"t" for Tax

IRDA license not required for selling in India medical/accident insurance policies of foreign insurer which is operative and enforceable only outside India

2012-05-12T16:14:00.001+05:30

Insurance : IRDA license not required for selling in India medical/accident insurance policies of foreign insurer which is operative and enforceable only outside India

• There is no indication of the intention of the legislature to give extra-territorial operation to the Insurance laws of India. The Indian laws do not apply to insurance business outside India.

• The business of Foreign Insurance Companies of covering risks incurred outside India, cannot be said to be insurance business in India (within the meaning of Insurance Act), even if the premium for such insurance is paid in/from India and Insurance Policy is issued in India.

• The essence of the business/contract of insurance is the coverage of risk and if the policies issued by the foreign insurer do not cover the risk as long as the insured remains in India, mere issuance thereof cannot be said to be carrying on insurance business in India. There cannot be said to be an insurance business only in effecting a contract which is contingent and is to be operative and enforceable not in India and only outside India.

• Without the contract being operative and enforceable in India, mere ministerial act of issuance of the contract in India cannot be said to be amounting to carrying on insurance business in India. - [2012] 21 taxmann.com 189 (Delhi)

Exchange Earner's Foreign Currency (EEFC) Account

2012-05-10T11:58:00.000+05:30

RBI/2011-12/547
A. P. (DIR Series) Circular No. 124

May 10, 2012

AD Category I Authorised Dealer Banks

Madam/ Sir,

Exchange Earner's Foreign Currency (EEFC) Account

1. Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No.15 dated November 30, 2006 in terms of which all foreign exchange earners were permitted to retain 100% of their forex earnings in EEFC account with any AD in India.

2. On a review of the Scheme, it has been decided as under :-

a) 50% of the balances in the EEFC accounts should be converted forthwith into rupee balances and credited to the rupee accounts as per the directions of the account holder. This process may be completed within a fortnight from the date of the circular and compliance reported to the Chief General Manager, Foreign Exchange Department, Central Office, Trade Division, Amar Building, Sir P.M. Road, Fort, Mumbai 400 001

b) In respect of all future forex earnings, an exchange earner is eligible to retain 50% (as against the previous limit of 100%) in non-interest bearing EEFC accounts. The balance 50% shall be surrendered for conversion to rupee balances.

c) The facility of EEFC scheme is intended to enable exchange earners to save on conversion/transaction costs while undertaking forex transactions in future. This facility is not intended to enable exchange earners to maintain assets in foreign currency, as India is still not fully convertible on Capital Account. Accordingly, EEFC account holders henceforth will be permitted to access the forex market for purchasing foreign exchange only after utilising fully the available balances in the EEFC accounts. ADs may, accordingly, obtain a declaration while selling foreign exchange to their constituents.

3. It may be noted that the provisions at paragraph 2(b) and 2(c) above will apply, mutatis mutandis, also to holder of either a Resident Foreign Currency Account (RFC) or a Diamond Dollar Account (DDA).

4. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned.

5. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(Rashmi Fauzdar)
Chief General Manager

Exam Notification ICWAI June 2012

2012-04-01T12:19:00.000+05:30

http://exams.icwai.org/exams/students-examnot.asp

ICAI (Former ICWAI) has released it's notification for Foundation, Intermediate and Final examinations June 2012 attempt. The examinations will start from Monday, 12th June 2012 and will end on next Monday, 18th June 2012.

Click on the link to check out more!

http://exams.icwai.org/exams/students-examnot.asp

Probable date of publication of results are : Foundation – 2nd August 2012 and Inter & Final – 22nd August 2012

T4tax wishes all the best for the students appearing in the same.

