The scope of notifications issued under sec. 90A can't be widened to interpret terms used in DTAA's as well

The scope of notifications issued under sec. 90A can't be widened to interpret terms used in DTAA's as well

The assessee, an Indian company, was holding shares in a company incorporated in Sri Lanka. The said shares were sold by the assessee during the previous year but profit on its sale was not offered for tax in India. The assessee contended that such capital gain can't be taxed in India because of Article 13(4) of the Indo-Sri Lanka DTAA, which provides that "Gains from the alienation of stocks and shares of a company may be taxed in the Contracting State in which they have been issued". The AO relied on Notification No. 90 of 2008 issued under section

PM sets up committee to frame GAAR guidelines

Within a fortnight of the finance ministry issuing draft guidelines on GAAR, Prime Minister Manmohan Singh on Friday set up a committee to prepare fresh norms on the controversial tax provision to bring "greater clarity" and prepare a roadmap by September 30 for its implementation. The

four-member committee, to be headed by ICRIER chief and taxation expert Parthasarathi Shome, will submit its report after consulting and taking feedback from stakeholders. "The Prime Minister has approved the constitution of an Expert Committee on GAAR to undertake stakeholder consultations and finalise the guidelines for GAAR (General Anti-Avoidance Rules)," a PMO statement said.
"This committee would manage the consultation process and finalise the draft GAAR Guidelines," it said.
The setting up of the committee to hold wider consulations on the controversial tax provision comes within a fortnight of the Finance Ministry issuing draft guidelines. However, the Prime Minister, who holds the finance

ATM FRAUD

While genuine customers are made to run around for opening new accounts, banks continue to encourage dubious accounts knowing fully well that they are used to launder black money

A bunch of tech-savvy thieves has been exploiting a design flaw in the working of automated teller machines (ATMs) to pull out a few crore rupees from bank ATMs in Punjab and Kerala since 2010, said a report in The Economic Times recently. The modus operandi of the ‘transaction reversal’ fraud is ridiculously simple. ATM machines are apparently not designed to count currency notes that are retracted if the depositor does not pick them up 42 seconds after withdrawal. So fraudsters allow the ATM to retract a few notes in each cash withdrawal. When the ATM retracts notes, it apparently credits the entire sum punched for withdrawal back to the depositor’s account.

Rebutting of Sec. 11 exemptions opens an alternate route for sec. 80-IB deduction for eligible projects

	Rebutting of Sec. 11 exemptions opens an alternate route for sec. 80-IB deduction for eligible projects
	The assessee-trust was engaged in the development of a housing project. Since, the development of housing project could not be regarded as charitable purpose by virtue of the first proviso to Section 2(15) of the Act, it claimed deduction under section 80-IB(10). The assessing officer rejected the claim, and held that as the income was derived from property held under trust, no deduction could be allowed to the trust under Sec. 80-IB On appeal, the Tribunal held that by virtue of section 13(8) the income from developing housing project would become part of the total income under the Act. In the light of this amendment, application of the income for charitable purpose becomes irrelevant. In other words, the income derived from business cannot be considered as income derived from property held for charitable purpose and it would no longer be income within the meaning of section 11(1)(a) of the Act. Therefore, assessee's income has to be computed in accordance with the provisions of the Act and would be entitled to deduction under section 80-IB(10) of the Act - INDIA HERITAGE FOUNDATION v. DDIT(E) [2012] 23 taxmann.com 172 (Bangalore - Trib.) (View full judgment)

Land given for development is ‘transfer’ for capital gain; ITAT analyzed Sec. 53A of Transfer of Property Act, 1882

Land given for development is 'transfer' for capital gain; ITAT analyzed Sec. 53A of Transfer of Property Act, 1882

In this case, the assessee had entered into a land development agreement with M/s S. As per the agreement, the assessee would get 36% of the saleable constructed area and in addition, it had received an interest-free security deposit from M/s S. On this arrangement, the Assessing Officer took the view that the development agreement would attract Sec. 2(47)(v) and the resultant profit would be chargeable to capital gain. On appeal, the Tribunal thoroughly analyzed the provisions of Section 53 of Transfer of Property Act, 1882 and held in favour of revenue. The relevant extracts of the judgment are as follows:

House property Income in Income tax return 10 Points

Basic concept of annual let out value(ALV).

ALV  to be calculated as under:

1. Where RC Act applicable

(i)Standard rent under the Rent Control  Act; or

(ii)Actual rent received 

whichever is higher

2 Where RC Act is not applicable:

(i)  Municipal Value or
(ii)  Fair Rent or 
(iii) Rent Received

whichever is higher

-----------------------------------
Further If the property was let and was vacant during a part of the year and due to such vacancy the rent received is less than FMV , then such rent received.

In the case of let out properties, unrealised rent shall be excluded from the rent received/receivable to arrive at AV 

===========================================

Qus1. If you going to fill your ITR by efiling mode than there is no need to give any documents than how income tax department come know that at what date you got possession with registration ?

Ans: Yes ,Return are now annexure less and no document is to be attached with Income tax return . Not

Finance Ministry’s Presentation On Changes To Service-tax Law In Budget 2012

The Ministry of Finance has released a power-point presentation on 13.07.2012 explaining the entire concept of service-tax and the changes made thereto by the Finance Act 2012 in a simple and easy-to-understand format. The presentation will be useful for all tax professionals

service_tax_ministry_finance_changes.pdf

Important decision of the Council laying down guidelines on LLP

Ways to Maximize Your Income Tax Refund

Ways to Maximize Your Income Tax Refund
Everyone loves to pay fewer taxes, but the truth is that most of us usually pay more than we want to and get back less of a refund than we'd prefer. Things often end up this way because we spend too much time focusing solely on taking care of our taxes as quickly and as efficiently as possible.  Sometimes we overlook the little loopholes or the gray areas where we could be saving money.  Below are some ways you can make things easier and hopefully maximize your income tax refund.

Tax Records – Always have a specific place you keep your tax related items and have them organized.  Make sure all the figures you have are updated at all times.  Double check to see that no deduction you may be able to take is missed.  If you do this, it will take less time to file the return, and you will have all the information to answer questions that the IRS could ask.  Remember, if you are not able to answer anything on your return to the IRS, it can cost you more tax money as well as penalties.

Entertainment – Pay close attention to the entertainment expenses you claim on your refund.  Remember that under no circumstances can you claim a deduction against your entertainment expense.  If you don’t want to end up with a tax liability on the assessment, make sure your employer knows about the laws in regards to allowances for entertainment, and that they have taxed those completely. In some circumstances you can be allowed to have a 50 percent deduction if the entertainment expenses are things like business meals.

