UPDATES:

      1.  The soft ITR Form 1, Form 2, Form 3 and ITR 4S are available now at Income Tax E- filling website. Please use it and start filing Returns.

      2.  Money laundering law rigorous jail, hefty fines await tax offenders Tax evaders could be in for trouble as the government is mulling placing tax crimes on a par with money laundering offences that have severe criminal and financial implications.

      3.   Banks charging as percent of value of instruments for outstation/speed clearing for instruments > 1 lac to fix charges on cost-plus. RBI Circular dated 11-05-2012.   

      4.   Today (15-05-2012) is last date for filing TDS/TCS Returns for Q4 of FY 2011-2012 for all deductors including Government deductors.

Visit to tourist place is not extempore but pre-planned- charges for same subject to ST under 'Tour Operator's Service'

Supplementary services like organizing local events or trips to places of worship/tourist spots/hill resorts are to be included in taxable value of a tour operator's service. Local events or trips organized or facilitated by the tour operator in any place covered by the tour are not casual occurrences but pre-planned and organized events and forms part of the tour. These services are covered within the ambit of the expression "other similar services" by applying 'ejusdem generis' principle. Therefore, these supplementary services provided by the tour operator are also encompassed by the definition of the taxable service, under head 'Tour Operator Service' as given in section 65(l05)(n) of the Finance Act, 1994.- ANDHRA PRADESH TOURISM DEVELOPMENT CORPN. LTD. v. CCE [2012] 21 taxmann.com 169 (Bangalore - CESTAT)

Supplement Study Material on Revised Sch. VI

ICSI_Supplement Study Material on Revised Sch. VI :

http://www.icsi.edu/docs/WebModules/Student/Supplement%20on%20revised%20schedule%20VI-2.pdf

FDI in Commodity Exchanges require FIPB approval & No Prior Approval is needed for FII investment in Commodity Exchanges under PIS

FDI in Commodity Exchanges require FIPB approval & No Prior Approval is needed for FII investment in Commodity Exchanges under PIS

FDI IN COMMODITY EXCHANGES REQUIRE FIPB APPROVAL & NO PRIOR APPROVAL IS NEEDED FOR FII INVESTMENT IN  COMMODITY EXCHANGES UNDER PIS

Para 2 of A.P (DIR Series) Circular No.41 dated April 28, 2008, which allowed foreign investment in commodity exchanges, subject to a composite (FDI & FII) ceiling of 49 per cent with FDI limit of 26 per cent and FII limit of 23 per cent under Portfolio Investment Scheme (PIS), subject to conditions stated therein.

2. The extant policy for foreign investment in commodity exchanges, has since been reviewed and it has been decided that prior approval of the Government (FIPB) would be required only for FDI component and Government approval would not be required for investment by registered FIIs in commodity exchanges. All other conditions contained in A.P (DIR Series) Circular No.41 dated April 28, 2008 shall remain unchanged.

Ref-RBI/2011-12/542 A. P. (DIR Series) Circular No.121 dated 8 May 2012

RBI asks companies to give details of ECB fund utilisation

RBI ASKS COMPANIES TO GIVE DETAILS OF ECB FUND UTILISATION

The Reserve Bank asked companies to divide utilisation of funds raised through External Commercial Borrowings (ECBs) under the heads of foreign currency and rupee expenditure.

"On a review, it has been decided that at the time of availing Loan Registration Number (LRN) from the Reserve Bank, borrowers should provide bifurcation of the utilisation of the ECB proceeds towards foreign currency and rupee expenditure," RBI said in a notification.

In November, 2011, RBI had asked corporates to park funds raised through ECBs for domestic expenditure with local banks.

Such funds could be used for local sourcing of capital goods, on-lending to self-help groups or for micro credit and payment for spectrum allocation, among other purposes.

"The primary responsibility to ensure that the ECB proceeds meant for Rupee expenditure in India are repatriated to India for credit to their Rupee accounts," the RBI said. 

NEW BATCH FOR CS & CA STUDENTS

“Perfection is not achieved completely by anyone in this world but if you keep chasing perfection somewhere on the way you may catch excellence....."

Institute for Corporate Achievers (ICA) announces new batches- for CS & CA STUDENTS FROM 20^THMAY 2012

 CS -FOUNDATION/ EXECUTIVE/PROFESSIONAL

CA- CPT & IPCC 

 For registration & other details, contact at-

Mobile :             9554279814            

                          9415010364      

                          0522-4011081          

Or write to us at-

bhagatatmk@yahoo.co.in

ica_queries@yahoo.com

Limited seats available….Book your seats first come & first serve basis  so as to avoid last minute rush.. …. Hurry… Get Enrolled now!!

Initiative of ICSI for students to complete their EDP, PDP & MSOP using eLearning

The Institute of Company Secretaries of India (ICSI) in collaboration with GurukulOnline Learning Solutions (GOLS) Pvt. Ltd. has come up with an initiative to launch e-EDP, e-SIP & e-MSOP for students. Eligible students can now avail this opportunity to complete their EDP, PDP & MSOP using eLearning. The e-EDP, e-SIP & e-MSOP is an interactive Video-based training (VBT) with lessons delivered over the internet. Hence there is no need of physical presence of students at the venue*.

For more info visit:http://elearning.icsi.edu/

http://elearning.icsi.edu/
elearning.icsi.edu
ICSI, Online course for ICSI, Online course for Company Secretary in India, eLearning courses by ICSI, Foundation of ICSI, Intermediate and Final Course of ICSI