April
2 2011
Bangalore Branch of SIRC
of the Institute of Chartered Accountants of India
3 April
2011
April
4 2011
Bangalore Branch of SIRC
of the Institute of Chartered Accountants of India
April
2011 5
Advertisement Tariff for the Branch Newsletter Colour full page Inside Black & White Outside back ` 30,000/- Full page ` 15,000/-
Inside back ` 24,000/- Half page ` 8,000/-
Quarter page ` 4,000/- Advt. material should reach us before 22nd of previous month.
CALENDAR OF EVENTS - April & May 2011
Date/Day Topic /Speaker Venue/Time CPE Credit
06.04.11
Wednesday
Time Management & Work Life Balance
Mr. K. Gururaja
Trainer & Counsellor, Bangalore
Branch Premises
06.00pm to 08.00pm
2 hrs
13.04.11
Wednesday
Usage of Tally ERP9-Auditor Edition
Mr. Vijaya Sarathy D.
Branch Premises
06.00pm to 08.00pm
2 hrs
14.04.11
Thursday
Issues pertaining to Service Tax Credit with
Budget changes & filing of ST-3 Return
CA. T R Rajesh Kumar
Delegate Fee: ` 250/-
Sri Bhagawan Mahaveer Jain
College Auditorium,
Next to Bangalore
Stock Exchange
05.00pm to 08.00pm
3 hrs
20.04.11
Wednesday
Opportunities for CAs -
in pursuit of Excellence
CA. Venkatakrishnan
Branch Premises
06.00pm to 08.00pm
2 hrs
27.04.11
Wednesday
Forensic Audit-Shade of things to come
CA. Sumanth H. S.
Branch Premises
06.00pm to 08.00pm
2 hrs
28.04.11
Thursday&
29.04.11
Friday
Workshop on
“Law of Arbitration & Mediation”
CA. S. S. Nagananda
Delegate Fee: ` 500/- Details at page no. 19
Branch Premises
05.00pm to 08.00pm
6 hrs
04.05.11
Wednesday
Enterprise Risk Management
CA. R. Raghuraman
Branch Premises
06.00pm to 08.00pm
2 hrs
Note : High Tea at 5.30 pm for programmes at 6.00 pm at branch premises.
Editor : CA. Venkatesh Babu T.R.
Sub Editor : CA. Ravindranath S.N.
DISCLAIMER : The Bangalore Branch of ICAI is not in anyway responsible for the result of any action taken on the basis
of the advertisement published in the newsletter. The members, however, bear in mind the provision of the code of ethics while responding to the advertisements. The views and opinions expressed or implied in the Branch Newsletter are those of the authors
and do not necessarily reflect that of Bangalore Branch of ICAI.
April
2011 6
Innovation for Growth ✍ CA. S. Krishnaswamy
―Turns out that in an age of wrenching change and hyper-competition, the most valuable human capabilities are
precisely those that are least manage-able. Nerve. Artistry. Élan. Originality. Grit. Non-conformity. Valor. Derring-
do. These are the qualities that create value in the 21st century. Self-discipline. Economy. Orderliness. Rationality.
Prudence. Reliability. Moderation. Fastidiousness. These are the human qualities modern management was designed
to foster and reward. No wonder most organizations are less resilient and inventive than the people who work for
them.‖ (The Future of Management – Gary Hamel With Bill Breen)
The rocky rise of management as
a discipline has produced a number
of management gurus starting from
Peter Drucker who have relentlessly
and by varying interpretations spoken
and written about the term innovation.
Innovation is the process of
improving an existing product or
service and not, as is commonly
assumed, the introduction of
something better.(Wikipedia)
Management Innovation is
anything that substantially alters the
way in which the work of
management is carried out, or
significantly modifies customary
organizational forms, and by doing so
advances organizational goals -
Hamel.
Innovation has been studied in a
variety of contexts, including in
relation to technology, commerce,
social systems, economic
development, and policy
construction. There are, therefore,
naturally a wide range of approaches
to conceptualizing innovation in the
scholarly literature.
Peter Drucker explains ―It is
commonly believed that innovations
create changes – but very few do.
Successful innovations exploit
changes that have already happened.
They exploit the time lag – in science,
often- five or thirty years – between
the change itself and its perception
and acceptance. During that time the
exploiter of the change rarely faces
much, if any, competition‖. In other
words innovation is quickness with
which a change is adapoted. For eg.
from telephone to internet it took a
considerable time. Now it is not so.
Invention is the embodiment of
something better and, as a
consequence, new. While both
invention and innovation have
―uniqueness‖ implications,
innovation is related to acceptance in
society, profitability and market
performance expectation.
Invention is cash into ideas while
innovation is idea into cash.
Innovators produce market and profit
from their innovations. Inventors may
or may not profit from their work.
Another Management guru
Gary Hamel has spoken and
written profusely and widely on
Innovation, also strategy innovation.
GARY HAMEL WITH PETER
SKARZYNSKI wrote in an article
titled ―Innovation- THE NEW
ROUTE TO WEALTH that there are
three ways to kick start the innovative
process. In summary;
1. Start New Conversations.
Search for new ways to carry on
your profession. Breach the
existing strategy monopoly so that
new ideas are generated and
allowed to percolate across the
firm.
2. Seek New Perspectives
Induct young employees. Look
for a new vision. Try a new to
vantage point and see a world of
opportunity.
3. Spark New Passions
It is a combine of heart (passion
and commitment) and head
(intelligence and learning) .Enjoy
yourselves in a new and
profoundly different way. Don‘t
think of incremental change. Be
ambitious, that is the DNA of
innovation, Guts and courage.
―Management innovation yields
an enduring advantage when one or
more of three conditions are met: the
innovation is based on a novel
management principle which
challenges some long-standing
orthodoxy; the innovation is systemic,
encompassing a range of processes
and methods; and/or the innovation
is part of an ongoing program of
rapidfire invention where progress
compounds over time.‖
International Innovation Network
(IIN)
The theme ‗Way for ward –
Innovate and integrate’ heralds a
current view that the accountancy
profession can progress only through
a networking of the profession across
the globe (integrate and standardize
practices) and collectively innovate
(generate new ideas and products for
expanding the profession).
Bangalore Branch of SIRC
of the Institute of Chartered Accountants of India
April
2011 7
A new institution called
International Innovation Network
(IIN) was founded in the year 2001,
to achieve the objective – what other
new and innovative services could be
developed with an eye to an
international as opposed to local
accountancy market. ICAI is a
member of IIN .
The Mission statement of IIN
Helping professional accountants
meet customer expectations and
stakeholder needs; is not confined by
country borders. The IIN was formed
to help our profession achieve this
goal.