Medical/Dental – If you have a lot of medical expenses and your insurance didn’t cover those, keep the invoices as well as statements so you can use them as a deduction.  If you really want to find ways to increase your refund, you need to keep in mind that health and dental insurance premiums can be taken into consideration for a deduction up to 7.5 percent of your income.  If some of the medical expenses aren’t deductible, you can treat them instead as legitimate business expenses.

Travel – A detailed and accurate mileage report is something you need to keep up to date.  Travel deductions are something the IRS scrutinizes fairly well.  Remember that if you are working at two different jobs, you are not allowed to claim the mileage traveling from one job to another. If you only have one job, you cannot claim the mileage from your home to the office.  That expense is personal. But if you do business in your automobile while working, you can claim that expense.  Other things you can deduct for travel are car rentals, hotels, tips, tolls and airfare.

If you take advantage of some of the tips above, you will be able to take advantage of the breaks for which you're eligible and maximize your refund.  The IRS booklets are good to pick up and read now and again; that way, you can stay up to date on all the new tax laws as well as the tax breaks that you can use to your benefit.
The author is participant of MVAA contest on this site. Help the author win Rs.1000 by sharing this article with others. To participate and win Rs.1000 prize money in this contest click here

5 Income Tax Preparation Tips

5 Income Tax Preparation Tips
When it comes to your income tax, it's important that you get it done and get it done right. There are big penalties for not paying your income tax properly, and, as such, it pays to have a few tricks up your sleeve. For instance:

1. Know Your Forms

Income tax varies depending on your income and the way you make your money. Independent contractors will need different forms than those with a standard 9-5 job, for instance. So you need to know long before April exactly which forms you're going to need.

2. Organize

The biggest problem you're likely to face when it comes time to do your taxes is that your forms, receipts, and all of your necessary information are scattered all over. So, in order to help eliminate this problem, you need to get organized long before tax time is due. Get some simple pocket folders and save all of your information in them. This way, when it comes time to do your taxes, you will know where everything you need is.

3. Check Your Math

Especially if you're doing your taxes yourself, you need to check your math. If you don't, it's very likely that a simple mistake can end up costing you a lot of money, either now or later. Whether you end up over-paying now, or under-paying and having to give more money and fees later, you need to look over your forms at least twice before mailing them off to the IRS.

4. Consider E-Filing

Technology can make the whole process of tax preparation and tax filing a lot simpler. If you're going to file your taxes and you want to get a quick response, whether to get your refund or to make sure your money is taken out of your account post haste, then use the Internet to make sure that your taxes are taken care of ASAP. Also, familiarize yourself with the process so that you're sure how it works before you e-file.

5. Get Professional Help

If you have really confusing income taxes, or if they're too complicated for you to do on your own (and there's certainly no shame in this—filing income taxes can be a notoriously overcomplicated task), go to a professional tax preparation service. These men and women know all the laws, and they can make sure that you get your taxes paid correctly every single time.

The author is participant of MVAA contest on this site. Help the author win Rs.1000 by sharing this article with others. To participate and win Rs.1000 prize money in this contest click here

PUNJAB NATIONAL BANK INVITES APPLICATIONS ON THE PRESCRIBED FORMAT FROM PRACTICISING FIRMS OF CHARTERED ACCOUNTANTS IN INDIA FOR EMPANELMENT FOR CONCURRENT AUDIT OF BRANCHES / OFFICES.

Punjab National Bank (A Government of India Undertaking) New Delhi
Last Date : 20/07/2012
“PUNJAB NATIONAL BANK INVITES APPLICATIONS ON THE PRESCRIBED FORMAT FROM PRACTICISING FIRMS OF CHARTERED ACCOUNTANTS IN INDIA FOR EMPANELMENT FOR CONCURRENT AUDIT OF BRANCHES / OFFICES.”

Address: Punjab National Bank (A Government of India Undertaking) 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

Vacancy for CMA in Thomson Reuters

AVP - FP & A-ACC00005552

Description

 

Job Title : AVP - FP & A

Summary:

Provide leadership, financial excellence and business partnership in the administration of financial reporting and financial processes supporting three of the four Thomson Reuters business units as well as corporate and business operations services functions. Drive business partnership, service levels and standardization across the groups to increase effectiveness and efficiency. Utilize appropriate tools and ensure proper transfer of knowledge.  Lead team of approximately 50 staff. Provides leadership in working with business partners to identify opportunities to enhance and drive informational analysis and reporting in support of strategies.  Develop and implement strategy for leveraging team effectively and efficiently.

CA Inter_Industrial Training FORD

• Candidates will be deputed in different teams with FORD business operations
• Candidate must be a CA Inter pass out.
• Candidate should have completed min 2 years of Articleship & yet to complete last 1 year can only apply
•  Willing to be part of FORD for 1 year as part of Industrial Training Program.

 

Salary: Not Disclosed by Recruiter

Industry: Automobile, Auto Anciliary, Auto Components

Opening for Chartered Accountant . Exa India Pvt Ltd - Mumbai, Maharashtra

Preparation and finalisation of accounts
Assisting in Transfer pricing audit & managing documentation
Handling Internal,External Auditing, Indirect taxes and direct taxes, softex and RBI formalities
Maintenance of statutory registers

Salary: INR 2,50,000 - 7,50,000 P.A. Register through

Companies (Central Government's) General Rules and Forms (Amendment) Rules, 2012 - INSERTION OF RULES 4BBB, 6C, 6D, 6E & 6F, FORM 24AAA and annexure 'e' Notification [F No. 1/1/2003-CL.V], dated 10-7-2012

Companies (Central Government's) General Rules and Forms (Amendment) Rules, 2012 - INSERTION OF RULES 4BBB, 6C, 6D, 6E & 6F, FORM 24AAA and annexure 'e'

Notification [F No. 1/1/2003-CL.V], dated 10-7-2012

In exercise of the powers conferred by clauses (a) and (b) of sub-section (1) of section 642 of the Companies Act, 1956 (1 of 1956) read with sections 20 and 21 of the Companies Act, 1956, and all other powers enabling the Central Government to make rules, the Central Government hereby makes the following rules further to amend the Companies (Central Government's) General Rules and Forms, 1956, namely: -

1. (1) These rules may be called the Companies (Central Government's) General Rules and Forms (Amendment) Rules, 2012.

(2) They shall come into force with effect from 12th August, 2012.

