NO TDS ON SALE OF SOFTWARE

 

 

 

In exercise of the powers conferred by sub-section(1F) of section 197A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that no deduction of tax shall be made on the following specified payment under section 194J of the Act, namely:-

 

            Payment by a person (hereafter referred to as the transferee) for acquisition of software from another person, being a resident, (hereafter referred to as the transferor), where-

(i)         the software is acquired in a subsequent transfer and the transferor has transferred the software without any modification,

(ii)        tax has been deducted-

            (a) under section 194J on payment for any previous transfer of such software; or

            (b) under section 195 on payment for any previous transfer of such software from a non-resident, and

(iii)       the transferee obtains a declaration from the transferor that the tax has been deducted either under sub-clause (a) or (b) of clause (ii) along with the Permanent Account Number of the transferor.

 

           

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Service tax-Reverse charge Rate

Service tax rates on reverse charge

The scheme of partial reverse charge has been introduced for three services where the service provider is either an individual or HUF or partnership Firm or LLP or association of person and a recipient is corporate.[ Point No. 7,8,9 of the Table below ]

The extent of service tax who receive the services and who provides the services shall be as follows:-

S.N.	SERVICES	% OF SERVICE TAX BY SERVICE PROVIDER	% OF SERVICE TAX BY SERVICE RECEIVER
1	Insurance business	Nil	100
2	GTA	Nil	100
3	Sponsorship	Nil	100
4	Arbitral tribunal	Nil	100
5	Individual Advocate	Nil	100
6	Support Service by govt. or local authority	Nil	100
7	i] Renting of motor vehicle for passenger on abated value ii] on non abated value	Nil 60	100 40
8	Supply of manpower or Security Services	25	75
9	Work contract	50	50
10	Non taxable territory to taxable territory	Nil	100
11	Service provided or agreed to be provided by director of company to the said company	Nil	100

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Circular No. 30/2012 Due dates of filing e-form 23AC and 23ACA (NON XBRL)

 

 

The Ministry of Corporate Affairs vide its General Circular No.30/2012 Dated 28.09.2012, mandates the due date of filing of e‐forms 23AC(Non‐XBRL) and 23ACA (Non XBRL) as per new schedule VI extended in following manner without any additional fee :‐

 

 

• Company holding AGM or whose due date for holding AGM is on or before 20.09.2012, the time limit will be 03.11.2012 or due date of filing, which ever is later.

• Company holding AGM or whose due date for holding AGM is on or after 21.09.2012, the last filing date is 22.11.2012 or due date of filing, which ever is later.

 

• Further the Ministry vide General Circular No.31/2012 dated 28.09.2012 has extended the filing of e‐form 23B without any additional fee till 23.12.2012 or due date of filing which ever is later.

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CBEC Extended the date of Service tax return from 25th October 2012 to 25th November 2012

F.No.137/99/2011-Service Tax

Government of India

Ministry of Finance

Department of Revenue

Central Board of Excise & Customs

New Delhi, the 15th October, 2012

ORDER NO: 3/2012

In exercise of the powers conferred by sub-rule(4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs hereby extends the date of submission of the return for the period 1^st April 2012 to 30^th June 2012, from 25^th October, 2012 to 25^th November,2012.

The circumstances of a special nature which have given rise to this extension of time are as follows:

a) ACES will start releasing the return in Form ST3 in a quarterly format, shortly before the due date of 25^th October,2012.

b) This will result in all the assesses attempting to file their returns in a short time period, which may result in problems in the computer network and delay and inconvenience to the assesses.

(S.M. Tata)

Commissioner Service Tax

Central Board of Excise and Customs

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Last Date of Income Tax Return Filing 30.09.2012 or 01.10.2012

We all know last date for Income Tax Return Filing for For Corporate & non corporate assessees  (i.e. Partnership Firm ,LLP, Proprietorship Firm, HUF) whose accounts are required to be audited  under Income tax act or any other act for the time being in force is 30.09.2012. As 30th September is a holiday i.e. Sunday so every body wants to know whether last date of return filing will remain 30th September or it will get extended to 01.10.2012 (Monday).

If the last date of filing falls on Saturday or Sunday or Public Holiday and Income Tax Department is closed on these days, then Monday be treated as “Last date of Filing

Otherwise, No. If department keeps its offices open on Sunday then last date will remain 30th September for those Assessees who are not required to file thereincome tax return online otherwise it will get extended to 01.10.2012.

