Wednesday, August 27, 2014

TDS – Online Corrections facility currently live only with Digital Signatures

Attention Deductors: The Online Corrections facility is currently live only with Digital Signatures and the facility without the same will be available in a week.
Attention Government Deductors: Please quote the Accounts Office Identification Number (AIN) in

Govt instruct its staff to use paper judiciously – Is it Austerity Measures or Eco-friendly measures?

MOF has issued an office memo last week, which mandates its offices:

– Use both sides of paper for printing/writing

– Typing should be done in single space

– Instead of voluminous printing…upload documents on websites etc.

Related Office Memorandum is as follows :-

RBI’s Recent simplified KYC Measures For Public Awareness

RBI’s Recent simplified KYC Measures For Public Awareness

The Reserve Bank of India today released a note along with a poster and a booklet comprising a few common questions relating to Know Your Customer (KYC) norms for opening bank accounts. The objective of this is to bring awareness among the general public about the KYC simplification

Pay IT dues in advance at RBI or at authorised bank branches

The Reserve Bank of India has appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date. It has also stated that assessees can use alternate channels like

Vacancy for CA in Tata communications

Commission plan maintenance: monthly reporting, data validation and reconciliation, assurance of data integrity
Communication of results to participants to the plan and query resolution
Data support and analysis for MIS and revenue reporting
Trend analysis
Ad-hoc data support and analysis to Sales organization
Maintenance of revenue databases for commission and non-commission purposes

Conduct ground level activities like invoice/claim processing, etc.Has previous work experience in

ICAI MEF:Send Financial Documents for 10% of the applicants for Multipurpose Empanelment,selected on random basis, for the year 2014-15

PD/A-313/2014 August 13, 2014

click here to view the list of MEF from which financial documents have been called for.

Dear Sir(s)/Madam,

Sub: Multipurpose Empanelment for the year 2014-15

It has been decided to
call for Financial Documents from 10% of the applicants for Multipurpose Empanelment, selected on random basis, for the year 2014-15. Based on the random selection done by the computer, the above MEF has been selected as one of those to submit the Financial Documents in connection with the subject empanelment.

Accordingly, you may send the following documents pertaining to the applicant, to the extent applicable: -

1. Financial Statements (Balance Sheet and Income & Expenditure Statement) of the applicant (Partnership/Proprietary/Individual) for the financial year ended March 31, 2013.
2. Copy of Partnership deed effective as on 31.03.2013 as well as on 01.01.2014 (wherever applicable).
3. Copy of Income Tax Return of the (Partnership/Proprietary/Individual) for the Financial year 2012-13.
4. Copy of computation of (latest) income of the applicant [Partnership (firm and partners)/Proprietary/ Individual] to correspond with point 3 above.
5. Copy of (latest) Assessment Order of the applicant [Partnership (firm and partners)/Proprietary/ Individual], if available.
6. Copies of Personal Income Tax returns of the partner(s) for the financial year ended 31^st March, 2013 (only those partner(s) who were partner(s) in the firm on 01.01.2014). In case, any of the partners as on 01.01.2014 has left the firm at a later date and therefore, copy of his/her return cannot be sent, a mention of the same should be made in the forwarding letter.

The above-mentioned documents should reach us by 29^thAugust, 2014. Kindly send the above said documents by Registered Post Acknowledgement Due/Speed Post/Courier/By Hand delivery only to the Institute’s Head Office, New Delhi at the following address quoting in the subject, the

List of Resolution for which MGT-14 require to file to ROC

Form MGT-14 requires filing for following below mention Resolutions:

1. Section- 8: For a company registered under Section- 8 to convert itself into a company of any other kind or alteration of its Memorandum or Articles

3. Section – 12: Shifting Of Registered Office.

4. Section-13: Alteration in MOA.

5. Section- 14: Alteration in Article.

6. Section 13(8):

DVAT – Furnishing of advance information in respect of functions organised in Banquet Halls, Farm houses, Marriage/Party Halls, Hotels and Open Ground etc.

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI

DEPARTMENT OF TRADE AND TAXES

(POLICY BRANCH)

VYAPAR BHAWAN, I.P.ESTATE, NEW DELHI-110 002

No. F.3(393)/Policy/VAT/2013/311-317

Dated 21/08/2014

CIRCULAR No. 9 of 2014-15

Sub: Furnishing of advance information in respect of functions organised in Banquet Halls, Farm houses, Marriage/Party Halls, Hotels and Open Ground etc.

