Summary
The ‘Global Analytics Delivery’ Group in DBOI Global Services Pvt Ltd
provides Analytics Services to Trust and Agency Services (TAS) Division
of DB. The Group with a current team strength of around 65 Financial
Analysts supports deal cash flow modelling, payment distribution p...read more
The most comprehensive news portal for Chartered Accountants and Other Professionals around the world.
Sunday, June 30, 2013
Vacancy for CA/ICWA in HP
Senior Financial Analyst I b-1102719
Description
· Provides complex and occasionally highly complex financial analysis
for a financial function or a business, typically exercising a strong
understanding of the business to determine the best method for achieving
objectives.
· Consults wit...read more
ISSUES FOR WHICH COMPLAINT CAN BE FILED WITH OMBUDSMAN
Grounds of complaint:-
A complaint on any one or more of the following grounds alleging
deficiency in the working of the Income-tax Department may be filed with
the Ombudsman:
(a) delay in issue of refunds beyond time limits prescribed by law or
under the relevant instructions issued from ti...read more
CBDT Press Release Withdrawing / Amending Circulars On Transfer Pricing
CBDT Press Release Withdrawing / Amending Circulars On Transfer Pricing
June 30th, 2013
The CBDT has issued a Press Release dated Nil stating that Circular
No.2/2013 dated 26.03.2013 (Circular on application of profit split
method) has been rescinded and that Circular No. 3 dated 26.03.2013
(C...read more
President's Message - July 2013 - (28-06-2013)
President's Message - July 2013 - (28-06-2013)
| Dear Friends, |
|
It’s 6.18 in the morning. After getting back from a
small walk, I had my first tea that is usually minus sugar and milk. My
newspapers have been delivered. As I start reading some of them, I
realise: Few more days and June will be over. July is ready to dawn in.
July as a month has a lot of associations for all stakeholders of accountancy profession. Our alma mater had |
CA Day Celebrations of the ICAI - 1st July, 2013 {CPE Hours}
ICAI
celebrates its Foundation Day as the Chartered Accountants’ Day on 1st
July every year. This year, the Chartered Accountants’ Day Celebrations
of the ICAI will be held at 4.00 P.M. on 1st July, 2013 in the `Plenary Hall’, Vigyan Bhawan,
New Delhi. Hon’ble Union Ministers, Shri K. Rahman Khan, Union Minister
for Minority Affairs, and Shri Sachin Pilot, Union Minister of State
for Corporate Affairs (I/C) will address the gathering.
The said Function would be followed by a Lecture in which Dr. C. Rangarajan, Chairman, Economic Advisory Council to the Prime Minister, would speak on “Indian Economy – Current Concerns and Future Prospects”.
[Participating members would be eligible for two hour CPE Credit]The said Function would be followed by a Lecture in which Dr. C. Rangarajan, Chairman, Economic Advisory Council to the Prime Minister, would speak on “Indian Economy – Current Concerns and Future Prospects”.
Appeal to All Members and Students of ICAI - Uttarakhand Flood Relief. - (26-06-2013)
Appeal to All Members and Students of ICAI - Uttarakhand Flood Relief. - (26-06-2013)
| Appeal to All members and students of ICAI |
|
The recent landslide and floods in Uttarakhand have
caused extensive devastation. A large number of people have died and
thousands have been rendered homeless.
At this moment, the affected people in Uttarakhand need help to tide over the calamity that has fallen upon them, to survive and to rebuild their lives. In this scenario, ICAI has decided to stand with our distressed fellow countrymen, and actively participate in the national effort to support them at this difficult time. The |
Thursday, June 27, 2013
Vacancy for CA in HSBC Bank
Description
· Prepare quality, creditworthy new business and review
proposals within agreed deadlines for submission to the appropriate
approval authorities.
· Assist HSBC to attain its strategic growth targets while at
the same time maintaining a high quality loan book;...read more
Wednesday, June 26, 2013
Request for Proposal Hiring Services of Chartered Accountant firm for Internal Audit of Maharashtra Electricity Regulatory Commission
Maharashtra Electricity Regulatory Commission 
Last Date : 12/07/2013
Selection of Internal Auditors 0 Request for Proposal Hiring Services of Chartered Accountant firm for Internal Audit for the Financial years 2010-11, 2011-12 & 2012-13
Last Date : 12/07/2013
Selection of Internal Auditors 0 Request for Proposal Hiring Services of Chartered Accountant firm for Internal Audit for the Financial years 2010-11, 2011-12 & 2012-13
Vacancy for CA/ICWA in Mangalore Refinery And Petrochemicals Limited
S.No. Name of Post No. Of Post Pay Scale Age Limit Educational Qualification and Experience
1 General Manager (Internal Audit / Finance) 01 Rs.51300- 73000/- Up to 49 yrs
CA / ICWA / MBA with specialization in Finance with minimum 21 years of experience in a reputed Public Limited C...read more
Vacancy for CA Inter / ICWA Inter in HLL Lifecare Limited
M Com, CA INTER, ICWA Inter. 2 to 3 years of post qualification
experience in Finance & Accounts functions of a commercial
organization.
9 Accounts Assistant 01 Rs.8000-15000/- Up to 35 yrs
B Com , M Com. 2 to 3 years of post qualification experience in Finance
& Accounts fu...read more
Vacancy for CA/ICWA Sharp And Tannan Associates Advisors Pvt Ltd
Job Description
Position: Senior Manager - Accounts
Company Profile: Client of Sharp & Tannan Associates Advisors Pvt.
Ltd. A large conglomerate with multiple business segments & well
known in India as well as overseas. Its real estate division is one of
he leading force in Indian ...read more
Professional Tax - Kerala
Every employer in Kerala is required to pay professional tax of their
employees and his establishment to the Panchayath, Municipalities and
corporation. Professional tax in Panchayath is governed by Kerala
Panchayath Raj (Professional Tax) Rules ,1996 and professional tax in
municipality and c...read more
I-T department keep your tax returns in hi-tech, world-class swanky centres
Your taxes are dear to the income tax department, but your returns are
even dearer, so the department has ensured that they are kept in
world-class safe keeping. Iron Mountain, the safe-keeper of the wills of
Princess Diana, Charles Darwin, Bill Gates' Corbis photographic
collection and the reco...read more
EXTERNAL COMMERCIAL BORROWINGS (ECB) FOR CIVIL AVIATION SECTOR
EXTERNAL COMMERCIAL BORROWINGS (ECB) FOR CIVIL AVIATION SECTOR
A.P. (DIR SERIES 2012-13) CIRCULAR NO. 116, DATED 25-6-2013
Attention of Authorized Dealer Category-I (AD Category-I) banks is
invited to the A.P. (DIR Series) Circular No. 113 dated April 24, 2012
on the captioned subject.
2....read more
IT/ILT : Royalty and fees for technical services cannot be taxed under residual article 22 of India-Thailand DTAA
IT/ILT : Royalty and fees for technical services cannot be taxed under
residual article 22 of India-Thailand DTAA, unless item of income does
not fall under any other express provisions of DTAA
[2013] 34 taxmann.com 77 (Madras)
HIGH COURT OF MADRAS
Bangkok Glass Industry Co. Ltd.
v...read more
BUYBACK/PREPAYMENT OF FOREIGN CURRENCY CONVERTIBLE BONDS (FCCBs)
BUYBACK/PREPAYMENT OF FOREIGN CURRENCY CONVERTIBLE BONDS (FCCBs)
A.P. (DIR SERIES 2012-13) CIRCULAR NO. 115, DATED 25-6-2013
Attention of Authorized Dealer Category-I (AD Category-I) banks is
invited to A.P. (DIR Series) Circular No. 39 dated December 08, 2008,
A.P. (DIR Series) Circular N...read more
EXTERNAL COMMERCIAL BORROWINGS (ECB) POLICY FOR 3G SPECTRUM ALLOCATION
EXTERNAL COMMERCIAL BORROWINGS (ECB) POLICY FOR 3G SPECTRUM ALLOCATION
A.P. (DIR SERIES 2012-13) CIRCULAR NO. 114, DATED 25-6-2013
Attention of Authorized Dealer Category-I (AD Category-I) banks is
invited to A.P. (DIR Series) Circular No. 28 dated January 25, 2010
relating to External Com...read more
Consolidated file request functionality will not be available for deductors on TRACES from 25th June - 7th July, 2013
Consolidated file request functionality will not be available for
deductors on TRACES from 25th June - 7th July, 2013, it will resume from
8th July,2013 onwards as new TDS forms are being implemented
TDS certificate in Part A of Form 16 shall be generated only for those
PANs that have been re...read more
HC pulls up IT staff for not acknowledging letters
The Bombay High Court has pulled up the Income Tax office for the "casual approach" of its staff in not acknowledging letters received by them and their refusal to put therein the inward registration numbers.