For Assessees who are required to file return compulsorily online , Due date may not get extended even if department do not keep its office open on 30.09.2012 (Sunday) as Departments online return filing website will be working even on Sunday.

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Corrigendum - IPCC Paper 3: ‘Cost Accounting’ Revision Test Paper November 2012 - (18-09-2012)

IPCC students may note that in the Revision Test Paper of November 2012 in page no. 71 solution to the question no. 8 has some printing errors. These errors has been rectified and uploaded on the website. Students may refer to the link http://220.227.161.86/27591rtp_nov12_ipcc-atc-3.pdf.

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Non-applicability of taxable services in PCE-Paper 5: Taxation, IPCE-Paper 4: Taxation and Final-Paper 8: Indirect Tax Laws for November, 2012 examinations

Important Announcement
The Examination Committee at its 497th meeting held in September, 2012 has decided that students appearing in November 2012 examinations will not be examined with respect to specific services in  the area of service tax laws in the following papers:

(i) Part-II - Service Tax and VAT of Paper 5: Taxation (PCE)
(ii) Part-II Service Tax and VAT of Paper 4: Taxation (IPCE)
(iii) Paper 8: Indirect Tax Laws (Final Examination)

Accordingly, the  BoS’ announcement  dated 14.09.2011 specifying eight taxable services for Paper 4: Taxation (IPCE) and thirty two taxable services for Paper 8: Indirect Tax Laws (Final) for examination purposes stands withdrawn. It is further clarified that the following chapters of the respective  Study Materials will NOT be relevant for November, 2012 examinations:

(i) IPCE Unit 2 of Chapter 2 : Taxable Services of Part II: Service tax and VAT of Volumes I and II of the Study Material for Paper 4: Taxation.

(ii) Final Examination Chapter 4 : Gamut and Coverage of Taxable Services of Volumes II and III of the Study Material for Paper 8: Indirect Tax Laws.

(iii) PCE Following chapters of Part II: Service tax and VAT of Volumes I and II of Study Material for Paper 4: Taxation (IPCC)*

1. Unit 2 of Chapter 2: Taxable Services, 
2. Chapter 5 :Input Tax Credit and Composition Scheme for Small Dealers, and 
3. Chapter 6 : VAT Procedures

*As is already communicated, the Study Material and Practice Manual of Paper 4: Taxation (IPCC) is also  relevant for Paper 5: Taxation (PCC) students. 

All the remaining chapters are applicable for the examination purposes.  Students may take note of it  and prepare accordingly.Any queries with regard to this announcement may be sent at smita@icai.org, shefali.jain@icai.in or 
swati.bos@icai.org.
Director, Board of Studies

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How to Open a PPF account?

Most of us want to open a PPF account, but keep postponing it just because we don’t know the requirement of doing so? It seen that majority people open their PPF account with State Bank of India. Let us see 3 easy steps of opening a PPF account in SBI branch.  The whole process does not take more than 30-45 minutes if you prepared in advance and go with all the documents that are required and there are no road blocks in between. The biggest advantage of opening the PPF account with SBI is the online transaction facility you can use to deposit in your PPF account online and dont have to rush to the branch every now and then.

3 Steps of Opening a PPF Account in SBI Bank

1) Choose a SBI branch which is authorized to go government business.

Usually any ‘large’ branch with lots of customers should be able to this! Usually newer and smaller branches may not have this clearance facility. One doesn’t need to have a Saving Bank  account in that branch. 

2) Procure and submit PPF account opening form and Identity/address Proofs

It would only 3 minutes to fill. Choose a nominee and get a witness signature. Now you have to submit anyone of following Proofs.

·                      Passport

·                      Pan card

·                      Driving license

·                      Voter id

·                      Ration card

·                      Two Passport Size Photographs

Any government issued identity card or address proof should work. Keep originals for proof in hand to simplify the verification if needed. That’s it. The bank should now be able to open the account. Usually it may take about 20 minutes or so.

3) Get PPF Passbook

A pay-in slip needs to be filled and the initial subscription needs to be credited into your account. A passbook similar to a Saving Book passbook will be issued with your photo affixed and the nominee’s name stated.  PPF rules can be found on the back. This is all, your PPF account in SBI is opened now.

