The most comprehensive news portal for Chartered Accountants and Other Professionals around the world.
Sunday, June 23, 2013
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
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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,–
Income Tax department to file court cases against bankers, depositors
NEW DELHI: The Income Tax department
will file court cases for "wilful evasion of taxes" against depositors
and those bank authorities who have been found guilty in an RBI probe
following allegations of money laundering in a
Foreign Direct investment Policy – definition of ‘group company’
1.0
The Government has decided to incorporate the following definition of
‘group company’ in the FDI Policy contained in ‘Circular 1 of 2013 –
Consolidated FDI Policy’, effective from 05-04-2013:
2.1
|
Definitions
|
2.1.15 bis
|
“Group company” means two or more enterprises which, directly or indirectly, are in a position to :
(i) exercise twenty six per cent, or more of voting rights in other enterprise; or
(ii) appoint more than fifty per cent, of members of board of directors in the other enterprise.
|
2.0 The above decision will take immediate effect.
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,–
Minimum Wages to Peon by CA Office - Rs. 5739
Minimum Rates of Wages have been made applicable to Chartered Accountants in West Bengal w.e.f. 1st April, 2012.
The relevant notification dated 23rd April, 2012 is attached herewith.
The notification clearly states that the minimum rates have been made applicable as "no representation has been received in the matter within the time specified".... by the Government.
The minimum wages have been revised w.e.f. 1st January, 2013. The notification is attached herewith.
The relevant notification dated 23rd April, 2012 is attached herewith.
The notification clearly states that the minimum rates have been made applicable as "no representation has been received in the matter within the time specified".... by the Government.
The minimum wages have been revised w.e.f. 1st January, 2013. The notification is attached herewith.
ICAI starts probe into role of Reebok’s ex- COO
The Institute of Chartered Accountants of India ( ICAI) has initiated an inquiry against former Reebok India chief operating officer Vishnu Bhagat, one of the accused in the alleged Rs.870- crore fraud in the company, a senior ICAI official said. “In the Reebok case, we have started an inquiry against a key managerial person, who is a chartered accountant, for his conduct
Tuesday, June 4, 2013
Now Maintained Health while auditing-Rs 0.60 per Km if journey by walking/Bicycle.
-
EIRC is involve in an professional opportunity for West Bengal Chartered accountants.It a matter of sorrow that the maximum fee is Rs. 2000/- per school audit. There is an interesting clause of Mileage Allowance.
Note
5: Mileage
Allowance
i)
Rs 5 per Km if journey by Taxi/Own Car
ii)
Rs 2 per Km if journey by Auto Rickshaw/Moped/ Scooters
iii)
Rs 0.60 per Km if journey by walking/Bicycle.
So, No bad , we can take care of our jhealyh by walking or cycling @.60 per KM while going for auditing.This is the situation when we are having our present PRESIDENT from such state. Cant we reject these funny professional opportunities? An Ex EIRC chairman quoted Rs 174/- per Gram Panchayat Audit at Kolkatta.What a shame for the State and the profession at Kolkatta.
CA AMRESH VASHISHT, FCA, LLB, DISA (ICAI)
EIRC is involve in an professional opportunity for West Bengal Chartered accountants.It a matter of sorrow that the maximum fee is Rs. 2000/- per school audit. There is an interesting clause of Mileage Allowance.
Note
5: Mileage
Allowance
i)
Rs 5 per Km if journey by Taxi/Own Car
ii)
Rs 2 per Km if journey by Auto Rickshaw/Moped/ Scooters
iii)
Rs 0.60 per Km if journey by walking/Bicycle.
So, No bad , we can take care of our jhealyh by walking or cycling @.60 per KM while going for auditing.This is the situation when we are having our present PRESIDENT from such state. Cant we reject these funny professional opportunities? An Ex EIRC chairman quoted Rs 174/- per Gram Panchayat Audit at Kolkatta.What a shame for the State and the profession at Kolkatta.
CA AMRESH VASHISHT, FCA, LLB, DISA (ICAI)
Expression of Interest for Audit of JCI-CPF post transactions (payments only) for the financial year 2011-12 & 2012-13
Jute Corporation Of India Limited - Kolkata
Last Date : 07/06/2013
Expression of Interest for Audit of JCI-CPF post transactions (payments only) for the financial year 2011-12 & 2012-13
Address: Jute Corporation Of India Limited 15 n,Nellie Sen Gupta Sarani Kolkata-700087
Phone:
Email:
Last Date : 07/06/2013
Expression of Interest for Audit of JCI-CPF post transactions (payments only) for the financial year 2011-12 & 2012-13
Address: Jute Corporation Of India Limited 15 n,Nellie Sen Gupta Sarani Kolkata-700087
Phone:
Email:
Tax amendments to file Income-Tax return for AY 2013-14
It
is well known fact that tax payers are now required to file their Income-tax
Return for the Financial Year 2012-13 relevant to the Assessment Year 2013-14.