The overall mission of the IIN is
to provide leadership in developing
and sharing ideas for products and
services for the benefit of the global
accounting profession and a vehicle
for collaboration between network
members.
Helps the broader accounting
profession fulfill its public interest
mission by adapting advisory and
assurance business models to serve
the public interest.
provides a forum in which
members exchange ideas and
information, collaborate on product
and service development, and market
products to a global network of over
one million professional accountants
worldwide.
Is not a standard setting body but
rather an organization designed to
promote products and services that
support those standards and the
unique needs for our members.
Collaboration is a key objective;
the network continues to provide
leadership in developing and sharing
ideas and solutions, best practices and
benchmarks. Effective interaction
between accountancy institutes can
improve the profession‘s speed to
market for products and services that
meet particular marketplace needs —
the network allows us to collectively
roll out solutions in a more timely
manner to a much broader audience
than any one IIN member can do
alone.
Product and Service
From India — ―Online IT Training
Product‖ — an online training project
to assist individual accountants.
From Scotland — ―Business
Advisory Toolkit‖ — a small member
business advisory practice tool;
―Practice CAre‖ — a practice
development service for small
accountancy firms.
From Canada — ―CA Source‖ — an
online employment service that
accountancy institutes can offer that
matches potential employees with
accounting firm needs.
From Germany — ―Audit of Internal
Controls of Financial Reporting in an
IT Environment‖ — a product that
accountancy firms can offer to clients.
From the United Kingdom —
‖Educational Tool for International
Accounting Standards‖ — an online
learning development tool.
From the United States — ―MAP
Survey‖ — an online survey to gauge
best practices on members in public
practice.
From Ireland — ―Practice Link‖ —
a service that helps firms sell/merge
their accountancy practices.
From Italy — ―MAP‖ — a training
and learning service offered through
satellite communication.
From Japan — ―Public Sector
Maturity Level Assurance‖ — an
assurance service accountants can
offer in the public sector.
Other products - Educational CD
–ROM on ―Anti- fraud from the
American Institute of Certified Public
Accountants (AICPA))
IIN Mission
• enhance value with IIN members
through aligning IIN‘s outputs with
the priorities of its member institutes,
sharing information and knowledge
And
• be a channel and a catalyst for
initiatives affecting the accounting
profession
This is achieved by:
• facilitating the provision of products
for IIN members to provide to their
members (―member services‖)
• facilitating the provision of tools and
services to members for use with/
within their clients, employers and
businesses
• establishing IIN affinity
relationships
• sharing information and knowledge
Which create:
IIN’s Outputs
• Products, services, benefits, tools,
knowledge transfers, best practice,
networking that are
• Relevant to IIN members and their
members, that achieve
• Cost savings, information exchange,
competitive advantage and delivery of
product
And the short term plan to
achieve this is:
• Support for the 3 continuing IIN
Taskforces
• Small and Medium Practitioners
Products Taskforce
• Corporate Management Tools and
Products Taskforce
April
2011 8
Bangalore Branch of SIRC
of the Institute of Chartered Accountants of India
• Tools for Digital Security Taskforce
Note: The IIN is very keen on
developing products for small and
medium practitioner and hence a
specific task force.
2 Further develop communications
3 Continue to encourage and
motivate product delivery
VIEWS ON IIN
1. It‘s not every day that accountants
are accused of being on the ‗leading
edge‘ of international advances in
intellectual property (IP) and
innovation. For decades the
accounting profession has agonised
over intangibles such as IP and how
to properly allocate value to it on
balance sheets. But confusion about
intangibles was decidedly absent
when representatives of 17 national
organisations of accountants sat down
in New York and signed off on an
International Innovation Network
(IIN) – an idea so ground-breaking
that there‘s no model for how it will
work.
2. ―It‘s a unique experiment,‖ says the
head of strategy and innovation at the
ICAA and Australia‘s board member
on the IIN Allen Blewitt. ―The
accounting profession is doing
something that no other profession
has attempted.‖
3. Its goals are to provide a global
network of accounting bodies that act
as a
single platform for vetting
applications, methodologies and
software for business and accounting
purposes. The IIN will act as a single
distribution point for accountants in
all those member countries; members
of the relevant
organisations will be able to make
their own applications available for
licensing and the end-user
organisations will be able to use the
IIN as a one-stop agent for licensing
agreements on the applications and
software they wish to use.
4. It‘s ambitions are huge given the
concept of a profession-specific
clearing
house for technology that accesses
more than one million accountants.
5. For years, the big accounting firms
– often in conjunction with the big
IT consulting firms – have developed
their own proprietary technologies for
everything from audit to valuations.
Once proven in one territory, these
technologies are then disseminated
throughout the big-firm networks but
rarely outside, except when they‘re
deployed in big-business clients as the
‗black-box‘ approach. Small
accounting firms have not had such
economies of scale to justify the
research and development (R&D)
costs.
6. ―The IIN will have three roles, says
Blewitt: that of developer, broker and
network facilitator‖
Integrate – ICAI’s – Initiatives
Committee for capacity Building
of CA Firms & Small and Medium
practitioners
The Committee of Capacity
Building of CA Firm‘s reconstituted
in February 2010 and known as
Committee for Capacity Building of
CA Firms and small & Medium
Practitioners is a non- standing
committee of the Institute formed
under regulatory provisions of CA
Act, 1949. this Committee is
established with the objective of
facilitating consolidation and to
capacity building of CA firms in order
to address various problems faced by
CA firms and to conceptualize and
implement various means for
strengthening their capacity as well
as providing comprehensive
guidelines for consolidation of CA
firms. Thus the Committee aims at
strengthening CA firm as well as
Small &Medium Practitioners to
rejuvenate their practice portfolio.
The Committee has organized
several programmes for making
awareness on consolidation of firms
through Networking, Merger and
setting up corporate form of Practice
(MCS Company).
Major activity
The Committee reviewed the
position of the 35 Networks registered
with ICAI by sending Feedback
Forms to the 112 firm constiti=uting
it and thereby, identified the
challenges/ bottlenecks being faced
by them in the functioning of their
Networks.
The Committee facilitated the
identification &interaction amongst
interested practicing members for
Networking, Mergers etc. through CA
Networking portal
The Committee ensured
availability of updated
comprehensive data of the Networks
registered in India, on the website of
the Institute for easy accessibility by
the end users…….
(ICAI- 61 st Annual Report)
Integrate Globally IOSCO initiative
International organization of
security Commission is an
international body of capital market
regulators. It has been successfully
working on financial statements –
reporting conforming to a unitary
global standard like IFRS. It is also
coordinating for this purpose with
FASB of US.