How to Link your Online SBI Account to SBI PPF account for Online Transaction

If you have an online SBI account, you can add the PPF account as a third party accountfor transferring money directly. As mentioned above the PPF account can be in any SBI branch. There are no processing charges for doing this transfer. When you do this online for the first time, go to the bank and update your PPF passbook and check if the transaction has occurred correctly. This has to be done since you cannot look at the amount in the PPF account as yet in SBI. This is a major drawback of SBI-PPF (and post office) accounts.

A standing instruction maybe issued from your online account for auto-credit to PPF. However there are two disadvantages

·  Rarely there maybe system failures and the standing instruction may not get honoured. So you need to check if it has occurred.

·  You cannot subscribe a lower amount if you need the cash for emergency use (this situation wont arise if you had an emergency fund )

·   You need to go to the bank to cancel the standing instruction .

There are only 12 credit transaction allowed per year. So take care of this before issuing a standing instruction.

How to Transfer your PPF account from One Bank to Another

   Go to the branch where you want to transfer your PPF account and deposit an application with your PPF passbook takes 10-15 minutes

Other points to Consider

Subscriptions must be made before the 5th of every month for the amount to taken into account for interest calculation for that month. If you want to open a PPF account in the name of a minor in addition to yours, the total PPF investment limit is Rs. 1,00,000. The total tax benefit is also the same. 

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Admission to PCE/IPCE November 2012 Examination - (05-09-2012)

Announcement:
The Institute has recently announced Direct Entry Scheme for admission to Intermediate (IPC) course for graduates/post graduates with specified marks and Intermediate level passed students of the Institute of Company Secretaries of India and the Institute of Cost Accountants of India.

As a transition scheme, the Council of the Institute has also permitted existing students of PCE and IPCE to convert to Intermediate (IPC), if they so desire.

The complete text of the Gazette Notification dated 1st August 2012 and the announcement/s dated 16th August 2012 issued by the Director, Board of Studies in this regard are available on www.icai.org

Certain queries have been raised from the existing students of PCE/IPCE that they have already submitted the examination forms for appearing in PCE/IPCE to be held in November 2012 and also wish to apply for conversion to Intermediate (IPC) immediately, in order to commence articled training and also appear in the PCE/IPCE examination to be held in November 2012.

It is clarified for the information of all students concerned that such students who apply for conversion from existing PCE/IPCE to Intermediate (IPC) and commence articled training shall not be eligible to appear in PCE/IPCE examination to be held in November 2012 and even if they appear, no cognizance of their appearance in November 2012 examination will be taken and their results will accordingly be treated as cancelled.

In other words, it is further clarified that if students have already applied or desirous of applying for conversion to Intermediate (IPC) on or before 30th September 2012, they are not eligible to appear in PCE/IPCE to be held in November 2012. 

For any further information/clarification, candidates can contact Examination Help Desk at 0120-3054 851, 3054 852, 3054 853 and 3054 835. 

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Integrated Professional Competence Course (IPCC) -Revision Test Papers (November 2012)

GROUP I

OBJECTIVE & APPROACH

PAPER - 1 : ACCOUNTING

PAPER – 2 : BUSINESS LAWS, ETHICS AND COMMUNICATION

PAPER – 3 : COST ACCOUNTING AND FINANCIAL MANAGEMENT

PAPER – 4 : TAXATION

INSTITUTE'S PUBLICATIONS/ PRONOUNCEMENTS

GROUP II

OBJECTIVE & APPROACH

PAPER – 5 : ADVANCED ACCOUNTING

PAPER – 6 : AUDITING AND ASSURANCE

PAPER – 7 : INFORMATION TECHNOLOGY AND STRATEGIC MANAGEMENT

INSTITUTE'S PUBLICATIONS/ PRONOUNCEMENTS

Click here for Revision Test Papers related to previous examinations

Last updated on 13th August, 2012

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Direct admission to the Chartered Accountancy Course - Exemption from passing Common Proficiency Test (CPT)

