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Commencement of Registration for the Certificate Course on International Taxation - Chennai - (21-04-2011)
Dear Members,
We are pleased to announce that the Committee on International Taxation of ICAI has decided to commence the next Batch of Certificate Course on International Taxation in Chennai from Saturday 23rd April, 2011.
Eminent, Expert and Learned Speakers drawn from all over India will give value addition to this Certificate Course.
It may be noted that due to limitation of seats, the registration will be on 'first come first serve' basis.
Interested members are requested to kindly contact following for registration:
National Course Coordinator,
Sr. Asst. Secretary,
Certificate Course on International Taxation,
The Institute of Chartered Accountants of India,
1st Floor, A-29, Sector 62,
ICAI Bhawan,
Ph. No. 0120-3045923
122, Mahatma Gandhi Road,
Mobile No. 09310532063
Post Box No. 3314, Numgambakkam,
Noida - 201301
Chennai-600 034 Tel : 044-30210325
ANNOUNCEMENT
Certificate Course on IFRS of the ICAI
The IFRS Implementation Committee of the ICAI is in the process of organizing the Certification Course on IFRS at Kolkata from May 7, 2011.
Duration of the Course: 100 Hours as follows:
E-learning - 60 hours
Class room teaching- 40 hours
Days of Class Room
7th & 8th May, 11(Saturday & Sunday)
14th & 15th May, 11 (Saturday & Sunday)
21st & 22nd May (Saturday & Sunday)
28th & 29th May (Saturday & Sunday)
Fee Structure
Participation fee (members) - Rs. 30,000/-
Non Members – Rs. 50,000/-
CA Final Students – Rs. 25,000/-
Duration of Class Room Teaching:
Total – 6 hours for 8 Days (weekends)
For further details about the course may kindly visit the following link:
The form can be downloaded through the following link:
In case of any query, may kindly write to us at ifrs@icai.in/ifrs@icai.org
The members who are desirous of attending the said Course may convey their interest and send the Registration Form duly filled along with the prescribed fee demand draft at the earliest to the following address :
IFRS Certification Course
II Floor, Research Block
The Institute of Chartered Accountants of India
ICAI Bhawan
A-29, Sector 62
Noida - 201309
Contact- 0120-3045910/ 928
E-mail - ifrs@icai.in
The Institute of Chartered Accountants of India
ICAI Bhawan
A-29, Sector 62
Noida - 201309
Contact- 0120-3045910/ 928
E-mail - ifrs@icai.in
Note:*The commencement of certification course is subject to the minimum number of participants as prescribed by the Committee. It may be noted that due to limitation of seats, the registration will be on 'first come first serve' basis.
Students appearing for May 2011 Professional Competence Course (PCC),
Integrated Professional Competence Course (IPCC) and Final examinations may note
that due to unavoidable circumstances, the Palakad Examination Centre has been
changed from Government Victoria College, Palakkad to Government Moyan Model Girls
Higher Secondary School, Palakkad. The admit card already issued to the students
remains unchanged and valid for the new examination centre.
Inconvenience caused in the matter is deeply regretted.
(G.Somasekhar)
Additional Secretary (Exams)
Provision of 15-minutes reading and planning time allowance to the candidates of CA Examinations - (21-04-2011)
Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
(Effective from May-2011 CA Examinations)
(Effective from May-2011 CA Examinations)
The Council of the Institute, based on the recommendation of the Examination Committee has decided to allow 15-minute reading and planning time allowance to the candidates in the Chartered Accountants Examinations before the scheduled commencement of the examinations i.e, if the examination commences from 2.00 PM, then the candidates will be given Question Papers at 1.45 PM. This reading time will not be available for CPT and all post qualification Courses Examinations.
The objective of providing question paper 15 minutes before the scheduled time is to:
(i) Enable the candidates to read the question paper thoroughly (without encroaching on the examination duration) and
(ii) Chalk out the strategy to answer the questions.
Candidates are required to note the following in this regard:
(1) The candidates will not be allowed to leave the Examination Hall under any circumstances from 1.45 PM to 3.00 PM.
(2) The candidates shall be allowed to enter the hall from 1.30 PM upto 2.30 PM only.
Any breach of the above requirements would be treated as adopting Unfair Means by the students concerned and applicable disciplinary action would be taken on such erring students.
( G. Somasekhar)
Additional Secretary(Exams)
Additional Secretary(Exams)
Date: Apr 15, 2011
Submission of system audit reports
RBI/2010-11/476
DPSS.CO.OSD. No. 2374/06.11.001/2010-2011
DPSS.CO.OSD. No. 2374/06.11.001/2010-2011
April 15, 2011
To all Authorised Payment System Operators & Entities
Dear Sir,
Submission of system audit reports
Please refer to our earlier circulars DPSS.AD.No./1206/02.27.005/2009-2010 dated December 7, 2009 and DPSS.1444/ 06.11.001/ 2010-2011 dated December 27, 2010 on the captioned subject.