Easy Exit scheme extended up to 30th April, 2011

2011-02-06T12:10:00.002+05:30

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

ICSI - Schedule for the year 2011 with regard to various Cut-Off Dates

2011-02-06T12:09:00.001+05:30

Particulars of cut-off Dates	Actual cut-off Date	Revised cut-off Date	Reason for Extension
Acceptance of Applications for Admission to Executive/ Professional Programmes	28.02.2011	No Change
Receipt of Enrollment application for appearing in June,2011 examination	25.03.2011	No Change
Acceptance of Applications for Admission to Foundation Programme	31.03.2011	No Change
Receipt of Enrollment application for appearing in June,2011 examination (with late fee)	09.04.2011	11.04.2011	9^th April & 10^th April 2011 are being Saturday & Sunday respectively
Acceptance of Applications for Admission to Executive/ Professional Programmes	31.05.2011	No Change
Acceptance of Applications for Admission to Executive/ Professional Programmes	31.08.2011	01.09.2011	31^st August 2011 being holiday for Idu'l Fitr
Receipt of Enrollment application for appearing in Dec, 2011 examination	25.09.2011	26.09.2011	25^thSep 2011 being Sunday.
Acceptance of Applications for Admission to Foundation Programme	30.09.2011	01.10.2011	30^th Sep, 2011 being Bank Holiday.
Receipt of Enrollment application for appearing in Dec, 2011 examination (with late fee)	10.10.2011	No Change
Acceptance of Applications for Admission to Executive/ Professional Programmes	30.11.2011	No Change

CPC commences issue of refunds for AY 2010-11 returns.

2011-02-03T15:31:00.000+05:30

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 and 6 has just been commenced.

Source: incometaxindiaefiling.gov.in

Online Submission of Rectification Request

2011-02-03T15:00:00.003+05:30

Department introduces new facility for online submission of rectification request in cases where processing was completed by CPC Bangalore. Please review the guide for common errors to first rectify the return submitted and generate the rectification xml using excel utility (same utility is to be used). Taxpayer can log in My Account > Rectification > Rectification upload and follow instructions to upload the rectification xml file. The rectification request will be processed at CPC and if found acceptable, then a rectification order u/s154 will be issued.

Please see manual for submission of rectification request.

Please note that this facility is only for E-returns processed at CPC.

Near Final Indian Accounting Standards (IND ASs)

2011-01-30T04:43:00.000+05:30

Ind AS 101 First-time Adoption of Indian Accounting Standards

Ind AS 102 Share based Payment

Ind AS 103 Business Combinations

Ind AS 104 Insurance Contracts

Ind AS 105 Non current Assets Held for Sale and Discontinued Operations

Ind AS 106 Exploration for and Evaluation of Mineral Resources

Ind AS 107 Financial Instruments: Disclosures

Ind AS 108 Operating Segments

Ind AS 1 Presentation of Financial Statements

Ind AS 2 Inventories

Ind AS 7 Statement of Cash Flows

Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors

Ind AS 10 Events after the Reporting Period

Ind AS 11 Construction Contracts

Ind AS 12 Income Taxes

Ind AS 16 Property, Plant and Equipment

Ind AS 17 Leases

Ind AS 18 Revenue

Ind AS 19 Employee Benefits

Ind AS 20 Accounting for Government Grants and Disclosure of Government Assistance

Ind AS 21 The Effects of Changes in Foreign Exchange Rates

Ind AS 23 Borrowing Costs

Ind AS 24 Related Party Disclosures

Ind AS 27 Consolidated and Separate Financial Statements

Ind AS 28 Investments in Associates

Ind AS 29 Financial Reporting in Hyperinflationary Economies

Ind AS 31 Interests in Joint Ventures

Ind AS 32 Financial Instruments: Presentation

Ind AS 33 Earnings per Share

Ind AS 34 Interim Financial Reporting

Ind AS 36 Impairment of Assets

Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets

Ind AS 38 Intangible Assets

Ind AS 39 Financial Instruments: Recognition and Measurement

Ind AS 40 Investment Property

10 things to do before 31 March

2011-01-30T02:49:00.003+05:30

1. If you are claiming deduction for house rent allowance on account of actual rent paid, collect the rent receipts from the owner and keep them in your possession.

2. If you received any gifts during the year, please collect the gift deeds. The deeds should clearly state that you received the gift without any consideration

3. In case you have changed employment during the financial year, you have to go back to your previous employer and collect the Form 16.

4. If you have donated to charitable trusts, obtain a receipt and also a certificate saying the trust is an approved one under Section 80G of the Income Tax Act, 1961.

5. Collect all your bank statements and TDS certificates, if any. This will help you calculate your earnings from bank interest and deposit advance tax if required

6. If you have a running home loan, you must collect the certificate of repayment of principal amount and the interest paid during the financial year from the bank

7. If you are claiming an interest-paid deduction on an educational loan, get a certificate of repayment made in the financial year where the interest is stated separately.

8. Keep all receipts for contributions made to schemes listed under Section 80C, such as insurance payment, PPF, ELSS, and children's tuition fees.