Justice S J Kathawala, in a recent order, expressed unhappiness over this practice and asked the Income Tax authorities to take action against the erring clerks.
The judge also asked the department to forthwith issue a circular to the Commissioners of Income Tax of all the wards making it compulsory for the clerks to sign and put a serial or registration number on copies of letters received by them before handing them over to the bearer of the original letter.
The court was hearing a complaint lodged by the official assignee ofMumbai on an insolvency petition filed by a person. The official assignee had forwarded a letter dated April 18 to Income Tax Officer of Ward 15 (2) (3) at Grant Road here. The letter was received by a clerk, who put a rubber stamp on the first page of the letter.
The deputy official assignee drew the attention of the court to the fact that despite the rubber stamp having been provided to give the registration number to the letter, the same is left blank by the concerned clerk. When he was asked to fill in the registration number and put his signature on the rubber stamp, he refused to do so.
"If such is the attitude of the clerk receiving mails of the ward offices of the Income Tax Office, it would cause grave inconvenience to the persons addressing letters to the Ward Officer, more particularly, a common man, since he would not have the registration number qua the letter forwarded by him to the Income Tax authorities.
"He will also not have any particulars about the person who has received such a letter," the judge observed.
Justice S J Kathawala, in a recent order, expressed unhappiness over this practice and asked the Income Tax authorities to take action against the erring clerks.
The judge also asked the department to forthwith issue a circular to the Commissioners of Income Tax of all the wards making it compulsory for the clerks to sign and put a serial or registration number on copies of letters received by them before handing them over to the bearer of the original letter.
The court was hearing a complaint lodged by the official assignee ofMumbai on an insolvency petition filed by a person. The official assignee had forwarded a letter dated April 18 to Income Tax Officer of Ward 15 (2) (3) at Grant Road here. The letter was received by a clerk, who put a rubber stamp on the first page of the letter.
The deputy official assignee drew the attention of the court to the fact that despite the rubber stamp having been provided to give the registration number to the letter, the same is left blank by the concerned clerk. When he was asked to fill in the registration number and put his signature on the rubber stamp, he refused to do so.
"If such is the attitude of the clerk receiving mails of the ward offices of the Income Tax Office, it would cause grave inconvenience to the persons addressing letters to the Ward Officer, more particularly, a common man, since he would not have the registration number qua the letter forwarded by him to the Income Tax authorities.
"He will also not have any particulars about the person who has received such a letter," the judge observed.
Increase in Bank Audit fee for 2012-13
As per information received, RBI has increased the bank audit fees payable for financial year 2012-13 as per [RBI Notification no. DBS.ARS.No.BC. 08/ 08.92.001/ 2012-13 dated 25-06- 2013
Monday, June 24, 2013
Vacancy for CA in Tata Capital
Designation Head Risk
No. of Positions 1
Location Mumbai
Key Objective • Managing risk for the broking portfolio of the
organization – Equity, currency derivative, Margin Funding and Non
equity (product process vetting)
Major Deliverables • Develop policy framework , processes & sys...read more
Vacancy for CA/ICWA/CS in Food Corporation of India
Eligibility : BE/B.Tech, BSc, CA, CS, ICWA, Diploma
Location : Kolkata
Job Category : BSc/BCA/BCM, Core Technical, Diploma, Govt Sector, Others
Last Date : 31 Jul 2013
Job Type : Full Time
Hiring Process : Written-test
Job Details
hiring job
Advt. No.1/2013-FCI Manageme...read more
Vacancy for CA/ICWA in Macquarie Group Limited
Executive – Business Process & Change Management
Job number:
FMG-881810
Group:
Financial Management Group
Division:
Finance
Recruiter:
Rakshita Srivastava
Work type:
Permanent
Location:
Gurgaon
Executive-Business Process and Change Management
This role requires a high...read more
Fake CA's revenge: Files dodgy returns
Fake CA's revenge: Files dodgy returns
AHMEDABAD: Crime branch's cyber cell arrested a man, Jagat Parikh, on Friday for filing fake income tax returns on behalf of BJ Medical College. On interrogation he revealed that he used to have the contract to file IT returns on behalf of the institute for two years. He tried to frame the institute by filing fake returns to
AHMEDABAD: Crime branch's cyber cell arrested a man, Jagat Parikh, on Friday for filing fake income tax returns on behalf of BJ Medical College. On interrogation he revealed that he used to have the contract to file IT returns on behalf of the institute for two years. He tried to frame the institute by filing fake returns to
ICAI to set up 100 reading rooms, five accountancy museums
ICAI to set up 100 reading rooms, five accountancy museums
VADODARA: The Institute of Chartered Accountants of India (ICAI) will set up 100 reading rooms and at least five accountancy museums across the country this year. ICAI's vice president chartered accountant
VADODARA: The Institute of Chartered Accountants of India (ICAI) will set up 100 reading rooms and at least five accountancy museums across the country this year. ICAI's vice president chartered accountant
Accountant Required | Pune (Baner) | Salary range Rs 14k to 18 k p.m.
- Accountant for internal
accounting and book keeping.
**You may please email the resume at bala@bmcgroup.in or capritam@gmail.com
**
Find below the Job Description for Accountant position. ****
*Job Description: Accountant (1 Position): Pune * Salary Range: Rs. 14,000
to Rs. 18,000****
** **
*Job Description: Accountant (1 Position): Pune*
The Accountant will be responsible for day to day accounting, book keeping,
bank reconciliation and assistance to Auditors for Tax return filing.****
Essential Functions:****
**· **Recording of daily & weekly receipts and payments****
**· **Reconcile bank account with daily receipts and payments****
**· **Communicate with business development and operational team regarding
payment status of the Clients****
**· **Preparation of authorized vouchers, cheques and tax invoices****
**· **Receive, approve and when necessary investigates client's accounts
payable invoices****
**· **Communicates (both in verbal and written form) with clients,
suppliers, vendors and banking contacts****
**· **Prepare and verify daily reports****
**· **Compile monthly reports****
**· **Prepare monthly balance sheet schedules****
**· **Calculation of monthly statutory dues (i.e. service tax, TDS etc.)****
**· **Assisting Auditors on tax return preparation****
Job Qualifications:****
**· **Commerce Graduate ****
**· **1 year plus previous accounting & book keeping experience. ****
**· **Audit firm or CA training background a plus.****
**· **Knowledge of computerized accounting (Tally), Quick books etc.****
**· **Honest and must be able to keep Accounts data strictly confidential.**
**
**· **Self motivated, detail oriented and able to prioritize daily work
efficiently.****
**· **Proven ability to accommodate evolving responsibilities and last
minute changes.****
**· **Proficient in MS Word, Excel & Outlook express.****
**· **Must have excellent command over English & Hindi and inter-personal
skills.
accounting and book keeping.
**You may please email the resume at bala@bmcgroup.in or capritam@gmail.com
**
Find below the Job Description for Accountant position. ****
*Job Description: Accountant (1 Position): Pune * Salary Range: Rs. 14,000
to Rs. 18,000****
** **
*Job Description: Accountant (1 Position): Pune*
The Accountant will be responsible for day to day accounting, book keeping,
bank reconciliation and assistance to Auditors for Tax return filing.****
Essential Functions:****
**· **Recording of daily & weekly receipts and payments****
**· **Reconcile bank account with daily receipts and payments****
**· **Communicate with business development and operational team regarding
payment status of the Clients****
**· **Preparation of authorized vouchers, cheques and tax invoices****
**· **Receive, approve and when necessary investigates client's accounts
payable invoices****
**· **Communicates (both in verbal and written form) with clients,
suppliers, vendors and banking contacts****
**· **Prepare and verify daily reports****
**· **Compile monthly reports****
**· **Prepare monthly balance sheet schedules****
**· **Calculation of monthly statutory dues (i.e. service tax, TDS etc.)****
**· **Assisting Auditors on tax return preparation****
Job Qualifications:****
**· **Commerce Graduate ****
**· **1 year plus previous accounting & book keeping experience. ****
**· **Audit firm or CA training background a plus.****
**· **Knowledge of computerized accounting (Tally), Quick books etc.****
**· **Honest and must be able to keep Accounts data strictly confidential.**
**
**· **Self motivated, detail oriented and able to prioritize daily work
efficiently.****
**· **Proven ability to accommodate evolving responsibilities and last
minute changes.****
**· **Proficient in MS Word, Excel & Outlook express.****
**· **Must have excellent command over English & Hindi and inter-personal
skills.
