Rent Reimbursement doesn't attract Tax withholding u/s 194I

Subsidiary company reimbursed part of the rent for the portion of premises used by it, to its holding company, TDS is not deductible on such reimbursement in the absence of the lessor-lessee relationship between holding and subsidiary

[2012] 23 taxmann.com 93 (Delhi - Trib.) IN THE ITAT DELHI BENCH 'F'

Assistant Commissioner of Income-tax, Circle - 15(1)

v.

Result Services (P.) Ltd.[ASSESSMENT YEAR 2008-09]

FACTS

• The assessee, M/s Result Services Pvt. Ltd., a 100% subsidiary of M/s McCann-Erickson (India) Pvt. Ltd., is engaged in the business of direct marketing, advertisement and sales promotion. During the assessment year 2008-09, the assessee company had reimbursed Rs. 56,23,456 towards its portion of rent, for the premises which was used by the holding

After KPMG flak, OnMobile CEO resigns

Founder takes responsibility for 'weaknesses in some processes' the auditor alleged took place in the company during his tenure

Beryl Menezes l Mumbai

Arvind Rao, founder, MD and CEO of OnMobile, India's number one mobile value-added services (VAS) provider, has resigned, following a KPMG probe that confirmed faulty corporate practices under his stewardship. Shares of OnMobile closed 3.59% down at `33.60 on the NSE on Monday, well before Rao's exit was announced. Barely a week ago, Rao was accused of misappropriating company funds towards a private venture, something that he denied. Even the company said Rao "was not being investigated by the board for any

UNIVERSAL SERVICE TAX REGIME IS HERE

Last week, the government ushered in the era of a tax on all services, except for those on a negative list, brushing aside requests from some quarters for a postponement. Obviously, the government felt enough time had been given already, with the concept paper on the subject put out a few months before, major legislative proposals presented with the Budget and essential notifications issued 10 days earlier. Even so, some last-minute doubts surfaced and the government came out with a circular and notifications to clear these. The major anxiety of exporters was about the service tax exemption on commission to their agents abroad. On

DELAY IN ADOPTION OF IFRS: ABLESSING IN DISGUISE

There is a lull in the International Financial Reporting Standards (IFRS) training market. Building capabilities for implementing IFRS is no more a priority for companies because it is difficult to guess when the government will notify the effective dates for the implementation of converged Indian Accounting Standards (IndAS). India is not an exception in deferring the implementation of IFRS. The momentum for convergence of accounting practices globally has slowed down. It received a thrust when EU member countries converged their accounting standards with IFRS. This happened in the year 2005. After 2005 only a few

ITR - 5 excel utility released by DIT

ITR-5 excel utility V1.0 released by DIT 

Direct link is  https://incometaxindiaefiling.gov.in/portal/firms_aopsbol.do 

E-filing for ITR-1 to ITR 4 (including 4s) for AY 2012-13 started.

MESSAGE FROM CPC

In FY2012, CPC processed 1.32 crores returns, a 47% increase over FY 2011. Rectification requests
received by CPC has dropped from over 10% of returns filed in AY08-09, to 6.5% in AY 09-10, to 3.8% in
AY 10-11 and further to just about 2.9% in AY 11-12
FY 2012 saw several milestones / records set by CPC. Between October 2011 and December 2011
, the Financial Accounting System (FAS) at ITDCPC was revamped completely with three rounds of
enhancements which resulted in a quantum jump in daily throughput. This resulted in:
a. Highest ever weekly processing of 7.06 lakhs in the week ended 30th December 2011
b. Highest ever monthly processing of 22.35 lakhs in December 2011
c. Highest ever quarterly processing of 53.6 lakh returns for Q3 2011
d. Week ended 6th January 2012, we generated and issued 1.9 lakh refunds
e. Consequent to the increase in throughput the average time for processing a return from the
date of receipt of ITRV has dipped to below 40 days
f. Faster processing has also helped in a significant drop in refund reissue requests from 10% of
refunds in AY 2009-10 to about 3% of refunds generated in AY 11-12.
Particulars FY 2012 FY 2011
Total Returns Processed (Lakhs) 132 88
Average Processing Time 59 151
Total Refunds sent (Nos.) 46.39 27.36
Total Refunds calculated (Amt, Rs Crs) 14,000 10,670
Total Rectification Requests handled 553,516 95,432
Average processing time of Rectification Requests 63 102
Assessment Year
Average Interest
paid u/s 244A (as a
% of refunds)
Total collections
from returns
processed in CPC
(Rs Crs.)
Arrear
Demand set
off (Rs Crs)
AY 09-10 7.9% 289.76 128.63
AY 10-11 5.4% 156.71 1533.12
AY 11-12 3.9% 26.14 1201.27

Key Highlights-Financial Year 2012
Among other activities the following were key highlights of FY 2012.
 A countrywide email and post campaign was launched by CPC to inform the assessees of past
tax demand lying in their names - over 17 lakhs emails and 8 lakh postal intimations were sent
 A new digitization platform was developed, and 1.6 lakh paper returns have been picked up in
March for processing.
 Facility for online request of Refund reissue to a new address and intimation request was
launched in January 4.
 The Call centre headcount was doubled to nearly 60 folks and the portal used by the call centre
was enhanced - this resulted in a miniscule call abandonment rate over the last few quarters
and a significant improvement in call handling time
 For the first time ever CPC set up a demand management team to inform high demand
assessees about the need to rectify their returns. An intense email, phone and even direct
conversation with assessees helped in the filing of rectification requests reducing demand for
over Rs3000crores.
 CPC also undertook several assesse / stakeholder interactive sessions in the year. This includes
sessions in Bangalore, Chennai, Ahmedabad, Vijayawada, Guntur, Jalandhar, Ludhiana, Indore,
besides interior locations in Karnataka like Mangalore, Belgaum, Hubli and Udupi. The latter
sessions played an important role in reducing paper filing of returns across Karnataka.
 Besides meetings were held in CPC with key stakeholders like the Bombay Chartered
Accountants Association, the Karnataka Chartered Accountants Association etc.
 CPC has also recommended several changes in the income tax forms and enhancement of
validation checks when returns are being filed - a lot of which has been accepted by the
department
 CPC also worked with the press to educate the public on the benefits of E filing of returns.