2. After rule 4BBA of the Companies (Central Government's) General Rules and Forms, 1956 (hereinafter referred to as the said rules), the following rule shall be inserted, namely: -

"4BBB Petition under section 17.-

.Is filing the Income Tax Return compulsory?

As an Individual you are required by law to file your Income Tax Returns, if your total income without allowing deductions (such as Section 80C etc) exceeds the basic exemption limit.

For Assessment Year 2012-13, the basic exemption limits are the following:

•   For Men below the age of 60, the exemption limit is Rs. 1,80,000.

•   For Women, below the age of 60, the exemption limit is Rs. 1,90,000.

•   For Senior Citizens, whose age is between 60 years to 80 years, the exemption limit is Rs. 2,50,000. This is identical for men and women.

•   For Super Senior Citizens, of the age of 80 years or more, the exemption limit is Rs. 5,00,000.

What does Total Income without allowing deductions (such as Section 80C etc) actually mean?

Let’s say, your gross total Income is Rs. 2,00,000. You have paid Rs. 50,000 in LIC premium for claiming deduction under Section 80C. Your Taxable Income is Rs. 1,50,000 (Rs. 2,00,000 - Rs. 50,000). The tax payable on Rs. 1,50,000 is Zero.

However, even in this situation, you are required to file your Income Tax Return as your

ST : Where short-payment of service tax was due to non-understanding of law while entire value of taxable service had been correctly shown in balance sheet, penalty under section 78 would not be imposed

ST : Where short-payment of service tax was due to non-understanding of law while entire value of taxable service had been correctly shown in balance sheet, penalty under section 78 would not be imposed

■■■

[2012] 23 taxmann.com 150 (Kolkata - CESTAT)

CESTAT, KOLKATA BENCH

Gemini Veterans Security & Vigilance

v.

Commissioner of Service Tax, Kolkata *

DR. D.M. MISRA, JUDICIAL MEMBER

ORDER NO. A-83(KOL.) of 2012

Appeal No. ST/273 of 2010

FEBRUARY 10, 2012

Section 78, read with section 76, of the Finance Act, 1994 - Penalty - For suppressing value of taxable service - Period from August, 2005 to October, 2006 - Due to non-understanding of relevant provisions of law, there was some short-payment of service tax during relevant period - When short-payment was brought to its notice, same was paid - Whether since entire value of taxable services for relevant period had been correctly shown in balance sheet, delay in payment of service tax would not be attributed to suppression, or mis-declaration and therefore, penalty under section 78 was not imposable - Held, yes - Whether however, since there was delay in payment of service tax and short-payment was made good on being pointed out by department, penalty under section 76 was imposable - Held, yes [Para 5] [Partly in favour of assessee]

FACTS

---

The assessee had taken a service tax registration and had been paying the service tax and also filing returns with the Department from time to time. On a visit of the Officer to its premises, it was noticed that certain amount of service tax though payable, was not paid by it during the relenant period. On being pointed out, the assessee had discharged the entire service tax. Later, a show-cause notice was issued proposing penalties under sections 76, 77 and 78. On adjudication, the adjudicating authority imposed above penalties.

HELD

---

The assessee was registered with the Central Excise Department on its own on 16-6-2005. It was a

The seed of honesty

The seed of honesty

A successful business man was growing old and knew it was time to choose a successor to take over the business.Instead of choosing one of his Directors or his children, he decided to do something different. He called all the young executives in his company together.

He said, “It is time for me to step down and choose the next CEO. I have decided to choose one of you.”

The young executives were shocked, but the boss continued. “I am going to give each one of you a SEED today – one very special SEED. I want you to plant the seed, water it, and come back here one year from today with what you have grown from the seed I have given you. I will then judge the plants that you bring, and the one I choose will be the next CEO.”

One man, named Jim, was there that day and he, like the others, received a seed. He went home and excitedly, told his wife the story. She helped him get a pot, soil and compost and he planted

No. of Tax Audits and Company Audits Permissible for a Member

Members have time and again, raising queries regarding maximum numbers of audits that may be accepted by a Chartered Accountant and the various situations under which numbers of audits would be reckoned. Therefore, a comparison of No. of tax audits and company audits permissible for a member in practice, and the possible situations, are encapsulated here for your ready reference. The limit of tax audits and company audits is discussed in Chapters VI and VIII of the Council General Guidelines, 2008 respectively, which have a mandatory compliance. Hope you like the series of E-mail flashes as an initiative of Ethical Standards Board to promote Ethical Standards amongst our professionals covering important ethical aspects. All suggestions are welcome.


With Regards


CA. K. Raghu, FCA
Central Council Member and,
Chairman, Ethical Standards Board

CA Final & CPT Exam Result likely to be declared on 18th July, 2012

The Result of the CA Final Examination held in May, 2012 and Common Proficiency Test (CPT) held in June, 2012 are likely to be declared on Wednesday, the 18th July, 2012 around 2.00 P.M.-(11-07-2012)

The Institute of Chartered Accountants of India

Post Box No.7112, Indraprastha Marg, New Delhi – 110002 

July 11, 2012

IMPORTANT ANNOUNCEMENT

The result of the Chartered Accountants Final Examination held in May, 2012 and Common Proficiency Test (CPT) held in June, 2012 are likely to be declared on Wednesday, the 18th July, 2012 around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank in the case of Final Examination and candidates securing a minimum of 60% and above marks and upto the maximum of 10th Rank in the case of Common Proficiency Test

Expression of Interest for Chartered Accountant Firms for Monthly Concurrent Audit of the District Health & Family Welfare Society under NRHM for one Year

National Rural Health Mission Kerala
Last Date : 19/07/2012
Expression of Interest for Chartered Accountant Firms for Monthly Concurrent Audit of the District Health & Family Welfare Society under NRHM for one Year.

Address: Office of DPM National Rural Health Mission (Arogyakeralam),Idukki Colony,Cheruthony Pin 685602
Phone: 0486-223221
Email: dpmidk@gmail.com

Senior Finance Officer job openings in Mumbai at Rashtriya Chemicals and Fertilizers Limited

 http://www.rcfltd.com/index.php/hrmain/recruitment/65-recruitment

Job Description: Senior Finance Officer job openings in Mumbai at Rashtriya Chemicals and Fertilizers Limited

Candidate profile
Chartered Accountant (CA) or Institute of Cost and Works Accountant (ICWA) or B. Com (Regular and Fulltime) with minimum 55% marks in last year and Post Graduation Degree (Regular and Fulltime) from Govt. recognized college / university recognized by University Grants Commission (UGC) Specialization in Finance
Management with minimum 55% marks (aggregate) in the final year / last two semesters.