These Income-tax Returns in most cases have to be filed by 31st July, 2013.
However, for the Corporate Sector as well as for persons who are having the
Companies, political parties to give ‘other income’ details in I- T returns
Companies, political parties to give ‘other income’ details in I- T returns
After
asking individual taxpayers to declare their assets and liabilities in
the new Income Tax Return ( ITR) forms, the finance ministry will now
tell companies, firms, trusts, as well as political parties, to give
more disclosures in the ITR forms to be notified soon for the 2013- 14
assessment year. For the
computation of total income, in the column ‘ income from other
Transfer pricing provisions do not apply (i) to an investment in share capital of overseas companies & (ii) to transactions where there no “income” has arisen
Vijai Electricals Ltd vs. ACIT (ITAT Hyderabad)
Transfer pricing provisions do not apply
(i) to an investment in share capital of overseas companies & (ii)
to transactions where there no “income” has arisen
The assessee invested Rs. 21 crores in the share capital of its
overseas subsidiaries. The AO completed the assessment without making
any transfer pricing adjustment. The CIT revised the assessment u/s 263
on the ground that the transaction was an “international transaction”
u/s 92B and that the AO ought to have
Monday, June 3, 2013
UN officially launches Transfer Pricing Manual_2013
UN releases official version of 'UN Practical Manual on Transfer Pricing
for Developing Countries' at New York;
Manual was adopted by UN Committee at Geneva session in October 2012;
Manual to help mitigate developing countries' vulnerability to abuse and
revenue loss from tax evasion from transfer pricing;
Chapter 10 of the Manual incorporates country practices including from
India and China.
for Developing Countries' at New York;
Manual was adopted by UN Committee at Geneva session in October 2012;
Manual to help mitigate developing countries' vulnerability to abuse and
revenue loss from tax evasion from transfer pricing;
Chapter 10 of the Manual incorporates country practices including from
India and China.
GlaxoSmithkline Pharmaceuticals surged 6.58% to Rs 2,672
GlaxoSmithkline Pharmaceuticals surged 6.58% to Rs 2,672 at 14:17 IST on BSE, with the stock extending recent rally. | |
Request for Proposal from C&AG Empanelled Chartered Accountant firms those are Eligible for PSU Audits for the year 2012-13/2013-14
Department Of Health And Family Welfare - New Delhi
Last Date : 04/06/2013
Request for Proposal from C&AG Empanelled Chartered Accountant firms those are Eligible for PSU Audits for the year 2012-13/2013-14
Address: To, The Joint Secretary,Department of AYUSH AYUSH BhawanB-Block, GPO Complex.INA, New Delhi - 110023
Phone:
Email:
Expression of Interest for hiring the services of chartered accountant for for audit of Jharkhand compensatory afforestation fund management
Forest And Environment Department - Ranchi
Last Date : 04/06/2013
Expression of Interest for hiring the services of chartered accountant for for audit of Jharkhand compensatory afforestation fund management & planning authority for the period 2010-11 to 2012-13
Address: CAMPA,jharkhand,Ranchi. Van Bhawan Doranda,Ranchi 834002
Phone: 0651-2481466
Email:
Last Date : 04/06/2013
Expression of Interest for hiring the services of chartered accountant for for audit of Jharkhand compensatory afforestation fund management & planning authority for the period 2010-11 to 2012-13
Address: CAMPA,jharkhand,Ranchi. Van Bhawan Doranda,Ranchi 834002
Phone: 0651-2481466
Email:
Institute releases the Exposure Draft of Guidance Note on Cost Accounting Standard on Repairs and Maintenance Cost (CAS-12)
Institute releases the Exposure Draft of Guidance Note on Cost Accounting Standard on Repairs and Maintenance Cost (CAS-12). New
2013-06-03
Cost Accounting Standards Board
REQUEST FOR COMMENTS
Cost
Accounting Standards Board, the standard –setting body of the Institute,
has approved the release of Exposure Draft of Guidance Note on Cost Accounting
Standard on Repairs and Maintenance Cost (CAS-12). The proposed exposure draft
of Guidance Note may be modified in the light of comments received before being
Appointment of Cost Auditor at Indian Rare Earths Ltd for the Financial year 2013-14
News
Appointment of Cost Auditor at Indian Rare Earths Ltd for the Financial year 2013-14.New
2013-06-03
NOKIA TAX APPEAL DISMISSED
________________________________
Nokia tax appeal dismissed, company says disappointed
Reuters | May 31, 2013, 07.54PM IST
NEW YORK: Indian authorities have dismissed Nokia's appeals against an income tax bill of Rs 20.8 billion, the phone company said on Friday, a setback for its efforts to resolve the dispute in a crucial market.
