Clarification with regards to submission of annexures by the dealers who are not required to file Audit Report in Form 704

Various issues related to Maharashtra VAT Dealers who are not required to file audit report in form 704 are clarified by the department by issue of circular 7T of 2012. The link of above circular is

LAST DATE OF MVAT AUDIT REDUCED FROM 31ST JANUARY TO 30TH NOVEMBER

As per Maharashtra Govt. Notification dated 01/06/2012 along with various changes one major change is done in respect of Audit. As per the Notification the last date for VAT audit is reduced from ten months from the end of financial year to EIGHT months from the end of financial year which means that the last date of Audit is 30th November.

SHARE APPLICATION MONEY TREATMENT IN BALANCE SHEET

The correct accounting treatment in respect of share application money is analysed as below: · Section 211 of the Companies Act, 1956 provides that the balance-sheet of a company shall give a true and fair view of the state of affairs of the company and shall be in the form (either horizontal or vertical) as set out in Part I of Schedule VI. · The broad heads under "Liabilities" therein are (i) Share Capital, (ii) Reserves and Surplus, (iii) Secured Loans, (iv) Unsecured Loans and (v) Current Liabilities and Provisions. The item of 'share application money' does not appear in the sub-heads under any of these heads. · Any subscripttion received by a company against issue of share capital can be regarded as "subscribed share capital" only when the share capital is actually subscribed and allotted as well. Until the allotment is made, any subscripttion cannot be included in the amount of subscribed share capital. [ICAI Compendium of Opinions, Vol. XII, pp. 121 to 123]. Share application money, therefore, cannot be treated as 'Share Capital". · Share application money only in respect of invalid or revoked applications and excess application money received due to over-subscripttion, however, may be treated as "Current Liabilities". The instant case does not satisfy any of the above, hence cannot be treated as "Current Liabilities" Share application money, therefore, can neither be categorized as "Share Capital' nor "Current Liabilities". · The ICAI Compendium of Opinions, [Vol. XV, (1996 Edn.) pp. 34 to 36], opines that the "share application money pending allotment" should be shown in the balance-sheet under a separate heading between "Share Capital" and "Reserves and Surplus". · Share application money is also not an instrument, much less an Equity linked instrument.

Invitation of Expression of Interest (EOI) for developing XBRL Taxonomies

Invitation of Expression of Interest

1.  PREAMBLE AND INTRODUCTION Invitation for Expression of Interest from leading vendors for taxonomy creation and maintenance for “XBRL India”, the local jurisdiction of XBRL International for developing XBRL taxonomies specified in 2 below.. XBRL India, is registered as a company under section 25 of the Companies Act, 1956 and has been incorporated for managing the affairs of the local jurisdiction in India. XBRL India is facilitated by the Institute of Chartered Accountants of India (ICAI), the premier accounting body in India. 2.   BROAD SCOPE OF WORK XBRL India has developed two taxonomies viz. Commercial and Industrial (C&I) and the Banking taxonomy as of now. There is a need for development of industry- specific taxonomies for meeting the requirements in the near future. Therefore, the following industry- specific taxonomies are proposed to be developed. a)   Insurance Sector Taxonomy - Creation and Maintenance XBRL taxonomy. The taxonomy shall be based on Indian Accounting Standards and conforming to the Insurance Act, 1938, listing requirements of the stock exchanges, the Life Insurance Act, The General Insurance Act and IRDA’s circulars. b)   Power sector taxonomy - Creation and maintenance of a XBRL taxonomy for power sector as per Indian Accounting Standards and the requirements of the Indian Electricity Act, 1910, Electricity (Supply) Act, 1948 and the Indian Electricity Rules, 1956 and listing requirements of Stock Exchanges and other relevant requirements related to financial statements for such entities. 3.   ELIGIBILITY CRITERIA “Vendor” is either a single entity or the lead bidder of a consortium (where more than one entity have partnered), which exhibits its interest in response to this EOI. Vendor must have a prior experience in development of taxonomies in India and /or abroad In case of a consortium, the lead bidder should ensure that the solution partner providing domain expertise is not the member of any other consortium for this project. The vendor should have access to a software development and competency center in India. 4.   DOCUMENTS TO BE SUBMITTED BY ELIGIBLE VENDOR Interested vendors conforming to the above requirements may furnish the Expression of Interest in the project. The response along with the above required documents shall be delivered to the following address on or before 15th of July 2011 in a sealed envelope superscribing: CA. Ruchika Bachchani, XBRL India, ICAI Bhawan, Indraprastha Marg, New Delhi – 110002. For any query, please send email to xbrl@icai.org As part of shortlisting exercise, vendors may be required to make a focused presentation on company, expertise and experience in the relevant field, products, etc. for not exceeding 15 minutes before the Taxonomy Development and Review Committee of XBRL India. Please note that Request for Proposal (RFP) shall be issued only to the short listed vendors for the requirements of XBRL India. XBRL India reserves the right to accept/reject any or all expressions of interest received in response to this advertisement without assigning any reasons, whatsoever. XBRL India also reserves the right to raise the eligibility criteria for short listing the vendors.

UCB AUDIT REPORT SUBMISSION DATE EXTENDED 22.7.2011

The due date for submission of statutory audit report of UCB extended to 22nd July, 2011.

ITR DIGITAL SIGNATURE for Firm or individual/HUF covered under section 44AB

INCOME-TAX (SIXTH AMENDMENT) RULES, 2011 - AMENDMENT IN RULE 12

NOTIFICATION NO. 37/2011 [F. NO. 149/68/2011-SO (TPL)], DATED 1-7-2011

In exercise of the powers conferred by section 295, read with section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely :—

1. (1) These rules may be called the Income-tax (Sixth Amendment) Rules, 2011.

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

2. In the Income-tax Rules, 1962 in rule 12, in sub-rule (3), in the proviso, for clauses (a) and (aa) the following clause shall be substituted, namely :—

"(a) a firm required to furnish the return in Form ITR-5 or an individual or Hindu Undivided Family (HUF) required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable, shall furnish the return for assessment year 2011-12 and subsequent assessment years in the manner specified in clause (ii);"

List of Co-operative empaneled firm

List of Co-operative Society auditors will be nearly prepared will be hosted aprx arond 15 th April, 2011