Sunday, June 23, 2013
Vacancy for CA in IOT Anwesha Engineering and Construction Limited
Company: IOT Anwesha Engineering & Construction Limited
Industry: Engineering/Projects/Infrastructure/Power/Energy
Job Function: Office Administration
Company Details: IOT Anwesha Engineering and Construction Ltd., a
subsidiary of IOT Infrastructure and Energy Services Limited (IOTIE...read more
E-filers may not need to send hard copy to I-T dept
Taxpayers filing their income tax returns on the electronic mode may no
longer be asked to send paper documents to the Central Processing Centre
(CPC) in Bangalore as the Income Tax department is planning to
introduce electronic PIN-based verification for e-filers from this year.
The move would ...read more
Senior Auditor for Gurgaon location of US MNC
Position Summary:
The Senior Auditor is primarily responsible leading and/or participating
in audit projects of US MNC business units to evaluate the adequacy of
the business unit's overall control environment in both design and
application. The Senior Auditor is also responsi...read more
SEBI VIEWS ON INTERNAL AUDIT
Clause 49 of the listing agreement requires the audit committee to review with the
management, the performance of statutory and internal auditors, and the adequacy
of the internal audit function, if any, including the structure of the internal audit
department, staffing and seniority of th...read more
Vacancy for CA in J.Kumar Infraproject Ltd
Company: J.Kumar Infraproject Ltd
Industry: Engineering/Projects/Infrastructure/Power/Energy
Job Function: Finance & Accounting
Company Details: Leading Mumbai based Infrastructure company.
Job Description:
Requires candidates for Mumbai Office, Should have exp of 15 yrs and ab...read more
HEAVY PENALTY FOR NOT FILLING TAX AUDIT REPORT BY 30TH SEP
1) As the word "furnished" is used in sec. 44AB, and
2) as tax audit report is to be filled with Income Tax return and
3) as the due date of filling the Income tax return is 30th sep.,
if such income tax return is not uploaded(FURNISHED) by 30th september than penalty u/s 271B (1...read more
Internal Auditors required in Gundecha Construction Pvt. Ltd
Job Description:
Conducting Internal Control evaluation and risk assessment to identify loopholes and areas
Requiring management intervention to prevent frauds, embezzlements, misappropriations,
Misuse and wastage and ensuring that objectives of the organization are achieved
...read more
Sebi cracks whip on Alchemist Infra; orders refund to investors
In a fresh crackdown against ‘collective investment schemes’, Sebi has
asked Alchemist Infra Realty Ltd to wind up all such activities and
refund the money collected from public investors, which could be more
than ₹ 1,000 crore, within three months.
Besides, the company and its five directors...read more
Chartered Accountant for CA office
Riten Girish & Co
Chartered Accountant for CA office
Ours is a middle level CA firm having offices in Noida & Delhi
having exposure in Taxation, Auditing and Company Law Matters.
Chartered Accountant
Job Location: Noida
Job Description: We are looking for Chartered Accountants ...read more
Accountant Wins Miss USA Pageant
BY MICHAEL COHN
JUNE 18, 2013
We secretly knew all along that accounting was a glamorous profession,
but now we have proof.
On Sunday, Erin Brady, an accountant, won the Miss USA pageant. Brady
came to the pageant as Miss Connecticut and left as Miss USA. And she
may become Miss Universe n...read more
Certificate Course on "Forensic Accounting & Fraud Detection"
| Certificate Course on "Forensic Accounting & Fraud Detection" | ||
| Branch | : | Pune |
| Date | : | 27 Jun 2013 |
| Time | : | 9.00 a.m. |
| Venue | : | ICAI Bhawan, Bibwewadi, ITT Lab -1 |
Vacancy for CA/ICWA in IIT
A minimum of 5 years' experience in Central Govt. /State Govt.
/Autonomous bodies in the areas of finance & accounts / internal
audit / works accounts.
Working knowledge of Preparation of annual budget, annual accounts
(Comprising balance sheet, income & expenditure and formulating ...read more
Steps for e-filing of audit report
1. CHARTERED ACCOUNTANT:- (i) Go to incometaxindiaefiling.gov.in and click on ‘REGISTER YOURSELF’ and select the option Tax professional – Chartered Accountant. The registration of chartered accountant is one time activity and the Registration form which is opened after selecting the option cha...read more
Saturday, June 22, 2013
Vacancy for CA in Nahar Group
Company: Nahar Group
Industry: Construction/Cement/Metal/Steel/Iron
Job Function: Finance & Accounting
Company Details: Nahar Group
Job Description:
To fuel our growth we are looking for a Qualified Chartered Accountant
with 8 to 10 years of total experience with 3 to 4 years i...read more
Vacancy for Chartered Accountant in Dwarka Das Seth International Pvt Ltd
Job Description
Manage and coordinate the overall financial administration of divisions
and provide support to management by preparing complete set of
divisional financial statements including the income statement and
general ledger analysis.
Assist divisional managers to prepare annu...read more
Thursday, June 20, 2013
Vacancy for CS in IRCTC
Indian Railway Catering & Tourism Corporation Ltd. (IRCTC)
Company Secretary
Indian Railway Catering & Tourism Corporation (IRCTC)
Address: The Deputy General Manager (HRD), IRCTC Corporate Office, 5th Floor, STC Building,Tolstoy Marg, Jawahar Vyapar Bhawan, Janpath
Postal Code: 110001
City New Delhi
TCIL is looking for Advisor/Consultant in New Delhi.
| Employer Name: | Telecommunications Consultants India Ltd |
Request for Proposal (RFP) Hiring Services of Chartered Accountant firm for Concurrent Audit of 27 district Health Societies (DHSs)
National Rural Health Mission -Guwahati
Last Date : 21/06/2013
Selection of Auditors - Request for Proposal (RFP) Hiring Services of Chartered Accountant firm for Concurrent Audit of 27 district Health Societies (DHSs) and State Health Society for the Financial Year 2013-14.
Address: National Rural Health Mission Saikia Commercial Complex,Srinagar Path,Christianbasti,G.S Road,Guwahati-781005
Phone: 0361-2340240
Email: misnrhm.assam@gmail.com
Last Date : 21/06/2013
Selection of Auditors - Request for Proposal (RFP) Hiring Services of Chartered Accountant firm for Concurrent Audit of 27 district Health Societies (DHSs) and State Health Society for the Financial Year 2013-14.
