News Letter For The Month Of October 2012
Recent Updates:
Recent Updates:
***** (1). Service Tax Return to be filed by 25th October only to cover the period of 3 months i e April 2012 to June 2012:
Section 70 of the Finance Act, 1994 read with Rule 7 of the Service Tax Rules, 1994 requires every person liable to pay tax is required to furnish his half yearly return in 'Form ST-3' by the 25th of the month following the particular half-year. For the period 1st April to 30th September 2012, is to be filed by 25th October, 2012.
However, with the introduction of Negative list provision, there is an ambiguity among the industry, as to how information pertaining to service provided will be furnished in Form ST-3 because all taxable service category has been merged into one single category, namely "Other than in the negative list".
To resolve this issue, recently, Central Government vide Notification No. 47/2012-ST dated 28.09.2012 has inserted a new proviso to sub-rule (2) of Rule 7 of Service Tax Rules, 1994 to provide that the Form 'ST-3' which is required to be submitted by the 25th day of October, 2012 shall cover the period between 1st April to 30th June, 2012 only in the first half yearly return.
The data for the period from 1-7-2012 to 30-9-2012 should not be filed, if you fill the data in the above period your return will be rejected
Data for the period 1-7-2012 to 30-9-2012 will have to be furnished in a return in a revised format. The revised format of the return and the last date for filing it will be indicated separately.
(2). ROC Compliances:
Filing of Balance Sheet and profit and loss Account by companies in Non-XBRL for the accounting year commencing on or after 1-4-2011 (for FY 2011-12):
The revise e-forms 23AC (Non-XBRL) and 23ACA (Non-XBRL) have now been notified by ministry vide notification dated 24-9-2012 and shall come into effect from 30-9-2012.
The due date of filing of e-forms 23AC (Non-XBRL) or 23ACA (Non-XBRL) as per new Schedule VI is now further extended in following manner without any additional fees:-
(a) Company holding AGM or whose due date for holding AGM is on or before 20-9-2012, the time limit will be 3-11-2012 or due date of filing, whichever is later.
(b) Company holding AGM or whose due date for holding AGM is on or after 21-9-2012, the time limit will be 22-11-2012 or due date of filing, whichever is later.
(3). Payment of Cheques/Drafts/Pay Orders/Banker's Cheques - validity period 3 months from the date of the instrument w.e.f 01/04/2012:
In India, it has been the usual practice among bankers to make payment of only such cheques and drafts as are presented for payment within a period of 6 months from the date of the instrument.
Reserve Bank hereby directs that in the interest of public and banking policy it is necessary to reduce the period within which cheques/drafts/pay orders/banker's cheques are presented for payment from 6 months to 3 months from the date of such instrument.
Accordingly, in exercise of the powers conferred by section 35A of the Banking Regulation Act, 1949, Reserve Bank hereby directs that with effect from April 1, 2012, banks should not make payment of cheques/drafts/pay orders/banker's cheques bearing that date (01/04/2012) or any subsequent date (after 01/04/2012), if they are presented beyond the period of 3 months from the date of such instrument.
(4). Capital Gains Cost Inflation Index (CII) for FY 2012-13 (AY 2013-14):
Sl. NoFinancial YearCost inflation Index
322012-13852
by: etaxmentor
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