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    TMI Tax Updates e-Newsletter
    Apr 01,2014

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    Contents
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    24 Highlights / Catch Notes Toggle
    2 Articles Toggle
    By: Dr. Sanjiv Agarwal
    Summary : The article discusses the interpretation of 'input service' under the Cenvat Credit Rules, 2004, particularly in the context of exports. It highlights that input services include those used indirectly in manufacturing and up to the place of removal. The 'place of removal' for exports is generally considered the port, not the factory gate, as confirmed by various judicial pronouncements. This interpretation allows exporters to claim Cenvat credit for services related to export activities, such as freight and services provided by customs agents, as these are deemed essential for the export process.
    By: DR.MARIAPPAN GOVINDARAJAN
    Summary : The Companies Act, 2013, outlines the framework for financial statements, defining them to include balance sheets, profit and loss accounts, cash flow statements, and more. Specific exemptions apply to certain company types, such as One Person Companies. Financial statements must present a true and fair view, adhering to accounting standards. Companies with subsidiaries must prepare consolidated financial statements. Non-compliance requires disclosure of deviations and their financial effects. Sections 130 and 131 address re-opening and voluntary revision of financial statements, requiring Tribunal approval for revisions due to fraud or mismanagement. Penalties apply for contraventions, with possible imprisonment or fines.
    3 News Toggle
    Summary : The Central Board of Excise and Customs has amended the tariff values for various goods under the Customs Act, 1962. The updated tariff values are set for crude palm oil ($964 per metric tonne), RBD palm oil ($1002), other palm oils ($983), crude palmolein ($1012), RBD palmolein ($1015), other palmolein ($1014), crude soyabean oil ($985), brass scrap ($3879), poppy seeds ($3691), gold ($421 per 10 grams), silver ($644 per kilogram), and areca nuts ($1872 per metric tonne). These changes reflect adjustments in the valuation of these commodities for customs purposes.
    Summary : The Government of India, in consultation with the Reserve Bank of India, has announced the auction schedule for Treasury Bills for the quarter ending June 2014. The auctions will occur weekly, with varying amounts for 91-day, 182-day, and 364-day bills, totaling Rs. 191,000 crore. The government retains the flexibility to adjust the auction amounts and timings based on cash requirements and market conditions. Any changes will be communicated through press releases, and the auctions will adhere to the terms specified in the General Notification from March 31, 1998, as amended.
    Summary : An indicative calendar for the issuance of government securities for the first half of fiscal year 2014-15, from April to September 2014, has been released. The calendar outlines weekly auctions with a total issuance of Rs. 3,68,000 crore, divided among securities with maturities ranging from 5 to over 20 years. A non-competitive bidding scheme reserves 5% of the notified amount for retail investors. The government and the Reserve Bank of India retain the flexibility to adjust the calendar based on market conditions and government requirements, with prior notice.
    18 Notifications Toggle