KEY CHALLENGES AHEAD:
 Assessee education

Data entry mistakes by tax payers have resulted in
i. tax credits not being given to the tax payers due to use of wrong TAN nos,
wrong dates of tax credits, amounts being rounded off instead of being exact
etc
ii. refunds not reaching the assessees – non filling of MICR codes, bank account
nos etc prevent faster disbursal of refunds
iii. number of other data entry errors result in returns being classified as defective,
delaying the processing of returns

 ITR V receipts

At this point nearly 20 lakh ITR Vs pertaining to AY11-12 have not been received by CPC. The ITD is
currently working on finding a solution to this issue. In the meantime all assessees whose returns
are not yet processed by CPC are requested to call the CPC call centre or check in the Efiling website
and confirm if their ITR Vs have been received. CPC has been periodically sending email and more
recently SMS reminders to all the email addresses and mobile numbers which are stated in the ITRs,
wherever ITRVs have not been received.

 Defective Returns

Currently CPC is unable to process over 2 lakhs returns which have been classified as defective
under CPC’s business rules. Assessees are requested to avoid errors mentioned below which are
among the top reasons for the return to be classified as defective:
1. ITR 4 - The assessee has not filled Part A P&L or Balance Sheet or both and gross receipts as per
and has entered a positive value in Schedule BP serial no1. This is the single largest reason for
returns being classified as defective
2. ITR 4 - P&L “Sales/Gross receipts of business or profession” is greater than 60 lakhs and AUDIT
INFORMATION not completely filled.
3. ITR 4S - has been filed but presumptive income u/s 44AD is less than 8% of Gross Receipt or
Sales turnover u/s 44AE is less than Rs5000 p.m. per vehicle in case of heavy vehicles or`less
than 4500 p.m. per vehicle in case of other vehicles.
4. ITR 4S - has been filled but Code mentioned under Nature of Business is 601 or 602 or 603 or
604 which are incorrect codes.
5. ITR 1- Tax Deducted as per Schedule TDS 1 is greater than GTI (Gross Total Income)
6. ITR 1- Tax Deducted as per Schedule TDS 2 is greater than GTI (Gross Total Income)
7. Depreciation claimed in Point 42 of Part A – P&L but Schedule DPM /DOA not filled.
8. Mainly ITR 4- Deduction claimed under Chapter VIA under sections 80IA, 80IB,80IC, 80G but the
relevant Schedules not filled
9. All ITR forms - Brought Forward Loss has been claimed at Point 9 of Part B TI but Schedule CFL
(Carried Forward Loss) has not been filled.
10. All ITR forms - No Income details or tax computation has been provided in ITR but details
regarding taxes paid have been filled and filed.
11. ITR 6 - Corporate assessee has filed ITR 6 but audit information is incomplete
12. ITR 4 & 5 - In audit information 44AB Flag is Y but Part A P&L and or Part A BS not filled.
13. ITR 4- Part A P&L and Part A BS not filled but entire tax is claimed refund which is more than
Rs25,000.
14. ITR 1- 4 - Gender Mismatch – The Gender provided in the return does not match with that
appearing in the PAN database.

NEW ACCOUNTING CODE & CLARIFICATION ON POT

NEW

POT

Appointment of CA / CA Firms for assessing Operational of Maharashtra State Co.operative Bank Limited Mumbai

Maharashtra State Co.operative Bank Limited Mumbai
Last Date : 14/07/2012
Appointment of CA / CA Firms for assessing Operational .

Address: Shri. G.P. Deshmukh, Manager, Inspection & Audit Department, Administrative Office, Plot No.88, Sector-17, Vashi, Navi Mumbai-400703.
Phone: 022-27894926
Email:

Vacancy for CA in Boeing

Click here to apply

ICAI to increase stipend for CA aspirants-Jayesh Shah, ICAI, President announced

ICAI to increase stipend for CA aspirants-7/7/2012

Vadodara: A minimum stipend offered to the CA aspirants doing articleship at CA firms will be hiked by 2.5 times to 3 times, president of the Institute of Chartered Accountants of India(ICAI) Jayesh Shah announced here.

Talking to newsmen on the sidelines of a conference of CA students, Shah said the amount of stipend varies and depends upon areas fixed by the ICAI like an urban or semi-urban etc.

A CA aspirant has to compulsorily undergo three and half years of articleship and get trained at CA firms after clearing first of the two Integrated Professional Competence Course (IPCC) groups.

A high profile disciplinary committee set up by the Botswana Institute of Chartered Accountants (BICA) has begun probing and prosecuting unregistered accountants, with the guilty facing maximum fines of P500,000 and/or jail terms of up to 10 years.

A high profile disciplinary committee set up by the Botswana Institute of Chartered Accountants (BICA) has begun probing and prosecuting unregistered accountants, with the guilty facing maximum fines of P500,000 and/or jail terms of up to 10 years.

   

Led by prominent attorney, Rizwan Desai, the six-member committee is to begin its crackdown on unregistered accountants "within weeks," marking a historic development for the profession in Botswana. Other committee members include leading accountants and executives in the local profession.
The disciplinary body is backed by the new Accountants Act, passed in 2010, which requires all professional accountants to be registered with BICA - which in turn is charged with upholding the highest standards of professionalism in the field.
The Accountants Act also requires BICA registration for "a person holding a designation likely to create the impression that he/she is a professional accountant". Yesterday, BICA CEO, Duncan Majinda, told BusinessWeek the formation of the new disciplinary committee was necessary given the weight of sanctions facing delinquents.
"It's important that we waterproof the disciplinary system or process because, more often than not, you hear that cases have been dismissed because of technicalities," said Majinda who is also a member of the committee.
"There are many cases we are hearing and others that we are in possession of. We want the committee in place because we need to call them and put them through the disciplinary process. "In the next few weeks, some people will be called to book for operating outside the law: 'This is no longer child's play.' Recently, the institute revealed that of the 2,000 accountants operating in government, only 40 were registered, while the private sector is faced with similar challenges.
"We are getting calls from all over the place from people who are reporting that so and so is unregistered," said Majinda. "Our members in Francistown, in particular, are picking people who are not registered and they are notifying us.
"With the committee, we will legally approach these people to say they have not complied with the Act," Majinda said. By registering all accountants, BICA will be able to enforce world-class standards on the profession which are critical for the attraction of foreign direct investment, the enhancement of transparency and accountability and the combating of crime.
The new committee will discipline registered members for various offences under BICA's rules and also lead the prosecution of unregistered accountants for non-compliance with the Act. Majinda explained that the new committee is already ironing out potential loopholes for the effective operation of the disciplinary regime, with grey areas in the Act patched up in the regulations. "In the past, our disciplinary action was limited to our members, but the new Act empowers us to act although we use a different way to call you to book," the CEO said.
"We will issue summons to say you have breached the requirements of the Act and the disciplinary committee will be involved in that prosecution."BICA is presently setting up an appeals committee which the Act requires to be in place for prosecuted accountants to petition. Majinda said in line with the Act, BICA was seeking to appoint a former judge to chair the appeals committee.
"The retired judge will provide a high level of legal expertise without having the interference of day-to-day duties," said the CEO. Legislators powered the new Accountants Act in 2010, arguing that increasing numbers of fly-by-night accountants were swindling clients, providing low quality service and committing other white collar crimes with near impunity.
During the Act's debate, some legislators called for the fine for unregistered accountants to be increased to P1 million, to stamp out corrupt practices and restore public and investor confidence in the profession. BICA members found guilty of flouting its rules are liable to fines, cautions, suspensions and exclusion from the institute, which is essentially a ban from operating in Botswana as a professional accountant.  Any firm hiring an excluded accountant will also be reprimanded.