9. In case you are claiming a deduction for any medical disability under Section 80U, do not forget to collect a certificate of disability from an authorised doctor

10. If you are claiming deduction for payment of health insurance premium, you need to keep the premium receipt indicating that the premium was paid in cheque.

Case Laws applicable for May 2011 and November 2011 CA Final

2011-01-28T22:44:00.007+05:30

TO RECEIVE SUCH LATEST CASE LAWS ON YOUR MOBILE PHONE FOR FREE, SEND ON TAXALERTS TO 9870807070.
Direct Tax Cases

Indirect Tax Cases

In addition to this, students are also advised to go through the Institute's Journal, Newsletter and most importantly, RTPs for latest decisions and amendments. Note that only those amendments which are made 6 months before the examination are relevant for that particular attempt.

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“Goodwill” is an “intangible asset” u/s 32(1)(ii) & eligible for depreciation

2011-01-20T22:45:00.001+05:30

CIT vs. Hindustan Coca Cola Beverages Pvt Ltd (Delhi High Court)

The High Court, on hearing an appeal made by the assessee, has held that:

(iii)... any right obtained for carrying on business with effectiveness comes within the sweep of meaning of “intangible asset”. Goodwill, being the positive reputation built by a person over a period of time is of “similar nature” as the other items enumerated in the definition of “intangible assets".

Read full judgement here

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A free service by Google Labs.

Timetable - ICSI June 2011

2011-01-18T18:20:00.001+05:30

All the very best to all students appearing this time..!!

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Gujarat VAT Forms

2011-01-18T14:19:00.002+05:30

Download the Gujarat VAT forms for various purposes from here.
(The author of this post does not take any responsibility whatsoever regarding correctness or otherwise of these forms and their contents.)

Note:
To see the forms, you will need to have pdf reader installed in your system. You can download the Adobe Pdf Reader from here

Form	Description
Form 101	Application For VAT Registration
Form 101A	Details of Additional Places of Business
Form 101B	Address of Branches and Godowns outside Gujarat
Form 101C	Specimen signature of Authorized person
Form 101D	Details of Partners / Directors
Form 101E	Addition information of Business
Form 102	Certification of VAT Registration
Form 103	Application for Cancellation of Registration
Form 104	Notice for Suspension / Cancellation of Registration
Form 105	Security under section 28
Form 106	Declaration/Revised declaration regarding manager of business
Form 107	Declaration/Revised declaration regarding bank accounts
Form 108	Statement of goods held in stock (on 31/03/2006)
Form 201	Monthly return
Form 201A	List of Sales
Form 201B	List of Purchases
Form 201C	Balance of Stock
Form 202	Quarterly / Annual return for Lump Sum Dealers
Form 202A	List of Purchases for Lump Sum Dealers
Form 203	Monthly / Annual return of incentives
Form 204	Monthly / Annual return of deferment of tax
Form 205	Annual return
Form 206	Application for Permission to file separate return
Form 207	Challan
Form 208	Notice for Crossing Threshold of Turnover
Form 209	Application for Exemption from filing returns
Form 210	Application for Permission to pay Lump Sum tax
Form 211	Permission to pay Lump Sum tax
Form 212	MST Return
Form 213	Daily Account of MST Commodities
Form 214	Application for Permission to pay composition for works contract
Form 215	Permission to pay composition for works contract
Form 216	Statement for composition of works contract
Form 301	Notice for Provisional Assessment
Form 302	Notice for Audit Assessment
Form 303	Notice for Re-assessment
Form 304	Assessment Order
Form 305	Demand Notice
Form 306	Application for Provisional Refund
Form 307	Refund / Interest Payment Order
Form 308	Refund Adjustment Order
Form 309	Notice for Imposing Penalty/td>
Form 310	Order for compounding of offences
Form 401	General notice for seeking information
Form 402	Movement of goods within / going outside the state
Form 403	Goods entering into the state from other states
Form 404	Application for Transit pass
Form 405	Issue of Transit pass
Form 501	Application for Appeal
Form 502	Application for revision
Form 503	Notice before passing Order in Appeal / Revision
Form 504	Notice before passing order in rectification
Form 601	Applciation for enrollment as STP
Form 602	List of STPs
Form 603	Authority by Practioner
Form 604	Authority by a Relative
Form 701	TDS Exemption Certificate
Form 702	Statement by the contractor to the sub-contractor
Form 703	TDS Certificate
Form 704	Yearly Declaration of contractee

30 FAQs on EES 2011

2011-01-17T23:21:00.004+05:30

1. Under Easy Exit Scheme 2011, is it necessary to file the annual returns and get the company regularize?

Answer : Under the Easy Exit Scheme (EES) 2011, company need not require to regularize its filing of annual forms. On the contrary the scheme is designed for those companies which are in-operative or defunct and want to get rid of routine compliances pertaining to the Companies Act and other statutory legislations.

