CA Elections SIRC 2012 Update

Date of Elections :
Bangalore, Chennai  and Hyderabad : 7th & 8th Dec 2012 (Fri & Sat)
Other Places                                  : 8th Dec 2012 (Saturday)

Members to be Elected from South for :
Central Council          : 7 members
Regional Council        : 14 members

E-filing Portal not available from 3-Nov-12 to 8-Nov-12

Press Information Bureau
Government of India
Ministry of Finance

02-November-2012 17:56 IST

New E-Filing Project Conceptualized to take the E-Services to the Next Generation; in order to make the New Portal Live, E-Filing Services to the Tax Payers through the Existing Portal will not be available from 3rd November to 8th November, 2012.

In view of the overwhelming response from the tax payers and growth of e-filing, a new e-filing project has been conceptualized in order to take the e-services to the next generation.

Under the new e-filing set-up not only the Income Tax Return (ITR) forms but also other income tax forms are proposed to be made available for electronic filing along with other web enabled services.

In order to make the new portal live, the migration of data from the old set-up to the new set-up is in process. Due to this, e-filing services to the tax payers through the portal https://incometaxindiaefiling.gov.in will not be available from 3^rd November to 8^th November, 2012.

The e-filing service will resume with various new additional services like multiple mode of e-filing of returns: help desk through call centre and e-mail support, provision of online forms, pre-filing of data in forms, and availability of offline e-forms.

"CERTIFICATE OF POSTING " - DISCONTINUED

G. Posts No.2-4/2008-PO dated 23.02.2011.

Under the provisions of Rule 195 of the Indian Post Office Rules , 1933 'Certificate of Posting' is granted to the public to afford an assurance that letters and other articles for which no receipts are granted by the Post Office and entrusted to servants or messengers for posting have actually been posted.

It has since been decided that' Certificate of Posting' may be discontinued immediately.

A copy of Gazette Notification No. 58(E) dated 31.1.2011 deleting rule 195 of the Indian Post Office Rules, 1933 regarding 'Certificate of Posting' is enclosed for information and necessary action.

This may kindly be brought to the notice of all concerned for strict compliance.

The receipt of this communication may also be acknowledged.
Sd/-
(NIRAJ KUMAR)
Director (PO&I)



MINISTRY OF COMMUNICATIONS AND
INFORMATION TECHNOLOGY
(DEPARTMENT OF POSTS)
NOTIFICATION

New Delhi, the 31st January, 2011

GSR.58(E)- In exercise of the powers conferred by clause (d) of sub-section (2) of Section 21 read with section 74 of the Indian Post Office Act, 1898 (6 of 1898), the Central Government hereby makes the following rules further to amend the Indian Post Office Rules, 1933, namely:-

1. (1) These rules may be called the Indian Post Office (Third Amendment) Rules, 2011.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Indian Post Office Rules, 1933, in part VIII relating to "General Rules", the heading "III-Certificate of Posting "and rule 195 shall be omitted.

[F. No.2-4/2008-PO)
MEERA HANDA
Dy. Director General (PO &CP)

Policy for Bank Audit Cooling Period for 33 centers - 2011

The number of eligible auditors / audit firms is more than the number of branches to be audited at the following 33 centres (viz. Mumbai, Kolhapur, Pune, Solapur, Thane, Kolkata, Chennai, Coimbatore, Delhi/ New Delhi, Ajmer, Bikaner, Jaipur, Kota, Udaipur, Ahmedabad, Vadodara, Surat, Hyderabad, Chandigarh, Raipur, Faridabad, Gurgaon, Panchkula, Panipat, Sonipat, Bangalore, Ernakulam, Indore, Nagpur, Ludhiana, Jodhpur, Bhilwara, and Ghaziabad).   In such centres, the auditors / audit firms will be put to a period of compulsory rest for two years after completion of five / four years of continuous branch audit. In other centres, where the number of eligible auditors / audit firms is less than the number of branches to be audited, the branch auditors on completion of five / four years of continuous branch audit will be subjected to the principle of rotation.