The General Manager (HR),
Rashtriya Chemicals & Fertilizers Limited,
1st Floor, Room No. 108, Administrative Bldg,
Chembur, Mumbai - 400074

MEF 2012- Relevant Norms & earlier notification For filing the form.

          1

Implementation of revised empanelment norms for appointment of statutory auditors of public sector banks select all India financial institutions and RBI - (8-12-2003)

---

CLARIFICATION AS REGARDS THE MEANING OF THE TERM 'AUDIT STAFF' ISSUED BY RBI

The Reserve Bank of India has accepted the recommendations of the Working Group constituted by RBI for revision of norms for empanelment of audit firms for being considered for appointment as statutory auditors of public sector banks/select all India Financial Institutions and RBI with certain minor changes. The contents of letter No. DBS.ARS.No.393/08.91.008/2003-04 dated 8th December, 2003 received from Shri R.M. Thakkar, General Manger, Reserve Bank of India, regarding implementation of revised empanelment norms for appointment of statutory auditors (both central and branch) of public sector banks, select all India Financial Institutions and RBI is reproduced hereunder :

ICAI Another Professional Opportunity- For NCR only- VERIFICATION CHECKERS

Examinees of CA exams have an option of applying for verification of marks, soon after declaration of results.

The verification of marks work is done during July-September and February-April every year.

The scope of the work includes the following:
Checking

• Whether the answer book(s) compilation is complete
• Whether any question or part thereof has remained unvalued
• Whether there is any totaling error in any question or total marks on the cover page
• Whether there is any discrepancy between the marks for each question and or/part thereof and marks for each question indicated on the cover page of the answer book

Whether the handwriting of the candidate in all the answer books is the same.

 

However it does not include re-evaluation of answer books.

Applications are invited from members of the Institute, based in the National Capital Region for rendering the above mentioned services, at ICAI Bhawan, C-1, Sector 1, NOIDA. Though the assignment allows flexible working hours, a minimum of 6 hours, during regular working hours, ( i.e. from 9.45 a.m. to 5.30 p.m.) will have to be clocked in, during the period of activity.

A honorarium of Rs 15 /- per answer book verified plus a fixed conveyance of Rs 400/- per day will be paid.

Interested members may send their applications giving details of their name, address, membership number, contact details (email ID, telephone numbers-both landline and mobile), PAN No. etc at the following address by post or at sunil.bisht@icai.in, so as to reach us within 10 days from the date of this announcement.

The Additional Secretary (Exams)
The Institute of Chartered Accountants of India,
ICAI Bhawan
C-1, Sector 1, NOIDA 201 301.

NCD Issue: Shriram Transport Finance Ltd - Must Invest

Shriram Transport Finance Ltd (STFC) is coming up with the public issue of Secured Non-Convertible Debentures of face value of INR 1,000 each, aggregating upto INR 30,000 lacs with an option to retain over subscription upto INR 30,000 lacs for issuance of additional NCDs aggregating to a total of INR聽60,000 lacs.

聽

The funds raised through this Issue, after meeting the expenditures of and related to the Issue, will be used for various financing activities including lending and investments, subject to the restrictions contained in the Foreign Exchange Management (Borrowing and Lending in Rupee) Regulations, 2000, and other applicable statutory and/or regulatory requirements, to repay companies existing loans and their business operations including for their capital expenditure and working capital requirements

聽

The minimum subscription amount is INR 1,0000 in multiples of INR 1,000. The bond is proposed to be listed on BSE & NSE.

聽

The bond will be compulsorily in dematerialized form to all categories of investors other than Reserved Individual Investors who have opted for allotment of NCDs in the physical form

聽

Applications cannot be made by:

路聽聽聽聽聽聽聽聽Minors without guardian name
路聽聽聽聽聽聽聽聽Foreign Nationals / Foreign Institutional Investors
路聽聽聽聽聽聽聽聽Overseas Corporate Bodies, Persons resident outside聽India
路聽聽聽聽聽聽聽聽Non Resident Indian

The allotment of Bonds will be on first cum first serve basis

聽

The coupon rate, opening and closing date of the issue is not yet disclosed by Issuer

Seminar on Direct Taxes and Service Tax at Raipur on 14.07.2012 Saturday

It is pleasure to inform you that Central Zone of All India Federation of Tax Practitioners  is organizing a FULL DAY SEMINAR on SERVICE TAX & DIRECT  TAXES on 14^th July,  2012 (Saturday) at New Circuit House, Opp. Police Control Room, Civil Lines, Raipur. Unstructured CPE Credit of 06 Hours may be claimed by chartered accountant participants. The details of the program are as under:

Day & Date	:	Saturday , 14th July 2012
Venue	:	New Circuit House, Opp. Police Control Room, Civil Lines, Raipur.
Timing	:	9:00 am to 06:00 pm
Fees	:	Rs. 400/- for Delegates

Program Agenda – 14^th July, 2012 : Saturday

Registration & Breakfast	:	9:00 am to 09:30 am
First Technical Session	:	09.30 am to 01:30 pm
	:	Service Tax- Recent Amendments and Implication thereof Speaker - CA. V.S. Datey, Pune, Author of books on Indirect Taxes Issues Related  to Development under TDS & TCS Speaker - CA. Gautam Nayak, Mumbai Past President, Bombay Chartered Accountants Society
Lunch Break	:	01:30 pm to 02.30 pm
Second Technical Session	:	02:30 pm to 06:00 pm
	:	Survey Search & Seizure Speaker: Dr. S.L.Jain, LLM. Phd Jaipur Eminent Lawyer, Rajsthan High Court Important  Issues Related to Capital Gains & Exemptions under Capital Gain Speaker: CA. Rajesh B. Doshi, Raipur Past President : Income Tax Bar Associatio n, Raipur

Please Note:

1.    Seminar will be followed by AGM of Central Zone of AIFTP.

PIB on TDS Returns

Press Information Bureau
Government of India
Ministry of Finance

10-July-2012 16:05 IST

Deductors Must Comply with their Obligations to Ensure Correct Credit to Persons from Whose Income Tax is Deducted at Source

All deductors other than Government deductors must file their quarterly TDS statement for the quarter ending 30th June 2012, on or before 15th July 2012 and Government deductors must file their statement on or before 30th July 2012. While submitting their statements, the deductors have to choose correct and relevant form, quote correct PAN against all entries and ensure that correct CIN/BIN is quoted in the TDS statement. Non-quoting of PAN or TAN in TDS statements or delay in filing of TDS statements may lead to levy of penalty.

