December, 2012

INSIGHT
Codomain Consultants Private Limited
CO
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Contents
Corporate Law
3
Income Tax 4
Service Tax 5
Forthcoming Compliances 6









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Corporate Law

Default in filing Form 23D by Cost Auditors
The Ministry of Corporate Affairs (MCA), vide its Circular No. 35/2012 dated November 5, 2012
has extended the time limit for filing of Form 23D by Cost Auditors to December 16, 2012. In
case of further default in filing of Form 23D, list of defaulting members would be sent to the
Institute of Cost Accountants of India for disciplinary action. In case the concerned company
has failed to issue letter of appointment to the cost auditor to enable him to file Form 23D,
penal actions under the Companies Act, 1956 would be taken against the company and officer
in default.
Appointment of Cost Auditor by Companies
The Ministry vide its Circular No. 36/2012 dated November 6, 2012 has made certain changes
with respect to the procedure for appointment & change of Cost Auditor by companies. The
modifications in the process would be applicable for Cost Auditors appointed for financial year
commencing on or after January 1, 2013.

Scrutiny of Balance Sheets by Registrar of
Companies
The Ministry vide its Circular no. 37/2012 dated
November 6, 2012 has categorized the cases
which are under constant scrutiny by the
Registrar. These include the following:
Companies against whom complaints have
been received
Companies which have raised money from
public through issue of shares/debentures
Qualification by Auditors
Default in payment of matured deposits or
debentures
References received from other statutory
or regulatory authorities

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Income Tax

Amendment in the DTAA between India & United Kingdom
Government of the Republic of India and Government of the United Kingdom of Great Britain
and Northern Ireland signed a Protocol on October 30, 2012 amending the Convention
(previously assigned on January 25, 1993) for the Avoidance of Double Taxation and the
Prevention of Fiscal Evasion with respect of Taxes on Income and Capital Gains. The Protocol
streamlines the provisions relating to partnership and taxation of dividends in both the
countries.
Benefits of the Convention would be available to partners of the UK partnerships to the
extent income of UK partnership are taxed in their hands;
The withholding taxes on the dividends would be 15% (where dividends are paid out of
income derived directly or indirectly from immovable property and income from such
immovable property is exempted from tax) or 10% (in all other cases) and would be
equally applicable in UK and in India.


Amendment in the DTAA between
India & Uzbekistan
Government of the Republic of India and
Government of the Republic of Uzbekistan
signed a Protocol on 11
th
April, 2012 (shall
enter into force on the 20th day of July,
2012) amending the Convention (that was
previously assigned on 29th July, 1993) for
the Avoidance of Double Taxation and the
Prevention of Fiscal Evasion with respect
of Taxes on Income and Capital Gains. The
Protocol streamlines the provisions
relating to taxation of dividends, interest,
royalties & technical fees in both the
countries.

As per the Protocol Dividends, Interest, Royalties & Technical Fees will be taxed at 10%
instead of 15% in the contracting state.


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Specified Companies authorized to Issue Tax-Free, Secured, Redeemable, non-
convertible bonds during FY 2012-13
The Central Government has, vide Notification No. 46/2012 dated November 6, 2011,
authorized specified entities to issue tax-free, secured, redeemable, non-convertible bonds,
aggregating to specified amounts and as per terms mentioned in the notification during the
financial year 2012-13 .

Income-tax (15
th
Amendment) Rules, 2012
The Central Government has vide its Notification No. 52/2012 dated November 29, 2012
introduced Income Tax (15
th
Amendment) Rules, 2012. The new rules provide for amendment
in Rule 11U (Meaning of expressions used in determination of fair market value) and 11UA
(Determination of fair market value).

Service Tax

Restoration of Service Specific
accounting Codes for Payment of
Service Tax
As per Circular No. 165/16/2012 issued
on November 20, 2012 Service Specific
old accounting codes have been restored
for the purpose of statistical analysis. A
list of 120 descriptions of services for the
purpose of registration and accounting
codes corresponding to each description
of service for payment of tax has been
provided in the annexure to the above
Circular.
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Forthcoming Compliances

Income Tax December 7, 2012 Deposit TDS/TCS deducted/collected during
November 2012

December 15, 2012 Deposit Advance Tax for F.Y. 2012-13.
Service Tax December 5/6, 2012 Corporates/Non Corporates:
Deposit service tax liability for the month of
November 2012
Excise December 5/6, 2012 Deposit excise duty liability for the month of
November 2012
December 10, 2012 Excise return for the month of November 2012
PF December 15, 2012 Deposit of PF for the month of November 2012
ESI December 21, 2012 Deposit of ESI liability for the month of November
2012
DVAT December 21, 2012 Deposit of VAT/ CST liability for the month of
November 2012
December 25, 2012 Return for month ended November 30, 2012
(Electronic form).
December 28, 2012 Return for month ended November 30, 2012 (Manual
form).





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Disclaimer

COINSIGHT is a monthly publication of Codomain Consultants Private Limited (CCPL). The
information contained in this publication has been sourced from notifications; circulars and
reports issued by various government bodies and have been compiled by CCPL solely for the
purpose of general information of its esteemed readers. The information is not intended to be
relied upon as the sole basis for any decision which may affect business or personal finance of
reader. Before making any such decision, reader is advised to consult a qualified professional
adviser.



About CODOMAIN

Codomain Consultants Private Limited is an incorporated entity having its registered office in
NCR of Delhi. The Company has been established with the aim of providing a wide range of
accounting, financial and business support services to corporate clients and aspires to be
recognized as a quality service provider. The Company represents a coalition of specialized skills
that is geared to offer sound business advice and solutions.


Contact us at:
Codomain Consultants Private Limited info@codomain.co.in
29, 3
rd
Floor, Gujrat Vihar, Delhi-110092 99117 89929/99710 39026