1. The Reserve Bank of India clarified that appearing for a personal hearing before the compounding authority is optional and the applicant can choose not to appear for it.
2. The applicant may enclose full information relating to the case as prescribed in AP (Dir series) Circular Nos. 56 and 57 dated June 28, 2010 and December 13, 2011, respectively, with the application or thereafter and may exercise his discretion with regard to appearing for hearing.
3. The Reserve Bank also clarified that if the applicant opts for appearing for the personal hearing, the Reserve Bank would encourage the applicant to appear directly for it rather than being represented / accompanied by legal experts / consultants, as compounding is only for admitted contraventions.
4. The Reserve Bank further stated that appearing for or opting out of personal hearing does not have any bearing whatsoever on the amount of penalty involved in the compounding order.
5. Rule 8(2) of Foreign Exchange (Compounding Proceedings) Rules, 2000 states that the compounding authority shall pass an order of compounding after affording an opportunity of being heard to all the concerned as expeditiously as possible and not later than 180 days from the date of application.
6. Many applicants interpret this provision / facility to mean that personal hearing is compulsory and that consultants / advocates must represent them in the personal hearing before the compounding authority.
Stakeholders are hereby informed that operator for MCA21 project is changing with effect from 17.01.2013 from M/s. TCS Ltd to M/s. Infosys Ltd. Due to this the new contact numbers for DIN (Director Identification Number) Cell and Help desk will be:
DIN Cell : 0124-4583766 - 69
Help Desk : 0124-4832500
This is in addition to the facility of “User Complaints and Grievances” available at MCA21page of MCA website and the “ROCs Facilitation Centre / Helpdesk.
The Director General of Income Tax (System) has been extended the time limit for submitting ITR-V forms to relating to Income Tax Returns filed electronically (without Digital Signature) for AY 2010-11 (filed during FY 11-12) and for ITRs of AY 2011-12 (filed on or after 1st April, 2011) till 28th February, 2013.
In respect of the Income Tax Returns filed for AY 2012-13 for which ITR-V forms are yet to be received at CPC and time limit of 120 days has also elapsed, time limit for filing of ITR-V is extended upto 31st March, 2013 or 120 days from the date of uploading of electronic return data, whichever is later.
Department has been issued this notification to mitigate the hardship and grievance of the tax payers who have been prevented by reasonable causes to file the ITR-V form in time.
(NOTIFICATION NO. 1/2013 [F. NO. DIT(S)-III/ITR-V EXTENSION/ 2012-13] UNDER CPR SCHEME 2011, DATED 7-1-2013)
The Notification is issued in exercise of its powers under clause (ii) of Para 14 read with clause (7) of Para 4 of the 'Centralized Processing of Returns Scheme, 2011', issued vide CBDT Notification No. SO 16(E), dated 4-1-2012.
Download the notification from here
File your Income Tax Return for FY 2012-13 (AY 2013-14) - Click here
One Person Company is the concept introduced by the Government of India in The Companies Bill, 2009.
As per now, as per the Companies Act, 1956, there are only two types of Companies in India. One is Private Limited Company and the other is Public Limited Company. Government has been introduced the third type of Company names One Person Company.
Definition of One Person Company (OPC)
“One Person Company” means a company which has only one person as a member