Penalty for Late Filing & incorrect information in TDS/TCS Statement wef 01.07.2012

•  Fee and penalty for delay in furnishing of TDS/TCS Statement and penalty for incorrect information in TDS/TCS Statement

In order to provide effective deterrence against delay in furnishing of TDS statement, it is proposed –

(i) to provide for levy of fee of Rs.200 per day for late furnishing of TDS statement from the due date of furnishing of TDS statement to the date of furnishing of TDS statement. However, the total amount of fee shall not exceed the total amount of tax deductible during the period for which the TDS statement is delayed, and

(ii) to provide that in addition to said fee, a penalty ranging from Rs.10,000 to Rs.1,00,000 shall also be levied for not furnishing TDS statement within the prescribed time.

ICAI postpones Implementation of e-Diary system

All Articled/ Audit Assistants are hereby informed that due to technical issues implementation of e-diary system for capturing the work done by students, review by the Principal, alert for due dates and monitoring at the Institute’s level is kept in abeyance.

Fresh date of its implementation would be announced shortly.

Director, Board of Studies

SBI launches eFile service for filing I-T returns

State Bank of India (SBI) today launched a new service that will facilitate filing Income Tax returns online. This service is currently available only to the bank’s customers, at a discounted price, SBI said in a statement. For salaried individuals the fee starts as low as Rs 150, inclusive of taxes, which can be paid by the customer through SBI internet banking or debit card, it said.

“Considering that it is mandatory for individuals earning an annual income in excess of Rs 10 lakh to file their returns online from the current financial year, there is a growing demand for online tax filing services which SBI is trying to meet and provide for its customers through its eFile service,” it added.

Apart from salaried individuals, the service is available to individuals who are self-employed, professionals, etc., it said.

For a higher fee, it said, the facility provides enhanced features such as professional review, tracking of tax refund, an online tax vault to store and access tax related documents, online filing using digital signature etc

Partial Reverse Charge Mechanism – Putting Service Tax in Forward Gear

Introduction

1.0  The concept of “reverse” though important, has limited applicability in our day-to-day life. We are familiar with reversing a vehicle for limited purposes. A vehicle cannot be driven in reverse for moving forward. However, when it comes to levy of taxation it is not the case. Under the ST, till 30^th June, 2012 the concept of levying tax on “reverse charge” (RC) had limited applicability as only few types of transactions were covered there under. With effect from 1^st July, 2012 the things are going to change dramatically.

1.1  Another interesting development in this respect has been introduction of “Partial Reverse Charge” (PRC) meaning thereby requiring the Service Recipient (SR) to pay ST partially. It should be noted that the term PRC has not been defined in the statute but it has been referred to in the Guidance Note (GN) issued by the Central Board of Excise and Custom (CBEC). In the case of following three services, ST is required to be borne by the SR partially in the proportion as mentioned in Notification No. 30/2012 dt. 20-6-2012.

(a)  renting of a motor vehicle designed to carry passengers on non-abated value to any person who is not engaged in a similar business, or

PAN CARD-avoid quoting PAN details for identity proof

Indian Railway has started collecting PAN and other specified identity information in support of Tatkal bookings as per recent direction and are displaying the PAN along with name, sex and age of reserved passengers on the reservation charts pasted on to the railway compartments.
 
This is a boon for benami transactions. Finance Act 2012 has made it mandatory for certain traders like jewellery dealers to collect tax from customers on purchase of jewellery worth Rs.2 lakhs and above. While complying with these rules, jewellery dealers have to furnish PAN of customers. For certain customers it is not convenient to provide PAN as they may have constraints in explaining source (black money or undeclared incomes

Engagement of chartered accountant on contract basis by Government Of Jammu And Kashmir Rajouri

Government Of Jammu And Kashmir Rajouri
Last Date : 12/07/2012
Engagement of chartered accountant on contract basis.

Address: Rajouri - Jammu-kashmir - India
Phone: 01964-276389
Email: itikalakote@gmail.com

SC restrains RBI from allowing foreign law firms to operate in India

The Supreme Court on Wednesday restrained the Reserve Bank of India from granting licenses or permission to foreign law firms to practise in India. A bench of justices RM Lodha and AR Dave also issued notices to 31 law firms in the country on the appeal filed by Bar Council of India against a Madras high court judgement, which took the view that foreign lawyers cannot be debarred from certain arbitration proceedings in India.

PwC admits 61 new UK equity partners

SIXTY-ONE NEW equity partners have been admitted to PwC's UK firm this year.
The Big Four firm, which has no salaried partners, announced that 39 new partners were admitted to the firm on 1 July, joining the 22 partners recruited from outside PwC during the last 12 months
The partners are spread across all business areas of the firm and include 11 women, PwC said.
Ian Powell, senior partner and chairman of PwC, said the firm will recruit around 2,200 people at student, intern, graduate and experienced levels this year.
"We draw our partners from a wide base of skills to reflect the needs of our clients in all areas of their business," Powell said.

Ernst & Young announced the appointment of 43 new UK & Ireland partners this week.

PT Notification for ePayment of PTRC

FINANCE .DEPARTMENT

Madam Gama Road, Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, Dated the 14th June 2012

 

 

NOTIFICATION

 

MAHARASHIRA STATE TAX ON PROFESSIONS, TRADES, CALLINGS AND EMPLOYMENTS ACT 1975.

