COMPANIES BILL 2013 RECEIVES THE ASSENT OF THE PRESIDENT : The Companies Bill enacted into law

The Companies Bill 2013 has received Presidential assent. President Pranab Mukherjee gave his assent to this Bill on Aug 30,2013

Source:      http://www.thehindubusinessline.com/companies/companies-bill-enacted-into-law/article5076179.ece

Notification No.17/2013-Customs (ADD) - Extension in tenure of Anti-Dumping Duty regarding certain Rubber Chemical{PX-13 (6PPD)} originating in, or exported from, Korea RP

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

Notification No.17/2013-Customs (ADD)

New Delhi, dated the 5^th July, 2013

   

            G.S.R.     (E). -Whereas, the designated authority vide notification No. 15/1/2013-DGAD, dated the 30^th April, 2013, published in Part I, Section 1 of the Gazette of India, Extraordinary, dated the 30^th April, 2013, had initiated review, in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) and in pursuance of rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 (hereinafter referred to as the said rules), in the matter of continuation of anti-dumping duty on rubber chemical, namely, PX-13 (6PPD), falling within Chapter 29 or 38 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, Korea RP, imposed vide  notification of the Government of India, in the Ministry of Finance (Department of Revenue),No. 92/2011-Customs, dated the 20^th September, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 700 (E), dated the 20^th September, 2011 and has requested for  extension of anti-dumping duty upto one more year, in terms of sub-section (5) of Section 9A of the said Customs Tariff Act;

                        Now, therefore, in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the said Customs Tariff Act and in pursuance of rule 23 of the said rules, the Central Government hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 92/2011-Customs, dated the 20^thSeptember, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 700 (E), dated the 20^th September, 2011, namely: - 

In the said notification, in paragraph 2, for the words and figures “4^th May, 2013”, the words and figures “4^th May, 2014” shall be substituted.

F.No.354/32/2008-TRU (Pt-II)

(Akshay Joshi)

Under Secretary to the Government of India

Note:  The principal notification No. 92/2011-Customs, dated the 20^th September, 2011 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 700 (E), dated the 20^th September, 2011.

Notification No. 35 / 2013 - Customs

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

Notification No. 35 / 2013 - Customs

  

New Delhi, dated the 18^th July, 2013

G.S.R. 491  (E).— In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.46/2011-Customs, dated the 1^st June, 2011 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 423 (E), dated the 1^st June, 2011, namely:-

In the said notification, in the Table, after S. No. 565 and the entries relating thereto,the following S.No. and entries shall be inserted, namely:-

(1)	(2)	(3)	(4)	(5)
“565 A	480890, 480920 and 480990	All Goods	2.5	6.0”

[F.No. 341/30/2012-TRU]

(Akshay Joshi)
Under Secretary to the Government of India

Note.-  The principal notification No. 46/2011-Customs, dated the 1^st June, 2011, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number 423 (E), dated the 1^st June, 2011 and was last amended by notification No.64/2012-Customs, dated 31^st December, 2012 which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 949 (E), dated 31^st  December, 2012.

LEGAL DEEDS – Deed Of Partnership

Deed Of Partnership

THIS DEED of Partnership is made at……………….. on this ……………….. day of …………… by and between: Shri …………………………. aged about ………….. years, son of Shri ……………………………. resident of ………………………………………… (Hereinafter to be called the First Party); Shri …………………………. aged about …………… years, son of Shri ……………………………. resident of ………………………………………(Hereinafter to be called the Second Party); Shri ……………………….. aged about ……………. years, son of Shri ……………………………. resident of (Hereinafter to be called the Third Party); Shri …………………….. aged about …………….. years, son of Shri ……………………………. resident of (Hereinafter to be called the Fourth Party);

WHEREAS the parties to this deed have been carrying on the business of ………………………………… under the name and style of M/s. ……………………. with its principal place of business at …………. on the terms and conditions incorporated in the Partnership Deed executed on …………………………………..

AND WHEREAS vital amendments have been made by the Finance Act, 1992 in the procedure for assessment of firm. Consequent to the said amendment, the parties to this deed had a meeting and have orally and mutually agreed to amend and alter some of the terms and conditions contained in the aforesaid partnership deed with effect from 1-4-1992.

AND FURTHER WHEREAS the parties to this deed have been carrying on the above said business in partnership on the terms and conditions orally and mutually agreed amongst themselves as aforesaid;

AND NOW WHEREAS the parties to this deed desire that the terms and conditions on which they have been carrying on the above said business in partnership since …………………. and propose to continue in future be reduced to writing to avoid future difficulties or misunderstanding.