This department vide Notification No. 3(393)VAT/2013/1085-1096 dated 19/02/2013, directed the owner/lessee/custodian of the venue where programmes/functions are to be organised In the Banquet

Motorola Moto X Indian Unit Unboxing / First Boot Hands on Overview

click here to buy

According to CNBC TV18, CBI has registered FIR against four people, including one former and one present ED of SEBI

The Central Bureau of Investigation (CBI) on Monday registered first information report (FIR) against former members of Securities & Exchange Board of India (SEBI). This include, JN Gupta, Muralidhar Rao, Vishakha More and Rajesh Dangeti, says a report from CNBC TV18. No more

Applications Are Invited by State Bank of IndiaFrom Partnership Firms Of Chartered Accountants Of RBI Grade 2/3 Situated In The State Of For Carrying Out Concurrent Audit On Full Time Contractual Basis

State Bank Of India

Last Date : 01/09/2014
Applications Are Invited From Partnership Firms Of Chartered Accountants Of RBI Grade 2/3 Situated In The State Of For Carrying Out Concurrent Audit On Full Time Contractual Basis

PPF investment can beat Sensex returns over 20-year period

http://economictimes.indiatimes.com/markets/stocks/market-news/ppf-investment-can-beat-sensex-returns-over-20-year-period/articleshow/40862367.cms

MUMBAI: Equity investors are laughing their way to the bank because Sensex has generated 44% returns during the past one year. While the benchmark index has generated this return, there are several stocks that have risen by more than 100% during the same period.
So, it's natural for investors to get carried away when Dalal Street is on a roll, and the Sensex is making a habit of hitting record highs almost every other day. Suddenly, retail investors are flocking back to the market if ..

Requirement of 82 CA,CS finalist at Banglore,Mumbai,Dumdum,Kolkata,Bangaluru,Delhi,Ghaziabad,Shimla,Raigarh,Raipur,MP& Noida

1) sir,
my firm is 17 years holding having 5 partners (two are FCA and DISA)
requires more partners. please inform at
M/s. BANSAL SURESH KUMAR & CO.
Chartered Accountants

Chartered accountants are ‘financial doctors’, says Pradhan

Recalling the words of the Prime Minister Narendra Modi that his government does not believe in a high taxation regime, Union Minister of State for Petroleum and Natural Gas Dharmendra Pradhan today said this was possible by maintaining extraordinary integrity, fairness and putting heart and mind in

POWERS OF SETTLEMENT COMMISSION UNDER CUSTOMS ACT, 1962

POWERS OF SETTLEMENT COMMISSION UNDER CUSTOMS ACT, 1962

Section 32 of the Central Excise Act, 1944 empowers the Central Government to constitute a Settlement Commission to be called the ‘Customs and Central Excise Settlement Commission’ for the settlement of the Central Excise and Customs cases.
The Settlement Commission shall consist of a Chairman and many Vice Chairman and other

CA can appear before VAT authority::Modifying Stay Order-Lucknow Bench

Announcement on Court Verdict Modifying The Stay Order Dated 6 August 2014, By The Lucknow Bench of The Allahabad High Court on VAT. - (20-08-2014)

ATTENTION OF MEMBERS

ANNOUNCEMENT ON COURT VERDICT MODIFYING THE STAY ORDER DATED 6 AUGUST 2014, BY THE LUCKNOW BENCH OF THE ALLAHABAD HIGH COURT ON VAT

CPC(TDS) Intimation cannot be in form of Demand u/s 156- HC

M/s PAGE INDUSTRIES LTD Versus UNION OF INDIA, THE DEPUTY COMMISSIONER OF INCOME TAX AND THE COMMISSIONER OF INCOME TAX (TDS), BANGLORE

Centralized processing of statements of tax deducted at source (TDS returns) u/s 200A which was filed u/s 200 – Rectification of order u/s 154 - enhancing the demand - Reasonable opportunity u/s 154(3) of being heared - Held that:- The Department has sought to achieve a comprehensive

How to close Short Payment Defaults using Online Correction facility for TDS payments

CPC (TDS) -Advisory for closure of Short Payment Defaults using Online Correction facility before allowing Conso Files

As you may be aware that at the time of filing TDS statements, it is mandatory to quote the challan particulars through which TDS payments have been made. The TDS forms prescribe quoting of

Requirement in Projects & Development India Ltd. (PDIL) Aug-2014

Projects & Development India Ltd. (PDIL)
(A Govt. of India Undertaking)
PDIL Bhawan, A-14, Sector-1, Noida – 201301
Projects & Development India Limited (PDIL), is a Mini Ratna Category-I PSU. Applications are

Department of Agriculture and Cooperation invites application for the recruitment of Assistant Accounts Officer with CA/B.Com/M.Com holders

ment of Agriculture and Cooperation invites application for the recruitment of Assistant Accounts Officer with CA/B.Com/M.Com holders
Company name : Department of Agriculture and Cooperation
Posts : Assistant Accounts Officer
Qualification : CA/B.Com/M.Com