 

No. PFT. 1012/C.R. 29/Taxataon-3.-In exercise of the powers conferred by section 7A of the Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975 (Mah XVI of 1975) and in pursuance of the powers conferred by clause (aj of rule 45A of the Maharashtra Value Added Tax Rules, 2005 made in exercise of the powers conferred by sub-sections U), (2), (3) and (5) read with proviso to sub-section (4) of section 83 of the Maharashtra Value Added Tax Act, 2002 (Mah. DC of 2005), the Government of Maharashtra hereby specify that, with effect from the 1st July 2012, every employer holding Profession Tax Registration Certificate shall pay tax, interest, penalty or any amount due and payable by or under the said Act, electronically in the manner as specified in the said rule 45A.

 

 

By order and in the name of the Governor of Maharashtra,

 

 

O. C.  BHANGDIYA,

Deputy Secretary to Government.

NEW ITR-5 & ITR-6 NOTIFIED

finally CBDT has notified ITR-5 & ITR-6 on 2-7-2012. Commencement of e-filing mechanism may take few more days

S. 43B(f) "Leave Encashment" Law Is Unconstitutional: Kerala High Court

CIT vs. Hindustan Latex Ltd (Kerala High Court)

S. 43B(f) which allows deduction for leave encashment only on payment basis is ultra vires. In any event, it does not cover premium paid to insurer

The assessee claimed deduction u/s 37(1) for liability to pay, payment of, premium to LIC under the Group Leave Encashment Scheme policy. The AO allowed the claim though the CIT revised the assessment u/s 263 on the ground that u/s 43B(f), leave encashment was allowable as a deduction only on payment basis. The Tribunal reversed the CIT on the ground that s. 43B(f) had been held to be unconstitutional in Exide Industries 292 ITR 470 (Cal) and that the assessment order was not erroneous. On appeal by the department to the High Court, HELD dismissing the appeal:

(Click Here To Read More)

Retrospective Effect Given to 3rd & 4th Provisos to s. 80HHC is ultra vires

Avani Exports vs. CIT (Gujarat High Court)

Retrospective Effect Given to 3rd & 4th Provisos to s. 80HHC is ultra vires

The Third & Fourth Provisos to S. 80HHC were inserted by the Taxation Laws (Second Amendment) Act, 2005 with retrospective effect from 1.4.1998 to provide that the deduction in respect of exporters having a turnover of more than Rs.10 Crore would be available only if he has evidence to prove that he had an option to choose either duty drawback or DEPB and that he chose DEPB, even when he was entitled to higher benefit under the duty drawback scheme. The assessee claimed that this was an absurd condition because no sensible person would ever exercise the option to choose a scheme under which he would get lesser benefit. The retrospectivity of the amendment was challenged on the basis that it was arbitrary and discriminatory under Articles 14 & 19 of the Constitution. HELD upholding the challenge:

(Click Here To Read More)

The big four audit firms can breathe easy as the Ministry of Corporate Affairs (MCA) has decided there will be no cap on the number of companies an audit firm can take on as clients

The big four audit firms can breathe easy as the Ministry of Corporate Affairs (MCA) has decided there will be no cap on the number of companies an audit firm can take on as clients.

A source in the government told The Indian Express that the ministry has decided to drop the recomendation of the Parliamentary Standing Committee on Finance to restrict the number of companies beyond which audit firms shall not be auditors.

SERVICE TAX REGISTRATION (Requirements) for Company

1. Signature on Form-ST-1 and Annexure-II (STC No. Form) in duplicate
2. Photocopy of PAN Card of the Company
3. Photocopy of Address proof of the place of Business (Registered Office):

Tel. Bill -MTNL Electricity Bill
Water Bill Property papers
4. If Address proof is not in the name of Company then NOC from Landlord
5. Rent Agreement along with ID Proof of Landlord
6. Memorandum –1 copy
7. Board Resolution in case of Company
8. List of Directors
9. Authorized Director Address Proof -
Tel. Bill Ration Card
Election Card Electricity Bill
Water Bill Driving License
10. Photocopy of PAN Card of Directors
11. Bank Statement and Cancel Cheque in the Name of applicant.
12. Undertaking.

In the case of registration of single premises.

Service tax on advocates from 1.07.2012

By way of Notification No. 25/2012 – ST dtd. 20.06.2012, the Government has exempted service by an individual advocate or a partnership firm of advocates by way of legal services to, -

i) an advocate or partnership firm of advocates providing legal services;

ii) any person other than a business entity; or

iii) a business entity with a turnover upto Rs. 10 Lakhs in the preceding financial year.

“Legal service” is defined to mean any service provided in relation to advice, consultancy or assistance in any branch of law, in any manner and includes representational services before any court, tribunal or authority.

“Business entity” is defined to mean any person ordinarily carrying out any activity relating to industry, commerce or any other business.

Under Notification No. 30/2012 – ST dtd. 20.06.2012, in respect of services provided by an individual advocate or a firm of advocates by way of legal service to a business entity, such business entity is liable to whole of service tax.

Thus, the individual advocates or a partnership firm of advocates providing legal service are not liable to pay service tax under any circumstance and in case of service provided to the business entities having turnover above Rs. 10 Lakhs in the preceding financial year, such business entities are only liable to pay tax.

Announcement on Operationalisation of e-Diary System

E-DIARY IN ABEYANCE : -
Announcement on Operationalisation of e-Diary System
BoS/Announcement/227/12 July 4, 2012
Sub: Implementation of e-Diary (Student’s Work Diary) system
All Articled/ Audit Assistants are hereby informed that due to technical issues implementation of e-diary system for capturing the work done by students, review by the Principal, alert for due dates and monitoring at the Institute’s level is kept in abeyance.
Fresh date of its implementation would be announced shortly.
Director, Board of Studies

Exam applications for Nov exams Will be available from 6th of Aug.

Exam applications for Nov exams Will be available from 6th of Aug.
-Last date to apply- 27th Aug

Empanelment of valuers & auditors for valuing movable & immovable assets of State Bank Of India Bangalore

State Bank Of India Bangalore
Last Date : 05/07/2012
Empanelment of valuers & auditors for valuing movable & immovable assets charged to be charged to the bank & auditors from eligible companies/firms of chartered/cost accounts for empanelment as stock auditors .