NOW, THEREFORE THIS DEED WITNESSETH as under, incorporating the aforesaid amendment/ alteration in the terms and conditions of the partnership:

1. That the partnership business has been and shall continue to be carried on under the name and style of M/s. ………………………………

2. That the partnership business has been and shall continue to be that of ……………. with its principal place of business at ………….. The parties by mutual consent may carry on business at such other place or places, in such other name or names and of such other nature or natures, as they may deem fit and proper from time to time.

3. That the amount lying to the credit of the partners as on 1-4-1992 shall be deemed as their capital investment. Further capital, loans or deposits looking to the needs/requirements of the partnership firm shall be arranged, invested or contributed by the partners.

4. That interest at the rate of 18% per annum or as may be prescribed under section 40(b)(iv) of the Income-tax Act, 1961 or any other applicable provisions as may be in force in the income-tax assessment of the partnership firm for the relevant accounting period or at a lower rate as may be agreed to by and between the parties from time to time shall be paid to the partners or credited to the partners on the amount standing to the credit of the account of the partners.

Such interest shall be considered as an expenditure of the firm and shall be debited to the Profit & Loss Account of the firm before arriving at the divisible profit or loss. The interest to persons other than partners shall be paid or credited to their accounts at the rate or rates as may be agreed to by and between the partners and such persons from time to time.

5. That Shri ………………………….. Shri ………………… and Shri ………………………. the parties of the ………………….. parts have agreed to keep themselves actively engaged in conducting the affairs of the business of the partnership firm. The said partners shall be working partners. It is hereby agreed to that in consideration of the said parties keeping themselves actively engaged in the business of the partnership firm and working as working partners, shall be entitled to remuneration.

The remuneration payable to the said working partners shall be computed in the manner laid down or deduction under section 40(b)(v), read with Explanation 3 of the Income-tax Act, 1961 or any other applicable provision as may be in force in the income-tax assessment of the partnership firm for the relevant accounting year. Such amount of remuneration shall be distributed between the said working partners in the following proportion:

A. Shri ………………………….. ……. per cent of such amount

B. Shri ………………………….. ……. per cent of such amount

C. Shri ………………………….. ……. per cent of such amount

The partners shall be entitled to increase or reduce the above remuneration and may agree to pay remuneration to other working partner or partners as the case may be. The partners may also agree to revise the mode of calculating the above said remuneration as may be agreed to by and between the partners from time to time.

6. That the parties hereto shall be true and faithful to each other and shall not do or cause to be done anything which may be detrimental to the interest of the firm.

7. That the parties shall keep or cause to be kept proper books of account and documents and shall make entries therein of all receipts, payments and other matters as is usually done and entered in the books of account kept by persons engaged in business similar to that of the firm. Each partner shall have a right to have access to and to inspect and take copy of the same.

8. That the partnership has been and shall be a partnership at will.

9. That the net profit of the partnership firm after deduction of all expenses including rent, salaries, other establishment expenses, interest and remuneration payable to the partners in accordance with this deed of partnership or any supplementary deed as may be executed by the partners from time, to time, shall be divided and distributed amongst the partners in the following proportion:

Sr. No. Name of Party Share in profits

1.

2.

3.

4.

The losses, if any, including loss of capital suffered in any year shall also be apportioned in the above said proportion.

10. That the bank account or accounts have been and shall be maintained in the name of the firm and shall be operated singly or jointly by the partners.

11. That the books of account shall be closed on 31st day of March each year. The net profit or loss after deducting all expenses, interest, remuneration, outgoings shall be divided between the parties in proportion to the sharing ratio referred to hereinabove.

12. That notwithstanding anything contained in the Indian Partnership Act it is hereby mutually agreed to by and between the parties that in case of death of any one or more partners, the firm shall not be dissolved but shall continue to be carried on by and between the surviving partners and legal heirs and/or representatives of the deceased partner, as a continuing concern, on the same terms and conditions as incorporated in this Deed or on such terms and conditions as may be agreed to by and between them from time to time. It is hereby further clarified that it shall be deemed as change in constitution and not succession.

13. That with respect to any matter connected with the affairs of the firm, which is not specifically provided for herein, the partners may make such agreements therefor and may set in such manner with regard thereto as may be agreed upon by and between themselves.

14. That if the partners deem proper and in their interest, they may admit any other person or persons as partners on the terms and conditions as may be mutually agreed amongst themselves.