April
2011 9
TAX UPDATES FEBRUARY 2011
CA. Chythanya K.K., B.com, FCA, LL.B., Advocate
excise duty and cess from the contract
value in making the said deduction so
as to reduce amount to be deducted
and inflate taxable turnover
VAT, CST, ENTRY TAX,
PROFESSIONAL TAX
PARTS DIGESTED:
a) 2010-11(15) KCTJ Part 10
b) 2010 70 Kar. L. J. Part 2
c) 37 VST – Part 5 & 6
d) 5 GST – Part 2
Reference/Description
2011 (70) Kar. L.J. 150 (SC):
Indodan Industries Limited v. State
of Uttar Pradesh & Others
The instant case dealt with Section
9(2-B) of the CST Act which provides
for levy of interest (which was
inserted retrospectively as from the
commencement of the Act vide
Section 120 of the Finance Act,
2000). The Apex Court held that as
per Section 120(2)(d) which inter alia,
stated that any proceeding, act or
thing which could have been validly
taken but not taken may, after
commencement, be taken, continued
or done. The Apex Court was of the
view that Clause (d), gave a complete
answer to the contention advanced by
the assessee on retrospectively.
Section 120 of the Finance Act, 2000
makes sub-section (2-B) effective
right from the very first date of
commencement of the 1956 Act, i.e.,
January 5, 1957. The Apex Court
further explained the compensatory
nature of interest. The Apex Court
held that as per Section 9(2-B), such
interest for delayed payment was
given the status of ―tax due‖. The said
interest was compensatory in nature
in the sense that when the assessee
pays tax after it becomes due, the
presumption is that the Department
has lost the revenue during the
interregnum period(the date when the
tax became due and the date on which
the tax is paid). The assessee enjoys
that amount during the said period. It
is in this sense that the interest is
compensatory in nature and in order
to recover the lost revenue, the levy
of interest is contemplated by Section
120 of the Finance Act, 2000,
retrospectively. However the Apex
Court did not deal with the
constitutional validity as to the
retrospectivety of the said Section
since the same was not challenged.
2011 (70) Kar. L.J. 216 (Tri.) (DB):
Fenesta Building Systems v. State of
Karnataka
The instant case dealt with the
deduction to be made, in respect of
labour and like charges, under Rule
3(2)(m) while determining the value
of taxable turnover of a works
contract. In the instant case UPVC
doors and windows designed and
manufactured by the assessee were
used in the execution of works
contract undertaken by him. In respect
of the same, Central excise duty and
cess were paid at the time of purchase.
The Tribunal in the matter of
allowability or otherwise of the said
duty and cess, held that the payment
of said duty and cess forms part of
contract value. In a case where the
assessee has not maintained separate
accounts in respect of labour charges
and cost of material incurred in
execution of works contract, the
taxable turnover has to be necessarily
determined by deduction of 25% as
labour charges from the said contract
value which is to be inclusive of
central excise duty and cess. The
Tribunal held that excluding central
correspondingly, was unsustainable in
law. In other words, 25% deduction
should be computed on the basis of
the contract value which is inclusive
of central excise duty and cess.
2011 (70) Kar. L.J. 237 (HC) (DB) :
B.V. Ashwathaiah & Brothers v.
State of Karnataka
In the context of certain notifications
dated 31-3-1993 and 31-3-1995
exempting purchase tax and turnover
tax respectively, in respect of
purchase of rawbathis consumed in
manufacture of agarbathis and in the
matter of consignment sales, i.e., sales
effected outside State, the High Court
held that since such consignment sales
does not form part of the assessee‘s
―total turnover‖ and are not
considered as sales within state, the
said exemptions notified are not
extendable to purchase of rawbathis
going into manufacture of agarbathis
which are not sold in state. The High
Court held that the said exemptions
become available only when both,
manufacture of agarbathis using
rawbathis purchased, and sale of
agarbathis so manufactured take place
within state.With due respect to the
High Court, it is submitted that the
condition only related to manufacture
inside the State of sale and not for sale
inside the State. Requiring sale inside
the State amounts to re writing the
Notification which is impermissible.
[2011] 37 VST 622 (P&H) HC :
Gobind Trading Company v. State of
Punjab & others
The High Court hearing the case
having an alternate remedy observed
that, as per the submission of the
Petitioner, under Section 62(5) of the
April
2011 10
Bangalore Branch of SIRC
of the Institute of Chartered Accountants of India
Punjab Value Added Tax Act, the
Petitioner was required to deposit 25
% of the assessed amount as a
condition for hearing of the appeal at
the first appellate level. It was further
submitted that such a remedy of
appeal in the facts and circumstance
of the case was too onerous unless
waiver of payment of the said amount
was granted. The High Court without
expressing any final opinion on the
merits but having regard to facts and
circumstances of the case, directed
that appeal of the Petitioner be
entertained without the requirement
of pre-deposit, subject to the
Petitioner furnishing personal bond to
the satisfaction of the appellate
authority.A malady prevalent in all the
State VAT laws!. This provision
though curtails frivolous appeals,
makes access to the wheels of justice
arduous for the cash strapped. It is
indeed a travesty of justice when
bequeathing it lays at the mercy of
means to pay for it!
INCOME TAX
PARTS DIGESTED:
a) 330 ITR – Part 5
b) 331 ITR – Part 1 to 3
c) 196 Taxman – Part 5 to 7
d) 197 Taxman – Part 1
e) 7 ITR(Trib) – Part 6 to 9
f) 128 ITD – Part 5 to 8
g) 135 TTJ – Part 6
h) 136 TTJ – Part 1 & 2
i) 42-B BCAJ – Part 5
j) 4 International Taxation–Part 2
Reference/Description
[2011] 330 ITR 491 (Chhattisgarh)
HC: Dy. CIT v. Sunita Finlease Ltd.
In the instant case the High Court was
dealing with Instruction no. 9, dated
20-09-2004, which provided that
selection of cases for scrutiny in
respect of returns filed upto 31-03-
2004 ought to be made within 3
months of the date of filing of the
return. The High Court held that such
a direction as aforesaid could by no
stretch of imagination, be considered
to override or detract from the
provisions of the Act. The Court
observed that such an instruction
merely directs that the said exercise
should be completed within 3 months
of the date of filing of return by the
assessee, which amounted to
relaxation as far as the assessee was
concerned that the return filed by him
could be scrutinized by the Assessing
Officer within three months of filing
of the return.It was thus held that the
aforesaid instruction is binding on the
revenue and assessee may challenge
selection of his case for scrutiny in
violation of the said instruction
[2011] 330 ITR 496 (Uttarakhand)
HC: CIT & another v. Enron
Expat Services Inc.