Address: Bangalore - Karnataka - India
Phone:
Email:

Deputy General Manager - Finance & Accounts UltraTech Cement Ltd. - Jodhpur, Rajasthan

Introduction

US $35 billion corporation, the Aditya Birla Group is in the League of Fortune 500. It is anchored by an extraordinary force of over 133,000 employees, belonging to 42 different nationalities. This year the Group was declared among the top best employers in India by the Aon-Hewitt Survey and ranked second. It was also ranked among the top employers in the Asia Pacific Region. Earlier, the Group has been adjudged among the top six great places for leaders to work in the Asia Pacific Region (The Hewitt Associates, The RBL Group and Fortune Magazine Study 2009).  The Group operates in 33 countries and over 60 per cent of its revenues flow from its overseas operations. UltraTech Cement Limited has an annual capacity of 52 million tonnes. It manufactures and markets Ordinary Portland Cement, Portland Blast Furnace Slag Cement and Portland Pozzalana Cement. It also manufactures ready mix

Require Accounts Ofifcer at Santosh Limited

Company Profile Santosh Limited Santosh Limited is one of the Largest Corn Wet Millers of India having Pan India Operations and are into manufacturing of products such as Starch , Glucose etc applied to Paper , Food , Textiles , Pharma and many other companies. a

ICAI Mini Ready Reckoner

ICAI Mini Ready Recknor.pdf

VAt Cir - 10T of 2012 - Administrative relief in respect of import export licences covered under Schedule Entry C-39 of MVAT Act, 2002.

TRADE CIRCULAR

Date: 02/07/2012

No.DC(A&R)/VAT/ROT/2011/9/Adm-6.

Circular No.10T of 2011.

 

Sub :-	Administrative relief in respect of import export licences covered under Schedule Entry C-39 of MVAT Act, 2002.
Ref:-	Government Resolution No. VAT 1511/CR-111/Taxation-1, dated 21st October 2011.

 

The State Government has issued a Government Resolution referred above providing administrative relief for the period 1st April 2005 to 31st December 2010 to the dealers who have collected and paid tax in respect of duty paid scrips which were tax-free prior to 1st January 2011 under the Maharashtra Value Added Tax Act, 2002.

 

02. Background

Entry 39 of Schedule C to MVAT Act provides a notified list of intangible goods for the purpose of levying tax. The notified list of intangible goods included certain import licenses

TDS on Director's Remuneration

WITH EFFECT FROM 01.07.2012, TDS IS DEDUCTIBLE U/S 194J ON DIRECTORS REMUNERATION. DOES THIS IMPLY THAT THIS INCOME IS TO BE CLASSIFIED AS INCOME FROM PROFESSION, AND THEREBY PROFESSIONAL EXPENSES CAN BE CHARGED AGAINST SUCH INCOME.

National Students Convention for CA students on 14th & 15th july at Kolkata

We have the pleasure to inform you that Board of Studies of ICAI is organizing a two day Students' National Convention on 14th and 15th July,2012 (like every year) in Kolkata & this mega-event of CA students is being hosted by Eastern India Chartered Accountants Students' Association(EICASA) & Eastern India Regional Council(EIRC) of ICAI wherein more than 1500 students would participate from across India.
 
The Convention provides an opportunity for Chartered Accountantancy students across the country to meet and discuss matters of their interest as C.A. students.  It offers  a rare occasion for the students to share their ideas and experiences to strengthen avenues of self-expression in the process of their transformation to a member of the Chartered Accountants fraternity. Renowned speakers from different part of India are also

consultant required

one of my client want to get registered in mumbai.,calcutta and banglore with sales /vat department of respective state.....plz if any one from this location contact with complete detail of documents required and fees to be charged ...............

 

WITH REGARDS ,

M/S SANDEEP BANSAL & ASSOCIATES
CHARTERED ACCOUNTANTS
WZ-9, STREET  NO.13,GURU NANAK NAGAR
NEAR CRPF CAMP ,NEW DELHI 110018

ICAI Disciplinary Committee obliged to offer opportunity of being heard & to comply with principles of natural justice

Talluri Srinivas v. ICAI (Delhi HC)- Section 21B(3), read with rule 18 of the Rules makes it clear that the Disciplinary Committee is obliged to offer the member, whose conduct is under examination, an opportunity of being heard and to comply with the principles of natural justice. In the instant case, the period during which the interim stay of the disciplinary proceedings remained in force, the petitioner cannot be faulted for delaying the proceedings. The petitioner was entitled to agitate his legal rights, and merely because that led to deferment of the disciplinary proceedings, the said fact cannot be held against the petitioner. 

HIGH COURT OF DELHI

Talluri Srinivas

v.

Institute of Chartered Accountants of India

W.P. (C) NO. 8945 OF 2011 C.M. NO. 20184 OF 2011

MARCH 13, 2012

JUDGMENT

1. The petitioner has preferred this writ petition under Article 226 of the Constitution of India to seek a restraint against the respondent, Institute of Chartered Accountants of India (ICAI) from proceeding to pass

Free Seminar on Stress Managment & Investor Awareness

Attend Free Seminar on Stress Managment & Investor Awareness on 8 July 2012 At Hotel Kohinoor  Continental ,J B Nagar, Andheri (E), Mumbai-59

Time-9 am to 1 pm.Details

 

 

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Thanx & Best Regards
CA. Manish Dedhia

Convenor
J. B.Nagar CPE Study Circle of WIRC
304-305/A, Wins way Complex, Old Police Lane,

Andheri (East) Mumbai 400 069

Convenor:-     Manish Dedhia .9930883146 
Dy.Convenor:- Kamal Dhanuka -9867215281

Required - CA ( Commercial ) for Kazakistan

We are looking for for a MNC Engineering company for their division in Kazakistan.

Positions open are Manager Commercial - Kazakistan and Sr. Manager Commercial - Kazakistan

Responsibilities includes:


1. Study the contract, notes the contract value and other important commercial terms and conditions and reviews the terms and modes of payment,
2. Review and update bank guarantee requirements and insurance policies of the projects
3. Compiles and scrutinizes invoices
4. Collects and submits negotiable documents like Bill of Lading, Custom Invoice, Packing List, etc to the bank in time.
5. Negotiates LC complied documents
6. Prepare Payment Receipt Advice(PRA) on the receipt of payment 

No Service Tax on Renting if premises used for hotel, hostel, accomodation etc.