15. That the partners to this deed are partners in their individual capacity/representing HUF styled as M/s. ………………………………. The parties do not represent any other person.

16. All bonds, bills, notes, bills of exchange, hundies or promissory notes or other securities given on behalf of the partnership (except cheques) shall be signed, endorsed, accepted or executed jointly by all the partners and any bond, bill, note, bill of exchange, etc. to which any partner may be a party contrary to this provision shall be deemed to have been on the personal account of such partner and he shall pay and discharge the same out of his own moneys and indemnify other partners and the firm against payment thereof and against all actions, proceedings, costs, charges, expenses, claims and demands in respect thereof.

17. That the parties of …………………. part are not working partners but are only financing, dormant and sleeping partners. The parties of ………………….. part need not be in charge of, responsible to the firm for the conduct of the business of the firm and need not take interest in day-to-day working and business of the partnership firm.

That the parties of the ………………………. part shall not be liable to any criminal action for the business or working of the partnership firm or for the acts of the other partners or its employees or its representatives for and on behalf of or on account of the partnership firm or for the purposes of the partnership firm. The said partners shall not be liable for any liability, civil or criminal, against the partnership firm or other partners.

That the said partners shall not become and shall not be liable for any criminal action for any default or offence committed by other partners or employees or authorised representatives of the firm under the Income-tax Act, Customs Act, Foreign Exchange Regulation Act, Sales tax Laws or other Central or State Acts, laws, Rules or Regulations.

18. That the partners shall be entitled to modify the above terms relating to remuneration, interest, etc. payable to partners by executing a supplementary deed and such deed when executed shall have effect unless otherwise provided from the first day of accounting period in which such supplementary deed is executed and the same shall form part of this deed of partnership.

19. That all disputes and questions in …………………. connection with the partnership or this deed arising between the partners or between any one of them or their legal representatives and whether during or after the partnership, shall be referred to the arbitrator in accordance with the provisions of the Arbitration and Conciliation Act, 1996 then in force.

IN WITNESS WHEREOF the parties to this deed have set their hands on the day and year first above written and in the presence of:

First Party Second Party

Third Party Fourth Party

WITNESSES;

1.

2.

CONSUMER LAWS IN INDIA – Links

 

• The Competition Act, 2002
• The Consumer Protection Act, 1986
• The Essential Commodities Act, 1955
• Jammu & Kashmir Consumer Protection Act 1987
• The Prevention of Black Marketing and Maintenance of Supplies of Essential Commodities Act, 1980

Direct Entry Scheme – Eligibility for Exams and Practical Training

Balance Sheet – Revised Schedule VI - Format

  

Wealth Tax : Dates to be remembered in case of Deemed Assets

• If any asset is transferred to spouse during any previous year related to assessment year 1964-65 to 1971-72, then, it will not be treated as deemed assets of the transferor. This period will also apply if assets transferred to any person or association for the benefits of the spouse
• If any asset is transferred to daughter in law (i.e, son’s wife) before 1st of June, 1973 or transferred to any person or association for benefit of daughter in law before this date, then, it will not be treated as deemed assets of the transferor
• If any member of HUF has converted his own assets as assets of HUF before 1st January, 1970; then, it will not be treated as deemed asset of member who has converted such assets as assets of HUF

VIDEO : Cash Flows – Operating Activities

VIDEO : Format of Cash Flow Statement -Basics

Concept relevant for IPCC and equivalent Examinations

EXAM ALERT : Exams on 4th and 5th May,2013 postponed for some centers in Karnataka

Papers Postponed -

Group – 1, Paper 2, Strategic Financial Management

{Final Examination}

&,

Group – 1, Paper – 2, Business Laws, Ethics and Communications

{Intermediate/Integrated Professional Competence}

 

Centers Affected -

Bangalore, Belgaum, Bellary, Hubli, Mangalore, Mysore and Udupi

centre(s)

{For other cities scheduled is unchanged}

 

Dates on which postponed exams are

Re-scheduled -

18th May and 17th May 2013

 

Click

HERE

to read the concerned Notification dated 25th March, 2013

Applicability of Cloud Computing for Accounting & Taxation Firms

In the present day business functions and financial activities technology acts as a major requisite. Technology has changed the ways we exchange financial information and presentation of this interpreted and analyzed financial data to the end user or the client. Information technology has a great role in mounting the heights on which Business functions are today. From the e-filling of tax returns to maintaining of books of accounts electronically, technology has helped the facades of business functions particularly Accounting and Taxation in achieving flexibility and efficiency like never before. The technology has again played its role in giving new dimensions to these business functions via the model of Cloud Computing. 