2. Is there any charge to close the company under EES 2011 ?

Answer: The circular of EES 2011 states that every company needs to pay filing fees are Rs.3,000/- (Rupees Three Thousand only). Stamp duty being a state subject needs to be addressed according to the provisions of stamp act of the respective state. In Maharashtra stamp duty for affidavit is Rs. 100/- and indemnity bond is Rs. 200/-

3. Is there any prerequisite for applying under EES 2011 ?

Answer: Yes. The company should have an ACTIVE status on the MCA portal; otherwise the application form in EES 2011 could not be filed.

4. What documents are required for considering our company as defunct under EES 2011?

Answer:Compulsory documents -

Application form EES (should be certified by CA/CS/CWA)
Board resolution u/s 560
Affidavit in Annexure A (*attestation compulsory, should be given individually)
Indemnity Bond in Annexure B (*attestation compulsory, may be given jointly)
Statement of accounts in Annexure C (should be signed with stamp by a chartered accountant and at least two directors)

*Affidavit and indemnity bond should be sworn by before a First Class Judicial Magistrate or Executive Magistrate or Oath Commissioner or Notary

In case of government companies where 100% shares are held by government and no board is established; a senior administrative person carrying post not below the rank of deputy secretary can write his/her name, details and sign on the annexure A, B and C.

Optional documents (which may be asked by the registrar) -

Waiver letters by each shareholder
Waiver letters or no object certificates from sundry creditors
Photocopy of Assessment orders
No dues certificates issued by statutory authorities/ banks/ financial institutions
No dues certificates issued by administrative ministry or department or state government in case of government company

5.Our company has some unsold stock/machinery. What should be done?

Answer: If the value of said machinery is obsolete or inventory value is nil; company can take the benefit of EES 2011. If it has meager value it may be written off. More or less the same principle is applied for all current assets.

6. What if the company has any tangible asset like plot or flat?

Answer: The Company cannot apply for declaring it defunct under the scheme. It has only recourse of going through the process of voluntary liquidation. More or less the same principle is applied for all fixed assets having considerable valuations.

7. Some of the Income tax/ sales tax assessments are pending. What should be done?

Answer: Directors need to give an indemnity bond for making the good of any pending assessments with any statutory authority. Indemnity bond also covers any other contingent liability which may occur after the intended dissolution under the scheme.

8. Do we require closing our bank account? Do we need to close our cash from the books of account?

Answer: Preferably yes. It is not mandatory that the company should not have its bank account closed or cash in its books; however Registrar insists to do so. Seldom has he allowed small amount of cash.

9. Our company is showing some reserves. Can it be closed?

Answer: As long as reserves are in the form of undistributed profits they may be distributed as dividend. Alternatively they may be capitalized by bonus issue. In case of other reserves like revaluation reserves or redemption reserves point to be kept in mind is that accumulated losses should tally with the aggregate of share capital and reserves.

10. If there are some liabilities like outstanding audit fees; but the company does not have cash to pay. What is the recourse?

Answer: The most practical solution will be to pay the outstanding liabilities by the directors in their individual capacity and seek a “no objection letter” from the concerned creditor.

11. In the balance sheet of 2008-09 our company had meager turnover of around Rs. 5 lacs. Can it avail the scheme?

Answer: No, the scheme contemplates that the applicant company should not carry on any business activity and impliedly should not have any business income after 01st April 2008.

12. Our company has referred as sick to BIFR. Can it be closed?

Answer: No sick company declared as such or referred to the BIFR can avail the benefit of EES 2011.

13. Our company was earlier listed company on XYZ exchange. Can it be closed?

Answer: No. An existing listed company or company which has been delisted cannot avail the EES 2011.

14. Registrar of companies has issued show cause notice/s against company for non-filing of annual accounts/ annual returns. Shall our company face problem?