Address: National Rural Health Mission Saikia Commercial Complex,Srinagar Path,Christianbasti,G.S Road,Guwahati-781005
Phone: 0361-2340240
Email: misnrhm.assam@gmail.com
A model can't be an actor - ITAT reaffirms it but in context of section 194J
[2013] 33 taxmann.com 496 (Article)
A model can't be an actor - ITAT reaffirms it but in context of section 194J
Introduction
1. The scope of rule 6F with reference to section 44AA(3) of the Income-tax Act, 1961, which defines a "film artist" and includes an actor, has been analyzed so as to consider the possibility of including the services of a stunt artist and a model, who is engaged in the promotion of products, etc., for the purpose of sections
A model can't be an actor - ITAT reaffirms it but in context of section 194J
Introduction
1. The scope of rule 6F with reference to section 44AA(3) of the Income-tax Act, 1961, which defines a "film artist" and includes an actor, has been analyzed so as to consider the possibility of including the services of a stunt artist and a model, who is engaged in the promotion of products, etc., for the purpose of sections
INCOME TAX REPORTS (ITR)--PRINT AND ONLINE EDITION (Issue dated 24-6-2013)
INCOME TAX REPORTS (ITR)--PRINT AND ONLINE EDITION
(Issue dated 24-6-2013)
Subject index
High Courts
Amalgamation of companies --Date of amalgamation--Amalgamation sanctioned by court--Date mentioned in scheme would be date of amalgamation--Income-tax Act, 1961-- Torrent P. Ltd . v . CIT (Guj) . . . 34
----Effect--Dividend distributed by amalgamating company to amalgamated company after date of
(Issue dated 24-6-2013)
Subject index
High Courts
Amalgamation of companies --Date of amalgamation--Amalgamation sanctioned by court--Date mentioned in scheme would be date of amalgamation--Income-tax Act, 1961-- Torrent P. Ltd . v . CIT (Guj) . . . 34
----Effect--Dividend distributed by amalgamating company to amalgamated company after date of
E-FILING OF AUDIT REPORT
PRACTICAL EXPERIENCE OF CA SUDHIR HALAKHANDI :- E-FILING OF AUDIT REPORT
- CA SUDHIR HALAKHANDI
-CA ABHAS HALAKHANDI
1. CHARTERED ACCOUNTANT:-
(i) Go to incometaxindiaefiling.gov.in and click on `REGISTER YOURSELF' and select the option Tax professional – Chartered Accountant. The registration of chartered accountant is one time activity and the
- CA SUDHIR HALAKHANDI
-CA ABHAS HALAKHANDI
1. CHARTERED ACCOUNTANT:-
(i) Go to incometaxindiaefiling.gov.in and click on `REGISTER YOURSELF' and select the option Tax professional – Chartered Accountant. The registration of chartered accountant is one time activity and the
S. 56(2)(vii)(b): Controversies Arising After Amendment By Finance Act 2013
S. 56(2)(vii)(b): Controversies Arising After Amendment By Finance Act 2013
S. 56(2)(vii)(b), as substituted
by the Finance Act 2013, provides that if immovable property is
transferred for a consideration which is less than the stamp duty value,
the difference is assessable as income in the transferee’s hands. The
authors have carefully studied this provision and raised several
thought-proving questions as to its implications in the hands of the
transferor and the transferee
Dual character of the elected representatives
Faridabad Branch felicitated
Hon’able President, VP and other council members on 19th June,
2013. As informed earlier, a memorandum containing the problems and
suggestions was to be delivered to worthy President in person. Keeping in view
the protocol and to maintain decorum, a mail requesting Branch Chairman, for
allowing 10 minutes time for giving memorandum and
Commodity Transaction Tax effective from July 1, 2013
Chapter VII of Finance Act, 2013 on Commodity Transaction
Tax effective from July 1, 2013
SECTION 115 OF THE FINANCE ACT, 2013 - COMMODITIES
TRANSACTION TAX –
Apply for concurrent audit of Punjab and Sind Bank
STEP1 : Apply online
STEPS 2: Send printed copy etc by 25th june*( For details : refer below)*
Link for Online application
https://www.psbindia.com/OnLine_Application_CCA.php
*ELIGIBILITY CRITERIA:*
*The following criteria shall be adopted while selecting a firm for
concurrent audit assignment:*
*i.* The Chartered Accountants firm should preferably be a partnership firm
with at least one FCA partner. The auditor has to attend branch/office for
at least 14 days in a calendar month. The FCA would visit the branch
personally at least 4 times in a month or as decided by the bank.
*ii.* The Sole Proprietorship Chartered Accountant firms should be
discouraged, however, in case proprietor is a FCA and has employed an
ex-banker of scale-II & above for conducting concurrent audit, the Bank, on
merit of each such case, would consider the application. The auditor has to
attend branch/office for at least 14 days in a calendar month. Further, in
such cases the FCA would visit the branch personally at least 4 times in a
month or as decided by the bank.
*iii.* The license of the proprietor / Key Person of the partnership
concern has been issued for Full Time practice by The Institute of
Chartered Accountants and the proprietor/ Key Person of the partnership
firm is not in another Full Time Service.
*iv.* The firms should be selected from the RBI panel as per gradation
suggested for Branch Statutory Auditor appointment.
*v.* The firms should have qualified Information System Auditor (CISA/DISA)
with adequate exposure of more than 1 year in systems audit. IS audit would
be conducted in accordance with IS Audit policy of the Bank & as per format
provided by the bank, which should form an integral part of concurrent
audit.
*vi.* The firms should have been established for at least 3 years prior to
the date of application. The audit firm or any sister / associate concern /
network firm should not have been debarred/de-paneled/ is not conducting
the statutory audit of the Bank or any of its branches. Preference should
be given to the firms where the partners themselves were ex-bankers or the
firm has got tie-up with ex-bankers, of scale-II & above, with requisite
experience and exposure. In case, CA firm is doing auditing work/providing
any professional Services to any of the customers of the Bank, this must be
disclosed by way of an undertaking/declaration given below: " We have been
allotted Concurrent Audit work of your Branch Office.................. for
the period...........to …........... . In this regard, it is declared that
our firm is / has been providing Professional Services/ is an Auditor of
the following customers of the Branch. This declaration must be enclosed
with every monthly/quarterly report sent by you."
*vii.* The firm is not in any case disqualified under provision of Sec.226
of Companies Act, 1956. The firm or any of its associate firm(s) have never
been de-paneled due to poor performance.
*viii.* Preference should be given to those firms who have adequate
exposure in conducting concurrent audit of the Bank branches of public
sector / major private sector banks.
*ix.* The firms should have necessary office set up within same city or
periphery of the allotted branch/office and adequate personnel to ensure
proper deployment and timely completion of the assignments.
*x.* The firm has to undertake Risk Based Concurrent Audit as per checklist
& audit formats of the Bank. On the implementation of Risk Based Concurrent
Audit system in the bank the concurrent auditors would give rating or
grade, as per policy of the bank, for the audit entity. This rating should
be based on his observations about branch functioning.
*xi. *The firm would mandatorily sign the Dos & Don't statement & abide by
Dos & Don'ts issued by the Bank.
*xii. *The tenure of the concurrent audit would be initially for one year
and would be extended for a further period of one year (overall two years),
based on the performance of the auditor in the first year and the firms may
be considered for audit assignment in other audit units/ locations or
areas. However, after having conducted concurrent audit for two years
continuously, the concerned CCA will be given one year break (Cooling
period), before reappointing them or their associate concern(s).
*xiii.* At any point of time, not more than one audit assignment would be
awarded to any single firm. An audit assignment that needs to be carried
out across the branches/ units at different locations would be considered
as a single assignment for this purpose.
*xiv.* Cooling period of two years would be observed for a firm to become
eligible for appointment in the same audit unit purely at the discretion of
the Bank and no rights whatsoever accrue to the firm for such appointment.
*xv.* The audit coverage should be strictly as per the scope of audit as
may be decided by the Bank from time to time.
*xvi.* The concurrent auditor should not undertake any other activity/
assignment on behalf of the branch or unit without obtaining the prior
concurrence of the audit department in writing.
*xvii.* The present fee structure is as under:
*Sr. No.*
*Criteria for Remuneration (Deposits + Advances) at branch*
*Amount of Remuneration*
*payable per month (lump sum) in Rupees*
1
Up to 100 Crore
10000/-
2
Over Rs.100 Crore & up to Rs.300 Crore
12000/-
3
Over Rs.300 Crore & up to Rs.500 Crore
14000/-
4
Over Rs.500 Crore & up to Rs.1000 Crore
16000/-
5
Over Rs.1000 Crore
18000/-
6
Service Branches
7500/-
7
Treasury & Dealing Rooms (HO Foreign Exchange Dept)
12000/-
8
Investment Portfolio (HO Investment Dept.)
12000/-
9
H.O.I.T Department
12000/-
The above fee is exclusive of Service Tax.
*xviii. *No out of pocket expenses or traveling allowance / halting
allowance would be paid to the concurrent audit firms for carrying out the
assignment. However, the service tax, education cess etc. would be paid as
applicable from time to time in addition to the basic fee. The concurrent
auditors may be reimbursed actual out of pocket expenses incurred in
connection with travel involved for conducting stock audits. The payment to
the concurrent auditors would be subject to deduction of tax at source at
appropriate rates.
*xix.* All the necessary certificates that need to be given as a part of
the concurrent audit assignment (Bills of Entry verification, A1/A2 Forms
etc.) would be given by the audit firm under its letterhead without any
additional certification fee.
*xx.* On the implementation of Risk Based Concurrent Audit system in the
bank the concurrent auditors would give rating or grade, as per policy of
the bank, for the audit entity. This rating should be based on his
observations about branch functioning.
*xxi.* The Concurrent auditor shall use the checklist and other operating
guidelines provided by the Bank. Need based training / consultation would
be provided to them for enhancing the quality of the audit.
*xxii.*The Concurrent Auditors should certify all the reports under Branch
Statutory Audit System wherever Concurrent Audits are conducted by external
Chartered Accountants, similarly, Certification regarding Tax Audit would
also be taken from such Concurrent Auditors.
