnam) . . . 407
S. 115JA, Expln. (c) --Company--Book profit--Provision for bad and doubtful debts, ship repair bills and obsolescence of material classifiable under diminution in value of assets--Cannot be added back--Provision for liquidated damages and leave encashment--Ascertained liabilities--Cannot be added back--Provision for guarantee repairs--Similar to product warranty covered under contingent liability--To be added back-- Hindustan Shipyard Ltd. v. Deputy CIT (Visakhapatnam) . . . 407
S. 153A --Search and seizure--Assessment in search cases--Assessment of any other person--Seized documents not "belonging to assessee"--Assessments not pending on date of search--Original assessments not abated--Assessment under section 153A set aside--Original assessment revived-- Meghmani Organics Ltd . v. Deputy CIT (Ahmedabad) . . . 360
S. 153C --Search and seizure--Assessment in search cases--Assessment of any other person--Seized documents not "belonging to assessee"--Assessments not pending on date of search--Original assessments not abated--Assessment under section 153A set aside--Original assessment revived-- Meghmani Organics Ltd . v. Deputy CIT (Ahmedabad) . . . 360
----Search and seizure--Assessment of third party--No amount of money, bullion, jewellery or other valuable article or thing or books of account or documents seized belonged to assessee--Assessing Officer does not assume jurisdiction for framing assessment under section 153C--Assessments to be cancelled-- Asst. CIT v. Gambhir Silk Mills (Ahmedabad) . . . 376
S. 234A --Return--Interest--Return filed within due date--Interest cannot be charged-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391
S. 234B --Interest--Assessee not liable to pay advance tax--Interest not leviable-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391
CA RAJU SHAH
Monday, November 15, 2010
ICDR regulations amendment
---------- Forwarded message ----------
From: Mihir <mihiral@gmail.com>
Date: Mon, Nov 15, 2010 at 5:18 PM
Subject: {jalgaoncas} ICDR regulations amendment
To: Mihir <mihiral@gmail.com>
From: Mihir <mihiral@gmail.com>
Date: Mon, Nov 15, 2010 at 5:18 PM
Subject: {jalgaoncas} ICDR regulations amendment
To: Mihir <mihiral@gmail.com>
Wednesday, November 10, 2010
Audit Empanelment: Sardar Swaran Singh National Institute of Renewable Energy (SSS-NIRE), Kapurthala (Punjab)
Tender for Audit
Tender Document for empanelment of Audit Firms for Internal & Statutory Audits. SSS-NIRE is an Autonomous Institution of the Ministry of New and Renewable ...
mnre.gov.in/tenders/current/audit-tender.pdf
Sardar Swaran Singh National Institute of Renewable Energy (SSS-NIRE), Kapurthala (Punjab)
Tender Document for empanelment of
Audit Firms for Internal & Statutory Audits
SSS-NIRE is an Autonomous Institution of the Ministry of New and Renewable Energy, Government of India. Sealed quotations are invited from Kapurthala, Jalandhar and Ludhiana based experienced audit firms to carry out internal and statutory audit functions of the Institute in the Financial Year 2010-11. The Internal audits of the Institute will be carried out monthly where as Statutory Audits annual basis.Regional Conference of WIRC on 19th & 20th November, 2010
| 25th Regional Conference of WIRC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Days and Dates | : | FRIDAY, 19TH & SATURDAY 20TH NOVEMBER, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CPE Credit | : | 12 Hrs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Venue | : | Jamshed Bhabha Auditorium, NCPA, Nariman Point, Mumbai | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Time | : | 9.30 a.m. to 6.00 p.m. (Reg. 9.00 a.m. to 9.30 a.m.) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fees | : | Rs.3500/- (inclusive of course material, breakfast & lunch) (Please add Rs.250/- towards CA Benevolent Fund as Voluntary Contribution) Note: DD/Cheque should be drawn on "WIRC OF ICAI" | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Regards,
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CA.C.V.PAWAR
Member of Western India Regional Council of
Institute of Chartered Accountants of India
The Chairman, Banking, Insurance and Pension Committee of WIRC of ICAI
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CA.C.V.PAWAR
Member of Western India Regional Council of
Institute of Chartered Accountants of India
The Chairman, Banking, Insurance and Pension Committee of WIRC of ICAI
0253-2319641. M-9423961209
Consolidation for Acceleration
INDIAN CA - NURTURED IN INDIA, GROOMED FOR THE WORLD
Consolidation for Acceleration
INDIAN CA - NURTURED IN INDIA, GROOMED FOR THE WORLD
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