Acceptance of deposit under the Companies Act 2013

Acceptance of deposit under the Companies Act 2013 from members by non-eligible companies

Eligible Companies: Deposit from public can only be accepted by following eligible companies:

1. Companies having net worth of not less than Rs. 100 Crore; or

Presumptive taxation under section 44AD-civil construction business

Assessee was a civil contractor engaged in the business of executing civil construction works for Government organisation and also Private Sector. Assessee had declared gross receipts with a net profit ration of 5.64%. For AO noticed certain discrepancies in books of account and rejected the

Apple to replace faulty iPhone 5 batteries at no cost

Apple has activated its iPhone 5 Battery Replacement Program after discovering that a small percentage of iPhone 5 units are facing problems due to shorter battery life and therefore require frequent charging. Apple claims that only ‘limited series number’ range of iPhone 5 units are facing

What is the Best Time to Study? Day vs Night

The Best Time To Study

What is the best time to study? It’s one of those endless debates among students; is it better to study at night or during the day? Each side has its own loyal advocates who will speak at length of the benefits of their preferred method to try and convince you of the benefits of their choice.
Everyone thinks they know what the best time to study is but the reality is that each person is

DOWNLOAD ALL IMPORTANT NOTES FOR IPCC / Final AUDIT

DOWNLOAD ALL IMPORTANT NOTES FOR IPCC AUDIT

ALL AT ONE PLACE …

DOWNLOAD THEM ALL

hand-written-notes-of-surbhi-bansal-mam (CA FINAL)

Direct Tax Notes For Ca Ipcc Students

Direct Tax Notes For Ca Ipcc Students

Notes Are Ready And you can download them by click the download button below

Companies Act 2013 Notes For CA IPCC

Companies Act 2013 Notes For CA IPCC , Complete Chapter wise study Notes for students, in easy language and Briefly Described

Companies Act 2013- Complete Chapter wise Study Notes

Companies Act 2013 , Complete Chapter wise study Notes for students, in easy language and Briefly Described
List of Sections Applicable from Companies Act 2013 and Companies Act 1956

1 Incorporation Of Company And Matters Incidental Thereto

2 Prospectus And Allotment Of Securities

ISCA Notes

ISCA Notes Are Ready And you can download them by click the download button below

Amendment in IPCC Syllabus For November 2014 Exams

1. Accounting: No changes in the syllabus
2. Business Laws, Ethics and Communication Partial applicability of Companies Act, 2013. . – 53 sections out of 98 sections notified by MCA on 12.09.2013
http://220.227.161.86/32800bos-announ15mar14.pdf
3. Cost Accounting and Financial Management: No changes in the syllabus
4. Taxation: ST & VAT syllabus has been revised and renamed as Indirect Taxes.
Basic concepts of excise, customs, central sales tax and CENVAT credit have been included.

7 Reasons Why Students Fail In CA/CS Exams

REASON 1-Carelessness of the student towards their career.
REMEDY- My dear friends, be serious in your study, otherwise you will fell guilty throughout your life even if you do something good elsewhere.
REASON 2-Engaged in other activities during preparation (i.e. social media, Parties, Marriages, other family programes, etc)
REMEDY-All these events can be completed without you.
REASON 3-Late start of study (because we want to become a CA in just by study 2-3 months?

AICPA Membership Now Exceeds 400,000

NEW YORK (Aug. 19, 2014) – The American Institute of CPAs today announced that its membership recently passed the 400,000 mark, a milestone that underscores the continuing value and vitality of the organization and the accounting profession as well.
The AICPA is the world’s largest member organization representing the profession and has seen solid

FASB proposes simpler accounting for fees paid to cloud service providers

CPAs have opportunities in financial planning and forecasting

Saturday, August 23, 2014

Vacancy for CA in PWC

Requirement	Associate - Indirect Tax - 5140/[2014]
Location
Openings	1	Experience	1.00 to 2.00 years
Education	NA
Skills	Good communication, having some experience in IDT. Hard working and smart. Positive attitude.

Job Description	CA by profession. Good communication, having some experience in IDT. Hard working and smart. Positive attitude. Click here to apply

Now Dialysis in just Rs.200 in Mumbai

Now Dialysis in just Rs.200 in Mumbai.

Shri Siddhivinayak Temple has installed around 22 machines for the purpose. Anyone can approach

If you have forgotten your password and you have unsuccessfully tried other ways of resetting password, then you can use the new facility to get direct access to your Income Tax Department e-Filing account using the net-banking facility of your bank.