Pursuant to Notification No. 1-CA(7)/145/2012 dated 1stAugust, 2012 published in the Gazette of India notifying amendments made to the Chartered Accountants Regulations, 1988, the following categories of students shall be exempted from passing the Common Proficiency Test (CPT) and such students with effect from 1st August, 2012 shall be eligible for direct admission to the Chartered Accountancy Course. Applicants who fulfil the requirements, as given below, may register for the Intermediate (Integrated Professional Competence) Course by downloading “Registration Form for admission to the Intermediate (Integrated Professional Competence) Course under Direct Entry Scheme” by submitting the filled-in applications to respective Offices of the ICAI as

mentioned in the application form. (Application Form will be available from 17th August, 2012)

1. Direct Entry to Chartered Accountancy Course:

Exempted Categories:

The following categories of students shall be exempted from passing the Common Proficiency Test (CPT):-

(A) Graduates or Post Graduates in Commerce having secured in aggregate a minimum of 55% of the total marks or its equivalent grade in the examination conducted by any recognised University (including Open University) by studying any three papers of 100 marks each out of Accounting, Auditing, Mercantile Laws, Corporate Laws, Economics, Management (including Financial Management), Taxation (including Direct Tax Laws and Indirect Tax Laws), Costing, Business Administration or Management Accounting;

OR

Graduates or Post Graduates other than those falling under Commerce stream mentioned above having secured in aggregate a minimum of 60% of the total marks or its equivalent grade in the examination conducted by any recognised University (including Open University).

IMPORTANT ANNOUNCEMENT

BoS/Announcement/227/12 (2)                               Date: 16thAugust, 2012

Sub: Relaxation in Eligibility Criteria for students registering upto 30 th September, 2012 under the Direct Entry Scheme – Eligible to appear in Intermediate (Integrated Professional Competence) Examination to be held in May, 2013. The Council, in order to mitigate the hardships being faced by the studentsregistering under Direct Entry Scheme to Chartered Accountancy Course upto 30th September, 2012, has relaxed the eligibility criteria as a one time dispensation, as under, so as to be eligible to appear in the Intermediate (Integrated Professional Competence) Examination to be held in May, 2013.

“The Council has resolved as under -

By virtue of powers vested under Regulation 205 of the Chartered Accountants

Regulations, 1988, the Council of The Institute of Chartered Accountants of India hereby resolves that the eligibility requirement(s), inter alia, for the students registering under the Direct Entry Scheme for the Intermediate (IPC) Course till 30th September, 2012, shall be as under, so as to become eligible to appear in the Intermediate (IPC) Examination to be held in May, 2013:-

 Students registered for the articled training till 30·th

 September, 2012 and have also completed Orientation Course and Information Technology Training (ITT) latest by31st March, 2013.

 Such students shall be eligible to appear in the Intermediate (IPC) Examination ·to be held in May, 2013 by completing 7 months of articled training and study course concurrently, instead of 9 months of articled training and 8 months of study course respectively.

 Students registered for Intermediate (IPC) Course by passing Intermediate level ·examination of The Institute of Cost Accountants of India/  The Institute of Company Secretaries of India shall have to undergo 7 months of study course instead of 8 months as prescribed under Regulations, so as to become eligible to appear in the May, 2013 Examination”.

The eligibility criteria including fee structure for the fresh students registering and existing CPT/ IPCC/ PE-II/ PCC students converting (under the transition scheme), as the case may be, under the Direct Entry Scheme are given below for the information of student.

To read full article Click here

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Due Dates of August

5^th August  2012             Deposit service tax monthly in challan GAR-7 for the month of July in case of assesses other than individual, proprietary concern, partnership firms. E-Tax payment compulsory if output tax liability is above `10 lacs in the preceding year.

6^th   August 2012            Deposit service tax in challan GAR-7 for the month of July by corporate assesses making e-payment

7^th August  2012             Deliver a copy of form 15G/15H/27C to CCIT or CIT for declarations received in the month of July.

7^th August   2012            Deposit TDS/TCS in challan no.ITNS 281 for deductions/collections made in the month of July. E-Tax payment compulsory for all corporate assesses and for persons whose A/c’s audited u/s 44 AB of I.T. Act.

11^th August   2012          File DVAT/CST returns in electronic form for the Qtr. ending June for class of dealers, having quarterly tax period. File annexures 2A & 2B electronically. (Extended Date Cir. No.8 dt. 11 July 2012)Composition dealers file DVAT-17 in electronic form for the quarter ending June (tax period). (Extended Date Cir. No.8 dt. 11 July 2012).