Nokia's India unit was served in March with the tax demand for five years starting from 2006/07, in one of several tax disputes involving foreign companies in India.
The Finnish phone company said on Friday that it would examine all options, including taking the case back to the Delhi high court, which previously referred the case to the tax authorities' appeals division.
Nokia said it believed it was in full compliance with Indian laws and a bilateral tax treaty between India and Finland.
"Nokia is disappointed by the decision of the Commissioner of Income-tax Appeals, and will now examine all options open to it," the company said in a statement. "These include taking the case back to the Delhi high court."
Shares in Nokia were 2.3 per cent down on the day at 2.63 euros by 1250 GMT.
India is crucial for Nokia's attempt to hold on to its global market share, in which it has lately given up its top spot to Samsung.
It has been expanding its Asha line of phones and India is widely seen as a key market for models that straddle the border between high-end feature phones and the smartphones on which Nokia has suffered against rivals Apple and Samsung.
The company earlier this year objected to tax officials entering its factory in Chennai in southern India, which is one of its biggest facilities. Nokia said it has invested over $330 million in Chennai since setting up the factory in 2006.
India has been stepping up its pursuit of tax claims against foreign companies as it seeks to rein in its budget deficit. Companies recently involved in tax disputes in India include Cadbury Plc, Royal Dutch Shell, Vodafone Plc and LG Electronics Inc
Nokia tax appeal dismissed, company says disappointed
Reuters | May 31, 2013, 07.54PM IST
NEW YORK: Indian authorities have dismissed Nokia's appeals against an income tax bill of Rs 20.8 billion, the phone company said on Friday, a setback for its efforts to resolve the dispute in a crucial market.
Nokia's India unit was served in March with the tax demand for five years starting from 2006/07, in one of several tax disputes involving foreign companies in India.
The Finnish phone company said on Friday that it would examine all options, including taking the case back to the Delhi high court, which previously referred the case to the tax authorities' appeals division.
Nokia said it believed it was in full compliance with Indian laws and a bilateral tax treaty between India and Finland.
"Nokia is disappointed by the decision of the Commissioner of Income-tax Appeals, and will now examine all options open to it," the company said in a statement. "These include taking the case back to the Delhi high court."
Shares in Nokia were 2.3 per cent down on the day at 2.63 euros by 1250 GMT.
India is crucial for Nokia's attempt to hold on to its global market share, in which it has lately given up its top spot to Samsung.
It has been expanding its Asha line of phones and India is widely seen as a key market for models that straddle the border between high-end feature phones and the smartphones on which Nokia has suffered against rivals Apple and Samsung.
The company earlier this year objected to tax officials entering its factory in Chennai in southern India, which is one of its biggest facilities. Nokia said it has invested over $330 million in Chennai since setting up the factory in 2006.
India has been stepping up its pursuit of tax claims against foreign companies as it seeks to rein in its budget deficit. Companies recently involved in tax disputes in India include Cadbury Plc, Royal Dutch Shell, Vodafone Plc and LG Electronics Inc
High Court Explains Why S. 43B applies To Employees PF
CIT vs. Kichha Sugar Company Ltd (Uttarakhand High
Court)<http://itatonline.org/archives/?p=6888>
*"Due date" in s. 36(1)(va) for payment of employees' Provident Fund, ESIC
etc contribution should be read with s. 43B(b) to mean "due date" for
filing ROI
*
The assessee collected employees' Provident Fund contribution for payment
to the provident fund authorities. However, the amount was not paid to the
provident fund authorities within the "*due date*" specified in the
Provident Fund Act though it was paid before the due date of filing the
return of income. The AO assessed the amounts received as income u/s
2(24)(x) but refused to allow a deduction u/s 36(1)(va) on the ground that
the amounts were not paid within the prescribed "*due date*". The CIT(A)
and Tribunal allowed the assessee's claim for deduction u/s 43B(b). The
Department filed an appeal in the High Court claiming that s. 43B did not
apply to employees' contribution. HELD by the High Court dismissing the
appeal:
S. 2(24)(x) provides that the amounts of employees' contribution to PF etc
collected by the employer shall be assessed as his income. S. 36(1)(va)
provides that the said employees' contribution shall be allowed as a
deduction if paid within the "*due date*" specified in the relevant
legislation. S. 43(B)(b) provides that any sum payable by the assessee as
an employer by way of contribution to any provident fund etc shall be
allowed if paid before the due date of filing the ROI. The "*due date*"
referred to in s. 36(1)(va) must be read in conjunction with s. 43B(b) to
mean the "*due date*" of filing the ROI. The AO wrongly proceeded on the
basis that the "*due date*" in s. 36(1)(va) is the due date fixed by the
Provident Fund authority, whereas read in the context of s. 43B(b) it is
the "*due date*" fixed for filing the ROI.