    Companies Law

    1.
    File No. 1/8/2013-CL-V - dated - 31-3-2014 - Co. Law
    Chapter V - The Companies (Acceptance of Deposits) Rules, 2014
    Summary : The Companies (Acceptance of Deposits) Rules, 2014, effective from April 1, 2014, govern the acceptance of deposits by companies in India, excluding banking, non-banking financial, housing finance companies, and certain government-specified entities. The rules define what constitutes a deposit and outline exceptions, such as amounts received from government bodies, foreign entities, or as loans from banks. Companies must adhere to specified conditions regarding deposit terms, interest rates, and insurance. The rules also mandate the appointment of trustees for secured deposits, maintenance of deposit records, and compliance with prescribed limits on deposit amounts. Non-compliance results in penalties.
    2.
    File No. 1/33/2013-CL-V - dated - 31-3-2014 - Co. Law
    Chapter X - The Companies (Audit and Auditors) Rules, 2014.
    Summary : The Companies (Audit and Auditors) Rules, 2014, issued by the Ministry of Corporate Affairs, outline the procedures and criteria for appointing auditors under the Companies Act, 2013. Effective from April 1, 2014, these rules detail the selection, appointment, and rotation of auditors, including conditions for eligibility, disqualifications, and the process for removal or resignation. The rules also specify the reporting duties of auditors, including fraud reporting, and define the classes of companies subject to these regulations. Additionally, they address the remuneration of cost auditors and the responsibilities of branch auditors.
    3.
    F. No. 1/24/2013-CL-V - dated - 31-3-2014 - Co. Law
    Chapter XXVI - Nidhi Rules, 2014.
    Summary : The Nidhi Rules, 2014, established under the Companies Act, 2013, regulate Nidhi companies in India. Effective from April 1, 2014, these rules apply to companies declared as Nidhis or Mutual Benefit Societies under the Companies Act, 1956, and those incorporated as Nidhis under the 2013 Act. They outline requirements for incorporation, membership, share capital, deposits, and loans. Nidhi companies must maintain a minimum net owned fund, adhere to specific deposit and loan limits, and comply with prudential norms. Restrictions include prohibitions on issuing preference shares, engaging in non-borrowing/lending activities, and acquiring other companies. Non-compliance results in penalties.
    4.
    F. No. 1/25/2013-CL-V - dated - 28-3-2014 - Co. Law
    Chapter XXIX - The Companies (Adjudication of Penalties) Rules, 2014.
    Summary : The Companies (Adjudication of Penalties) Rules, 2014, established by the Indian Ministry of Corporate Affairs, outline procedures for adjudicating penalties under the Companies Act, 2013. The Central Government can appoint officers as adjudicating officers to assess penalties for non-compliance. These officers issue notices to companies and officers in default, allowing them to present their case. The adjudicating officer can summon witnesses and require evidence. Penalties are credited to the Consolidated Fund of India. Appeals against decisions can be filed with the Regional Director within 60 days, and the process includes registration, hearing, and potential ex-parte decisions if parties fail to appear.
    5.
    F. No. 5/29/2013-IEPF - dated - 27-3-2014 - Co. Law
    Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Amendment Rules, 2014
    Summary : The Government of India has amended the Investor Education and Protection Fund Rules, 2012, effective from March 31, 2014. These amendments require companies and corresponding new banks, as defined by the Banking Companies Acts of 1970 and 1980, to identify unpaid or unclaimed dividends transferred to the Unpaid Dividend Account. This must occur within 90 days following their Annual General Meeting each year, especially for amounts unclaimed for seven years. The term "company" in Form 5INV is now replaced with "company and corresponding new bank" to reflect this change.
    6.
    F. No. 5/29/2013-IEPF - dated - 27-3-2014 - Co. Law
    Investor Education and Protection Fund (awareness and protection of investors) Amendment Rules 2014
    Summary : The Government of India has issued an amendment to the Investor Education and Protection Fund Rules, 2001, under the Companies Act, 1956. Effective from March 31, 2014, the amendment includes the definition of "corresponding new bank" as per the Banking Companies Acts of 1970 and 1980. It mandates the transfer of unpaid or unclaimed money from the Unpaid Dividend Account of these banks to the fund after seven years. The term "company" in Form I of the rules is replaced with "company and corresponding new bank." This notification follows previous amendments made in 2006, 2007, and 2008.