In the context of Section 192(3),
which provides for making
adjustments in case of any excess or
deficiency arising out of any previous
deduction or failure to deduct, the
High Court held that such adjustments
could be made up during financial
year. The Court observed that the
object and purpose of sub-section (3)
was to permit the person obliged to
deduct, to make adjustments. The
Court noted that Sub-section (3) does
not stop while authorising adjustment
in case of excess or deficient
deduction, but also authorises
adjustment in case of total failure to
deduct during the financial year. Sub-
section (3), therefore, makes it
abundantly clear that if there is a
failure to deduct in a financial year,
the same can be deducted by way of
adjustment during the financial year.
In those circumstances, the obligation
to deduct at the time of payment,
which is the mandate of sub-section
(1) of Section 192, stands extended
up to the end of the financial year by
virtue of the provisions contained in
sub-section (3) of Section 192.
However the right to adjust, granted
by sub-section (3), does not extend
beyond the financial year.
[2011] 330 ITR 556 (Ker) HC :
Catholic Syrian Bank Ltd. v. CIT
In the instant case the High Court was
dealing with Circular no. 11 of 2001,
dated 23-07-2001, which had
stipulated that, concluded
assessments could not be reopened for
the purposes of Section 14A. In this
case the Commissioner had issued
orders within the time prescribed
under Section 263(2) of the Act. The
High Court held that an assessment
which could be modified by a higher
authority could not be said to have
become final or concluded until
expiry of the statutory time provided
for such orders because it was always
subject to revision by higher authority
within the time stipulated under the
statute.It unfortunate that a case is
considered as pending till the expiry
of the statutory time limit for the
purpose of invoking section 14A. A
case can be considered as pending
only when it is taken up.
[2011] 330 ITR 559 (Ker) HC : CIT
v. Vamadevan Bhanu
In the instant case the Kerala High
Court held that an Order passed in
assessment, which had been made on
an ―agreed basis‖, could not be
appealed against by the Assessee. In
the instant case the assessment was
made on the basis of that the assessee
(through his Chartered Accountant
representative) had agreed that the
interest income in the financing
business could be adopted at 27% as
against 20% borne out by the
accounts. This procedure was adopted
even in respect of the one previous
April
2011 11
assessment years (prior to the one
under appeal). The same was ―agreed
upon‖ so that no penalty proceedings
would be initiated under Section
271(1)(c)!With due respect to the
Honourable High Court, what
happens to the due course of law that
is supposed to take effect? Would not
income for the purpose of taxation be
computed as per the provisions of the
Act? Then having so held, would it
be right to conclude that henceforth
the Assessing Officers and the
Assesses could collude and agree
upon as favourable to their
circumstance condescending the
provisions of law?
[2011] 331 ITR 72 (Bom) HC: Zycus
Infotech P. Ltd. v. CIT
In the instant case the Bombay High
Court was dealing with the provisions
of Section 10A(9) and the adjunct
Explanation 1, which provided for
disallowance of exemption under
Section 10A, in cases of change in the
ownership or beneficial interest of an
undertaking. The Court also took
cognizance of the fact that vide
Section 86 of the Companies Act,
which has been substituted by the
Companies (Amendment) Act, 2000
w.e.f. 13-12-2000, a Company was
allowed to issue two kinds of shares
viz., ‗equity shares‘ and ‗preference
shares‘ and the equity shares could be
with voting rights or with differential
rights as to dividend, voting or
otherwise. In the instant case though
the shares were divested to others, and
the total % of shares as held at the
time the undertaking was set up fell
below 51%, the shares constituting
more than 51% of the voting power
was still held by those who had held
so at the time the undertaking was set
up. Therefore the High Court held that
the undertaking was entitled to
exemption under Section 10A. The
Court also held that the Explanation
1 to Section 10A(9) inserted w.e.f 1-
4-2000 does not have retrospective
effect. The Court held that the
language of the Section could be
understood to describe ―the date on
which the undertaking was set up‖ as
applicable only for those who were
setting up the undertaking after the
new provision, so that in the case of
others, the date had to be understood
at best as 1-04-200, the date on which
the law was brought in the statute.
Since the undertaking under
consideration was set up in 1997-98,
the said provision further was not
applicable to it.
[2011] 331 ITR 192 (Delhi) HC : CIT
v. Hindustan Coco Cola Beverages
P. Ltd.
In the instant case the Delhi High
Court elaborating on the
characteristics of intangible assets in
the context of goodwill observed that,
commercial rights were such rights
which were obtained for effectively
carrying on the business and
commerce. Commerce as was
understood, being a wider term
encompasses in its fold many a facet.
The Court observed that in this
background any right which was
obtained for carrying on the business
with effectiveness was likely to fall
or come within the sweep of meaning
of intangible assets. As per Section 32
it was clearly stipulated that business
or commercial rights should be of
similar nature as know-how, patents,
copy rights, trademarks, licenses,
franchises, etc., and all these assets
which were not manufactured or
produced overnight but were brought
into existence by experience and
reputation. The Court noted that they
gained significance in the commercial
world as they represented a particular
benefit or advantage or reputation
built over a certain span of time and
the customers associated with such
assets. Goodwill, as held by the court,
when appositely understood, did
convey a positive reputation built by
a person/company/business concern
over a period of time.
[2011] 331 ITR 211 (Karn) HC : CIT
& another v. Smt. K. G.
Rukminiamma
In the instant case the assessee
transferred a residential house and
purchased 4 flats in the same
residential building. The High Court
held that the assessee was entitled to
exemption under Section 54. The
High Court interpreting the phrase ‗a
residential house‘ as stated in Section
54 observed that the context in which
the expression ‗a residential house‘
was used in the Section made it clear
that it was not the intention of the
legislation to convey the meaning that
it referred to a single residential
house. The Court noted that if that
were to have been the intention, the
same would have been made clear
explicitly by the usage of the word
‗one‘. The Court observed that even
in the earlier part of the Section, the
words used were buildings or lands
which were plural in number and that
was referred to as ‗a residential
house‘, being the original asset.
Therefore the letter ―a‖ in the context
it was used should not be construed
as meaning ―singular‖. But, being an
indefinite article, the said expression
should be read in consonance with the
other words ―buildings and lands‖ and
therefore, the singular ―a residential
house‖ permitted the use of plural by
virtue of Section 13(2) of the General
Clauses Act.
[2011] 331 ITR 236 (Bom) HC: CIT
v. Jet Airways (I) Ltd.
In the instant case the Bombay
High Court dealing with the effect of
amendment of Section 147 w.e.f.