Life goes on... (Feb 2011)

Today's Stock Market Report:
Helium was up, feathers were down.
Paper was stationary.
Fluorescent tubing was dimmed in light trading.
Knives were up sharply.
Cows steered into a bull market.
Pencils lost a few points.
Hiking equipment was trailing.
Elevators rose, while escalators continued their slow decline.
Weights were up in heavy trading.
Light switches were off.
Mining equipment hit rock bottom.
Diapers remained unchanged.
Caterpillar stock inched up a bit.
Sun peaked at midday.
Balloon prices were inflated.
Tissue paper touched a new bottom.
And batteries exploded in an attempt to recharge the market.

Frequency Norms of Audit for Service Tax Assessees

Director General of Audit, New Delhi has published Service Tax Audit Manual, 2010. As per the guidelines, tax payers whose annual service tax payment (including cash and CENVAT) was Rs.3 crore or more in the preceding financial year may be subjected to mandatory audit each year. It is preferable that Audit of all such Units is done by using Computer Assisted Audit Program (CAAP) techniques. The frequency of audit for other taxpayers would be as per following norms:-

i. Taxpayers with Service Tax payment above Rs.3 crores (Cash + CENVAT) (MANDATORY UNITS) – to be audited every year.

ii. Taxpayers with Service Tax payment between Rs.1 crore and Rs.3 crores (Cash + CENVAT) – to be audited once every two years.

iii. Taxpayers with Service Tax payment between Rs.25 lakhs and Rs.1 crore (Cash + CENVAT) – to be audited once every five years.

iv. Taxpayers with Service Tax payment upto Rs.25 lakhs (Cash + CENVAT) – 2% of taxpayers to be audited every year.

The Audit selection guidelines, therefore, would apply to the non-mandatory taxpayers, forming part of the discretionary workload. These taxpayers should be selected on the basis of assessment of the risk potential to revenue. This process, which is an essential feature of audit selection, is known as Risk Assessment. It involves the ranking of taxpayers according to a quantitative indicator of risk known as a “risk parameter”. It is also suggested that the taxpayers whose returns were selected for detailed scrutiny, may not be taken up for Audit that year, to avoid duplication of work. Similarly, the taxpayers who have been selected for Audit, may not be taken up for detailed scrutiny of their ST-3 Returns during that year.

Trade Mark Registration

The Ministry of Commerce and Industry has issued a notification regarding the change in the Trade Mark Registration.

The public notice in this matter is attached herewith for your ready reference.

Life Goes on... (Jan 2011)

The phone rang in the obituary department of the local newspaper.
'How much does it cost to have an obituary printed'? Asked Mr.Santa.
'It's 100 Rupees a word, sir,' the clerk replied politely.
'Fine,' said Santa after a moment. 'Okay then, write this down: 'Banta's wife dead'.'
'That's all?' asked the clerk disbelievingly.
'That's it.'
'I'm sorry sir, I should have told you - there's a six word minimum.'
'Yes, you should've,' snapped Santa.

Now let me think a minute...

okay, here it goes "Banta's wife dead. Maruti for Sale."

Ministry of Finance30-December, 2010 18:03 IST

50 Paise Coins to be Minimum Denomination Coin Acceptable for Transaction from June 30, 2011 Government Calls in from Circulation Coins of Denomination of 25 Paise and below

The Central Government, Ministry of Finance has notified on December 20, 2010 to call in from circulation the coins of denomination of 25 paise and below, issued from time to time, with effect from June 30, 2011. From this date, these coins shall cease to be a legal tender for payment as well as on account. The procedure for call in shall be notified separately by the Reserve Bank of India. Consequently, from June 30, 2011 onwards these coins will not be accepted in transactions. The minimum denomination coin acceptable for transaction will be 50 paise from that date. Also, in accounting, i.e. the entries in books of accounts, pricing of products/services/taxes shall also be rounded off to 50 paise or whole rupee from that date. The notification was issued in exercise of the powers conferred by sub-section 15A of the Coinage Act, 1906 (3 of 1906).

TN VAT Audit - Deferred to year ending 31-Mar-2013

TNVAT Audit under section 63A and submission of Audit Report in Form "WW" is applicable only from the Financial Year 2012-13 onwards vide circular no 9-1/2012 dated 19-10-2012.

Circular appended herewith for your reference: