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TAX T REFORMS 08 March, 2012 KEY TAXATION FEATURES OF BUDGET 2012-2013 �DTC Bill to be enacted at the earliest after expeditious examination of the report of the Parliamentary Standing Committee. �Drafting of model legislation for the Centre and State GST in concert with States is under progress. �GST network to be set up as a National Information Utility and to become operational by August 2012. TAX T PROPOSALS DIRECT TAXES �Tax proposals for 2012-13 mark progress in the direction of movement towards DTC and GST. �DTC rates proposed to be introduced for personal income tax. �Exemption limit for the general category of individual taxpayers proposed to be enhanced from ` 1,80,000 to ` 2,00,000 giving tax relief of `2,000. �Upper limit of 20 per cent tax slab proposed to be raised from ` 8 lakh to ` 10 lakh. �Proposal to allow individual tax payers, a deduction of up to ` 10,000 for interest from savings bank accounts. �Proposal to allow deduction of up to ` 5,000 for preventive health check up. �Senior citizens not having income from business proposed to be exempted from payment of advance tax. �To provide low cost funds to stressed infrastructure sectors, rate of withholding tax on interest payment on ECBs proposed to be reduced from 20 per cent to 5 per cent for 3 years for certain sectors. �Restriction on Venture Capital Funds to invest only in 9 specified sectors proposed to be removed. �Proposal to continue to allow repatriation of dividends from foreign subsidiaries of Indian companies at a lower tax rate of 15 per cent up to 31.3.2013. �Investment link deduction of capital expenditure for certain businesses proposed to be provided at the enhanced rate of 150 per cent. �New sectors to be added for the purposes of investment linked deduction. �Proposal to extend weighted deduction of 200 per cent for R&D expenditure in an in-house facility for a further period of 5 years beyond March 31, 2012. �Proposal to provide weighted deduction of 150 per cent on expenditure incurred for agri-extension services. �Proposal to extend the sunset date for setting up power sector undertakings by one year for claiming 100 per cent deduction of profits for 10 years. �Turnover limit for compulsory tax audit of account and presumptive taxation of SMEs to be raised from ` 60 lakhs to `1 crore. �Exemption from Capital Gains tax on sale of residential property, if sale consideration is used for subscription in equity of a manufacturing SME for purchase of new plant and machinery. �Proposal to provide weighted deduction at 150 per cent of expenditure incurred on skill development in manufacturing sector. �Reduction in securities transaction tax by 20 per cent on cash delivery transactions. �Proposal to extend the levy of Alternate Minimum Tax to all persons, other than companies, claiming profit linked deductions. �Proposal to introduce General Anti Avoidance Rule to counter aggressive tax avoidance scheme. �Measures proposed to deter the generation and use of unaccounted money. �A net revenue loss of `4,500 crore estimated as a result of Direct Tax proposals. INDIRECT TAXES Service Tax �Sevice tax confronts challenges of its share being below its potential, complexity in tax law, and need to bring it closer to Central Excise Law for eventual transition to GST. �Overwhelming response to the new concept of taxing services based on negative list. �Proposal to tax all services except those in the negative list comprising 17 heads. �Exemption from service tax is proposed for some sectors. �Service tax law to be shorter by nearly 40 per cent. �Number of alignment made to harmonise Central Excise and Service Tax. A common simplified registration form and a common return comprising one page are steps in this direction. �Revision Application Authority and Settlement Commission being introduced in Service Tax for dispute resolution. �Utilization of input tax credit permitted in number of services to reduce cascading of taxes. �Place of Supply Rules for determining the location of service to be put in public domain for stakeholders’ comments. �Study team to examine the possibility of common tax code for Central Excise and Service Tax. �New scheme announced for simplification of refunds. �Rules pertaining to point of taxation are being rationalised. �To maintain a healthy fiscal situation proposal to raise service tax rate from 10 per cent to 12 per cent, with corresponding changes in rates for individual services. �Proposals from service tax expected to yield additional revenue of ` 18,660 crore. The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter
IT CORNER by CA Ashwin Dedhia Useful Functions in EXCEL to enhance productivity of your offices All of us are heading towards summer vacations followed by peak season for Returns preparation and compliance computations. At many occasions, we need Rounding off and our team does it well but faces challenges when the numbers change. Here are a few functions that may help to improve productivity and error free working within your office. This are functions commonly useful for a CA office, but generally missed. With the constraint of space, here we are sharing note on only a few functions that may be directly relevant and useful for CA office. We shall appreciate contribution by members on other useful functions / shortcuts that can enhance productivity in office working. Feel free to share your views and comments to the branch for further value addition in the newsletter. CEILING Function What Does It Do ? This function rounds a number up to the nearest multiple specified by the user. Syntax '=CEILING(ValueToRound,MultipleToRoundUpTo) The ValueToRound can be a cell address or a calculation. Formatting No special formatting is needed. Example The following table was used by a professional offering support services through his team and billing rates are based on Weekly basis. The services offered are only available on a weekly basis, any fraction thereof is billed fully over upper ceiling. When the consultant provides the number of days service was provided / required in the property the =CEILING() function rounds it up by a multiple of 7 to calculate the number of full weeks to be billed. Days Required Days To Be Billed Customer 1 3 7 =CEILING(D28,7) Customer 2 4 7 =CEILING(D29,7) Customer 3 10 14 =CEILING(D30,7) The same function may be useful for other activities, for rounding to nearest Rupee, 10 Rupee in case of Taxes, 30 in case of counting the monthly billing, etc. Number Raised Up 2.1 3 =CEILING(C4,1) 1.5 2 =CEILING(C5,1) 14 20 =CEILING(C6,10) 20 30 =CEILING(C7,30) 25 30 =CEILING(C8,30) 40 60 =CEILING(C9,30) FLOOR Function What Does It Do ? This function rounds a value down to the nearest multiple specified by the user. Syntax '=FLOOR(NumberToRound,SignificantValue) Formatting No special formatting is needed. Example Number Rounded Down 1.5 1 =FLOOR(C4,1) 2.3 2 =FLOOR(C5,1) 2.9 2 =FLOOR(C6,1) 123 100 =FLOOR(C7,50) 145 100 =FLOOR(C8,50) 175 150 =FLOOR(C9,50) ROUND Function What Does It Do ? This function rounds a number to a specified amount od decimal places. If 0 is used the number is rounded to the nearest whole number. If a negative amount of rounding is used the figures to the left of the decimal point are rounded. Syntax '=ROUND(NumberToRound,DecimalPlacesToUse) Formatting No special formatting is needed Example Number Places To Round Rounded Number 1.47589 0 1 =ROUND(C4,D4) 1.47589 1 1.5 =ROUND(C5,D5) 1.47589 2 1.48 =ROUND(C6,D6) 13643.47589 -1 13640 =ROUND(C7,D7) 13643.47589 -2 13600 =ROUND(C8,D8) 13643.47589 -3 14000 =ROUND(C9,D9) MVAT UPDATES by CA Alpesh B. Shah TRADE CIRCULAR No. 3T of 2012 dated 27.02.2012 Sub: Submission of certain annexures by the dealers who are not required to file Audit Report in Form 704. Important features : 1. This amendment will be applicable from the last return of financial year 2011-12, whether liable to file Hly, Qtly or Monthly. 2. The amendment provides that all dealers who are not liable to file Audit report in Form – 704 u/s 61, will now be required to file annexures in C, D, G, H, I, J1 and J2 along with last return of that year. 3. The due date of filing last return of financial year has been extended to 90 days from end of the year. e.g. return for the period ending on 31st March, 2012 has to be filed before 30th June, 2012 along with the aforesaid annexures. 4. The due date of making payment of tax has not been changed i.e. all dealers except six monthly dealers are required to pay by 21st day from end of Month/Quarter and for six monthly dealers by 30th April, 2012. 5. The annexures notified vide notification cited Ref. (1) above is as under:- (I) Annexure-C:– This annexure contains the information with regards to details of TDS certificates received by the dealer. (ii) Annexure-D:– This annexure contains the information with regards to details of TDS certificates issued by the dealer. (iii) Annexure-G:– This annexure contains the information with regards to details of the various certificates or declarations as provided under Central Sales Tax Act, 1956 which are received by the dealer. (iv) Annexure-H:– The information about the details of the (v) declarations in Form H, which are not received in respect of local sales is to be provided in this annexure. This H form relates to sale in the course of export where penultimate sales are local sales. Annexure-I:– The information with regards to details of the various certificates or declarations as provided under Central Sales Tax Act, 1956 that are not received is to be furnished in this annexure. (vi) Annexure-J1:– This annexure contains the information about the sales affected by the dealer furnishing the said annexure. The information with regards to Customer-wise sales is to be provided. 6. (vii) Annexure-J2:– This annexure contains the information about the purchases affected by the dealer furnishing the said annexure. The information with regards to Customer-wise purchase is to be provided. The dealers who are not required to file Audit Report u/s 61 in Form 704 shall submit these annexures along with the last return of the year i.e. for the month of March. 7. In case of a dealer where business is discontinued or disposed of or transferred, then requisite annexures shall be filed along with the last return. 8. The template of the aforesaid annexures will be provided on the website of the Sales Tax Department i.e. www.mahavat.gov.in at DOWNLOAD- FORMS
Page 1 and 2: The Institute of Chartered Accounta
Page 3 and 4: My Dear Professional Colleagues, Wr
Page 5 and 6: ACKNOWLEDGEMENT It is a matter of p
Page 7: SEMINAR ON NEW AUDIT REPORT & REVIS
Page 11 and 12: GLIMPSES AT WIRC FELICITATION FUNCT

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