If you have forgotten your password and you have unsuccessfully tried other ways of resetting password, then you can use the new facility to get direct access to your Income Tax Department

CA can appear before VAT authority::Modifying Stay Order-Lucknow Bench

Announcement on Court Verdict Modifying The Stay Order Dated 6 August 2014, By The Lucknow Bench of The Allahabad High Court on VAT. - (20-08-2014)

ATTENTION OF MEMBERS

ANNOUNCEMENT ON COURT VERDICT MODIFYING THE STAY ORDER DATED 6 AUGUST 2014, BY THE LUCKNOW BENCH OF THE ALLAHABAD HIGH COURT ON VAT

The Companies Act, 2013, was made in undue haste and exposes Parliament’s lack of expertise in law making, said Supreme Court judge A K Sikri

The Companies Act, 2013, was made in undue haste and exposes Parliament’s lack of expertise in law making, said Supreme Court judge A K Sikri here on Thursday.

He wasn’t the only eminent person who criticised the new law, at a book release function. MDamodaran, former Securities and Exchange Board of India ( Sebi) chairman, termed it “ an

Shamrao Vithal Cooperative Bank invites application for the recruitment of Divisional Manager with CA/ICWA/MBA holders

amrao Vithal Cooperative Bank recruits Divisional Manager – August 21, 2014

Warren Buffett’s Company Fined by Justice Dept. Over Stock Purchase

Warren E. Buffett may be one of the most admired investors in the world. But that does not exempt his company, Berkshire Hathaway, from having to follow federal securities investment rules.

Berkshire has agreed to pay $896,000 to settle accusations by the Justice Department that it did not follow antitrust guidelines before acquiring additional shares in the USG Corporation in December,

Tippers given on hire and registered as vehicle with registration authority are eligible for depreciation at 40 per cent

IT: Tippers given on hire and registered as vehicle with registration authority are eligible for depreciation at 40 per cent

IT: Where assessee kept his mining equipment ready and also used when machines of sub-contractor got breakdown, depreciation on mining

RE-APPOINTMENT/CASUAL VACNAY OF AUDITOR OF AUDITOR PROCESS TO APPOINTMENT OF AUDITOR UNDER COMPANY ACT- 2013

RE-APPOINTMENT/CASUAL VACNAY OF AUDITOR OF AUDITOR

PROCESS TO APPOINTMENT OF AUDITOR UNDER COMPANY ACT-

2013

CS DIVESH GOYAL, Practicing Company Secretary

REAPPOINTMENT OF RETIRING AUDITOR:-

Subject to the maximum tenure of appointment, a retiring auditor can be re-appointed at an annual general

Finmin Notifies revised PPF Investment limit of Rs. 1,50,000/-

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]

MINISTRY OF FINANCE

(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 13th August, 2014

G.S.R. 588 (E). — In exercise of the powers conferred by sub-section (4) of Section 3 of the Public Provident Fund

Act, 1968 (23 of 1968), the Central Government hereby makes the following further amendments to the Public Provident

Fund Scheme, 1968, namely :—

1. (1) This Scheme may be called the Public Provident Fund (Amendment)

Revised 3CA-3CD & 3CB-3CD Utility Now Availiable at Income Tax Website

After a long wait Income Tax has finally launched the 3CA-3CD & 3CB-3CD schema. More than lakhs of Auditors were waiting for past 1 month for the new schema and extension of date of its filing. Income Tax Department has done both by extending the date to 30th November and also

Violation of companies law,if director appointed in Board meeting

1)All Director(except additional & alternate) to be appointed in GM{sec 152}

2)For appointment as director of any person in general meeting,14 days notice & deposit of Rs.1 Lakh is necessary {sec 160}.However, Draft notification will

PwC Put Guy Who Whitewashed For Bank In Partner Spot

By Francine • Aug 19th, 2014 •
Richard Inserro joined PricewaterhouseCoopers (PwC) in 2000 and spent eight years in the on-deck circle as a Director, according to his lengthy LinkedIn profile. Inserro was finally elected to the partnership effective July of 2013. That’s a process that takes more than a year and that some go through more than once before making it. Sources close to the investigation confirmed that NYDFS

SERVICE TAX EXEMPTION TO BIO MEDICAL WASTE TREATMENT FACILITIES

EXEMPTION TO BIO MEDICAL WASTE TREATMENT FACILITIES

Bio Medical Waste Treatment Facilities shall be exempt from Service Tax under entry 2B of Notification No. 25/2012-ST as amended.
Services provided by operators of the common Bio-medical Waste Treatment Facility to a Clinical Establishment by way of treatment or disposal of Bio-Medical Waste or the processes incidental

New Tax Audit - Indirect Tax Compliance

New Tax Audit - Indirect Tax Compliance

The tax audit under Income Tax has undergone a change. There are already a number of compliances which professionals felt was asking for too much. In this amendment additional disclosures/ duties of judgment/ reporting have been additional thrust on the auditor. Assessees may not be too concerned as they are of the view that it is the auditor’s headache. In the view of the paper writers this would add a few days more of work. We