14^th August 2012            Furnish quarterly return in DVAT 16/Form 1 central return for the qtr. ending June (tax period) for dealers whose turnover below ` 5 crores in preceding year. Furnish acknowledgement of online filing of annexures 2A & 2B (monthly) (Extended Date Cir no.8 dt 11 July 2012)Composition dealers u/s 16 DVAT Act furnish return in DVAT 17 along with tax challan in DVAT- 20 and attach month wise summary of purchase register in form DVAT- 30 (Notn dt. 27 January 2012) for quarter ending June (tax period). (Extended Date-Cir no.8 dt. 11 July 2012)  

16^th August 2012            Deposit TDS (VAT) in challan no. DVAT-20. Now e-tax payment compulsory for all contractees (TAN holders) from portal of 18 designated banks. (Notification dt. 28 Dec. 2011/26 July 2012). Issue certificate for TDS in Form DVAT- 43 for deductions in the month of July.

21^st August 2012            Deposit tax for month of July in DVAT-20/Central Sales Tax Challan (Notification dt. 28 March 2012). Now e-tax payment compulsory for all registered dealers from portal of 18 designated banks. ((Notification dt. 28 Dec. 2011/26 July 2012).

25^th August 2012            File DVAT/CST returns in electronic form for the month of July for the class of dealers, having monthly tax period. File annexures 2A & 2B electronically.

28^th August 2012            Furnish monthly return in DVAT 16/Form 1 central return for the month of July (tax period) for the dealers whose turnover exceeded `.5crores in preceding year or who have opted for monthly returns. Submit details of commodity wise TTO and Tax in DVAT – 16. Furnish acknowledgement of online filing of annexures 2A & 2B.

31^st August 2012            Furnish Annual information returns u/s 285BA of I.T. Act in respect of specified financial transactions for the F.Y. 2011-12.

31^st August 2012            Submit return of income  and wealth for A.Y. 2012-13 in case of all assesses (other than those assesses requiring audit of accounts or a working partner of a firm whose accounts require audit). Now e-return mandatory for an indl./HUF having income above `  10 Lacs; having assets located outside India.

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ICAI Clarification On A Canditate "Divya Vasudeva" Pass In A Group With 133 Marks

Announcement

The result of Group-II, Integrated Professional Competence Examination (IPCE) held in May 2012 of Ms. Divya Vasudeva (Roll No.310853) which was hosted on the Institute’s website on August 7, 2012 showed her as `pass’ in that group with a total of 133 marks which was an error. The factual position of the candidate has been that she is a both groups candidate securing the following marks in the said examination:

Paper 1 65 Paper 2 58 Paper 3 52 Paper 4 55 Total of Group 1 230 Paper 5 44 Paper 6 49 Paper 7 40 Total of Group 2 133 Total: 363

Accordingly, her rectified result is - Both Groups `pass’ under CA Regulations, 1988

While deeply regretting the inadvertent error of not including her Group I marks, it is mentioned that because of the programmic complexities, her earlier result in the website could not be modified and, therefore, has since been disabled.

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FAQ’s on E-filing of Income-tax Returns & Refund

The Direct Taxes Committee of ICAI had requested the CPC to provide the FAQ’s on matters relating to e-filing, CPC and refund. In response to the request, the FAQ’s on E-filing of Income-tax Returns have been received. Click on the links below to download the relevant FAQ:

FAQ’s on CPC and E-filing- http://220.227.161.86/27529dtc17062-1.pdf

Data inconsistency issues which need to be avoided for accurate processing- http://220.227.161.86/27530dtc17062-2.pdf

FAQ’s relating to Refund/Demand/No refund No demand-http://220.227.161.86/27531dtc17062-3.pdf

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Articles and Audit Assistant Required

Company : Ramaswamy & srinivasan chartered accountants

Job profile: Bank Audit, internal audit

Desired candidate profile : Candidate should be from Chennai,

Articles and paid assistants required.

Experience : For paid assistant 1-2 years of experience.

Salary / Compensation: negotiable.

Location: Chennai

Address : 1, 3rd Abhiramapuram, Chennai 600018

Email id: srinivassudarsan@yahoo.co.in

Contact number : 9789885689

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