    Customs

    7.
    25/2014 - dated - 31-3-2014 - Cus (NT)
    Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001
    Summary : The Government of India, through the Ministry of Finance's Central Board of Excise and Customs, has amended Notification No. 36/2001-Customs (N.T.) from August 3, 2001. This amendment, effective March 31, 2014, updates tariff values for various goods under the Customs Act, 1962. The revised tables include new tariff values for items such as crude palm oil, RBD palm oil, crude soyabean oil, brass scrap, poppy seeds, gold, silver, and areca nuts. These changes are intended to adjust the tariff values for these goods in line with current market conditions.
    8.
    F.No.437/78/2013-Cus-IV - dated - 28-3-2014 - Cus (NT)
    Appointment of Common Adjudicating Authority
    Summary : The Central Board of Excise & Customs has designated the Commissioner of Customs (Exports) at Jawaharlal Nehru Custom House, Nhava Sheva, Maharashtra, as the Common Adjudicating Authority for a Show Cause Notice issued by the Directorate of Revenue Intelligence. This notice pertains to M/s Hindustan Zinc Ltd. and others, concerning a matter under the Customs Act, 1962. The assignment follows Notification No.15/2002-Customs (N.T.), as amended, to ensure proper adjudication. The order is communicated to relevant customs and revenue intelligence officials for further action.
    9.
    F.No.437/28/2014-Cus-IV - dated - 28-3-2014 - Cus (NT)
    Appointment of Common Adjudicating Authority
    Summary : The Central Board of Excise & Customs has appointed the Commissioner of Customs at Chhatrapati Shivaji International Airport, Mumbai, as the Common Adjudicating Authority for a specific case. This case involves a Show Cause Notice issued by the Directorate of Revenue Intelligence, Mumbai, concerning M/s Romil Jewelry. The appointment is made under the authority of Notification No.15/2002-Customs (N.T.) as amended, pursuant to section 4 of the Customs Act, 1962. The relevant authorities and departments have been notified accordingly.
    10.
    F.No.437/25/2014-Cus-IV - dated - 28-3-2014 - Cus (NT)
    Appointment of Common Adjudicating Authority
    Summary : The Central Board of Excise & Customs, under the Ministry of Finance, has appointed the Commissioner of Customs (Import) at Chennai Sea Port as the Common Adjudicating Authority for a Show Cause Notice issued by the Directorate of Revenue Intelligence. This notice, dated January 9, 2014, pertains to a case involving a company based in Hyderabad. The appointment follows Notification No.15/2002-Customs (N.T.) and is intended for the adjudication of the matter. Copies of this order have been sent to relevant officials and departments, including the Directorate of Revenue Intelligence and other customs offices in Chennai, Delhi, and Kolkata.
    11.
    F.No.437/09/2014-Cus-IV - dated - 28-3-2014 - Cus (NT)
    Appointment of Common Adjudicating Authority
    Summary : The Central Board of Excise & Customs has appointed the Commissioner of Customs, Central Excise & Service Tax in Bhubaneswar, Odisha, as the Common Adjudicating Authority for a Show Cause Notice issued to a corporation in Gurgaon, Haryana. This assignment is in accordance with Notification No.15/2002-Customs (N.T.) and involves a notice dated December 31, 2013, from the Directorate of Revenue Intelligence, Ahmedabad. The order, dated March 28, 2014, directs the Commissioner in Bhubaneswar to handle the adjudication process. Copies of this order have been distributed to relevant customs and excise authorities across India.
    12.
    F. No. 437/45/2013-Cus-IV - dated - 28-3-2014 - Cus (NT)
    Appointment of Common Adjudicating Authority
    Summary : The Central Board of Excise & Customs has appointed the Commissioner of Customs (Import) at the Air Cargo Complex, Mumbai, as the Common Adjudicating Authority for a Show Cause Notice issued by the Directorate of Revenue Intelligence, Mumbai. This notice, dated June 5, 2013, pertains to a case involving a company based in Mumbai. The appointment is made under the authority of Notification No. 15/2002-Customs (N.T.) as amended, in accordance with the Customs Act, 1962. Copies of the order have been distributed to relevant customs and revenue intelligence officials.
    13.
    F. No. 437/35/2014-Cus-IV - dated - 28-3-2014 - Cus (NT)
    Appointment of Common Adjudicating Authority
    Summary : The Central Board of Excise & Customs has appointed the Commissioner of Customs (Import) at the Air Cargo Complex in Mumbai as the Common Adjudicating Authority for adjudicating specific Show Cause Notices. These notices, issued by the Directorate of Revenue Intelligence, pertain to various companies involved in customs matters. The cases assigned include those involving entities based in Mumbai, Gurgaon, and Kolkata. The notification outlines the reassignment of these cases for adjudication to ensure proper handling under the Customs Act, 1962. Copies of the order have been distributed to relevant customs authorities across different regions.
    14.
    F. No. 437/33/2014-Cus-IV - dated - 28-3-2014 - Cus (NT)
    Appointment of Common Adjudicating Authority
    Summary : The Central Board of Excise & Customs, under the Ministry of Finance, has appointed the Commissioner of Customs at Customs House, Tuticorin, as the Common Adjudicating Authority for a case involving two companies based in Coimbatore. This decision follows the issuance of a Show Cause Notice by the Directorate of Revenue Intelligence, Zonal Unit, Chennai. The appointment is in accordance with Notification No.15/2002-Customs (N.T.) and the Customs Act, 1962, to facilitate adjudication proceedings. The relevant authorities and parties involved have been duly informed of this order.
    15.
    F. No. 437/11/2014-Cus-IV - dated - 28-3-2014 - Cus (NT)
    Appointment of Common Adjudicating Authority
    Summary : The Central Board of Excise & Customs has appointed the Commissioner of Customs (Sea Port-Import) in Chennai as the Common Adjudicating Authority for a case involving the import of old and used photocopier machines. This decision is based on the Show Cause Notice issued by the Directorate of Revenue Intelligence, Delhi Zonal Unit. The case was initially handled by the Additional Director General, and the reassignment is in accordance with Notification No.15/2002-Customs (N.T.) under the Customs Act, 1962. Copies of the order have been distributed to relevant customs and excise authorities.