IFC launches $2.5 bln rupee-denominated bonds for infrastructure projects in India

International Finance Corporation, the private sector arm of the World Bank, launched rupee-denominated bonds worth $2.5 billion to fund infrastructure investments in India. "Under the programme, IFC will use a combination of rupee-denominated bonds and swaps to raise local-

FinMin orders forensic audit of Dena Bank, OBC after reports of scam

http://www.thehindubusinessline.com/industry-and-economy/banking/finmin-orders-forensic-audit-of-dena-bank-obc-after-scam-reports/article6334823.ece?homepage=true

Income tax - Whether Section 80IA benefits are available to captive electricity unit supplying power to assessee's manufacturing plant - YES: HC

CHENNAI, AUG 19, 2014: THE issue before the Bench is - Whether Section 80IA benefits are available to captive electricity unit supplying power to assessee's manufacturing plant. And the answer is YES.

Facts of the case

The assessee company was engaged in the business of manufacturing of fused Aluminium Oxide Grains, Calcined products, Monolithics, Refractories, Bonded Abrasives, Ceramic Paper and trading of Monolithic and Refractories. The assessee had an Abrasives Grains Division that manufactured

REPOSITORY OF INDEPENDENT DIRECTORS - A JOINT INITIATIVE OF ICSI, ICAI AND ICAI - CMA

REPOSITORY OF INDEPENDENT DIRECTORS - A JOINT INITIATIVE OF ICSI, ICAI AND ICAI - CMA

An Independent Directors Repository (https://independentdirector.in) has been created, which is a Joint initiative of Three Professional Statutory Bodies, namely, The Institute of Chartered Accountants of India, The Institute of Company Secretaries of India and The Institute of Cost Accountants of India,

Return filling due date has not extended, but Tax Audit report date extended to 30th Nov,.:Report filed upto 24th July valid

Return filling due date has not
been
extended
, but
Tax Audit report date extended to 30th Nov

Problem:What will be date of tax audit report in return,if return is being filled within due date , which has not been extended?

Solution: CBDT should extend return filling date too, otherwise tax payers have to file belated return, which

Looking to hire CA and/or CS (for Bangalore Branch)

We're looking to hire a CA and/or CS (with 0-2 yrs. exp.) at our Bangalore branch. In case any of your contacts/referrals are interested, pls. advise them to forward their resume to my email id, i.e.

ICAI CA admissions ask for 54.5% in all semesters for direct entry

The Institute of Chartered Accountants of India (ICAI) used to allow direct admission to its Chartered Accountancy (CA) course to B.Com (Bachelor of Commerce) graduates who secured 55% in their final year. But now, the ICAI has made it mandatory for students to secure at least 54.5% marks in all

Girl topper in CA final exams studied for 16 hours a day

Harsha Bhattad, the girl topper of Chartered Accountancy (CA) final examinations held by the Institute of Chartered Accountants of India (ICAI) is from Pune, Maharashtra. ICAI CA final exam 2014 results were announced on August 8. Bhattad scored 574 out of a total of 800 marks, bagging rank #2 with 71.75% in the all-India examination.
CA topper this year is Sanjay Nawandhar from Jaipur while the second topper Kunal Jethani from Jodhpur. Nawandhar scored 72.88% marks. Both Nawandhar and Jethani hail from Rajasthan which

TAR DUE DATE EXTENDED

CBDT order no. F.No.133/24/2014-TPL, due date for obtaining and furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15 in case of assessees who are not

Requirement of 81CA,CS finalistat Banglore,Mumbai,Dumdum,Kolkata,Bangaluru,Delhi,Ghaziabad,Shimla,Raigarh,Raipur,MP& Noida:

Dear Sir,

I have some opportunities for Fresh Qualified CAs. In case of any references, Please arrange for sending resumes

to caavmco@gmail.com, amarca@auditax.in.

A V M & Co,

Chartered Accountants
No.33, 2nd Floor, Binny Layout 2nd Stage,

S. 234E:MP High Court grants ad-interim stay against operation of notices levying fee for failure to file TDS statement

S. 234E of the Income-tax Act, 1961 inserted by the Finance Act, 2012 provides for levy of a fee of Rs. 200/- for each day’s delay in filing the statement of Tax Deducted at Source (TDS) or Tax Collected at Source (TCS). A Writ Petition to challenge the validity of s. 234E has been filed in the Madhya Pradesh High Court. HELD by the High Court by an ad-interim order:

List of Resolution for which MGT-14 require to file to ROC

1. Section- 8: For a company registered under Section- 8 to convert itself into a company of any other kind or alteration of its Memorandum or Articles