*xxiii.*The Concurrent auditor i.e. Chartered Accountant Firm should also
undertake stock audit function for which they will be suitably remunerated,
as per policy of the Bank.
*xxiv.*All matters of grave nature, as defined & communicated by the Bank
from time to time, which are likely to cause loss to the bank, in respect
of which immediate action is called for on the part of the
Branch/Zonal/Head Office have to be informed immediately by way of
Confidential/Flash Reports. Before drawing up the report, the Concurrent
Auditor should have a thorough discussion with the in-charge of audit unit
to ascertain all relevant points/facts on the subject to be covered in the
confidential/flash report. The copies of reports need not be given to the
Branch. Such reports should be sent to General Manager (Inspection) with a
copy to respective Zonal Manager. The Concurrent Auditor should invariably
furnish therein his views/opinion/conclusions based on his findings.
*xxv.*The concurrent audit report is to be submitted to Branch, Zonal
Office and respective Zonal Inspectorate, however, CCAR for quarter end is
to be submitted to HO. Inspection Dept. also.
*xxvi.*A formal wrap-up discussion with the in-charges of audit unit along
with the concurrent auditors will be held once in quarter with the Zonal
Manager, at Zonal Office. In case of audit of departments at Head Office,
the wrap up discussion with HOD alongwith concurrent auditors would be held
with General Manger (Inspection) once in a quarter at Head Office.
*xxvii.*The CCA should ensure that the deficiencies pointed out in the
concurrent audit reports are rectified & closed within a reasonable period,
as prescribed by the bank. The pending issues of the previous reports need
to be mentioned as a persisting irregularity/deficiency in the subsequent
reports and the audit reports i.e. monthly and quarter ended. The
concurrent audit reports of quarter end are to be formally closed once in a
quarter.
*xxviii.*The concurrent auditor is to submit the report (a softcopy through
email followed by Hard copy) strictly as per the schedule prescribed. Any
delay in submission should result in withholding the professional fee,
which should be released after the approval from General Manager
(Inspection). Repeated instance would lead to cancellation of assignment.
*xxix.*The concurrent auditor to carry out assignment in a professional
manner and in case of any misconduct & negligence the Bank should report
the matter to ICAI / RBI. This will be in addition to the disengagement
from the assignment.
*xxx.*In the event of colluding with customer/third part causing pecuniary
loss/damage to the bank, the bank shall recommend the name of the
concurrent auditor to IBA for inclusion in its caution list circulated
among banks on the advice of RBI, besides termination of assignment.
*xxxi.* In addition to above, the audit firms shall:
a) Execute undertaking of fidelity and secrecy on its letterhead in the
format prescribed by the Bank.
b) Not sub-contract the audit work assigned to any outside firm or other
persons even though such persons are qualified Chartered Accountants.
c) Furnish a declaration that credit facilities availed by the firm or
partners or firms in which they are partners or directors including any
facility availed by a third party for which the firm or its partners are
guarantor/s have not turned or are existing as non- performing assets as
per the prudential norms of RBI. In case the declaration is found
incorrect, the assignment would get terminated besides the firm being
liable for any action under ICAI / RBI guidelines.
d) *Print of Online application, ICAI Constitution Certificate, ICAI
Membership Certificate, DISA/CISA certificate should be submitted latest by
25th june 2013 to:*
*Asst. General Manager (I) Punjab & Sind Bank
H.O. Inspection Department,
06,Scindia House, Connaught Place,
New Delhi-110001
E-mail - ho.insp@psb.org.in
Phone – 011- 23716646/23716647/23718685
Fax- 23714911*
Any other terms and conditions of the assignment would be decided by the
Bank on a case-to-case basis.
--
STEPS 2: Send printed copy etc by 25th june*( For details : refer below)*
Link for Online application
https://www.psbindia.com/OnLine_Application_CCA.php
*ELIGIBILITY CRITERIA:*
*The following criteria shall be adopted while selecting a firm for
concurrent audit assignment:*
*i.* The Chartered Accountants firm should preferably be a partnership firm
with at least one FCA partner. The auditor has to attend branch/office for
at least 14 days in a calendar month. The FCA would visit the branch
personally at least 4 times in a month or as decided by the bank.
*ii.* The Sole Proprietorship Chartered Accountant firms should be
discouraged, however, in case proprietor is a FCA and has employed an
ex-banker of scale-II & above for conducting concurrent audit, the Bank, on
merit of each such case, would consider the application. The auditor has to
attend branch/office for at least 14 days in a calendar month. Further, in
such cases the FCA would visit the branch personally at least 4 times in a
month or as decided by the bank.
*iii.* The license of the proprietor / Key Person of the partnership
concern has been issued for Full Time practice by The Institute of
Chartered Accountants and the proprietor/ Key Person of the partnership
firm is not in another Full Time Service.
*iv.* The firms should be selected from the RBI panel as per gradation
suggested for Branch Statutory Auditor appointment.
*v.* The firms should have qualified Information System Auditor (CISA/DISA)
with adequate exposure of more than 1 year in systems audit. IS audit would
be conducted in accordance with IS Audit policy of the Bank & as per format
provided by the bank, which should form an integral part of concurrent
audit.
*vi.* The firms should have been established for at least 3 years prior to
the date of application. The audit firm or any sister / associate concern /
network firm should not have been debarred/de-paneled/ is not conducting
the statutory audit of the Bank or any of its branches. Preference should
be given to the firms where the partners themselves were ex-bankers or the
firm has got tie-up with ex-bankers, of scale-II & above, with requisite
experience and exposure. In case, CA firm is doing auditing work/providing
any professional Services to any of the customers of the Bank, this must be
disclosed by way of an undertaking/declaration given below: " We have been
allotted Concurrent Audit work of your Branch Office.................. for
the period...........to …........... . In this regard, it is declared that
our firm is / has been providing Professional Services/ is an Auditor of
the following customers of the Branch. This declaration must be enclosed
with every monthly/quarterly report sent by you."
*vii.* The firm is not in any case disqualified under provision of Sec.226
of Companies Act, 1956. The firm or any of its associate firm(s) have never
been de-paneled due to poor performance.
*viii.* Preference should be given to those firms who have adequate
exposure in conducting concurrent audit of the Bank branches of public
sector / major private sector banks.
*ix.* The firms should have necessary office set up within same city or
periphery of the allotted branch/office and adequate personnel to ensure
proper deployment and timely completion of the assignments.
*x.* The firm has to undertake Risk Based Concurrent Audit as per checklist
& audit formats of the Bank. On the implementation of Risk Based Concurrent
Audit system in the bank the concurrent auditors would give rating or
grade, as per policy of the bank, for the audit entity. This rating should
be based on his observations about branch functioning.
*xi. *The firm would mandatorily sign the Dos & Don't statement & abide by
Dos & Don'ts issued by the Bank.
*xii. *The tenure of the concurrent audit would be initially for one year
and would be extended for a further period of one year (overall two years),
based on the performance of the auditor in the first year and the firms may
be considered for audit assignment in other audit units/ locations or
areas. However, after having conducted concurrent audit for two years
continuously, the concerned CCA will be given one year break (Cooling
period), before reappointing them or their associate concern(s).
*xiii.* At any point of time, not more than one audit assignment would be
awarded to any single firm. An audit assignment that needs to be carried
out across the branches/ units at different locations would be considered
as a single assignment for this purpose.
*xiv.* Cooling period of two years would be observed for a firm to become
eligible for appointment in the same audit unit purely at the discretion of
the Bank and no rights whatsoever accrue to the firm for such appointment.
*xv.* The audit coverage should be strictly as per the scope of audit as
may be decided by the Bank from time to time.
*xvi.* The concurrent auditor should not undertake any other activity/
assignment on behalf of the branch or unit without obtaining the prior
concurrence of the audit department in writing.
*xvii.* The present fee structure is as under:
*Sr. No.*
*Criteria for Remuneration (Deposits + Advances) at branch*
*Amount of Remuneration*
*payable per month (lump sum) in Rupees*
1
Up to 100 Crore
10000/-
2
Over Rs.100 Crore & up to Rs.300 Crore
12000/-
3
Over Rs.300 Crore & up to Rs.500 Crore
14000/-
4
Over Rs.500 Crore & up to Rs.1000 Crore
16000/-
5
Over Rs.1000 Crore
18000/-
6
Service Branches
7500/-
7
Treasury & Dealing Rooms (HO Foreign Exchange Dept)
12000/-
8
Investment Portfolio (HO Investment Dept.)