Filing of TDS statement with correct PAN and CIN/BIN is important because under Rule 37BA of Income Tax Rules, 1962 credit for tax deducted at source is given to the deductees on the basis of TDS statement furnished to the Income-tax Department by the deductor. Filing of TDS statements

An urgent opening in KPMG for CA-Freshers in Statutory Audit

An urgent opening in KPMG for CA-Freshers in Statutory Audit.
If any 1 intrested jst mail  ur CV at cajaspreetsingh2012@gmail.com
CTC:5-6 laks

Expression of Interest is invited from interested Firms of Chartered Accountants for taking up internal audit in the head office of West Bengal Tourism Development Corporation Limited Kolkata

West Bengal Tourism Development Corporation Limited Kolkata
Last Date : 16/07/2012
Expression of Interest is invited from interested Firms of Chartered Accountants for taking up internal audit in the head office, Tourist Lodges/Paryatak Abas/Tourism Centers of this Company.

Address: Managing Director W B T DC Ltd. Hemanta Bhavan 12, B.B.D. Bag (East), 4th Floor, Kolkata – 700001
Phone:
Email:

Vacancy for CA in Novartis

click here to apply

Video of IPCC papers being verified in CST local train in Mumbai

The Institute of Cost Accountants of India launches online receipt of application for admission as Associate/Fellow member

http://www.icwai.org/icwainew/index.asp

 

                        http://210.212.31.69/External/Home.aspx Welcome to Online Membershi

The Institute of Cost Accountants of India launches online receipt of application for admission as Associate/Fellow member. On completion of application a signature card attached with acknowledgement email will be sent to your e-mail id. Applicants are requested to send hard copy of that card duly signed and a passport size photograph pasted on that along with hard copies of testimonials and the print out of online application form through speed post to the institute HQ. You can continuously view the status of application on this site.

Registration Under Local Charity Law Not Reqd For S. 11 Exemption: APFDC ITAT Hyderabad

IN THE ITAT HYDERABAD BENCH ‘B’
Assistant Director of Income-tax (Exemption) II, Hyderabad
v.
A.P. Forest Development Corporation
IT Appeal No. 875(Hyd.) of 2011
[Assessment Year 2005-06]
MAY 4, 2012
ORDER

---

Smt. Asha Vijayaraghavan, Judicial Member – This appeal filed by the Revenue is directed against the order of the CIT(A)-IV, Hyderabad dated 28.2.2011 for the assessment year 2005-06.
2. The only grievance of the Revenue in this appeal is against the relief granted by the CIT(A), by accepting the claim of the assessee for ex-emption of its income under S.11 of the Income-tax Act, and also for exemption of its agricultural income under S.10(1) of the Act.
3. Facts of the case in brief are that the assessee, for the assessment year 2005-06 filed return of income, claiming exemption under S.11 of the Act, and thereby declaring income at Rs. NIL. The assessment was re-opened on 26.3.2007 and re-assessment order was passed by the assessing officer on 31.1.2007, determining the total income of the assessee at Rs. 9,67,92,152. On appeal by the assessee, by way of order dated 15.8.2008, the CIT(A), allowed the appeal of the assessee for statistical purposes, with a direction to the assessing officer to re-examine the case, along the lines suggested by the ITAT in assessee’s own case for the assessment year 2003-04.
4. The assessing officer thereafter passed the consequential assessment order dated 31.12.2009, under

Wrong Claim Does Not Amount To “Concealment Of Income” U/s 271(1)(c): Jaswinder Singh Ahuja ITAT Delhi

 INCOME TAX APPELLATE TRIBUNAL, DELHI

ITA Nos.3416/Del/2011 & 3417/Del/2011

Assessment Years : 2004-05 & 2002-03

Assistant Commissioner of Income Tax 

Vs. 

Shri Jaswinder Singh Ahuja

ORDER

PER G.D.AGRAWAL, VP: 
The only ground raised in these appeals by the Revenue is against the cancellation of penalty levied under Section 271(1)(c) of the Income-tax Act, 1961 at `2,50,102/- and `15,69,445/- for AY 2004- 05 and 2002-03 respectively.
2. Since the facts of both the years are identical except variation in the quantum, we shall discuss herein the facts relating to AY 2004-05.
3. The assessee is an individual who is the Managing Director of Cadence Design Systems India Pvt.Ltd. For the AY 2004-05, he filed a return of income at `1,75,05,081/- comprising of salary income at `1,02,72,400/- from Cadence Design Systems India Pvt.Ltd. and salary income of `65,97,305/- from Cadence Design System Inc.,USA. The assessee has been granted stock option under an incentive stock

In the Absence Of A Write-Back Old Liabilities Are Not Assessable As Income: Delhi State Mineral Development Corporation ITAT Delhi

INCOME TAX APPELLATE TRIBUNAL, DELHI

ITA No. 4646/Del/2010 – Assessment Year: 2002-03

ACIT  Vs.  M/s. Delhi State Mineral Development Corporation Ltd.

ORDER

PER RAJPAL YADAV: JUDICIAL MEMBER
The revenue is in appeal before us against the order of Learned CIT(Appeals) dated 23.08.2010 passed for assessment year 2002-03. The grievance of the revenue is that Learned CIT(Appeals) has erred in deleting the additions made by the Assessing Officer with the aid of section 41(1) of the Income-tax Act, 1961.
2. The brief facts of the case are that the assessee is a corporation owned by the State Government of Delhi. It has filed its return of income on 30^th October 2002 declaring nil income. An assessment order was passed under section 143(3) on 18.2.2005. The assessee has shown existing liability. Learned Assessing Officer harbored a belief that these liabilities have ceased to exist and, therefore, additions to be made. He made the following the additions:
i) Rs.16,25,575- the liability representing interest payable to DSIDC;
ii) Rs.9,16,951- liability representing royalty payable to the State Government;
iii) Rs.3,52,278 – salary payable by the assessee;
iv) Rs.3,76,507 – representing expenses payable by the assessee.
3. Dissatisfied with the additions, assessee carried the matter in appeal before the Learned CIT(Appeals). Learned first appellate authority has deleted the additions on the ground that liability to pay did not cease to

Scope Of S. 35D & Its Applicability To A Euro Issue: Ashok Leyland Madras High Court

HIGH COURT OF MADRAS
Commissioner of Income-tax
v.
Ashok Leyland Ltd.
TAX CASE (APPEAL) NOS. 1253, 1254
AND 1256 OF 2005
JUNE 20, 2012

JUDGMENT

---

Chitra Venkataraman, J. – The Revenue has preferred in T.C.(A) No.1253 and 1254 of 2005, raising the following substantial questions of law, with regard to the assessment year 1995-96:
1.  Whether, in the facts and circumstances of the case, the Tribunal was right in equating a proposal to expand the capacity of production with extension of industrial undertaking under Section 35D of the Income Tax Act?
2.  Whether on the facts and circumstances of the case, the Tribunal was right in holding that the expenses related to the ‘Euro issue’ by the assessee were entitled to be amortised under Section 35D of the Income Tax Act?
2. The assessee is also on appeal before this Court in T.C.(A) Nos.1256 of 2005, raising the following substantial question of law, with regard to the assessment year 1995-96:
“Whether on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the word “being” as used in Section 35D(2)(c)(iv) is not ‘illustrative’ but only ‘restricted’ to?