Answer: If the company has satisfactorily replied to the show cause notice issued by the registrar regarding non-filing of annual accounts/ annual returns; company may go ahead and file the application for EES 2011. The communication made with the registrar and/or the filing receipts of respective annual forms may be attached to EES 2011.

15. A prosecution has been launched against our company regarding some irregularities under the companies act. Is our company eligible to apply for closure?

Answer: Only in circumstances where a prosecution for a non-compoundable offence is pending in any court, company cannot file the application under EES 2011.

16. Our company had availed loan long time ago. We had satisfied the same but had not received any no-dues certificate from the bank. Is it necessary for the closure?

Answer: It will be better to obtain the desired no-dues certificate from bank. Apart from the scheme it will be beneficial as it acts as conclusiveness that the company has satisfied/repaid its loan. For EES 2011 Registrar insists to attach no- dues certificate. Alternatively the company may get no-objection letter/certificate from the bank/ financial institution for declaring the company defunct.

17. Our company has only one director alive. What should be done?

Answer: The members may appoint at least one more director in a general meeting and then the company may go ahead to file the application under EES 2011. The death certificate of deceased director or affidavit giving confirmation of absconding director may be attached to support the genuine case.

18. If the directors are absconding; can the shareholders apply for closure?

Answer: If the company attaches FIR or such other document having evidential standing along with the application form EES 2011, company may go ahead with declaring it defunct under the scheme, provided registrar satisfies with the circumstances.

19. What should be done if any of the directors is/are foreign?

Answer: The directors should get their affidavits and indemnity bond attested from the Indian embassy in their home country and send the application under EES 2011. Alternatively apostle certificate may be produced.

20. Is audited balance sheet at the latest date of closure of company is required?

Answer: No. Statement of accounts in Annexure C, which shows the latest financial position, is sufficient under the EES 2011. This annexure however needs to be signed by the practicing Chartered accountant or auditor of the company.

21. If the directors do not have DIN, what is the remedy?

Answer: In such cases directors need to put in their PAN or passport numbers at the appropriate places in annexure A and annexure B. Application form needs to be signed by the director/s manually and the scanned copy of the same should be attached to the application form. In all such cases PAN or Passport copy duly attested by the attesting authority should be attached to the application form.

22. If the director does not have his digital sign, what should be done?

Answer: Practicing professional (CA/CS/CWA) may sign digitally on behalf of the signatory and upload form EES 2011 on his behalf.

23. How we can know that our company is declared defunct?

Answer: The Registrar (ROC) will scrutinize the submitted application form EES 2011 and attachments in original for striking off the name of company. If he finds everything in order, he approves the form and issues notice u/s 560 (3) of the Companies Act, 1956 through e-mail. The name of the company applied for declaring it defunct starts appearing then on the MCA. He seeks objections by intimating to the applicable statutory authorities like Income Tax Department, Reserve Bank of India, Securities & Exchange Board of India, Service Tax Department, Excise Department or VAT Department. If within 30 days no objection is received, ROC sends removes name of the company from its data u/s 560 (5) of the Companies Act, 1956 by sending the data for publication in official gazette. The company then stands dissolved from the date of publication.

24. Can I raise objection for a company declaring it defunct?

Answer: Any person may take objection on the justifiable grounds detailing the same to ROC, during the course of declaring it defunct i.e. within 30 days from the application stage. Restoration of the company is possible u/s 560 (6) of the Companies Act, 1956 if the application in this regard has been made by the company, its member/s or creditor/s, within 20 years from the date of publication of defunct company in the official gazette. It should be made to the concerned High Court.

25. What is the last date of this scheme?

Answer: Last date of EES 2011 is 31st January, 2011.

26. Our company was registered with ROC as NBFC, but had not done any business as such. It is defunct since long. Can we still close our company under the scheme?

Answer: In practical sense ROC may ask for NOC from the Reserve Bank of India (RBI). If the net worth of company is negative or less than that stipulated and it had never applied for getting the NBFC license from RBI, company may apply for the scheme. However fate of such application will be purely on merits of each case.

27. Our company had faced inspection/ investigation and replied to the central government. Can it go for closure under the scheme?

Answer: In all the following instances company is ineligible to apply under EES 2011 -

companies on which inspection or investigation is ordered, carried out or in the process of taking them up or
prosecutions initiated by inspection or investigation are completed and some legal matters are pending in the competent court or
where order u/s 234 has been issued by ROC and reply thereto has been pending or
where prosecution is pending.