12000/-
9
H.O.I.T Department
12000/-
The above fee is exclusive of Service Tax.
*xviii. *No out of pocket expenses or traveling allowance / halting
allowance would be paid to the concurrent audit firms for carrying out the
assignment. However, the service tax, education cess etc. would be paid as
applicable from time to time in addition to the basic fee. The concurrent
auditors may be reimbursed actual out of pocket expenses incurred in
connection with travel involved for conducting stock audits. The payment to
the concurrent auditors would be subject to deduction of tax at source at
appropriate rates.
*xix.* All the necessary certificates that need to be given as a part of
the concurrent audit assignment (Bills of Entry verification, A1/A2 Forms
etc.) would be given by the audit firm under its letterhead without any
additional certification fee.
*xx.* On the implementation of Risk Based Concurrent Audit system in the
bank the concurrent auditors would give rating or grade, as per policy of
the bank, for the audit entity. This rating should be based on his
observations about branch functioning.
*xxi.* The Concurrent auditor shall use the checklist and other operating
guidelines provided by the Bank. Need based training / consultation would
be provided to them for enhancing the quality of the audit.
*xxii.*The Concurrent Auditors should certify all the reports under Branch
Statutory Audit System wherever Concurrent Audits are conducted by external
Chartered Accountants, similarly, Certification regarding Tax Audit would
also be taken from such Concurrent Auditors.
*xxiii.*The Concurrent auditor i.e. Chartered Accountant Firm should also
undertake stock audit function for which they will be suitably remunerated,
as per policy of the Bank.
*xxiv.*All matters of grave nature, as defined & communicated by the Bank
from time to time, which are likely to cause loss to the bank, in respect
of which immediate action is called for on the part of the
Branch/Zonal/Head Office have to be informed immediately by way of
Confidential/Flash Reports. Before drawing up the report, the Concurrent
Auditor should have a thorough discussion with the in-charge of audit unit
to ascertain all relevant points/facts on the subject to be covered in the
confidential/flash report. The copies of reports need not be given to the
Branch. Such reports should be sent to General Manager (Inspection) with a
copy to respective Zonal Manager. The Concurrent Auditor should invariably
furnish therein his views/opinion/conclusions based on his findings.
*xxv.*The concurrent audit report is to be submitted to Branch, Zonal
Office and respective Zonal Inspectorate, however, CCAR for quarter end is
to be submitted to HO. Inspection Dept. also.
*xxvi.*A formal wrap-up discussion with the in-charges of audit unit along
with the concurrent auditors will be held once in quarter with the Zonal
Manager, at Zonal Office. In case of audit of departments at Head Office,
the wrap up discussion with HOD alongwith concurrent auditors would be held
with General Manger (Inspection) once in a quarter at Head Office.
*xxvii.*The CCA should ensure that the deficiencies pointed out in the
concurrent audit reports are rectified & closed within a reasonable period,
as prescribed by the bank. The pending issues of the previous reports need
to be mentioned as a persisting irregularity/deficiency in the subsequent
reports and the audit reports i.e. monthly and quarter ended. The
concurrent audit reports of quarter end are to be formally closed once in a
quarter.
*xxviii.*The concurrent auditor is to submit the report (a softcopy through
email followed by Hard copy) strictly as per the schedule prescribed. Any
delay in submission should result in withholding the professional fee,
which should be released after the approval from General Manager
(Inspection). Repeated instance would lead to cancellation of assignment.
*xxix.*The concurrent auditor to carry out assignment in a professional
manner and in case of any misconduct & negligence the Bank should report
the matter to ICAI / RBI. This will be in addition to the disengagement
from the assignment.
*xxx.*In the event of colluding with customer/third part causing pecuniary
loss/damage to the bank, the bank shall recommend the name of the
concurrent auditor to IBA for inclusion in its caution list circulated
among banks on the advice of RBI, besides termination of assignment.
*xxxi.* In addition to above, the audit firms shall:
a) Execute undertaking of fidelity and secrecy on its letterhead in the
format prescribed by the Bank.
b) Not sub-contract the audit work assigned to any outside firm or other
persons even though such persons are qualified Chartered Accountants.
c) Furnish a declaration that credit facilities availed by the firm or
partners or firms in which they are partners or directors including any
facility availed by a third party for which the firm or its partners are
guarantor/s have not turned or are existing as non- performing assets as
per the prudential norms of RBI. In case the declaration is found
incorrect, the assignment would get terminated besides the firm being
liable for any action under ICAI / RBI guidelines.
d) *Print of Online application, ICAI Constitution Certificate, ICAI
Membership Certificate, DISA/CISA certificate should be submitted latest by
25th june 2013 to:*
*Asst. General Manager (I) Punjab & Sind Bank
H.O. Inspection Department,
06,Scindia House, Connaught Place,
New Delhi-110001
E-mail - ho.insp@psb.org.in
Phone – 011- 23716646/23716647/23718685
Fax- 23714911*
Any other terms and conditions of the assignment would be decided by the
Bank on a case-to-case basis.
--
Tuesday, June 18, 2013
Expressions of interest (EOI) for CAG empanelled chartered accountant firms to conduct The statutory audit of Gujarat state AIDS control society
Gujarat State Aids Control Society
Last Date : 20/06/2013
Expressions of interest (EOI) for CAG empanelled chartered accountant firms to conduct The statutory audit of gtujarat state AIDS control society, the internal audit of ngo, s & peripheral units under.
Address: Gujarat State AIDS Control Society O-1 Block, New Mental Hospital Complex, Meghaninagar, Ahmedabad – 380 016
Phone: 079-22685210
Email: sacsgujarat@gmail.com
Last Date : 20/06/2013
Expressions of interest (EOI) for CAG empanelled chartered accountant firms to conduct The statutory audit of gtujarat state AIDS control society, the internal audit of ngo, s & peripheral units under.
Address: Gujarat State AIDS Control Society O-1 Block, New Mental Hospital Complex, Meghaninagar, Ahmedabad – 380 016
Phone: 079-22685210
Email: sacsgujarat@gmail.com
No Tax Evasion In Sale Of Land Through Shares Of Shell Co: Kar High Court
Bhoruka Engineering Inds. Ltd. vs. DCIT (Karnataka High Court)
S. 10(38): Scheme of sale of land through sale of shares of shell
company is valid
The assessee held 98.73% shares in Bhoruka Financial Services Limited
(BFSL). In AY 2005-06 BFSL purchased a plot of land from a group si...read more
S. 36(1)(v): Payment To LIC Towards Group Gratuity fund Allowable: Supreme Court
CIT vs. Textool Co. Ltd (Supreme Court)
Though s. 36(1)(v) requires direct payment to the gratuity trust fund,
payment to the LIC Group Gratuity Scheme is also allowable
The assessee set up a gratuity fund which was duly approved by the CIT.
However, instead of making payment to the f...read more
Deloitte Fined and Banned
Deloitte Fined and Banned: Accounting Firm Botches Consulting
Engagement Dealing with Bank Regulatory Problems
June 18, 2013 by LuAnn Bean
Deloitte was hired by Standard Chartered, a British bank, to
independently spot suspicious money transfers routed through
its New York branches. How...read more
Monday, June 17, 2013
Vacancy for CA in Central Warehousing Corporation
Company Profile
A premier Warehousing Agency in India, established during 1957 providing
logistics support to the agricultural sector, is one of the biggest
public warehouse operators in the country offering logistics services to
a diverse group of clients. CWC is operating 476 Warehouses acr...read more
Bluetooth Slide-out Keyboard for Samsung Galaxy S4
Bluetooth Slide-out Keyboard for Samsung Galaxy S4
provides quick access to all controls, features, camera, and ports.