No s. 194-I TDS On Rent Reimbursement: Result Services ITAT Delhi

ITAT DELHI
Assistant Commissioner of Income-tax
v.
Result Services (P.) Ltd.
IT Appeal NO. 2846 (DELHI) OF 2011
[ASSESSMENT YEAR 2008-09]
JUNE 28, 2012
ORDER

---

B.C. Meena, Accountant Member – This appeal filed by the revenue emanates from the order of the CIT (Appeals)-XVIII, New Delhi dated 28.02.2011 for the Assessment Year 2008-09.
2. The assessee company is engaged in the business of direct marketing, advertisement and sales promotion. The return of income was filed on 30.09.2008 declaring income at Rs. 11,46,223/-. The assessment was finalized after making a disallowance u/s 40a(ia) of Income-tax Act, 1961 of Rs. 56,23,456/-. The CIT (A) deleted the addition by holding as under :-
“4.2 I have carefully considered the assessment order and the submissions made by the ld. AR in this regard. As per the facts of this case, the appellant company is a 100% subsidiary of the holding company M/s McCann-Erickson (India) Pvt. Ltd. M/s McCann Erickson has taken on rent office premises in Delhi and Mumbai vide separate lease deeds with the landlords. M/s McCann has permitted common use of the above premises by the appellant company. The full rent for the premises have been paid directly by the holding

S. 43B(f) On Leave Encashment Is Ultra Vires: Hindustan Latex: Kerala High Court

HIGH COURT OF KERALA
CIT v. Hindustan Latex Ltd.
IT Appeal No. 64 of 2012
JUNE 7, 2012
JUDGMENT

---

K. Vinod Chandran, J. – The Revenue is in appeal and the respondent is a Government Company. The assessment of the company for the year 2005-06 was completed by Annexure A order. Inter alia, the assessee’s claim with respect to the payment of premium to Life Insurance Corporation for the policy under Group Leave Encashment Scheme was claimed as a deduction under Section 37 of the Income Tax Act, 1961(hereinafter referred to as ‘the Act’). The claim was allowed treating the same as an expenditure exclusively incurred for the purpose of business. Subsequently, the Commissioner of Income Tax issued notice under Section 263 of the Act and after hearing the objections held that leave encashment is an allowable deduction under Section 43B(f) only and the same can be availed of only with respect to payments made on that account in the previous year.
2. The assessee was before the Tribunal challenging the revision under Section 263 mainly on two grounds (i) being the scope of powers under Section 263 and (ii) Section 43 B(f) being no longer available for the

No Obligation For TDS If Amount Paid Is Not Income: MEIL-SEW-MAYTAS-BHEL(JV) ITAT Hyderabad

IN THE ITAT HYDERABAD BENCH ‘A’
MEIL-SEW-MAYTAS-BHEL(JV) v. ITO
IT APPEAL NOS. 63 TO 76 (HYD.) OF 2012
[ASSESSMENT YEAR 2010-11]
MAY 30, 2012
ORDER

---

D. Karunakara Rao, Accountant Member – There are fourteen appeals in all in this bunch. They are all filed by the assessees against separate orders of the Commissioner of Income-tax (Appeals)-I, Hyderabad, in most of the cases dated 23.11.2011 and in others dated 24,11.2011 and 14.11.2011 confirming the orders passed by the assessing officer under S.201(1) and S.201(1A) of the Act, for failure on the part of the assessees to comply with the provisions of S.194C of the Act. Since common issues are involved, these appeals are being disposed off with this common order for the sake of convenience.
2. Brief facts of the case as taken from the appeal ITA No.63/Hyd/2012 concerning M/s. MEIL-SEW-MAYTAS-BHEL(JV), are that the assessee is a CONSORTIUM having its partners namely, Mega

Circular: Accounting Code for payment of service tax under the Negative List

Circular No.161/12/2012 -ST

F.No.341/21/2012-TRU

Government of India

Ministry of Finance

Department of Revenue

Central Board of Excise & Customs

Tax Research Unit

153, North Block,

New Delhi, 6^th July, 2012

To

Chief Commissioners of Customs and Central Excise (All),

Chief Commissioners of Central Excise & Service Tax (All),

Director General (Service Tax), Director General(Systems), Director General (Central Excise Intelligence),  Director General (Audit),

Commissioners of Service Tax (All),

Commissioners of Central Excise (All) &

Commissioners of Central Excise and Customs (All).

Madam/Sir,

Subject:  Accounting Code for payment of service tax under the Negative List approach to taxation of services, with effect from the first day of July 2012 – regarding.

 

          Negative List based comprehensive approach to taxation of services came into effect from the first day of July, 2012. For payment of service tax under the new approach, a new Minor Head – ‘All taxable Services’ has been allotted under the Major Head “0044-Service Tax”.

2.  Accounting codes for the purpose of payment of service tax under the Negative List approach, with effect from 1^st July, 2012 is as follows:

Name of Services	Accounting codes
	Tax collection	Other Receipts	Penalties	Deduct refunds
All Taxable Services	00441089	00441090	00441093	00441094

 

NOTE: (i) service specific accounting codes will  also continue to operate, side by side, for accounting of service tax  pertaining to the past period (meaning, for the period prior to 1^st July, 2012); (ii) Primary Education Cess on all taxable services will be booked under 00440298 and Secondary and Higher Education Cess on all taxable services will be booked under 00440426; (iii) a new sub-head has been created for payment of “penalty”; the sub-head “other receipts” is meant only for payment of interest etc. leviable on delayed payment of service tax; (iv) the sub-head “deduct refunds” is not to be used by the assessees, as it is meant for use by the Revenue/Commissionerates while allowing refund of tax.