April
2011 12
Bangalore Branch of SIRC
of the Institute of Chartered Accountants of India
1-4-1989 held that the assessing
officer could also assess other
incomes not referred to in the notice
of reassessment since the said power
was embedded in the Section itself
wherein the latter portion read as –
‗… and also any other income
chargeable to tax which has escaped
assessment and which comes to his
notice….’.However, the High Court
held that in order to assess any other
income, it is necessary that the
assessing officer ought to have
assessed income in respect of which
notice was served after recording
reasons. The newly inserted
Explanation 3 to section 147 does not
in any manner dilute the requirement
of “and also” appearing in section
147.
[2011] 196 Taxman 435 (Ker.) 8
taxmann.com 178 (Ker.) : CIT v.
TBS Publishers & Distributors
In the instant case the Assessing
Officer (AO) reopened the assessment
on the grounds that assessee had
claimed credit of TDS on rent based
on certificates in regard to the same,
but the said income had not been
disclosed under the head ‗Income
from house property‘. Further the AO
was of the view that there were certain
non-existent liabilities having arisen
due to omission to record rebates,
commission, discounts, etc., which
were included under claim of sundry
creditors. In the revised assessment,
the AO did not make any addition on
account of rental income but made
disallowance of sundry creditors to
some extent. The High Court held that
the reasons recorded by the AO were
sufficient to justify his belief that
income had escaped assessment, no
matter whether any addition could be
sustained in assessment with specific
reference to grounds of
reopening.This decision of full bench
of Kerala High Court is in conflict
with the decision of Delhi High Court
in Jet Airways (I) Ltd. (supra)
[2011] 196 Taxman 504 (Delhi) 9
taxmann.com 81 (Delhi) : Karan
Raghav Export (P.) Ltd. v. CIT
In the instant case, the Delhi High
Court held that an assessee would not
be entitled to depreciation on factory
building owned by it but used in the
business of the firm in which the
assessee was a partner. The Court
noted that the partnership firm, which
had utilized the said factory premises,
could have claimed the said
depreciation. Further the Court noted
that the claim for deduction of the
insurance charges paid by the assessee
against the risk of the said factory
building was rightly rejected by the
Tribunal on the ground that, only the
interest paid on borrowals invested as
capital in the partnership firm, as
capital, is to be allowed as a
deduction.
[2011] 197 Taxman 25 (Delhi)9
taxmann.com 58 (Delhi) : CIT v.
Oswal Agro Mills Ltd.
The instant case dealt with the aspect
of depreciation under Section 32
subsequent to the amendment of the
said Section vide Taxation Laws
(Amendment) Act, 1986, post which
depreciation is allowed on block of
assets. The High Court held that after
the aforesaid amendment, Revenue
could not segregate a particular asset
therefrom on the ground that it was
not put to use. During the relevant
assessment year, the assessee had
claimed depreciation on its various
assets which included claim of
depreciation in respect of a closed
unit. According to the assessee,
depreciation was to be allowed as
assets of that unit remained part of
block of assets and was ready for
passive use, which was as good as real
use. However the AO disallowed
depreciation on closed unit. The High
Court noted that when the aforesaid
unit remained non-functional for a
number of years and there was no sign
of that unit becoming functional, the
principle of ‗passive user‘ could not
be extended to the said unit. However,
as it was a case of depreciation on
block of assets, assets of aforesaid
closed unit could not be segregated
for purpose of allowing depreciation
and depreciation had to be allowed on
entire block of assets.
[2011] 197 Taxman 52 (Ker.)8
taxmann.com 185 (Ker.) : CIT v.
V.R. Desai
In the instant case the Assessee was
the managing partner of a firm
engaged in real estate business.
During the relevant assessment year,
he transferred certain land to the
partnership firm treating the same as
his contribution to capital of firm. The
firm credited his capital account with
the full value of the said land.
Thereafter, the assessee availed bank
loan for construction of house and
within three years from date of
transfer of land to the firm, he got a
new house constructed. He claimed
exemption under Section 54F on
capital gain arising from transfer of
land to the firm. The High Court held
that on the facts of the case the
assessee was not entitled to exemption
under Section 54F because he neither
deposited the sale proceeds for
construction of building in a bank in
terms of Section 54F(4) before date
of filing of the return nor were the sale
proceeds utilized for construction in
terms of section 54F(1).
[2011] 128 ITD 503 (Bang.)8
taxmann.com 15 (Bang.) : Shri
Gouli Mahadevappa v. ITO
The Tribunal in the instant case
observed that Section 54F was an
April
2011 13
exemption provision and a complete
code in itself. The Tribunal therefore
held that since it was a complete code
in itself, computation of eligible
exemption had to be worked out
within its framework as far as possible
and the deeming fiction contained in
any other provision could not be
brought into Section 54F. Therefore,
the Tribunal held that the deeming
fiction created by virtue of Section
50C in determining ‗capital gain‘
could not be extended to Section 54F.
The capital gains arising from transfer
of any long-term capital asset for
purpose of Section 54F had to be
worked out by applying Section 48
without imposing Section 50C into it.
(2011) 136 TTJ (Mumbai) 188 :
Devendra Motilal Kothari v. Dy. CIT
The Mumbai Tribunal, in the context
of computing the cost of acquisition
of shares, for the purpose of
ascertaining capital gains, held that,
the fees paid by the assessee for
Portfolio Management Services could
neither be considered as cost of
acquisition of the shares and securities
nor the cost of any improvement
thereto and since it was not
inextricably linked with the particular
instance of purchase and sale of
shares, the same could not be
deducted as expenditure incurred
wholly and exclusively in connection
with sale of shares while computing
capital gains.
(2011) 136 TTJ (Coch) (UO) 17 :
Muthoot General Finance v. Dy. CIT
In the context of applicability of
Section 40A(3), which disallows
certain expenditure incurred
otherwise than by an account payee
cheque etc., the Cochin Tribunal held
that the same was not applicable to
interest payment made by the firm to
a partner.
[2011] 33 CAPJ 433: ACIT v. M/s
Essar Steel Ltd. (ITAT,
Visakapatnam) Decided on
25.01.2011, MANU/IV/0022/2011
The concession claimed by the
Assessee was under the proviso to
Section 92C(2) by relying on the
CBDT Circular. The impugned
CBDT Circular was issued only to
explain the amendments made by the
Finance Act, 2001, which never came
into operation. The Tribunal held that
since Finance Act, 2002 w.e.f. 1st
April 2002 had amended the proviso
to Section 92C(2) therefore after the
said amendment the circular could no
longer have any application. It was
held that the Assessee could not place
reliance on the impugned Circular.
The Tribunal thus held that in the
present case, only the proviso to
Section 92C(2), as amended by
Finance Act, 2002 is applicable.
Further as per the ITAT, the amended
proviso to Section 92C(2), would
have application only if more than one
price is determined by the most
appropriate method. In the present
case, since the TPO has worked out
only one price, the question of
allowing concession does not arise.