3. Section – 12: Shifting Of Registered Office.

4. Section-13: Alteration in MOA.

5. Section- 14: Alteration in Article.

6. Section 13(8): A company, which has raised money from public through

Prospectus and still has any unutilized amount out of the money so raised, shall not

Change its objects for which it raised the money through prospectus unless a special

NEW EXEMPTIONS IN SERVICE TAX

Services by authorized persons / sub-brokers
Vide Notification No. 03/2014-ST dated 03.02.2014, a retrospective exemption from service tax payable on the services provided by an authorized person or sub-broker to the member of a recognized association or a registered association has been granted, in relation to a forward contract where such service tax was not being levied during the period from 10th September, 2004 to 30th

ICAI - financial reporting awards

http://www.icai.org/new_post.html?post_id=10806&c_id=219

Monday, August 18, 2014

"Certificate Course on Arbitration" Scheduled to be held at Nagpur Branch------CPE 20

http://220.227.161.86/34498ceclwtonagpur.pdf

PROCEDURE & REQUIREMENT OF APPOINTMENT OF MD FOR PRIVATE LIMITED COMPANY

This Section is applicable on Both Private as well as Public companies. Only this section of Chapter-XIII applicable on Private Companies. At the time of practical working on this section, some points create difficulties, because for appointment of Managerial Personnel company have

Related party transactions: Corporate Affairs Ministry revises norms for shareholder

Companies will now be required to send fewer and more material (in terms of value) related party transactions (RPTs) to shareholders for special resolution approval.
All the RPTs won’t need minority shareholders’ nod.
The Corporate Affairs Ministry has amended the rules governing RPTs so as to ease the “materiality”

Lease Rent When Vat Is Charged, Not Liable To Service Tax

A. PERCEPTIVE OF TERMING IT AS SALE

Article 366(29A)(c) of Constitution: Such delivery of goods on hire purchase or any system of payment on installment shall be deemed as “Sale of Goods”

2. Power to levy tax on sales is vested to State Governments under Entry 54 of List II and thus VAT

Service Tax – Finance Act, 2014 makes Advertisements Costly

The Finance Bill, 2014 received assent from Hon’ble President on 6^th of August 2014. The main impact of this budget leads to make the advertisements costly. As per Section 66D(g) selling of space for advertisements in print media is only falls under Negative List. The definition of “print media”as per Section 65B(39a) states as follows:

DECLARATION AND PAYMENT OF DIVIDEND UNDER COMPANIES ACT, 2013

Dividend

Section 2(35) of Companies Act, 2013 (‘Act’ for short) defines the term as including any interim dividend. No exact definition has been given in the Act. Dividend is generally defined as a pro-rata share in an amount to be distributed or a sum of money paid to the shareholders of a corporation out of its earnings. Chapter VIII of the Act deals with the declaration and payment of dividend in Sections 123 to 127. The Companies (Declaration and Payment of Dividend) Rules, 2014 (‘Rule’

Vacancy for CA in Deloitte

Location: Ahmedabad, Gujarat, India
Firm Service: Enterprise Risk Services

Reference Code: 67399

Type of Position: Full-time

Job Description

Deloitte" is the brand under which tens of thousands of dedicated professionals in independent firms throughout the world collaborate to provide Audit, Consulting, Financial Advisory, Risk Management and Tax services to selected clients. These firms are members of Deloitte Touche Tohmatsu Limited (DTTL), a UK private company limited by guarantee. Each member firm provides services in a particular geographic area and is subject to the laws and professional

MEF LIST OF FIRMS FROM WHOM DOCUMENTS ARE CALLED

PDC ICAI has been decided to call for Financial Documents from 10% of the applicants for Multipurpose Empanelment, selected on random basis, for the year 2014-15. Based on the random selection done by the computer, the above MEF has been selected as one of those to submit the

Vacancy for CA in Exim Bank

EXIM Bank Recruitment 2014 – Apply Online for Manager, AGM, DGM & Other Posts: Export Import Bank of India (EXIM) invites applications for the recruitment of Manager, AGM, DGM, Dy Managers, Administrative Officer Vacancies. Eligible SC/ ST/ OBC & PWD Candidates can apply or before 19-09-2014. For more details regarding age limit, educational qualification,

Requirement	Associate - Indirect Tax - 5140/[2014]
Location
Openings	1	Experience	1.00 to 2.00 years
Education	NA
Skills	Good communication, having some experience in IDT. Hard working and smart. Positive attitude.