Conveniently designed slide-out keyboard allows you to switch from the
touch screen to keyboard. It easily pairs over Bluetooth connectivity
and features a slide-out QWERTY keyboard with LED back light that allows
you to type when it's dark. It's powered by an advanced Lithium
rechargeable battery and built-in on/off switch lets you conserve
battery life. Adjustable angled body gives you flexibility to watch
movies or type while you are laying down. Simply snap in your Samsung
S4, connect and you've got a fully functional keyboard ready whenever
you need it! [Buy $79.99]
IT-Alienation of property for construction under joint development agreement comes within meaning of ‘transfer’
IT : Transfer of possession of property to developer for construction of
flats under Joint Development Agreement, as per which assessee was
entitled to 50 per cent built up area, is 'transfer' as per section
2(47) and is taxable in year in which agreement, giving vacant and
peaceful possession t...read more
Delhi VAT Notification on DP1, Bank VAT return, VAT audit reports
Charitable trusts — Registered u/s 12AA — No trust deed executed — Exemption u/s 11 — Allowability
Asstt Commissioner of Income Tax v Gujarat Chief Minister's Relief Fund,
Charitable trusts — Registered u/s 12AA — No trust deed executed —
Exemption u/s 11 — Allowability — Assessee was registered as Charitable
trust by CIT u/s 12AA — Exemption was claimed u/s 11 — Re-assessment
proceedings ...read more
TDS of 1% u/s 194-IA even on payment to builders for under construction or ready possess
It seems that prima facie, Sec. 194-IA is also applicable to payments
made by the flat buyers to builders. Hence anyone buying a flat ( more
than 50 lacs ) from a builder ahs to deduct 1% and do the needful. This
will affect the tax workings & cash flows of builders. The section
does not gi...read more
TRAI lowers roaming charges for calls, SMSs
New Delhi: Telecom regulator TRAI on Monday announced reduction in the
national mobile phone roaming charges, but said there will be no free
national roaming as of now.
The sectoral regulator has also come out with conditional free national
roaming plans, a move that will bring down cellphon...read more
Vacancy for CA in GE
Business GE Global Growth & Operations
Business Segment Global Growth & Operations - GE India
Posted Position Title Manager
Career Level Experienced
Function Finance
Function Segment Controllership
Location(s) Where Opening Is Available India
City Pune
Postal Code 41050...read more
Vacancy Senior Manager - Finance Ansal Housing & Construction Ltd
Company: Ansal Housing & Construction Ltd.
Industry: Construction/Cement/Metal/Steel/Iron
Job Function: Finance & Accounting
Company Details: Ansal API.
Job Description:
C.A. with 6-8 years of post qualification experience in finance and funds raising in a large organizatio...read more
Vacancy for CA/ICWA Inter in GAIL
Share on facebook Share on twitter Share on email Share on print More Sharing Services 1
Employment Notice For
Technician, Operator, Accounts Assistant, Foreman, Junior Superintendent, Junior Accountant
City / State
Vaghodia , Gujarat
Advertisement No
Last Date
18-07-2013
S.No....read more
Apply for concurrent audit of Punjab and Sind Bank
STEP1 : Apply online
STEPS 2: Send printed copy etc by 25th june( For details : refer below)
Link for Online application https://www.psbindia.com/OnLine_Application_CCA.php
ELIGIBILITY CRITERIA:
The following criteria shall be adopted while selecting a firm for concurrent audit ass...read more
Though s. 36(1)(v) requires direct payment to the gratuity trust fund, payment to the LIC Group Gratuity Scheme is also allowable
CIT vs. Textool Co. Ltd (Supreme Court)
Though s. 36(1)(v) requires direct payment to the gratuity trust fund,
payment to the LIC Group Gratuity Scheme is also allowable
The assessee set up a gratuity fund which was duly approved by the CIT.
However, instead of making payment to the fu...read more
Sunday, June 16, 2013
RBI JOB OPPORTUNITIES - CA/ CMA/ CS
Applications (App.) are invited for the post mentioned below in Reserve
Bank of India (RBI/Bank) from Indian citizens, citizens of Nepal and
subjects of Bhutan, Tibetan refugees (who came over to India before 1st
January 1962) and persons of Indian origin who have migrated from
Myanmar and Sri L...read more
Request for proposal of hiring services of chartered accountant firm for statutory audit of state health society & district health society for the financial year 2012-13 under national rural health mission
National Rural Health Mission - Trivandrum - Kerala
Last Date : 17/06/2013
Request for proposal of hiring services of chartered accountant firm for statutory audit of state health society & district health society for the financial year 2012-13 under national rural health mission
Address: National Rural Health Mission Directorate of Health Services,General Hospital Junction Thiruvananthapuram 695035
Phone: 0471-2301181
Email: nrhmfinance@gmail.com
Last Date : 17/06/2013
Request for proposal of hiring services of chartered accountant firm for statutory audit of state health society & district health society for the financial year 2012-13 under national rural health mission
Address: National Rural Health Mission Directorate of Health Services,General Hospital Junction Thiruvananthapuram 695035
Phone: 0471-2301181
Email: nrhmfinance@gmail.com
ST : Cleaning of building of Hospital, which was not a commercial building, is not liable to service tax under Cleaning Services
ST : Where an assessee is filing returns regularly and its unit is
audited periodically, Department is aware about fact of services
rendered by them, there can't be any charge of suppression so as to
invoke extended
Not mandatory to post paper copy of I-T e-filings
"Not mandatory to post paper copy of I-T e-filings"
New Delhi, Jun 16 (PTI) Millions of taxpayers filing electronic I-T returns will soon get relief from sending by
New Delhi, Jun 16 (PTI) Millions of taxpayers filing electronic I-T returns will soon get relief from sending by
Thursday, June 13, 2013
Wednesday, June 12, 2013
PROCESSING AND SETTLEMENT OF EXPORT RELATED RECEIPTS FACILITATED BY ONLINE PAYMENT GATEWAYS
PROCESSING AND SETTLEMENT OF EXPORT RELATED RECEIPTS FACILITATED BY
ONLINE PAYMENT GATEWAYS – ENHANCEMENT OF THE VALUE OF TRANSACTION
A.P. (DIR SERIES 2012-13) CIRCULAR NO. 109, DATED 11-6-2013
Attention of Authorised Dealer Category 1 (AD Category – 1) banks is invited to the A.P. (DIR Series) Circular No. 35, dated October 14, 2011 in terms of which AD Category I banks have been permitted to
A.P. (DIR SERIES 2012-13) CIRCULAR NO. 109, DATED 11-6-2013
Attention of Authorised Dealer Category 1 (AD Category – 1) banks is invited to the A.P. (DIR Series) Circular No. 35, dated October 14, 2011 in terms of which AD Category I banks have been permitted to
WARREN BUFFET 26 SECRETS BOOK TO BE PUBLISHED IN AUGUST 2013
Living With Bipolar Disorder: A Guide For Individuals and Families by Michael W. Otto, Noreen A. Reilly-Harrington, Robert O. Knauz, Aude Henin and Jane N. Kogan aims to help suffers learn how to better recognize mood shifts before they happen, minimize their impact, and move on with their lives. This book teaches individuals with bipolar disorder how
INCOME-TAX (SEVENTH AMENDMENT) RULES, 2013 – AMENDMENT IN RULE 12 and SUBSTITUTION OF FORMS ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 AND ITR-7
INCOME-TAX (SEVENTH AMENDMENT) RULES, 2013 – AMENDMENT IN RULE 12 &
SUBSTITUTION OF FORMS ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 AND ITR-7
NOTIFICATION NO. 42/2013 [F.NO.142/5/2013-TPL]/SO 1513(E), DATED 11-6-2013
In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
NOTIFICATION NO. 42/2013 [F.NO.142/5/2013-TPL]/SO 1513(E), DATED 11-6-2013
In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
Concurrent audit for Central Bank
Concurrent audit for Central Bank link to apply online http://119.82.71.21/caudit/welcome.aspx
Lasst date to apply is 13/06/2013.
'Tax Your Brain' - TV Quiz Show
'Tax Your Brain' - TV Quiz Show
THE Directorate of Income Tax (PR, PP&OL) has produced a
twelve-episode quiz show, which is telecast every Saturday on NDTV
24x7. The quiz show is called "Tax Your Brain" and aims to communicate
with the school children and youth of the country on the "need for
taxation in civil society".
The
quiz show features 32 teams from 32 different cities of the country.
Mr. Saurav (Dada) Ganguly, ex-India cricket captain is the quiz master.
CBDT notification on Domestic Transfer pricing certificate
The
CBDT has notified (Notification dated 10 June 2013) new Form 3CEB which
includes reporting on specified domestic transactions. The said
notification also amends Rule 10A, 10AB, 10B,
10C, 10D and 10E.
Following are the additional international transactions required to be reported in new Form 3CEB:
UNION FINANCE MINISTRY HAS RAISED THE AUDIT LIMIT OF NATIONALISED BANK > BRANCES AGAIN
UNION FINANCE MINISTRY HAS RAISED THE AUDIT LIMIT OF NATIONALISED BANK
> BRANCES AGAIN AND THIS TIME IT IS JUST NOT A CASE OF 2 OR 5 CRORES THIS TIME
> IT HAS BEEN INCREASED BY 30 CRORES.