Hence, the Assessee was held as not
entitled to the concession, as
prescribed in the proviso to Section
92C (2).
[2011] 42-B BCAJ 576 (Mumbai-
ITAT) : Lucent Technologies GRL
LLC v. DCIT ITA No. 6353/Mum./
2009, dated 31-12-2010
In the instant case, the Appellant, a
resident of USA was paid certain
consideration, for services rendered,
by one R after deduction of tax at
source. The said TDS was remitted
to the Government by R and a TDS
certificate was also issued to the
Appellant. However, subsequently R
went in an appeal against the said
TDS and was allowed a refund of the
said TDS. In the matter of giving
credit to the Appellant on account of
the TDS, the Tribunal held that since
the taxes had been deducted from the
payment made to the Appellant and
the Appellant was also in receipt of
the appropriate TDS Certificate, the
credit for TDS could not be declined
on the basis of an administrative
action of refund, which is neither
envisaged by the provisions of the
Act, nor in the control of the taxpayer.
The Tribunal held that refund of taxes
to R was a matter that had to be dealt
with by Tax Authorities who must
have protected their interests
effectively while granting the said
refund. The Appellant obviously was
not expected to get into these aspects
of the matter. The Tribunal noted that
all the requirements for grant of TDS
credit such as deduction of tax under
Section 195, fulfilment of obligations
by tax deductor under Section 200 and
issue of TDS certificate were duly
complied with. Further the fairness of
these procedures had also not been
questioned by the Tax Authority. The
Tribunal held that the refund of tax to
a tax deductor was not prescribed
under the scheme of the Act and it is
an administrative exercise. Such
exercise could not take away, curtail
or otherwise dilute the rights of the
person from whose income, taxes are
so deducted and to whom such
certificate was issued. The Tribunal
therefore held that the Tax Authority
was bound to grant credit of taxes to
the Appellant on the basis of original
TDS certificates produced by the
taxpayer and in accordance with the
provisions of the Act.It could never
be right to use another’s uprightness
to make good the loss caused due to
one’s gaffe.
April
2011 14
Bangalore Branch of SIRC
of the Institute of Chartered Accountants of India
RECENT JUDICIAL
PRONOUNCEMENTS IN
INDIRECT TAXES
N.R.Badrinath, Grad C.W.A., F.C.A.,
Madhur Harlalka, B. Com., F.C.A
appellants but, addressed to the other
premises of the appellants. Hence a
show-cause notice was issued
demanding the reversal of such credit
with interest and penalty which, was
confirmed by the adjudicating
authority. The appeal filed by the
appellants before the Commissioner
SERVICE TAX
The applicants had constructed 8
residential units for M/s. RA
Promoters Private Limited who had
approved layout plan for 37
residential units. The department
contended that the applicants are
liable to service tax together with
interest and penalty on the
construction of complex service as the
number of residential units exceeded
12. However, it was held that the
applicants have constructed only 8
residential units while service tax is
leviable only if more than 12
residential units having a common
area and certain common facilities are
constructed. The fact that M/s. RA
Promoters Private Limited had
approved layout plan for 37 units is
prima facie not sufficient to hold that
the applicants are liable to service tax.
Hence the pre-deposit of service tax
was waived pending disposal of the
appeal. [Raj Associates vs.
Commissioner of Central Excise and
Service Tax, LTU, Coimbatore. 2011-
TIOL-250-CESTAT-MAD]
The Commissioner (Appeals) held
that in the case of export of services,
the relevant date for filing the refund
claim should be the date on which the
payment for service exported is
received by the assessee and not the
date on which the service is provided.
Revenue filed an appeal against the
impugned order passed by the
Commissioner (Appeals) on the
ground that the relevant date is the
date of service tax paid as per section
11B of the Central Excise Act, 1944.
However, it was held that as per Rule
5 of Cenvat Credit Rules, 2004, a
manufacturer or the service provider
shall be allowed refund of Cenvat
credit on inputs or input services used
in the manufacture of final product
cleared for export under bond or letter
of undertaking or used in providing
output service exported. As per Rule
3 of Export of Services Rules, 2005,
a taxable service shall be treated as
export when the payment for such
service is received by the service
provider in convertible foreign
exchange. Hence it is clear that in the
case of export of service, the relevant
date is the date when the payment for
the service exported has been received
by the assessee. Accordingly, the
appeal filed by the Revenue was
dismissed. [Commissioner of Central
Excise, Pune I vs. Eaton Industries
Private Limited. 2011-TIOL-166-
CESTAT-MUM]
The appellants were registered
under the service tax law as providers
of advertisement services. It appeared
that the appellants had contravened
the provisions of Rule 9 of Cenvat
Credit Rules, 2004 in as much as they
have availed credit on the documents
which are not addressed to the
(Appeals) was dismissed. However
on appeal to the Tribunal, it was held
that if a person is discharging the
service tax liability from his registered
premises, benefit of Cenvat credit
cannot be denied only on the ground
that the invoices are in the name of
the branch offices of the person.
Hence, the impugned order denying
the credit is not sustainable and
accordingly was set aside. [Manipal
Advertising Services Private Limited
vs. Commissioner of Central Excise,
Mangalore. 2011-TIOL-273-
CESTAT-BANG]
The appellant were providing the
service of Clearing and Forwarding
Agents (‗CFA‘). In addition to the
commission received for such
services, the appellants were also
reimbursed by certain expenses
incurred by them in providing such
services and were paying service tax
only on the commission received by
them. The department contended that
the service tax is payable on the
expense reimbursement as well and
accordingly show-cause notice was
issued for the recovery of the service
tax alongwith interest and penalty
which, was confirmed by the
Commissioner (Appeals). On an
appeal to the Tribunal it was held that,
under Rule 5 of Service Tax Valuation
Rules, 2006, where any expenditure
or costs are incurred by the service
provider in course of providing
April
2011 15
taxable services, such expenditure or
cost shall be treated as consideration
for the taxable service provided or to
be provided and shall be included in
the value of the service for the
purpose of charging tax unless such
costs or expenditure have been
incurred by the service provider as a
―pure agent‖. Under Rule 6 of the said
rules, the value of the taxable service
in case of the services provided by
CFA shall include the commission
paid to such agent. Therefore, in terms
of Rule 5 read with Rule 6 of the said
rules, the assessable value, in addition
to commission, would also include all
the expenditure or costs incurred in
course of providing the service which
were reimbursed by the service
receiver. Hence, the appellants were
directed to deposit the entire amount
of service tax with interest and
penalty. [Rishab Laboratories Private
Limited vs. Commissioner of Central
Excise, Raipur. 2011-TIOL-266-
CESTAT-DEL]
The appellants had filed refund
claim which was denied by the lower
authorities on the ground that the
appellants were not registered under
the category of Business Auxiliary
Service (‗BAS‘). The appellant filed
an appeal against such refusal and
contended that there is no provision
in the Cenvat Credit Rules or the
service tax laws that the assessee is
not entitled for the credit if it is not
registered under that category of
service. The appellant relied on the
decision of the Tribunal in the case of
Aarvee Denims & Exports Limited vs.