Cloud computing is defined by a major web encyclopedia (Wikipedia) as “The delivery of computing and storage capacity as a service to a heterogeneous community of end-recipients”. In the layman’s language Cloud Computing is a technology based on utilization of resources which are stored on the cloud (the internet) in which the user of such resources need not have specialization in technology and he/she need not care about the infrastructure and management of these resources in the cloud. The user can have access to all of the required data and use the storage to save, amend or modify the requisite data without any “physical” storage, server and other infrastructure.

When we specifically consider the utility of Cloud Computing in view of the needs of Accounting and Taxation firms we find that many major dilemmas faced by these firms are sorted out by the technological model of Cloud Computing. Whenever we start thinking about the needs of an effective service providing firm we come up with three major needs/areas where if control of the firm is ensured, the probability of the operations of firm being carried out smoothly and profitably increases manifold. These three areas are –

1. Cost

2. Efficiency, &,

3. Future Returns

It seems quite obvious when we assume a firm having a cost effective structure with considerable efficiency and certainty; that the present technique of doing work of the firm i.e. Cloud Computing is “Future Proof” and this would continue to yield profits and won’t get outdated very soon due to changes in future parameters. With this great gift of Cloud Computing it becomes feasible to achieve control over these areas to a greater extent if not completely. In fact this assurance of cloud computing that reasonable control over these areas can be achieved by firms after implementing it, is the major driving force behind the urge to implement the Cloud Computing Structure.

 

How Implementation of Cloud Computing is Beneficial for Accounting and Taxation firms?

Accounting and Taxation firms can achieve control over the above discussed three areas by moving to Cloud Computing and derive major benefits in these areas after implementation of Cloud Computing as summarized below:

1. Cost –

• Reduce Expense
• No initial Investment
• Pay only for what you use
• Save “Money value of Time”
• Get an edge over the competition

2. Efficiency –

• On-Demand utility
• Flexibility
• Opportunity to focus your resources in doing “what you do best”, and leaving the hustle for IT management to Cloud vendor

3. Future –

• Cloud Computing is (near) future proof
• Be in pace with the internationally acclaimed firms
• Be the first among your competitors to embrace the future
• Cloud Computing being Eco friendly to a great extent, will help to reduce carbon emission and hence fulfill the firm’s CSR( Corporate Social Responsibility)

In a firm where Cloud Computation Environment is not present, firm’s management will employ offline software for Accounting and Taxation related work or a software utility which is either generalized or custom made for the firm and doesn’t need a 100% online access, in such a case the firm will have to bear expenses for application licensing( if the utility is tailor made), recurring membership fee(if the utility is bought without making it custom made for the firm), updation costs, development costs, maintenance costs etc. The firm can get rid of all these expenses by embracing Cloud Computing; as in Cloud Computing, the utility related expenses including those related to updation and maintenance are to be borne by the Cloud Vendor. The employer of the firm only needs to use the accounting/taxation/ERP utility effectively and all other actions are carried on within the cloud without employer’s interference or knowledge of such actions.

Similarly, in absence of Cloud Computing, a developing firm will need to take care of its hardware components and hosting components like storage devices (hard disks), servers, and power components. With advancement towards cloud computing, a developing firm can avoid these expenditures and can avoid (or reduce considerably) its future hardware investments and Power & Cooling expenses.

There also lies a CAPEX vs. OPEX angle in migration towards Cloud Computing; all of the firm’s hosting and storage costs are capital expenditure, while in the cloud, costs are completely operational (OPEX or operational expenditure),i.e., Pay-as-you-go.

 

Document Management – Made easy via Cloud

A great deal of ordeal faced by any Indian Accounting or taxation firm is bulk quantity of documents lying in their premises. At later stage of cloud computing implementation, documents are to be uploaded to the cloud. This will facilitate in reduction of physical storage and space consumption. And in addition to this reduction, there will be an additional saving of the time which would have otherwise been wasted in searching for a particular data or document. After healthy implementation of Cloud Computing, all that an employee needs for fetching a particular data/document is “Keywords” or “Phrases”

In above diagram, the central figure denotes the employee and A,B,C,D & E denote the physical units where a particular data might be stored.

It is evident from the above diagram that when an employee of accounting firm needs a particular details, for example, past financial data, rules and regulations regarding a particular case, taxation details etc., there might be two cases when he goes to search for the same.