    Law of Competition

    16.
    ADVT. III/4/Exty./187-M/13 - dated - 28-3-2014 - Competition Law
    The Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2014
    Summary : The Competition Commission of India has amended the 2011 regulations concerning business transactions related to combinations. Key changes include the insertion of a sub-regulation to disregard transaction structures that avoid notice requirements, an increase in filing fees from ten to fifteen lakhs and from forty to fifty lakhs, and updates to forms requiring details of horizontal or vertical business overlaps and international filing requirements. Regulation 29 and certain categories in Schedules I and II have been omitted or revised. These amendments take effect upon publication in the Official Gazette.

    VAT - Delhi

    17.
    F.7(400)/Policy/VAT/2014/1387-1398 - dated - 28-3-2014 - DVAT
    Appropriate Government Treasury for collection of tax, interest, penalty or any other amount due under the Act or Central Sales Tax Act, 1956 from the dealers registered or liable to be registered under the Act, casual traders and contractees (TAN holders)
    Summary : The Government of the National Capital Territory of Delhi has designated specific banks as the "Appropriate Government Treasury" for collecting taxes, interest, penalties, and other amounts under the Delhi Value Added Tax Act, 2004, and the Central Sales Tax Act, 1956. These banks are authorized to collect payments primarily through e-payment methods, with some branches allowed to accept offline payments. The process requires payments to be initiated via the department's website, generating a unique challan ID. Banks must remit collected amounts to the Reserve Bank of India by the next working day and adhere to specified conditions, including security measures and timely reporting. This notification supersedes previous notifications and is effective from April 1, 2014.
    18.
    F.3(21)/Fin(Rev-I)/2013-14/dsvi/347 - dated - 26-3-2014 - DVAT
    Online filling of information/return by using Digital Signature
    Summary : The Government of the National Capital Territory of Delhi has issued a notification under Section 100A of the Delhi Value Added Tax Act, 2004, enabling the submission of information and returns online using digital signatures. This move aligns with the provisions of the Information Technology Act, 2000, incorporating elements such as electronic governance, secure electronic records, and digital signature certificates into the procedures of the Delhi Value Added Tax Act, 2004, and the Delhi Value Added Tax Rules, 2005. The notification becomes effective upon its publication in the Delhi Gazette.
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