CCE [2009-TIOL-1524-CESTAT-
AHM] wherein it was held that as per
Circular No. 112/6/2009-ST dated
12.03.2009, even if the service
provider is registered for providing one
service, refund cannot be denied on the
ground that the taxable service
provided are not covered under the
registration. Based on the ruling of the
Tribunal in the above said case it was
held that, the appellants were entitled
to claim refund and the denial of refund
claim on the ground that the appellant
is not registered under BAS is not
sustainable. Accordingly, the appeal
was allowed with consequential relief
by setting aside the impugned order.
[CBAY Systems(India) Private Limited
vs. Commissioner of Central Excise,
Mumbai. 2011 (21) S.T.R 668 (Tri –
Mumbai)]
The assessee had filed service tax
refund claim which, was denied by the
original authority. The Commissioner
(Appeals) held that the refund claim
is as per the Notification No. 41/2007-
ST dated 06.10.2007 as amended by
Notification No. 17/2008-ST dated
01.04.2008 and the order rejecting the
refund claim cannot be sustained and
hence the claim has to be sanctioned
after necessary verification of
payment of service tax. However, it
was held that if the Commissioner
(Appeals) finds any infirmity in the
order passed by the original authority,
he has no jurisdiction to remand the
matter but has to pass himself the
appropriate order in the matter. The
Commissioner (Appeals) having
found that the findings by the original
authority were not sustainable, it was
necessary for him to analyse the
materials on record and to arrive at
appropriate finding on the asssessee‘s
claim and not to leave the matter for
verification by the adjudicating
authority. Hence, the appeal is
disposed off. [Commissioner o f
Central Excise, Raigad vs. Positive
Packaging Industries Limited. 2011
(21) S.T.R 644 (Tri – Mumbai)]
EXCISE DUTY
The respondents were engaged in
the manufacture of De-oiled cakes of
soya bean, rapeseed and castor and
had filed refund claims for different
periods under Rule 5 of Cenvat Credit
Rules, 2004. Aggrieved by the
rejection of refund claims by the
Assistant Commissioner, the
respondents filed appeal before the
Commissioner (Appeals) who, held
that refund of Cenvat credit cannot be
denied to the respondents even if the
goods are chargeable to Nil rate of
duty in case where goods are exported
and accordingly held that they are
eligible for refund under Rule 5 of the
said rules. The Revenue contended
that the goods manufactured by the
respondents were not exported under
bond since the goods were fully
exempted. Rule 5 provides that the
credit can be refunded only where the
final product is cleared for export
under bond or letter of undertaking
and accordingly issued fresh show-
cause notice proposing to reject the
refund allowed by the Commissioner
(Appeals). However, it was held that
the stand taken by the Revenue that
if the finished goods are exempted
from the levy of duty, refund claim is
not admissible since the credit itself
cannot be taken initially cannot be
sustained. The contention of the
Revenue that the refund cannot be
sanctioned when the goods are not
exported under bond or letter of
undertaking also cannot be sustained.
Hence, the appeal filed by the
Revenue was rejected.
April
2011 16
Bangalore Branch of SIRC
of the Institute of Chartered Accountants of India
[Commissioner of Central Excise,
Ahmedabad-III vs. Gujarat Ambuja
Exports Limited. 2011-TIOL-287-
CESTAT-AHM]
VALUE ADDED TAX
The dealer was a contractor
registered in the State of Uttar Pradesh
(‗UP‘) having an office outside UP.
For the purpose of execution of pre-
existing works contract, alongwith
with the materials purchased within
the State of UP, the dealer also
procured materials from its office
situated outside the State of UP by
way of stock transfer. The assessing
authority included the value of such
materials procured by way of stock
transfer in the taxable turnover. The
Tribunal held that the value of such
transferred stock was exempt from tax
under section 3F(2)(b)(i) of the UP
Trade Tax Act, 1948. However, on a
revision petition it was held that the
works contract was in UP and the
stock transfer from the office of the
dealer outside UP resulted in the
movement of goods from one State
to another and such transfer amounted
to sale or purchase of goods in the
course of inter-state trade or
commerce under section 3 of the
Central Sales Tax Act, 1956. Hence,
the value of such goods was liable to
be deducted under section
3(F)(2)(b)(i) of the UP Act from the
net turnover of the dealer.
[Commissioner, Trade Tax, UP,
Lucknow vs. Advance Spectra Tec (P)
Limited. [2011] 38 VST 336 (All)]
The petitioner, engaged in the
manufacture and sale of ceramic tiles
produced C forms under the Central
Sales Tax Act, 1956 and claimed
concessional rate of tax on sales made
to a registered dealer in Tirupati.
However, the assessing authority
granted the concessional rate of tax
only up to 30.06.2002 and levied full
rate of tax after the said date on the
fact that the buyer had cancelled its
registration certificate with effect
from the above date and therefore the
C forms issued for the period
subsequent to 30.06.2002 were
invalid. The order of the assessing
authority was confirmed by the Joint
Commissioner (Appeals). However,
on a revision petition, it was held that
the C forms issued by the buyer could
not be held invalid when the petitioner
was not knowing the fact that the
buyer ceased to exist with effect from
30.06.2002. It was not for the
petitioner to actually find out as to
whether the registered dealer was in
existence on the date when the sales
were affected. The petitioner could
not be found fault since it was the duty
of the purchaser to inform about its
ceasing to be in existence and not to
issue C forms. Therefore, the
authorities could not have held that
the petitioner had utilized the invalid
C forms in order to claim
concessional rate of tax and
accordingly the proceedings initiated
to levy penalty were also not in
accordance with the law. [Bell
Ceramics Limited vs. Deputy
Commissioner of Commercial Taxes
(Transition-3), Bangalore. [2011] 38
VST 388 (Karn)]
AN APPEAL TO THE MEMBERS
Sub: XV Batch of the Course on Finance for Non
Finance Executives under the aegis of Management
Development Programmes (MDP)
Duration: June 2011 to October 2011
Timings: 03.00 pm to 06.30 pm (Only on Saturdays)
Course Fee: Rs.12000/-
Course Contents:
Financial Accounts & Company Accounts
Direct Taxes
Financial Analysis
Project Reports
Indirect taxes
Corporate Finance
Cost Accounts
For Whom:
The course is open to Non-Finance Executives such as
Engineers, Architects, Doctors, Human Resource
personnel, Department Heads, Administrators and other
executives.