3. Trade Notice/Public Notice may be issued to the field formations and tax payers. Please acknowledge the receipt of this Circular. Hindi version follows.

(S. Jayaprahasam)

Technical Officer

Tel: 011-23092037

Circular: Clarification on Point of Taxation Rules

Circular No. 162/13 /2012 –ST

F. No. 354/111/2012-TRU

Government of India

Ministry of Finance

Department of Revenue

Central Board of Excise and Customs

(Tax Research Unit)

*******

Room No 146, North Block, New Delhi-1,

Dated the 6^th July 2012.

To

Chief Commissioner of Customs and Central Excise (All)

Chief Commissioner of Central Excise & Service Tax (All)

Director General of Service Tax

Director General of Central Excise Intelligence

Director General of Audit

Commissioner of Customs and Central Excise (All)

Commissioner of Central Excise and Service Tax (All)

Commissioner of Service Tax (All)

Madam/Sir,

Subject:  Clarification on Point of Taxation Rules – regarding.

            Consequent to the changes introduced at the time of Budget 2012 in the Point of Taxation Rules, 2011, together with revision of the service tax rate from 10% to 12% and the subsequent changes that have been made effective from 01.07.2012, the following clarifications have been desired:

(a)           Point of taxation and the rate applicable in respect of continuous supply of services at the time of change in rates effective from 01.04.2012;

(b)           Applicability of the revised  rule 2A of the Service Tax (Determination of Value) Rules, 2006 to ongoing works contracts for determination of value when the value was being determined under the erstwhile Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007; and

(c)           Applicability of partial reverse charge provisions in respect of specified services.

2.1        The issues have been examined.  The continuous supply of services was governed by rule 6 until 31.03.2012.  The rule started with the wordings “notwithstanding anything contained in rules 3, 4 …” Therefore, the point of taxation in respect of services provided in terms of the said rule on or before 31.03.2012 would remain unaffected by rule 4.

2.2        To clarify the matter further, if the invoice had been issued or payment received in respect of such services on or before 31.03.2012, the point of taxation would stand determined under rule 6 accordingly and shall not alter due to the subsequent changes in the Point of Taxation Rules, 2011 that became effective only from 1.4.2012.

3.1        However the position has undergone a change at the time of transition towards the Negative List and the introduction of other accompanying changes in Service Tax (Determination of Value) Rules, 2006 and partial reverse charge.  At the said time rule 6 stood omitted and the point of taxation was required to be determined ordinarily in such cases under the main rule i.e. rule 3.   This rule is, however, overridden by rule 4 when there is a change in effective rate of tax.  The “change in effective rate of tax” has been defined in clause (ba) of rule 2 to include a change in the portion of value on which tax is payable.

3.2        To illustrate, the following would be changes in effective rate of tax:-

(i)         the change in the portion of total value liable to tax in respect of works contract other than original works (from @ 4.8% earlier to @ 12% on 60% of the total amount charged, or effectively @ 7.2% now).

(ii)         exemption granted to certain works contracts w.e.f. 1^st July 2012 which were earlier taxable.

(iii)        taxability of certain works contracts which were hitherto exempted.

(iv)        change in the manner of payment of tax from composition scheme under the Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007 to payment on actual value under clause (i) of rule 2A of the Service Tax (Determination of Value) Rules, 2006.

3.3        However, the following will not be a change in effective rate of tax:-

(i)         works contracts earlier paying service tax @ 4.8% under Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007 and now required to pay service tax @12% on 40% of the total amount charged, keeping the effective rate again at 4.8% (as only the manner of expression has been altered).

(ii)         works contracts which were outside the scope of taxation (and not merely exempted) but have become now taxable e.g. construction of residential complex comprising of  2 to 12 residential units, construction of buildings meant for use by NGOs etc. (Rule 5 of the Point of Taxation Rules, 2011 shall apply to such services.)

3.4        Thus the point of taxation for services provided in respect of taxable works contracts in progress on 01.07.2012 would need to be determined under rule 4 of the Point of Taxation Rules unless there is no change in effective rate of tax.

4.         It is further clarified that the provisions of partial reverse charge would also be applicable in respect of such services where point of taxation is on or after 01.07.2012 under the applicable rule in respect of the service provider.

5.         This Circular may be communicated to the field formations and service tax assessees, through Public Notice/ Trade Notice. Hindi version to follow.

 Yours faithfully,

(Dr. Shobhit Jain)

O.S.D. (TRU)

Fax: 23093037

Circular: No Service Tax On Remittance Of Foreign Currency Into India

Circular No.  163/ 14/2012 –ST
F. No. 354/ 119/2012- TRU
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise and Customs
(Tax Research Unit)
*******
Room No 146, North Block, New Delhi-1,
Dated the 10th July 2012.
To
Chief Commissioner of Customs and Central Excise (All)
Chief Commissioner of Central Excise & Service Tax (All)
Director General of Service Tax
Director General of Central Excise Intelligence
Director General of Audit
Commissioner of Customs and Central Excise (All)
Commissioner of Central Excise and Service Tax (All)
Commissioner of Service Tax (All)
Madam/Sir,
Subject:  Clarification on service tax on remittances – regarding.
Concerns have been expressed in various forums regarding the leviability of service
tax on the remittance of foreign currency in India from overseas.
2. The matter has been examined and it is clarified that there is no service tax per se on
the amount of foreign currency remitted to India from overseas. In the negative list regime, ‘service’ has been defined in clause (44) of section 65B of the Finance Act 1994, as amended, which excludes transaction in money. As the amount of remittance comprises money, the activity does not comprise a ‘service’ and thus not subjected to service tax.
3. In case any fee or conversion charges are levied for sending such money, they are also
not liable to service tax as the person sending the money and the company conducting the
remittance  are located outside India. In terms of the Place of Provision of Services Rules,
2012, such services are deemed to be provided outside India and thus not liable to service tax.
4. It is further clarified that even the Indian counterpart bank or financial institution who
charges the foreign bank or any other entity for the services provided at the receiving end, is not liable to service tax as the place of provision of such service shall be the location of the recipient of the service, i.e. outside India, in terms of Rule 3 of the Place of Provision of
Services Rules, 2012.
5. This Circular may be communicated to the field formations and service tax assessees,
through Public Notice/ Trade Notice. Hindi version to follow.
Yours faithfully,
(Dr. Shobhit Jain)
O.S.D. (TRU)
Fax: 23095590

New Tatkal Scheme to book Railway Tickets

New tatkal plan makes booking tickets easier

#1 Under the new scheme, passengers will be allowed to book tatkal tickets exclusively at reservation counters between 10 am to noon for the trains leaving next day.