Job Description	CA by profession. Good communication, having some experience in IDT. Hard working and smart. Positive attitude. Click here to apply

4% ACD/SAD Refund Procedures under Notification No. 102/2007 Custom

THE Customs Notification 102/2007 dated 14.9.07 providing for exemption of 4% Special Additional Customs Duty leviable in terms of Section 3(5) of Customs Tariff Act 1975 in respect of goods imported for sales as such, by the importers to others was purportedly issued to provide a level playing field to traders vis-à-vis manufacturers who do not pay local sales tax / VAT while importing goods directly for their own use and to remove the burden of double tax on such type of importers as

Once a market leader in mobile phones, Nokia is clearly facing the threat of wiping out in the tsunami of smartphones manufacturers. Considering going back to basics, the company (now Microsoft Devices Group) has decided to take a plunge into the feature phone segments again.
Microsoft Devices Group has unveiled the Nokia 130, an ultra-affordable mobile phone designed to

Vacancy for CA/ CA Inter in Nicomet Industries Ltd

Required one senior accountant in Nicomet Industries Ltd
Exp 4/5 year, knowledge of sales tax, income tax, excise and service tax necessary.

Male

Revenue from contracts with customers - IFRS/US GAAP Converged Standard

Find enclosed guide that describes the accounting under IFRS 15, Revenue from contracts with customers, the converged IFRS and US GAAP revenue standard issued in May 2014.

This shall assist in understanding and evaluating the accounting for revenue transactions under the new standard.

Draft Guidance Manual on Quality of Audit & Attestation Services issued by ICSI.

To bolster corporate governance practices, company secretaries' apex body ICSI has mooted detailed guidance for its members including the need to safeguard against "familiarity threat" arising out of a corporate having same auditor for a prolonged period.

The latest draft guidance manual also comes against the backdrop of the new Companies Act that provides for stringent corporate governance practices. Many provisions of the law came into force from April 1.

According to the Institute of Company Secretaries of India (ICSI), the manual would act as a guide to its members for establishing policies, procedures and systems to maintain highest quality standards in their

Date: Aug 11, 2014

Liberalised Remittance Scheme for resident individuals-clarification (Corrected)

RBI/2014-15/171
A. P. (DIR Series) Circular No. 19

August 11, 2014

To
All Category - I Authorised Dealer Banks
Madam / Sir,

Liberalised Remittance Scheme for resident individuals-clarification

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 5

REVISED TAX AUDIT REPORTS

Revised Tax Audit Reports.pdf

Recent ITAT order on S.263 holding Revisionary Proceedings valid for lack of adequate enquiries on share capital raised

Recent ITAT order on S.263 holding Revisionary Proceedings valid for lack of adequate enquiries on share capital raised

There has been a spate of S.263 proceedings in Kolkata against investment companies raising share capital and assessments done by the A.Os have been set aside for re-doing. As many as 400-plus S. 263 orders are under challenge before ITAT, Kolkata in respect of

ATM Transaction Restricted in Metros

RBI/2014-15/179 DPSS.CO.PD.No. 316/02.10.002/2014-2015 August 14, 2014
The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks
Madam / Dear Sir
Usage of ATMs – Rationalisation of number of free transactions
The number of Automated Teller Machines (ATMs), which stood at a little over 27,000 as at end-March 2007, has increased to over 1.6 lakh across the country by end-March 2014. During the same period, the Point-of-Sale (POS) infrastructure has increased from 3.2 lakh to 10.65 lakh

12 interesting Changes in ITR FY 13-14

There are 12 interesting updates in the ITR of FY 13- 14 which are:

1. There are no refund by Cheque and only e-refund will be allowed

Controversy: Till now there are two option such as e-refund as well as cheque. But where the refund exceeds the limit fixed by the CBDT(internally I think it was 25000 for FY1213) even though we opted for e-refund the CPC will send only through Physical Cheque/DD

2. Claim of TDS/TCS credit of earlier years – Hence if we don’t have sufficient income we can carried forward the credit

ACIT vs. Iqbal M. Chagala (ITAT Mumbai)

S. 14A & Rule 8D cannot be applied in a mechanical manner. Disallowance cannot exceed expenditure claimed as a deduction

The assessee had debited direct expenses on account of dematerialization and STT in the capital account and not in the Profit and loss account. The AO had presumed that the assessee had must have incurred some expenditure under the heads salary, telephone and other administrative charges for earning the exempt income. It is further found that the total expenditure claimed by the assessee for the year is about 13 lakhs and the AO had made a disallowance of about Rs.16 lakhs. He has just adopted the formula of estimating expenditure on the basis of investments. But, the justification for calculating the disallowance is missing. The assessee had not claimed any expenditure in its P&L account and so the onus was on the AO to prove that out of the expenditure incurred under various heads were related to earning of exempt income. Not only this he had to give the basis of such calculation. In any manner disallowance of Rs.16.35 lakhs as against the total expenditure of Rs.13 lakhs claimed by the assessee in P&L account is not justified. Rule 8D cannot and should not be applied in a mechanical way. Facts of the case have to be analyzed before invoking them. Consequently the disallowance is deleted (Justice Sam P. Bharucha 53 SOT 192 (Mum) referred)