2012  (6)  TMI  490  (Tri)                                                                                      
M/s PARADISE MEHAK PROPERTIES PVT LTD Versus COMMISSIONER OF CENTRAL EXCISE, JAIPUR-I
                                                        
Service of renting of immovable property - demand of service tax - Held that:- Considering the definition of immovable property, the same does not include building used solely for residential purposes and building used for the purpose of accommodation including hotels, hostels, boarding houses, holidays accommodation, tents, camping facility etc.- in favour of assessee.
                                                                         No. - 1618 of 2011                               Order No. -   ST/S/446/2012-CUS                     Dated - April 13, 2012                                        

Archana Wadhwa, Mathew John, JJ.

For Appellant: Shri B L Narasimhan, Adv.

For Respondent: Shri K K Jaiswal, DR

Per: Archana Wadhwa:

Service Tax of  Rs. 19,50,612/- stands confirmed against the applicant for the period June, 2007 to June, 2008 on the ground that they have rendered the taxable service of renting of immovable property to Royal Orchid Banjara Pvt. Ltd. and as such are required to pay the Service Tax.

Daily Quiz (05/07/2012) List down the ASI issued by ICAI?

Daily Quiz (05/07/2012)
List down the ASI issued by ICAI?


The member providing the 1st correct reply shall receive free talk time worth Rs.20.

The member providing the 2nd correct reply shall receive free talk time worth Rs.10.

The member providing the 3rd correct reply shall receive free talk time worth Rs.5.

The member providing the 4th correct reply shall receive free talk time worth Rs.5.

To participate and reply click here

Practicing CS Can appear before DVAT Authorities

PRACTISING COMPANY SECRETARIES ARE RECOGNISED FOR APPEARANCE BEFORE THE DVAT AUTHORITIES
PRESS RELEASE, DATED 4-7-2012
We are pleased to inform you that the Government of Delhi has notified Delhi Value Added Tax (Second Amendment) Act, 2012 vide Notification No. F.14 (6)/LA-2012/cons2law/61, dated 15th June 2012 amending section 82(1)(b) to include the Practising Company Secretaries to appear before the Delhi VAT authorities. By this amendment, Company Secretaries may directly attend before any authority in connection with any proceedings under Delhi Value Added Tax Act.
This recognition has been made subsequent to our representation made before the Hon'ble Chief Minister, Government of Delhi.
This is for your information please.

Regards
Prarthana Jalan

Invited from CA Firm for preparation of Annual accounts for FY 2011-12 & 2012-13 Indian Drugs And Pharmaceuticals Limited

Indian Drugs And Pharmaceuticals Limited
Last Date : 05/07/2012
Invited from CA Firm for preparation of Annual accounts for FY 2011-12 & 2012-13.

Address: Indian Drugs And Pharmaceuticals Limited Corporate Office, IDPL Complex, Old Delhi – Gurgaon Road, Dundahera, Gurgaon – 122016 (Haryana)
Phone:
Email: rkidpl@gmail.com

Vacancy for CA in world bank

click here to apply

Manager Talent Acquisition Aurangabad Aditya Birla Minacs Ltd - Aurangabad, Maharashtra

Introduction Aditya Birla Minacs is a leading business solutions company that partners with global corporations in the manufacturing, retail, telecom, technology, media and entertainment, banking, insurance, healthcare and public sectors. We pride ourselves on our domain knowledge. ¿Domain¿ at Minacs means industry experience, technology expertise and functional skills. We employ doctors, engineers, ERP consultants, software architects and engineers, automotive technicians, MBAs, chartered accountants, retail/ telecom/ insurance experts and other professionals.

ELOCUTION COMPETITION FOR C. A. STUDENTS-2012

ELOCUTION  COMPETITION  FOR  C. A.  STUDENTS-2012

 

Dear Members & Student Friends,

 

It is our pleasure to inform you that as per the guidelines of the Institute, the branch has been organizing elocution competition for C.A. students. For inculcating better communication skills in the C. A. students & also due to over whelmed response in the past, the Lucknow branch of CICASA of  I.C.A.I. is again going to organize elocution competition  of C.A. students as per the following schedule:–

 

Date                 :  Saturday 7^th July, 2012  at  11 A.M.;

 

Venue              :  At the premises  of  ‘ICAI  BHAWAN’, Lucknow

   Branch of the Institute of Chartered Accountants of India,

   Gomti Nagar, Lucknow.

 

Topics for Branch level Elocution Contests 2012-13

 

1.         Revised Schedule VI – A Step Towards IFRS.

2.         XBRL – Towards Better Transparency?

3.         Responsibilities of the Independent Director : Are We Going Too Far?

4.         The Companies Bill 2011 – Towards Higher Levels of Transparency and Accountability.

5.         Raising Money: Equity Market Vs. Debt Market.

6.         External Coordination : An Excellent Procedure to Obtain Independent Audit Evidence.

7.         Rationale of Taxation Initiatives in Curbing Black Money.

8.         Inflation – A Curse for Indian Economy?

9.         Detection of Cyber Crime.

10.        Satellite Networks and Their Usage.

11.              Auditor’s Rotation : Raising auditor’s independence.

12.              Green Initiative in the Corporate Governance – Paperless compliances.

13.              Bridging the urban rural divide.

14.              Agrarian Economy in India - boon or bane.

15.              Money-Laundering and Role of Professional Chartered Accountants.

16.              If I were the President of ICAI?

 

Medium            :  English / Hindi

 

Time limit          :  12 Minutes

 

Last date of

Registration      :  5th  July, 2012.

 

                                       

 

All the members are requested to encourage their article/audit clerks  for participation in the elocution contest & To pass on the above information to their articles .

Rules:

1) Students registered with the Institute for Final Course, Professional Competence Course and Integrated Professional Competence Course are eligible to participate in the contest. 

Will Support Candidates Displaying Commitment to Non-voter CA Students

I am a non-voter. I am not even a CA or a future CA. Maths or accounts are my weak subjects. Political Science and interpretation of law are my strength. My exasperated mother feels that I will not have a successful law career but can do a better job  opening up a photostat shop outside a court. 

Some members of my faculty have gone out of way to fail me in practicals (mercifully it is done by external examiners who give me outstanding marks) but I get my assignments red-penciled by some of the faculty. 

They hate it when I bring debating shield to the institute. They hope I will get proper snubbing from the Judges in the Court. Some are downright optimistic that I would be jailed for Contempt of Court, and be disqualified to ultimately fulfill the prophecy of my mother.  