*Note*: The same view is taken in
*AIMIL<http://itatonline.org/archives/index.php/cit-vs-aimil-limited-delhi-high-court-even-employees-contribution-to-pf-paid-before-due-date-of-filing-roi-is-allowable-us-43b/>
* 321 ITR 508 (Del) & *Bharati
Shipyard<http://itatonline.org/archives/index.php/bharati-shipyard-ltd-vs-dcit-itat-mumbai-special-bench-s-40aia-amendment-by-fa-2010-is-not-retrospective/>
* 132 ITD 53 (SB)(Mum). However, the ITAT Mumbai has refused to follow this
law in *LKP Securities<http://itatonline.org/archives/index.php/ito-vs-lkp-securities-ltd-itat-mumbai-employees-pf-esi-contribution-is-not-covered-by-s-43b-is-only-allowable-as-a-deduction-us-361va-if-paid-by-the-due-date-prescribed-therein/>
* on the ground that s. 43B applies only to "*employer's contribution*"
*(Click Here To Read More <http://itatonline.org/archives/?p=6888>)*
Court)<http://itatonline.org/archives/?p=6888>
*"Due date" in s. 36(1)(va) for payment of employees' Provident Fund, ESIC
etc contribution should be read with s. 43B(b) to mean "due date" for
filing ROI
*
The assessee collected employees' Provident Fund contribution for payment
to the provident fund authorities. However, the amount was not paid to the
provident fund authorities within the "*due date*" specified in the
Provident Fund Act though it was paid before the due date of filing the
return of income. The AO assessed the amounts received as income u/s
2(24)(x) but refused to allow a deduction u/s 36(1)(va) on the ground that
the amounts were not paid within the prescribed "*due date*". The CIT(A)
and Tribunal allowed the assessee's claim for deduction u/s 43B(b). The
Department filed an appeal in the High Court claiming that s. 43B did not
apply to employees' contribution. HELD by the High Court dismissing the
appeal:
S. 2(24)(x) provides that the amounts of employees' contribution to PF etc
collected by the employer shall be assessed as his income. S. 36(1)(va)
provides that the said employees' contribution shall be allowed as a
deduction if paid within the "*due date*" specified in the relevant
legislation. S. 43(B)(b) provides that any sum payable by the assessee as
an employer by way of contribution to any provident fund etc shall be
allowed if paid before the due date of filing the ROI. The "*due date*"
referred to in s. 36(1)(va) must be read in conjunction with s. 43B(b) to
mean the "*due date*" of filing the ROI. The AO wrongly proceeded on the
basis that the "*due date*" in s. 36(1)(va) is the due date fixed by the
Provident Fund authority, whereas read in the context of s. 43B(b) it is
the "*due date*" fixed for filing the ROI.
*Note*: The same view is taken in
*AIMIL<http://itatonline.org/archives/index.php/cit-vs-aimil-limited-delhi-high-court-even-employees-contribution-to-pf-paid-before-due-date-of-filing-roi-is-allowable-us-43b/>
* 321 ITR 508 (Del) & *Bharati
Shipyard<http://itatonline.org/archives/index.php/bharati-shipyard-ltd-vs-dcit-itat-mumbai-special-bench-s-40aia-amendment-by-fa-2010-is-not-retrospective/>
* 132 ITD 53 (SB)(Mum). However, the ITAT Mumbai has refused to follow this
law in *LKP Securities<http://itatonline.org/archives/index.php/ito-vs-lkp-securities-ltd-itat-mumbai-employees-pf-esi-contribution-is-not-covered-by-s-43b-is-only-allowable-as-a-deduction-us-361va-if-paid-by-the-due-date-prescribed-therein/>
* on the ground that s. 43B applies only to "*employer's contribution*"
*(Click Here To Read More <http://itatonline.org/archives/?p=6888>)*
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