28. Shall I require submitting the original documents with ROC?

Answer: Yes. Now the Registrar has been instructed to get the original documents which have been attached as like affidavits, indemnity bonds, resolutions, NOCs, CA certificate, waiver letters etc.

29. Is the power given to the registrar discretionary?

Answer: Yes. ROC has absolute discretion while deciding each case individually on the basis of documents produced before it for supporting and justifications. Cases are decided purely on merits.

30. How can we ascertain that we are eligible and can avail the scheme?

Answer: The scheme contemplates following two kinds of companies, namely

A company registered under the Companies Act 1956 and not carrying on any business activity or operation on or after 01/04/2008 and includes
A company which has not raised its paid up capital u/s 3(3) or 3(4) of the Companies Act, 1956

ROCs are taking stand that they will allow a newly incorporated company, registered after 01/04/2008 as defunct and hence treating all such companies ineligible under the EES 2011.

Check your IT Refund Status Online

2011-01-15T20:10:00.007+05:30

Still waiting for the income tax refund after months of filing your tax return?

You can check your income tax refund status from the website of Tax Information Network (TIN) by Income

Tax Department powered by NSDL.

Click on the link below to check your IT Refund status with your PAN.

CLICK HERE TO CHECK YOUR REFUND STATUS

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IT Dept releasing 3 new services on the e-filing portal

2011-01-13T10:54:00.004+05:30

Income Tax Department is releasing 3 new services on it's e-filing portal. These services are being made available from the 'Services' menu on the Menu Bar on top. The said three services are available without requiring any login procedure also. The said three services are:

ITR-V receipt status at CPC Bangalore.
Refund failure status out of refunds issued or to be issued at CPC Bangalore
Processing status of e-Returns from CPC Bangalore

e-Filing Help Portal of the ICAI

2011-01-12T17:17:00.005+05:30

The Institute of Chartered Accountants of India has introduced a separate web portal to provide assistance on e-filing.

Click here to open the portal.

ICAI Awards for Excellence in Financial Reporting

2011-01-12T16:42:00.008+05:30

The Institute of Chartered Accountants of India has awarded seventeen companies/entities for Excellence in Financial Reporting for the year 2009-10. The said awards were presented by Shri Salman Khurshid, Minister of Corporate Affairs, on the inaugural day of a three-day conference organized by the Institute.

Following are the awardees:

Sector	Award	Organisation
Banking Sector	Gold Shield	HDFC Bank Ltd.
	Silver Shield	ICICI Bank Ltd.
	Plaque for Commended Annual Report	Kotak Mahindra Bank Ltd.
Insurance Sector	Gold Shield	SBI Life Insurance Co. Ltd.
Insurance Sector	Silver Shield	Birla Sun Life Insurance Co.
Manufacturing Sector (Turnover Rs. 500 crore or more)	Gold Shield	Dr. Reddy's Laboratories Ltd.
Manufacturing Sector (Turnover Rs. 500 crore or more)	Silver Shield	TATA Chemicals Ltd.
Manufacturing Sector (Turnover less than Rs. 500 crore)	Gold Shield	Not given to anyone
Manufacturing Sector (Turnover less than Rs. 500 crore)	Silver Shield	Ganesh Polytex Limited
Service Sector (other than banking & insurance) (Turnover Rs. 500 crore or more)	Gold Shield	Tata Consultancy Services Ltd.
	Silver Shield	Persistent Systems Ltd. &
	Silver Shield	Infrastructure Development Finance Company Limited (Jointly)
Service Sector (Turnover less than 500 crore	Gold Shield	Nucleus Software Exports Ltd
Service Sector (Turnover less than 500 crore	Silver Shield	Info Edge (India) Limited
Not-for- Profit Sector Local Bodies	Gold Shield	The Akshaya Patra Foundation
Not-for- Profit Sector Local Bodies	Silver Shield Plaque for Commended Annual Report	Vidya Dairy Surat Municipal Corporation

Professional Referencer

2011-01-12T10:43:00.002+05:30

Have all the important links at one place!