> BRANCES AGAIN AND THIS TIME IT IS JUST NOT A CASE OF 2 OR 5 CRORES THIS TIME
> IT HAS BEEN INCREASED BY 30 CRORES.
Nokia tax tangle: Now ICAI probe
Finnish mobility devices company Nokia's tax muddle has deepened. The vendor is apparently running out of options, whilst it's yet to embark on full-fledged legal recourse. Beset by double whammy, Nokia has already sought intervention from
Tuesday, June 11, 2013
: Qualified Members Eligible for Audit of Algorithmic Trading System
We are pleased to inform that as per the SEBI guidelines dated 21st May
2013, DISA Qualified members can take up the audit of algorithmic trading
system.
We wish you success in your future endeavors in the field of Information
Systems Auditing.
2013, DISA Qualified members can take up the audit of algorithmic trading
system.
We wish you success in your future endeavors in the field of Information
Systems Auditing.
Seven Ways Income Tax Department Is Getting Information About You
-
Seven Ways Income Tax Department Is Getting
Information About You
The Income
Tax Department is watching you silently.
As far as IT
Provision is concern, where some specified persons are held responsible for
filing Annual Information Return (AIR ) with the Income Tax Department.These
data are then taken up on a sample basis for Scrutiny Selection.
Here are the
7 reasons why information about your transaction will be stored in central
database of income tax department . This is as per law and the same person with
whom you have made transaction is compelled under
I .T. Act to
submit the information to department annually.
1) You have
deposited Rs 10 lakhs in aggregate in a savings account with a bank.
2) Payments
of Rs 2 lakhs in aggregate in a year made through your credit cards.
3) Bought
Mutual Fund units for Rs 2 lakhs from a mutual fund company.
4) Invested
Rs 5 lakhs in bonds or debentures issued by the company or institution.
5) Applied
for shares in IPOs for Rs 1 lakhs or more.
6) Purchased
or sold immovable property valued at 30 lakh rupees
Seven Ways Income Tax Department Is Getting
Information About You
The Income
Tax Department is watching you silently.
As far as IT
Provision is concern, where some specified persons are held responsible for
filing Annual Information Return (AIR ) with the Income Tax Department.These
data are then taken up on a sample basis for Scrutiny Selection.
Here are the
7 reasons why information about your transaction will be stored in central
database of income tax department . This is as per law and the same person with
whom you have made transaction is compelled under
I .T. Act to
submit the information to department annually.
1) You have
deposited Rs 10 lakhs in aggregate in a savings account with a bank.
2) Payments
of Rs 2 lakhs in aggregate in a year made through your credit cards.
3) Bought
Mutual Fund units for Rs 2 lakhs from a mutual fund company.
4) Invested
Rs 5 lakhs in bonds or debentures issued by the company or institution.
5) Applied
for shares in IPOs for Rs 1 lakhs or more.
6) Purchased
or sold immovable property valued at 30 lakh rupees
Sunday, June 9, 2013
How to tackle the Notice u/s 139-9 Defective Return.
Notice u/s 139(9)
Nowadays it has been noticing that the IT department is sending Notices
for defective returns u/s 139(9) to so many assesses. In this article we
would guide you on the necessary steps to be taken if you have got a
Notice u/s 139(9). All returns whether filed electronically or ...read more
Vacancy for CA in Informatica
Our Company
Informatica is the world’s number one independent provider of data
integration software. Thousands of organizations around the world rely
on Informatica for maximizing return on data to drive their top business
imperatives and fully leverage their information assets residing
on-prem...read more
Notices to CA for-fraud in loan waivers
We had asked banks to review each of the 3.4 crore cases where loan waiver were granted after the CAG detected irregularities in a sample study. Banks discovered few cases where benefits were denied to deserving and few cases where benefits were given to wrong people. In all the cases where be...read more
Vacancy for CA Inter/ ICWA Inter in Mesco Steel Group
Company: Mesco Steel Group
Industry: Construction/Cement/Metal/Steel/Iron
Job Function: Finance & Accounting
Company Details: Mideast Integrated Steels Ltd. (MISL) belongs to one of
the fastest growing business groups in India the Mesco Steel Grour MISL
currently operates an Iron Ore...read more
ICAI to set up ‘accountancy museums’ in 25 cities
For better documentation and archiving in accountancy and audit, the
Institute of Chartered Accountancy of India (ICAI) will set up
“accountancy museums” in 25 cities across the country.
ICAI, which already has such a museum at Noida on Delhi’s outskirts,
will now have such establishments...read more
Saturday, June 8, 2013
Vacancy for CA / ICWA in Indian Air Force
(a). Details for flying branch (No. 43 Short Service Commission Course):
Eligibility for job opening:
Age limit: 19-23 years as on 01-07-2014
Pay Scale:
Gross Monthly Emoluments Rs. 66110/-
(b). Details for Technical branch (57 SSC course):
Eligibility for job opening:
Age limit: 18...read more
Cos to inform investors about restatement of accounts: SEBI
SEBI is in receipt of various queries with regard to restatement of
books of accounts of listed companies
Market regulator SEBI (Securities and Exchange Board of India) asked
listed companies to immediately inform the investors about any
restatement of their books of accounts necessitated by po...read more
Vacancy for CA in Nyati group
Company: NYATI Group
Industry: Construction/Cement/Metal/Steel/Iron
Job Function: Finance & Accounting
Company Details: NYATI Group
Job Description:
Candidates should be Inter CA/M.com with minimum five years experience in Accounts Department with good knowledge of...read more
Establishing Governance: A Guide for Professional Accountancy Organizations
Establishing Governance: A Guide for Professional Accountancy Organizations
A strong and well-governed professional accountancy
organization (PAO) produces and sustains a strong accountancy profession
that is able to serve the public interest and contribute to economic
stability and growth. A successful PAO gains much of its strength from
the sense of identity, benefits, and rights that members derive from
membership; and from the contributions that individual members and firms
make to the PAO in recognition of its public interest perspective. This
sense of identity can also encourage compliance with professional and
Vacancy for CA in DCB Bank
Company: DCB Bank
Industry: Accounting/Banking/Financial Services/Stock broking
Job Function: Banking & Insurance
Company Details: The role would entail acquisition of new and emerging
corporate clients, business penetration by cross selling fee-based
products and manage & develo...read more
SIRC of ICAI AGM postponed due to defective accounts.
SIRC AGM, scheduled for yesterday ( JUne 7 ) has been postponed without
assigning any reason. Got the below message from our dear friend MRV,
who had raised question marks over SIRC accounts being
Vacancy for CA/ICWA in Brindavan Bottlers Pvt. Ltd.
Company: Brindavan Bottlers Pvt Ltd
Industry: Food Services/Restaurant/Hotel/Hospitality
Job Function: Finance & Accounting
Company Details: Brindavan Bottlers Pvt. Ltd.
Job Description:
C.A./ICWA with rich experience in taxation, excise and general accounting. Candidates havin...read more
Wednesday, June 5, 2013
Vacancy for CA in ICICI Bank
Candidate Profile:
Age: Below 30 years as on 21-10-2013
Pay: Scholarship Rs. 10,000/- (per month) during class room programme phase & Rs. 50,000/- (per month) during Internship phase.
Qualification: Graduates from engineering, IT, finance, economics, law, commerce, statistics etc / Chartered Accountants / Professionals
Empanelment for Concurrent Audit of Punjab National Bank
Punjab National Bank
Last Date : 10/06/2013
Empanelment for Concurrent Audit
Address: Punjab National Bank Head Office, Inspection & Audit Division, Revenue Audit Cell, 2nd Floor Rajendra Bhawan, Rajendra Place, New Delhi -110008
Phone: 011-25744351
Email: iadrevaudit@pnb.co.in
Last Date : 10/06/2013
Empanelment for Concurrent Audit
Address: Punjab National Bank Head Office, Inspection & Audit Division, Revenue Audit Cell, 2nd Floor Rajendra Bhawan, Rajendra Place, New Delhi -110008
Phone: 011-25744351
Email: iadrevaudit@pnb.co.in
Simplification of Procedure for deposit of tax and furnishing of information relating to TDS
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION NO. 39/2013
New Delhi, the 31st May, 2013
S.O.1404(E) - In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-1. (1) These rules may be called the Income-tax (Fifth Amendment) Rules, 2013.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962, (hereinafter referred to as the said rules) in rule 30,–
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