But they all agree on one point: that I speak my mind. That I raise my voice when I feel a wrong is being committed. I have openly criticized the money play in Bar council elections and they malpractices that go with it.

I have been campaigning through these columns to bring transparency into the examination and evaluation system. This was being resisted by ICAI for the last several years.

When they were bulldozed into implementing it, people were shocked to see how some callous examiners played with the lives of students, and wrongly failed them. Names of such examiners need to be made public.

If mothers of such CA students could have their way, they would physically beat such villains with brooms. Imagine the sacrifice and anguish of mothers when they try to coax such students to eat while they are bust studying till late at night, and rush out without breakfast early in the mornings to attend coaching classes.

Imagine the parents who do whatever is in their means to enable their children to achieve in life, what they themselves could not because of constraints in their childhood. It is like fulfilling their un-achieved dreams through their children.

I have only one agenda for the forthcoming elections : Speak up for the silent non-voter and I will support such candidates who display empathy to the students. Those who feel it is not a big issue, will witness scathing criticism from me, howsomuch I may personally respect them.

I am warning Mr. Amresh Vashisht that if he softens up his stand on this issue, he will have to contend with my opposition to him, even if he were to block and ban me from his group.

My request with folded hands to all candidates : while campaigning to existing CAs, also please demonstrate your commitment to changing the system in favour of future CAs.

Kind regards,

Rebecca

AS 30 – making life difficult for companies?

ACCOUNTING STANDARD, FINANCIAL INSTRUMENTS - AS 30:
Derivatives have, on occasion, been termed weapons of mass destruction and at times, they have behaved as such. However, when used judiciously, they can hedge against those risks that a company does not want to carry.

Similarly, judicious use of accounting policy choices can also mitigate the havoc that could be wrecked by mark-to-market accounting of derivative instruments. Mark-to-market accounting, or fair-value accounting, requires that all derivative instruments are carried in the financial statements at their fair values, with changes in the values being recognised in the profit and loss account.

Reebok’s auditors give co clean chit, say no accounting fraud

Reebok's auditor N Narasimhan & Co has informed the ICAI that there was no accounting wrong doing in the company which has filed Rs 870-crore fraud case against two of its former employees.

"Narsimhan & Co has said they are both the tax auditors and statutory auditors of the firm. They have told us that as far as audit is concerned there is no issue. We are waiting for some trigger from the company," ICAI President Jaydeep Shah said.

The Institute of Chartered Accountants of India (ICAI) had asked from Narsimhan & Co and Reebok's former chief operating officer Vishnu Bhagat, who is also a CA, to give their version and clarification on allegations about their role in the case.

EXTENSION OF TIME IN FILING OF ANNUAL RETURN BY LIMITED LIABILITY PARTNERSHIPS (LLPs)

EXTENSION OF TIME IN FILING OF ANNUAL RETURN BY LIMITED LIABILITY PARTNERSHIPS (LLPs)
CIRCULAR NO. 15/2012, DATED 29-6-2012

In continuation of this Ministry's Circular No 13/2012, dated 6-6-2012 on the subject cited above, it is stated that the time for filing the Annual Return by LLPs (i.e. Form 11) has been extended up to 31st July, 2012.
2. In order to have better understanding of the circular, it is clarified that the time limit of 60 days shall be read as 122 days for filing of Form 11 by LLPs in respect of the Financial Year ending on 31-3-2012. This circular shall be effective from 30-6-2012.

Barclays Libor Scandal; More Client Headaches for PwC

Update Tuesday July 3, 7:15 am: The Financial Times is reporting that CEO Bob Diamond has also resigned.  Departing Chairman Agius will lead the search for a successor while Sir Mike Rake leads the search for Agius' successor. It seems Diamond did himself no favors when he obliquely threatened, according to earlier reports, to spill the beans on the role of the Central Bank of England and name names during his testimony to the Treasury Committee of Parliament this week. "Everybody is doing it," is it seems no longer a sufficient excuse for illegal acts. Barclays board chairman Agius resigned on Monday. Top candidate to replace him? Sir Michael Rake, former global Chairman of KPMG, who presided over the tax shelter scandal that almost put that firm out of business in 2005.

Recent decisions of Mumbai Tribunal

Enclosed are the following recent decisions of the Mumbai Tribunal:

Name of the Party	Authority/Court	In favour of	Issue Involved
Dinesh R. Vora	Mumbai ITAT	Assessee	The Tribunal held that exemption under section 54 of the Act would be admissible in respect of capital gains earned on the sale of four residential flats executed through single sale agreement if the same are invested in one residential house.
M/s. Varun Shipping Co. Ltd.	Mumbai ITAT	Assessee	The Tribunal held that no disallowance under section 14A of the Act could be made in a case where scheme of Tonnage Tax is applicable as the same is a separate code in itself.
M/s Forbes Gokak Ltd.	Mumbai ITAT	Assessee	The Tribunal held that no penalty under section 271(1)(c) of the Act could be levied where disallowance/addition is made based on a subsequent decision of  Supreme Court.
M/s. HSBC Securities and Capital Markets (India) Private Limited	Mumbai ITAT	Assessee	The Tribunal held that in case of a share broker, liability on account of Securities Transaction Tax (‘STT’) is the liability of the clients of the assessee who are buying and selling shares and, therefore, the provisions of section 40(a)(ib) will be applicable in those cases and it is because of this reason, the rebate under section 88E is also allowable in case of buyer/seller of shares under section 88E of the Act. The assessee is only a broker who has collected STT on behalf of the stock exchanges and has paid the same to the latter. Accordingly, it has been held that  STT is required to be excluded while computing the income of the assessee from brokerage. The Tribunal held that payment made by stock broker to stock exchanges on account of unfair trade practice and un-business like conduct is not for violation of law and, therefore, cannot be disallowed under Explanation to section 37(1) of the Act.

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By

 

Rohit Garg

 

B.Com(H), ACA,LLB

Air Car by TATA Motors...