The course does not call for any prior knowledge in
Accountancy, Finance and Tax Laws. The course
coverage will be basic in all subjects.
We request you to pass on this information to your
Clients to avail the benefits of this course.
Contact Tel : 080 - 30563500 / 511 / 512
E-mail : [email protected] /
April
2011 20
Workshop on “Law of Arbitration & Mediation” Arbitration is an alternate dispute resolution mechanism whereby parties to a dispute agree to resolve
their disputes by reference to an Arbitral Tribunal constituted by them or constituted in the manner agreed
to by the parties. Any kind of dispute can be referred to arbitration
In many situations, complex questions of accountancy, share valuation, valuation of stocks, assessment of
loss, assessment of damages for breach of contract disputes relating to corporate management and disputes
relating to share holding are being resolved by recourse to arbitration. The Chartered Accountants can
play an effective role in this field.
The Workshop proposes to deal with some aspects of the law.
• Introduction to arbitration
• Relevance of mediation and conciliation
• Agreement and appointment of arbitrators
• Interim measures by recourse to court and
powers Arbitral Tribunal to grant interim orders
• Procedure of arbitration
• Types of award
• Challenge to arbitral award
• Enforcement of arbitral award
• International commercial arbitration and
enforcement of foreign awards
• Role of Chartered Accountants in arbitration
Co-ordinator: CA. S. S. Nagananda
Day : Thursday, 28th April &
Friday, 29th April 2011
Time : 05.00pm to 08.00pm
CPE
6 Hrs
Venue : Bangalore Branch
premises
Delegate Fee : ` 500/-
Announcement of Coaching Classes for November 2011 Examinations
Bangalore Branch of SIRC of ICAI is pleased to announce that CA Final & IPCC Coaching Classes shall be
commencing from June, 2011 for November 2011 Examination and for CPT from July 2011 for the December
2011 Examination.
The faculty members are chosen after due consideration to their relevant industry exposure/experience coupled
with passion and interest towards teaching at ICAI, including areas of competence and expertise.
Registrations open for Coaching Classes :
Fees Duration Timings
CPT for
Dec 2011
Exam
Rs.4500/- July 2011 to
October 2011
05.30pm to 07.30pm (Monday to Friday)
03.00pm to 07.30pm (Saturday)
07.30am to 12Noon (Sunday)
IPCC for
Nov 2011
Exam
Rs.8000/- for Both Groups
Rs.5000/- for Only Group1
Rs.4000/- for Only Group2
June 2011 to
September 2011 07.30am to 09.30am and
06.00pm to 08.00pm
(Monday to Saturday)
07.30am to 12Noon (Sunday)
FINAL for
Nov 2011
Exam
Rs.8000/- for Both Groups
Rs.6000/- for Single Group June 2011 to
September 2011 07.30am to 09.30am and
06.00pm to 08.00pm (Monday to Saturday)
07.30am to 12Noon (Sunday)
Note: We request Members to inform their articles.
Bangalore Branch of SIRC
of the Institute of Chartered Accountants of India
April
2011 19
IMPORTANT DATES TO REMEMBER DURING THE MONTH OF APRIL 2011
07-4-11 IT Deposit of TDS/TCS Collected During March 2011
11-4-11 Excise Monthly Returns for Production and Removal of Goods and CENVAT Credit for March 2011
Excise Monthly Returns of Excisable Goods Manufactured & Receipt of Inputs and Capital Goods by Units
in EOU,STP,HTP for March 2011
Excise Monthly Return for Production and Removal of Goods and CENVAT Credit for Quarter Ending 31st
March 2011 by SSIs
Excise Monthly returns of Information relating to principal inputs for March 2011 by Manufacturer of
Specified Goods who paid Duty of Rs.1 Crore or More during financial year 2009-2010 by PLA/
CENVAT/Both.
15-4-11 Excise Quarterly Returns of CENVAT by First Stage and Second Stage Dealers for Quarter ending 31st
March 2011.
VAT Filing of VAT 120 under KVAT Laws.
PF Payment of EPF Contribution for March 2011.
PF Return of Employees Qualifying to EPF during March 2011.
20-4-11 Excise Quarterly Return of Production, Removal and CENVAT by Specified Manufacturers of Yarns and
Ready Made Garments for the Quarter Ended March 2011.
CST/VAT Monthly Returns (VAT 100) and Payment of CST and VAT Collected During March 2011
21-4-11 ESI Deposit of ESI Contribution and Collections of March 2011 to the credit of ESI Corporation.
25-4-11 ST Half yearly Return (ST-3) for the Half Year ending 31st March 2011.
ST Memorandum of Provisional Deposits-Provisional Assessment cases half yearly returns.
EPF Consolidated Statement of Dues and Remittances under EPF and EDLI For March 2011.
EPF Monthly Returns of Employees Joined the Organisation for March 2011.
EPF Monthly Returns of Employees left the Organisation for March 2011.
30-4-11 IT Payment of TDS on Provisions made on 31st March 2011 U/s 193/194A/194C/D/E/G/H/I/J,195,196
and 196C.
IT Quarterly Return of Non-Deduction of Tax at Source U/s 206A for the Quarter ending 31st March
2011.
Excise Annual Statement on Principal Inputs by Assessees who in Financial year 2009-10 Paid rs.10 Lakhs
or More as PLA/CENVAT/Both.
Excise Annual Installed Capacity Statement by all assesses.
ST Half yearly Return for Period ending 31st March 2011 by Input Service Distributors.
EPF Annual Returns Showing Monthwise Recoveries from Members.
EPF Consolidated Annual Contribution Statement
PT Due date for payment of Professional Tax for the financial year 2011-12.
NOTE : DECLARATION IN FORM 15G AND 15H SHOULD BE FILED WITH THE DEPARTMENT BEFORE 7TH DAY OF THE
NEXT FOLLOWING THE MONTH IN WHICH THE DECLARATION IS FURNISHED.
Requirement of Land / Building for Bangalore Branch
Bangalore Branch of SIRC of ICAI is looking out for land /building for outright purchase /long lease
for additional premises within the city of Bangalore. Minimum required land is 15,000 sqft. upto
20,000 sqft. The land should be situated close to the Bangalore Metro Station and having easy
accessibility and wide roads. Any builtup building facility of about 20,000 sq ft. and having adequate
parking facilities can also be considered. The branch is also open to consider long lease of atleast
25 years. Please mail the details of land or building available to [email protected]
Bangalore Branch of SIRC
of the Institute of Chartered Accountants of India
21 April
2011
April
22 2011
Bangalore Branch of SIRC
of the Institute of Chartered Accountants of India
23 April
2011
April
24 2011
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