#2 The railways also decided that no authorised agents, including those of the Indian Railways Catering and Tourism Corporation, will be allowed to book Tatkal tickets in the first two hours -- from 10 a.m. to 12 noon

#3 There will be separate queues and counters for passengers buying tickets under the Tatkal scheme.

#4 CCTVs will also be installed at booking counters to monitor the 'Taktal' booking system.

#5 Passengers will have carry self-attested identity proofs to buy a Tatkal ticket.

#6 The Indian Railways has also said that only four passengers can be booked on a single ticket in the Tatkal scheme.

#7 Agents booking tickets on the internet under the 'Tatkal' scheme can now only book one ticket per train per day only after 12 noon. 

#8 Passengers booking tickets on the internet under the 'Tatkal' scheme can now only book two tickets between 10 am and 12 noon.

Looking for Chartered Accountant by ITI financial Services Limited

* Preparation & finalisation of accounts
* Handling a team of accountants & managing their tasks
* Assisting in audit & managing documentation
* Handling Internal,external auditing, taxes.

Salary: Not Disclosed by Recruiter

Industry: Banking, Financial Services, Broking

Functional Area: Accounts, Finance, Tax, Company Secretary, Audit

Multi purpose emapnelment

The site www.meficai.org is open.

SERVICE TAX: No service tax on NRI remittances: Finance Ministry

The Government today said remittances from abroad will not attract service tax, putting to rest the concerns raised in view of new tax norms.

“The matter has been examined and it is clarified that there is no service tax per se on the amount of foreign currency remitted to India from overseas,” the Central Board of Excise and Customs (CBEC) said.

The clarification follows concerns over reports that there was a move to levy 12 per cent tax on money sent back home by Indians abroad under the changed service tax regime from July 1.

Emerging as the top recipient among developing nations, India received

INCOME TAX: GAAR panel to modify draft guidelines

The Finance Ministry’s committee on General Anti Avoidance Rules (GAAR) has decided to modify the draft guidelines by reducing the number of illustrative examples.

The next meeting of the GAAR panel, which comprises officials of the Finance Ministry and representatives of FIIs and other stakeholders, will be held on August 12 and 13.

“The GAAR committee met today and discussed the examples (given in the draft guidelines)... some examples will be reduced, some will be combined”, said a senior Finance Ministry official after the meeting.

The draft guidelines have provided 21 examples to illustrate the applicability and non-applicability of the GAAR, which was proposed by the former Finance Minister, Mr Pranab Mukherjee, to check tax evasion by foreign investors.

The provisions, however, invoked sharp criticism from the foreign and domestic investors, following which the Government decided to postpone its implementation by one year to April 2013. The Ministry had also constituted a committee to look into the concerns of investors.

Last month, the committee came out with draft guidelines on GAAR to seek comments from various stakeholders.

Among other things, the draft norms provide for a threshold limit for invocation of GAAR. It also clarified that the norms would apply to income accruing only after April 1, 2013.

The draft guidelines, however, got caught in a controversy following a release by PMO which said the Prime Minister had yet to see them.

“These (draft guidelines) have not been seen by the Prime Minister and will be finalised with the approval of the Prime Minister, who holds the Finance portfolio, only after considering the feedback received,” the PMO had said in a release barely 12 hours after the draft norms were released by the Finance Ministry on June 28.

Source: thehindubusinessline.com dt. 09-07-2012

Deductors Must Comply with their Obligations to Ensure Correct Credit to Persons from Whose Income Tax is Deducted at Source

 Deductors Must Comply with their Obligations to Ensure Correct Credit to Persons from Whose Income Tax is Deducted at Source

All deductors other than Government deductors must file their quarterly TDS statement for the quarter ending 30th June 2012, on or before 15th July 2012 and Government deductors must file their statement on or before 30th July 2012. While submitting their statements, the deductors have to choose correct and relevant form, quote correct PAN against all

Notice Inviting Expression of Interest for Appointment of Auditors for undertaking Physical Verification of stocks in U.P. Region FCI.

Food Corporation Of India
Last Date : 16/07/2012
Notice Inviting Expression of Interest for Appointment of Auditors for undertaking Physical Verification of stocks in U.P. Region FCI.

Address: FOOD CORPORATION OF INDIA Zonal Office (North), Noida, UP
Phone: 0120-2411562
Email: gmfnznoida@yahoo.co.in

Vacancy for CA in Tata Communications

Incumbent in this role will be responsible for the SAP FICO Development and Support Functions,

Providing technical and functional support for the following SAP modules: FI (New GL, AP, AR, AA, Banking, CFM), CO(CCA, PCA, Internal orders, COPA), Parallel Currencies, Parallel Ledgers, Consolidation,  Project Systems, Country India Version, knowledge of Reading and Debugging ABAP Programs, SAP Queries and Infosets

Meeting user’s requirements and resolving their problems and training needs.

 

Major Activities:

• Customization changes, Problem Request and Change Request Management on day to day basis.
• Life-cycle implementation in SAP FICO and Integration with other SAP Modules.
• Rollout of existing and new Functionalities to Other Divisions and Entities.
• Support system enhancement initiatives, implementations and testing including upgrades
• Provide Functional Specification and Coordinate with ABAP for new Developments and Enhancements
• Support system enhancement initiatives, SAP Technical and Functional upgrades and Global Rollout
• Providing proactive support to users with the delivery of various projects and enhancements,
• Interacting with the Users to understand their functional requirements and convert them in system requirements and solutions
• Life-cycle implementation in SAP FICO and interfacing with interlocking billing and other systems like SGRF, Geneva etc.

 

 

Essential Qualifications:

• Chartered Accountant

PESB is looking for Director (Finance) in WCL

PESB invites application for the post of Director (Finance) in Western Coalfields Ltd.(WCL), Nagpur, Maharashtra.

Job Profile: Scale of pay:Rs.65,000-75,000/- (Revised).

All Chief Executives of other Central PSUs (including subsidiaries) for circulation among the eligible candidates. All Chief Secretaries of State Govt.s /UT's (for circulating the vacancy among Govt.Officers and State PSU's)

The Candidate should be a Cost Accountant/ Chartered Accountant/MBA with specialization in Finance. He should have managerial experience at a senior level in corporate financial management and accounts including Cost and Budgetary Control, Institutional Finance, Working Capital Management in an organization of repute. Provided that minimum qualification is relaxable in the case of internal candidates with sound and