Will it be the next big thing? Tata Motors of India thinks so. What will the Oil Companies do to stop it? It is an auto engine that runs on air.  That's right; air not gas or diesel or electric but just the air around us.  Take a look. Tata Motors of India has scheduled the Air Car to hit Indian streets by August 2012 The Air Car, developed by ex-Formula One engineer Guy N. For Luxembourg-based MDI, uses compressed air to push its engine's pistons and make the car go. The Air Car, called the "Mini CAT" could cost around 365,757 rupees in India or

PULL Model or PUSH model of the CA website

The Council at its 212^th meeting held in January, 2001 approved the detailed guidelines for posting the particulars on Website by Chartered Accountant(s) in practice and firm(s) of Chartered Accountants in practice. Subsequently, the Council at its 235^th meeting held in July, 2003 amended sub-paras (8) & (20) of the said guidelines. Thereafter, the Council at its 242^nd meeting held in April, 2004 again revised the said guidelines. The amended guidelines issued by the Council are as under:

        (1)  The Chartered Accountants and/or Chartered Accountants’ Firms would be free to create their own Website subject to the overall guidelines laid down by the Council hereunder. The actual format of the Website is not being prescribed nor any standard format of the Website is being given to provide independence to the Members. There is no restriction on the colours which may be used in the Website.

CBDT Press Release On Mandatory E-Filing Of ROI For AY 2012-13

CBDT Press Release On Mandatory E-Filing Of ROI For AY 2012-13
The following Press Release dated 2-7-2012 has been issued by the Minstry of Finance:

CBDT has issued notification S.O. 626(E), dated 28th March 2012 vide which e-Filing has been made compulsory for Assessment Year 2012-13 onwards for :

• an individual or a Hindu undivided family, if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds ten lakh rupees; and

Require Chartered Accountant -CA at SEVEN SEAS HOSPITALITY P...

SEVEN SEAS HOSPITALITY PVT. LTD httpwww.sevenseas.ind.in Sevenseas leading banqueters, outdoor caterers & hotelier.Position is for Upcoming 5 Star Hotel constructed at - Plot No.12 Manglam Place. Sector-3 Rohini. New-Delhi-110085 a  Education (UG - B.Com - Commerce) AND (PG - CA) The candidate shall handle all Facits of Finance Accounts Taxation related matters to the Company.  Must have experience in construction company or any hotel construction site of repute. Candidate residing nearby Rohini area or within 10-12kms. distance from Rohini location will be given preference. Highly developed communication

ENGAGEMENT OF JAIPUR BASED C.A. FIRMS FOR DIRECT TAX CONSULTANCY ASSIGNMENT STATE BANK OF BIKANER AND JAIPUR

STATE BANK OF BIKANER AND JAIPUR
Last Date : 05/07/2012
ENGAGEMENT OF JAIPUR BASED C.A. FIRMS FOR DIRECT TAX CONSULTANCY ASSIGNMENT

Address: State Bank of Bikaner & Jaipur, Head Office, Tilak Marg, C Scheme, Jaipur-302005
Phone: 036-2202036
Email:

Five Ways To... Deal With Laggards

Companies are increasingly becoming less tolerant towards underperformers.Leaders should take regular corrective measures on them as right mentoring can help in turning them around,says Mahima Puri

1 Give Regular Feedback

Give the employee constant and constructive feedback on his performance.However,this should be done in a non-threatening manner,says P Dwarakanath,director-group human capital,Max India.Give the employee constant feedback on what he has done well and which areas need to be improved, he adds.

2 Guide and Counsel

Managers should be patient when dealing with underperformers as the factors affecting their performance could be varied,says Divakar Kaza,president-HR,Lupin.Dwarakanath adds: "It is important for a team leader to tell the employee how he can improve upon things.Doing a bit of hand holding and mentoring is crucial."

3 Train to Enhance Skills

An underperformer may lack certain skill sets for the job,and the organisation could look at job rotation and upgrading the skills of the employee.It could also look at giving the employee a lighter task if he feels pressurised in his current role.

4 Set Time-frame

Once the manger has identified the issue and has provided coaching and mentoring,the employee should be given a time-frame to improve his performance.The time-frame can vary from company to company,but 3-6 months is considered a preferable time period.

5 Prepare Exit Strategy

If nothing seems to yield results despite the coaching,and mentoring,then the employee will have to be asked to leave."To avoid a sudden lay-off,managers should become more firm with regards to communicating the feedback,"says Rajendra Ghag,HR head at HDFC Life.Their language should change to 'we cannot go on trying endlessly,we have to get results for our business,he adds.At HDFC Life,underperformers are given the required hints a couple of months before their exit,which gives them time to look around.

Standing Committee Report on Companies Bill,2011

Standing Committee Report on Companies Bill 2011

The Companies Bill, 2011 introduced in Lok Sabha on 14 December, 2011, was referred to the standing Committee on 5 January, 2012 for examination and report thereon, by the Hon'ble Lok Sabha Speaker. The standing committee headed by Shri Yaswant Sinha after several meeting and deliberations have submitted their much awaited report to the speaker on 26th June 2012.

The key contents of the report are:

1. Report of MCA on the treatment of various recommendations of the Standing Committee on their earlier report on Companies Bill 2009, in the Companies Bill 2011.
2. Comments of MCA on various suggestions received by the Standing Committee from the stakeholders during their their deliberation on the Companies Bill 2011.
3. Observations & recommendations of the Standing Committee on the Companies Bill 2011.

The report of Standing Committee has raised fresh hopes of introduction of the Companies Bill 2011 in the monsoon session of the Parliament and which if passed this time , will lead to begining of new chapter for India Inc and  plethora of opportunities for professionals.

Report

I-T raids at two 'power'ful tycoons

Bhopal: Income tax department sleuths on Wednesday conducted raids at 60 premises across India of a well known road contractor Dilip Suryavanshi and businessman Dr Sudhir Sharma, both very close to the BJP, and their business partners, causing massive political ripples in the state capital.

The sleuths conducted simultaneous raids at office and residential premises of Dilip Buildcon Limited (DBL) and SR Group - close to the ruling party in the state. The raiding teams learnt to have seized Rs 5 crore, jewelleries worth several crores and other incriminating documents of money transaction from their possession. The raids are expected to continue till Thursday.

Download Draft General Anti-Avoidance Rules (GAAR) Guidelines

Download Draft General Anti-Avoidance Rules (GAAR) Guidelines

Vide letter dated 28.06.2012, the Director General of Income-tax has issued draft guidelines in respect of the General Anti-Avoidance Rules (GAAR). GAAR is scheduled to become applicable w.e.f. 1.4.2013. The guidelines contain illustrations to explain how the GAAR provisions will apply together the draft of the forms required to be filled in. Comments can be forwarded till 20.07.2012


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