In partial modification of the instructions contained therein, it is advised that the system audit may be conducted by a Certified Information Systems Auditor (CISA) and registered with Information Systems Audit and Control Association (ISACA) or by a holder of a Diploma in Information System Audit (DISA) qualification of the Institute of Chartered Accountants of India(ICAI).
Please acknowledge receipt.
Yours faithfully,
G. Srinivas
(General Manager)
(General Manager)
Wednesday, April 6, 2011
Executive-Group1 (New Syllabus)
1. General And Commercial Laws
2. Company Accounts, Cost & Management Accounting
3. Tax Laws
Executive-Group2 (New Syllabus)
1. Company Law
2. Economics And Labour Laws
3. Securities Laws And Compliances
Dec, 2009
Executive-Group1 (New Syllabus)
1. General And Commercial Laws
2. Company Accounts, Cost & Management Accounting
3. Tax Laws
Executive-Group2 (New Syllabus)
1. Company Law
2. Economics And Labour Laws
3. Securities Laws And Compliances
SERVICE TAX
LETTER
Service Tax : Amendments in Point of Taxation Rules, 2011 and other
related provisions
LETTER [F.NO.341/34/2010-TRU], DATED 31-3-2011
As you are aware, the Point of Taxation Rules (PTR) were formulated vide
Notification No.18/2011-ST dated 01.03.2011. Based on the feedback,
certain amendments are being carried out in these rules vide Notification No.
25/2011-ST dated 31.03.2011. The highlights of the changes are
discussed in the following paragraphs.
2. While the rules shall come into force from
01.04.2011, an option has been given in rule 9 to pay tax on payment basis, as
at present, till 30.06.2011.
3. Rule 3 has been amended to provide that the point
of taxation shall be as follows:
(a) Date
of invoice or payment, whichever is earlier, if the invoice is issued within
the prescribed period of 14 days from the date of completion of the provision
of service.
(b) Date
of completion of the provision of service or payment, if the invoice is not
issued within the prescribed period as above.
The
applicability of the rule will be clear from the illustrations in the following
table:
|
S. No.
|
Date of
completion of service
|
Date of
invoice
|
Date on
which payment recd.
|
Point
of Taxation
|
Remarks
|
|
1.
|
April 10, 2011
|
April 20, 2011
|
April 30, 2011
|
April 20, 2011
|
Invoice issued in 14 days and before receipt of payment
|
|
2.
|
April 10, 2011
|
April 26, 2011
|
April 30, 2011
|
April 10, 2011
|
Invoice not issued within 14 days and payment received after
completion of service
|
|
3.
|
April 10, 2011
|
April 20, 2011
|
April 15, 2011
|
April 15, 2011
|
Invoice issued in 14 days but payment received before invoice
|
|
4.
|
April 10, 2011
|
April 26, 2011
|
April 5, 2011 (part) and April 25, 2011 (remaining)
|
April 5, 2011 and April 10, 2011 for respective amounts
|
Invoice not issued in 14 days. Part payment before completion,
remaining later
|
4. Rule 4 has been amended to clarify that change in the effective rate of
tax shall also include change in that portion of value on which tax is payable
in terms of an exemption notification or rules made in this regard. It
may be noted that an exemption has been granted in value for various services
vide Notification No. 1/2006-ST dated 01.03.2006 which has the effect of
payment of tax only on a part of the value. Similarly either the values
or the rates at which tax is payable are provided under rule 6(7, 7A, 7B or 7C)
of the Service Tax Rules, 1994 as well as the Works Contract (Composition
Scheme for Payment of Service Tax) Rules, 2007. Thus, whenever these
values or the composition rates are changed, it would have the same effect as
the change in the rate of duty. It is hereby further clarified that the
rate of tax shall also include any other notification which is issued,
rescinded or amended and has the effect of altering the taxability of any
service.
5. Rule 6 relating to continuous supply of service has
been aligned with the revised rule 3 and the date of completion of continuous
service has been defined within the rule. This date shall be the
date of completion of the specified event stated in the contract which
obligates payment in part or whole for the contract. For example, in the
case of construction services if the payments are linked to stage-by-stage
completion of construction, the provision of service shall be deemed to be
completed in part when each such stage of construction is completed.
Moreover, it has been provided that this rule will have primacy over rules 3, 4
and 8.
6. Moreover, the following services have been notified
as "continuous supply of services" in terms of clause 2(c) of the
rules vide notification No. 28/ST-2011 dated 01.04.2011:
(a) Telecommunication
service [65(105)(zzzx)]
(b) Commercial
or industrial construction [65(105)(zzq)]
(c) Construction
of residential complex [65(105)(zzzh)]
(d) Internet
Telecommunication Service [65(105)(zzzu)]
(e) Works
contract service [65(105)(zzzza)]
Thus these services will constitute "continuous supply of
services" irrespective of the period for which they are provided or agreed
to be provided. Other services will be considered continuous supply only
if they are provided or agreed to be provided continuously for a period
exceeding three months.
