RELAXATION OF ADDITIONAL FEES AND EXTENSION OF LAST DATE IN FILING OF VARIOUS FORMS WITH MCA  

Circular No.: Circular No. 3/2013

Date: 8th February, 2013
           

1. Ministry of Corporate Affairs has decided to extend the last date of filing and to relax the additional fees applicable on forms as per the provisions of Companies Act which have been ought to be filed post transition of MCA 21 w.e.f. 17.01.2013, but could not be filed due to technical issues in MCA-21 system. 

2.   It is hereby clarified that the following relaxation shall be considered by the Regional Director/ Registrar of Companies on case to case basis while allowing for relaxation of fees or extension of last date with regard to forms to be filed by the stakeholders wherein : 

a)  Last date of filing for Forms where the due date is falling on or after  17th January, 2013 is without charging additional fee. 

b)  All the documents which have been expired on or after 17th January due to non-submission/re-submission PUCL may be restored back. 

c)   All the cases related to filing of court orders/competent authority where the due date/date of filing was falling on or after 17th January is extended without payment of additional fees. 

d)  Name availability expired due to non-submission of incorporation documents will be made available for filing of the same. 

e)  In case of charge documents the due date will be extended by Regional Director on case to case basis where the due date of filing was falling on or after 17/01/2013 and could not be filed. 

f)   The due date in above cases is hereby extended till 28/02/2013. 

3.  The process of extending date will be as under:-

• Company/ professional will make request by e-mail/post with Regional Director (RD)/ Registrar of Companies (ROC) along with the supporting documents if, any;

• RD/ROC will raise ticket on service desk immediately after examining the application;

• The team of operator will resolve the ticket as per the request of RD/ROC. A system generated mail will be sent to RD/ROC and user will be informed accordingly;

• User should file the documents within the time given in the email.                        

4.   The Regional Director/ Registrar of Companies is authorized to allow such extension of time for filing form/along with necessary document. The RD/ROC will raise ticket in the service desk for allowing such extension of time for filing forms. 

5.   The stakeholders who are able to file the documents on or after 17/01/2013 till the date of this circular are not eligible for any fees relaxation or extension of last dates. Further they are not entitled for any refund.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769

Website:- www.caaga.co.in 

DVAT : PUBLIC NOTICE

Dated: 6th February, 2013

All Contractors/ Builders/ Developers/ Collaborators, etc. (in short contractor) engaged in development / construction of immovable properties in Delhi are required to seek registration and pay VAT under Delhi Value Added Tax (DVAT) Act, 2004, in case their turnover during a financial year exceeds 10 Lakhs.

It has been noticed that the owners of properties are engaging contractors for construction works against a lump sum value or through collaboration / development agreement in which the contractor gets the ownership of some part of the built up structure instead of cash payment. There may be separate contracts for electrification, plumbing, interior decoration etc.

In all above cases, the contractor who supplies material and uses its skill/labor to carry out the works is normally liable to pay VAT. The owner is not liable to pay VAT unless he sells the building or a portion of it to prospective buyers before completion and thus becomes deemed contractor for such buyers.

The Department of Trade & Taxes, Government of NCT of Delhi is issuing notices to owners requesting them to provide names of contractors and details of payments made to them in order to assess VAT liability.

The owners are, therefore, requested to provide the information regarding details of contractors and amount paid/payable to them, immediately after commencement of any construction / repair / modification etc. undertaken by them. In cases where department has issued notices but the owner has not furnished the information so far, the same may be now provided by 10^th February 2013. In case of non-submission of information by the owners, and especially in cases where property is not under self-use, it may be presumed that the owner is himself a contractor for the buyers of the property and thus would become liable for VAT payment.

The contractors falling under the above categories but not registered with the Department so far are also requested to immediately get registered with the Department in order to avoid penalty and other coercive action under the DVAT Act and Rules.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769

Website:- www.caaga.co.in

INSTRUCTION FOR FIXING RESERVE PRICE FOR AUCTION OF PROPERTIES ACQUIRED UNDER CHAPTER XX-C OF IT

INSTRUCTION NO. 2/2013 [F. NO. 316/01/2013-OT]
DATED 5-2-2013

In supersession to CBDT Instruction No. 1857 issued on 19-9-1990 vide F. No. 316/22/1989-OT for auction of properties purchased under Chapter XX-C of the Income-tax Act, 1961, comprehensive instructions on the modalities of fixing the reserve price for auction of properties acquired under Chapter XX-C are as under :

i.        The reserve price of the property is to be fixed with reference to fair market value of the property.