INCOME TAX LINKS

Apply for PAN

Apply for TAN

E-file your Return

E-TDS

Know your PAN

PAN Registration Status

Know your Refund Status

Know your TAN

EXCISE

Central Excise Tariff

COMPANY LAW

Certifying Authorities for Digital Signature

Check Company or LLP Name

Fee Calculator

Find CIN/GLN

Get Certified Copies of ROC

Steps to be taken to incorporate a new company

Track Complaint Status

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View Public Documents

View Transaction Status PFO

NBFC

NBFC Notifications

FDI Policy

Foreign Direct Investment Policy, April 2006

FDI in India Statistics

ACCOUNTING STANDARDS(AS)

Accounting Standards Interpretation

IAS and IFRS Summaries

ASB Guidance on Implementing AS 15

New converged Ind AS

Audit and Acc - Misc.

RECENT OPINIONS OF THE EXPERT ADVISORY COMMITTEE

Other Misc.

Exchange Rates

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Forms for CA, CS, CWA

2011-01-11T21:00:00.005+05:30

All forms for CA Students

All Forms for CS Students

All Forms for CWA Students

Amount transferred from Revaluation Reserve includible u/s 115JB: Supreme Court

2011-01-11T20:07:00.003+05:30

Amount withdrawn from revaluation reserve & credited to P&L A/c cannot be reduced from book profit even if in year of creation of reserve, the P&L A/c was not debited

In AY 2000-01 the assessee revalued its fixed assets by Rs. 288.58 crores and credited the said sum to the revaluation reserve. In AY 2001-02, the assessee debited Rs.127.57 crores towards depreciation and in accordance with Accounting Standard AS-10 & AS-6 transferred Rs. 26.11 crores from revaluation reserve & set it off against the depreciation resulting in a net depreciation charge of Rs.101.45 crores. In computing the book profits u/s 115JB, the assessee claimed that the amount of Rs. 26.11 crores transferred from the reserves had to be excluded and the depreciation charge had to be considered at Rs. 127.57 crores*. The AO, CIT (A), Tribunal & High Court rejected the claim of the assessee.

On appeal to the Supreme Court, HELD dismissing the appeal:

(i) The assessee’s argument that as the creation of the revaluation reserve was not debited to the P&L A/c, the withdrawal from the reserve should be excluded from the P&L A/c in terms of clause (i) of the Explanation to s. 115JB(2) read with the Proviso is not acceptable because had the assessee deducted the full depreciation from the profit before depreciation in AY 2001-02 it would have shown a loss and could not have paid the dividends. Therefore, the assessee credited the amount to the extent of the additional depreciation from the revaluation reserve to present a more healthy balance sheet to its shareholders enabling the assessee possibly to pay out a good dividend. It is precisely to tax these kinds of companies that MAT provisions had been introduced. The object of MAT provisions is to bring out the real profit of the companies. The thrust is to find out the real working results of the company. Thus, the reduction sought by the assessee under clause (i) to the Explanation to s. 115JB(2) in respect of depreciation has been rightly rejected by the AO;

(ii) Further, clause (i) of the Explanation to s. 115JB(2) permits the net profit to be reduced by the amount withdrawn from reserves only if in the year of creation of the reserves, the book profits had been increased. As in the year of creation of the reserves (AY 2000-01), the amount of Rs.288.58 crores or Rs.26.11 crores had not gone to increase the book profits there is no question of reducing the amount transferred from such revaluation reserves to the P & L Account. The argument that creation of the reserve did not impact the profits of that year is also not acceptable because though the profit was not impacted, depreciation was impacted and by the inter play of the balance sheet items with P&L A/c the assessee had projected a loss of Rs.7.38 crores (before transfer from reserves) as profit of Rs.18.73 crores.

Important Partnership Deeds

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Formats of forms for Formation/Dissolution/Change in constitution:

Form-A – Application for Registration of Firms

Form-B- Form for Alteration in The Name, Location or Nature of Business of Firm

Form-C- Notice for Change of Address of Business

Form-D- Notice of Change in the Name of Partners and his Permanent Address.

Form-E- Notice of Change in Constitution/Dissolution of the Firm

Form-F- Notice of Election by a person admitted as a minor to the benefits of partnership Firm to become or not to become a partner

Form-G- Register of Firms

Form-H- Certificate Of Registration

Income Tax Return Forms (A.Y. 2010-11)

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Download the Income Tax Return forms and blank acknowledgement for the assessment year 2010-2011 (Financial Year 2009-10)

Note:
The forms below are in pdf format. To see those forms, you will need to have pdf reader installed in your system. You can download the Adobe Pdf Reader from here.