7. Rule 7 relating to associated enterprises has been
deleted. Now that the date of completion of the provision of
service is an important criterion in the determination of point of taxation, it
shall take care of most of the dealings between the associated enterprises.
Thus in case of failure to issue the invoice within the prescribed period, the
date of completion of provision of service shall come into effect even if
payment is not made.
8. Rule 7 has thus been replaced by a new provision
whereby the point of taxation shall be the date of making or receiving the
payment, as the case may be. This provision shall apply to the following:
(i) Export
of services;
(ii) Persons,
where the obligation to pay tax is on the service recipient in terms of rule
2(1)(d) of the Service Tax Rules, 1994 in respect of services notified under
section 68(2) of the Finance Act, 1994.
(iii) Individuals,
proprietorships and partnership firms providing specified services (Chartered
Accountant, Cost Accountant, Company Secretary, Architect, Interior Decorator,
Legal, Scientific and Technical consultancy services). The benefit shall
not be available in case of any other service also supplied by the person
concerned along with the specified services.
9. Export of services is exempt subject, inter alia,
to the condition that the payment should be received in convertible foreign
exchange. Until the payment is received, the provision of service, even
if all other conditions are met, would not constitute export. In order to
remove the hardship that will be caused due to accrual method, the point of
taxation has been changed to the date of payment. However, if the
payment is not received within the period prescribed by RBI, the point of
taxation shall be determined in the absence of this rule.
10. In the case of services where the recipient is
obligated to pay service tax under rule 2 (1)(d) of Service Tax Rules i.e. on
reverse charge basis, the point of taxation shall be the date of making the
payment. However, if the payment is not made within six months of the
date of invoice, the point of taxation shall be determined as if this rule does
not exist. Moreover, in the case of associated enterprises, when the
service provider is outside India, the point of taxation will be the earlier of
the date of credit in the books of account of the service receiver or the date
of making the payment.
11. Changes have also been made in the Service Tax
Rules, 1994 vide notification No. 26/2011-ST dated 31.03.2011 and have a close
relationship with the Point of Taxation Rules as follows:
(i) The
obligation to issue invoice shall be within 14 days of completion of service
and not provision of service.
(ii) If
the amount of invoice is renegotiated due to deficient provision or in any
other way changed in terms of conditions of the contract (e.g. contingent on
the happening or non-happening of a future event), the tax will be payable on
the revised amount provided the excess amount is either refunded or a suitable
credit note is issued to the service receiver. However, concession is not
available for bad debts.
12. The credit of input services under rule 4 (7) of
the Cenvat Credit Rules has also been liberalized vide notification No.
13/2011-CE (NT) dated 31.03.2011 and the same shall be available on receipt of
invoice (except in cases of reverse charge) as long as the payment is made
within three months. Even specified persons required to pay tax on cash
basis will be able to avail credit on receipt of invoice. Suitable
changes have also been made for reversal of credit or payment when the value of
service is renegotiated or altered for any reason by refund or issue of a
credit note by the service provider. Amendment has also been made in Rule
9 of Cenvat Credit Rules, 2004 by allowing credit on supplementary invoice,
except in non-bonafide cases, which may become necessary in certain situations
e.g. where the point of tax is the date of payment while the invoice had
already been issued e.g. rule 4(b)(i) of Point of Taxation Rules.
13. It is further clarified that the transitional
provisions will apply to all invoices issued before 31.03.2011 in so far as
taxpayers who switch over to the new rules on 01.04.2011. Those assessees
who like to shift to the new rules on 01.07.2011 would have similar protection
in respect of invoices issued before the date they switch over to the new
rules. The benefit has also been extended to services when provision has
been completed before 01.04.2011 or 01.07.2011, as the case may be. It is also
clarified that the payments received before the new rules come into force do
not require any transitional provisions as they are already required to pay tax
on payment basis.
14. It is hoped that with these changes and
clarifications all representations on the subject have been dealt with.
It is requested that all officers may be advised to explain and clarify the new
provisions to taxpayers and assist them in every possible manner in transition
to revised rules. Any difficulty experienced in this regard may be
brought to the notice of undersigned as soon as possible.
Saturday, April 2, 2011
Filing of Balance Sheet and profit and Loss Account in eXtensible Business Reporting Language (XBRL) mode. 
It has been decided by the Ministry of Corporate Affairs to mandate certain class of companies to file balance sheet and profit and loss account for the year 2010-11 onwards by using XBRL taxonomy.
For details please click here
For details please click here
Notifications
Notifications of Competition Act
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