Tuesday, November 8, 2011

Reserve Bank of India (RBI) has been announcing very customer friendly Guidelines to Banks.

1. Customer Service - Non-Issuance of Passbooks to Savings Bank Accountholders (Individuals):
It has come to RBI's notice that some banks are not issuing pass books to their savings banks account holders (individuals) and only issue a computer generated account statement even when the customer desires pass book facility.
RBI has advised banks to invariably offer pass book facility to all its savings banks account holders (individuals) and in case banks offer the facility of sending statement of account and the customer chooses to get statement of account, banks must issue monthly statement of account. The cost of providing such pass book or statements should not be charged to the customer.

2. Repayment of Term/Fixed Deposits in banks:
It has come to RBI's notice that some banks insist on the signatures of both the depositors to allow repayment of money in fixed/term deposits, though the deposit account is opened with operating instructions (sometimes called ‘repayment instructions’), ‘Either or Survivor’ or ‘Former or Survivor’.
RBI has clarified that if fixed/term deposit accounts are opened with operating instructions ‘Either or Survivor’, the signatures of both the depositors need not be obtained for payment of the amount of the deposits on maturity. However, the signatures of both the depositors may have to be obtained, in case the deposit is to be paid before maturity.
3. Validity of cheques/drafts/pay orders/banker’s cheques:
RBI has directed banks that, with effect from April 1, 2012, banks should not make payment of cheques/drafts/pay orders/banker’s cheques bearing that date or any subsequent date, if they are presented beyond the period of three months from the date of such instrument.

Thursday, November 3, 2011

ETDS Return Due Date Extended

Income Tax department has changed the date for filing of quarterly E TDS return vide notification 57/2011 dated 24.10.2011.In this notification due date to filing etds returns has been extended by 15 days for first three quarters of the Financial year but remains the same for last quarter ending 31st March. These amendment is applicable form 01.11.2011 so applicable from 3rd quarter of F.Y. 2011-12.This amendment is applicable ONLY FOR GOVERNMENT OFFICES.

For Complete notification visit http://ca-recentupdates.blogspot.com/2011/10/etds-return-due-date-extended.html

Extension of date of submission of service tax half yearly returns

F. No. 137/99/2011 – Service Tax
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise and Customs
New Delhi dated the   20th October 2011

ORDER NO. 1 /2011 – Service Tax

In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules 1994 read with notification No. 48/2011-Service Tax dated 19th October 2011, Central Board of Excise and Customs hereby extends the date of submission of half yearly return for the period April 2011 to September 2011 from 25th October 2011 to 26th December 2011.

This is being done in view of the fact that the e-filing of service tax returns for all class of service tax assesses has been made mandatory for the first time vide notification no. 43/2011- Service Tax  dated  25.8.11, as such leaving less time for the trade to adjust to the requirement of e-filing.

Director (Service Tax)
CBEC, New Delhi