ii.       For obtaining the fair market value of the property, the acquired property be referred to Valuation Cell of the Department. Valuation Cell shall submit a Detailed Valuation Report to the Appropriate Authority.

iii.  This detailed valuation report should take into account comparative market analysis by quoting at least three sale instances of similar land use cases/properties in the vicinity.

iv.    The Appropriate Authority shall, based on the Valuation Report, arrive at the reserve price of the property. In case, it is considered necessary by the Appropriate Authority to fix reserve price below the valuation given by the Valuation Cell, proposal shall be sent to the Board giving detailed reasons seeking prior permission.

v.       The reserve price so determined shall be valid for a period of six months from the date of determination of the same.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769

Website:- www.caaga.co.in

DEPARTMENT OF TRADE & TAXES: SATURDAY WILL BE WORKING DAY

Date: 05/02/2013

Circular

Saturday will be working day and no holiday till 31.3.2013. Department of Trade & taxes will remains open on every Saturday as per official timing i.e. 9:30 AM to 6:00 PM for day to day office work.  

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769

Website:- www.caaga.co.in

ENHANEMENT OF STANDALONE PRIMARY DEALERS’ (PDS) ROLE IN CORPORATE DEBT MARKET

Notification No.: RBI/2012-13/405

Date: 30/01/2013

With a view to enhance standalone Primary Dealers’ (PDs) role in corporate debt market, it has been decided to: 

1.   Allow PDs a sub-limit of 50% of net owned funds for investment in corporate bonds within the overall permitted average fortnightly limit of 225 per cent of NOF as at the end of March of the preceding financial year for call /notice money market borrowing.

2.   Permit PDs to invest in Tier II bonds issued by other PDs, banks and financial institutions to the extent of 10 per cent of the investing PD’s total capital funds.

3.   Permit PDs to borrow to the extent of 150% of NOF as at the end of March of the preceding financial year through Inter Corporate Deposits. 

PERMISSION TO STANDALONE PRIMARY DEALERS (PDS) FOR MEMBERSHIP IN SEBI APPROVED STOCK EXCHANGES FOR TRADING IN CORPORATE BONDS

Notification No.: RBI/2012-13/412

Date: 06/02/2013

With a view to further developing the debt market in India, it has been decided to:-    

1.   permit standalone Primary Dealers (PDs) to become members of SEBI approved stock exchanges for the purpose of undertaking proprietary transactions in corporate bonds. 

While doing so, standalone PDs should comply with all the regulatory norms laid down by SEBI and all the eligibility criteria/rules of stock exchanges.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769

Website:- www.caaga.co.in

RATE OF EXCHANGE FOR THE MONTH OF FEBRUARY

  

Notification No.: 20/2013-Customs (N.T.)

Date: 07/02/2013

The Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 8^th February, 2013 be the rate mentioned against it, for the purpose of the said section, relating to imported and export goods.

SCHEDULE I

S.No.	Foreign Currency	Rate Of Exchange Of One Unit Of Foreign Currency Equivalent To Indian Rupees
		(For Imported Goods)	(For Export Goods)
1.	Australian Dollar	55.65	54.25
2.	Bahrain Dinar	144.80	136.55
3.	Canadian Dollar	53.90	52.50
4.	Danish Kroner	9.80	9.50
5.	EURO	72.90	71.05
6.	Hong Kong Dollar	6.90	6.75
7.	Kenya Shilling	62.35	58.70
8.	Kuwait Dinar	194.00	182.90
9.	New Zealand Dollar	45.45	44.10
10.	Norwegian Kroner	9.85	9.50
11.	Pound Sterling	84.00	81.95
12.	Singapore Dollar	43.40	42.35
13.	South African Rand	6.20	5.80
14.	Saudi Arabian Riyal	14.55	13.75
15.	Swedish Kroner	8.50	8.25
16.	Swiss Franc	59.25	57.55
17.	UAE Dirham	14.85	14.00
18.	US Dollar	53.50	52.50

SCHEDULE-II

S.No.	Foreign Currency	Rate of exchange of 100 units of foreign currency equivalent to Indian rupees
		(For Imported Goods)	(For Export Goods)
1.	Japanese Yen	57.30	55.80

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769

Website:- www.caaga.co.in