SARAL - II (ITR-1) Instructions	For Individuals having Income from Salary / Pension / Income from One House Property (excluding loss brought forward from previous years) / Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses.
ITR 2 Instructions	For Individuals and HUFs not having Income from Business or Profession
ITR 3 Instructions	For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
ITR 4 Instructions	For individuals & HUFs having income from a proprietary business or profession
ITR 5 Instructions	For firms, AOPs and BOIs
ITR 6 Instructions	For Companies other than companies claiming exemption under section 11
ITR 7 Instructions	For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
ITR V Instructions	Where the data of the Return of Income in Forms Saral-II (ITR-1), ITR-2, ITR-3, ITR-4, ITR-5 & ITR-6 transmitted electronically without digital signature.
Acknowledge -ment	Acknowledgement for e-Return and non e-Return

Note: The author of this blog does not take any responsibility whatsoever regarding correctness or otherwise of these forms and their contents.

TDS Rates for FY 2010-11

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IFRS Convergence in India

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The International Financial Reporting Standards (IFRS), as all we know, is posed as the global language of accountancy which is aimed to make the comparison and interpretation of financial statements across the world easier. (Mind you, only comparison will be simpler, LOL). This, however, is only possible if all the major countries prefer the IFRS reporting. Till now, more than 100 countries over the world have adopted the IFRS as their generally accepted standards of accounting and that number is only increasing with time.

India:

India has also committed itself at the G-20 to make it's companies IFRS compliant from April 1st, 2011. Now, there are two ways to make the reporting structure of a country IFRS compliant. Either you adopt the IFRS in their entirety, or you converge your local standards in lines with the IFRS. The India has adopted the latter.

Convergence Vs. Adoption:

It means, India has not adopted the IFRS in full but it is revising it's Accounting Standards (AS) to get them in line with the international reporting standards. The premier standard setting body in India is the Institute of Chartered Accountants of India (ICAI) which has already issued the "Exposure Drafts of Converged Accounting Standards". They can be read here.

The perceived reason by many for why India has not adopted the IFRS in it's original form is the concerns of India over some critical issues in the original standards. Indian Government and the Industry feel that it would not be possible to implement IFRS as they are in some areas like agricultural accounting, foreign exchange transactions, pension accounting etc. Therefore, India has preferred the convergence road-map. The final destination seems to be full adoption but it will take some time after once the businesses of the country get used to converged standards.

The Road-map for Convergence in India:

Road-map for convergence in respect of Companies other than Banking Companies, Insurance Companies and NBFCs

Phase-I
Conversion of opening balance sheets as at April 1, 2011, if the financial year commences on or after April 1, 2011:

Companies which are part of NSE - Nifty 50
Companies which are part of BSE - Sensex 30
Companies whose shares or other securities are listeon stock exchanges outside India
Companies, whether listed or not, which have a net worth in excess of Rs.1,000 crore

Companies covered in Phase I will prepare their financial statements for 2011 - 12 in accordance with converged Accounting Standards, but will show previous years’ figures as per the financial statements for 2010 - 11 i.e. as per non-converged Accounting Standards. However, the entity shall have the option to add an additional column to indicate what these figures could have been if converged Accounting Standards had been applied in that previous year.

Phase-II

Conversion of opening balance sheets as at April 1, 2013, if the financial year commences on or after April 1, 2013

The companies, whether listed or not, having a net worth exceeding Rs. 500 crore but not exceeding Rs. 1,000 crore.

Phase-III

Conversion of opening balance sheets as at April 1, 2014, if the financial year commences on or after April 1, 2014

Listed companies which have a net worth of Rs. 500 crore or less

Non-listed companies which have a net worth of Rs. 500 crore or less and whose shares or other securities are not listed on Stock Exchanges outside India and Small and Medium Companies (SMCs) will not be required to follow the notified Accounting Standards which are converged with the IFRS (though they may voluntarily opt to do so) but need to follow only the notified Accounting Standards which are not converged with the IFRS.

While the Insurance, Banking and NBF Companies are given some relaxation for now, they will also have to adopt the converged IFRS over the time in phased manner. Meanwhile, if you do have some comments on the above write-up, or want to share your views on the topic, please feel free to share the same here.

Thanks for your reading,

Reagrds
Parth Dave