Friday, August 15, 2014

Suspense over Notification on Exemption to Pvt Ltd Company from Companies Act 2013

1) I had spoken with the officer of the Lok Sabha & Rajya Sabha. As per Verbal Communication with them 30 Days mentioned in the Section 462 of the companies Act, 2013 means 30 Sitting days for parliament and 30 Sitting Days has not been completed from the date when notification tabled in the parliament i.e. 14th July. In such Situation notification will carried forward to next session of Parliament. As per the Officer, If the Law Ministry gives some clarification on

TDS - More hardship ahead

As per IT Dept(TRACES) Mail regarding TDS, Some more changes are coming in utility, after that we have to make payment on account of short deduction before revising that particular TDS return.

Now onward we need to be careful while filing TDS returns else we may end up paying 10 times the

INCOME TAX CHART 2014-15

chart-it-14.pdf

A new procedure announced by the income tax (I-T) department on Saturday will coerce you to pay unethical and punitive tax demand even for clerical errors

A new procedure announced by the income tax (I-T) department on Saturday will coerce you to pay unethical and punitive tax demand even for clerical errors

The Centralised Processing Cell (CPC) of Income Tax (I-T) Department has mandated by a communication dated 9 August 2014 that “Short Payment Defaults” in the quarterly tax deducted at source (TDS) statements due to unmatched challans has to be closed before you are allowed to download the “consolidated” files from the website of TDS Reconciliation Analysis and Correction

Sebi issues guidelines for investment in Invits, Reits

With SEBI issuing final guidelines for REITS/INVITS, there is a likely possibility that few investment opportunities will come up shortly. Will you be looking to invest in those instruments?

The Securities & Exchange Board of India (Sebi) has issued final guidelines for infrastructure investment trusts (Invits) and real estate investment trusts (Reits), instruments expected to help these sectors raise resources to meet a funds crunch. They could generate investment of as much as $20 billion, according to some experts.
Final guidelines were issued after a meeting of the capital market regulator's board in

CBI junks probe into verdicts of tribunals

Having wasted its resources into carrying out painstaking investigations over a period of two years into certain important cases, the country’s premier investigating agency, the CBI, has now realised that “it should not probe the decisions” given quasi-judicial bodies or appellate tribunals, like Income-Tax Appellate Tribunal (ITAT). However, the agency may look into the matter only if it finds

ICAI Clarification on High Court Order on VAT Act in State of U.P.

ATTENTION OF MEMBERS

ANNOUNCEMENT ON COURT VERDICT PRONOUNCED ON 6 AUGUST 2014, BY THE LUCKNOW BENCH OF THE ALLAHABAD HIGH COURT ON VAT

This is with reference to the order passed by the Lucknow Bench of the Allahabad High Court in the matter of Tax Lawyers Association & Anr. v/s State of U.P. & Ors. whereby only

NOTIFICATION FOR EXPRESSION OF INTEREST FOR EMPANELMENT OF CONCURRENT AUDITORS 2014-15

08 Aug 2014

HC prohibits Non advocates from appearing before VAT Authorities

Allahabad High Court in the case of Tax Lawyers Association Lko. Vs. State Of U.P. as a Interim Measure held that no person whosoever, may be permitted to advertise in the Newspaper or any leaflet, inviting assesses for the purpose of filing of return or arguing before the authority under the VAT Act. Any person, who is not a registered advocate, shall not be permitted to appear before

Donations made to political parties are allowable under IT Act subject to limit specified under Companies Act

August 13, 2014[2014] 47 taxmann.com 142 (Pune - Trib.)

IT : Where assessee's claim for set off of loss incurred in trading activities in commodities against other business income was rejected on ground that said transactions were sham, in view of fact that Assessing Officer did not furnish assessee any material of non-service

Company Law Settlement Scheme-2014

The Ministry of Corporate Affairs, in order to give an opportunity to companies who have failed to file annual statutory documents (Annual Return and Financial Statements), has launched Company

ITAT decisions on interpretation of section 14A & Rule 8D holding where assessee suo motto disallowed/not claimed direct expenses for share activity like demat, STT and Portfolio management

IN THE INCOME TAX APPELLATE TRIBUNAL

PUNE BENCH “A”, PUNE Date of Pronouncement : 31-07-201\

Mrs. Sangita Manoj Biyani

Held : properties mortgaged to the bank cannot be held as assets belonging to the

Trouble Shooting Guide for Problems in accessing www.incometaxindiaefiling.gov.in - (30-07-2014)

TROUBLE SHOOTING GUIDE FOR PROBLEMS IN ACCESSING
WWW.INCOMETAXINDIAEFILING.GOV.IN

Since ICAI was reported of the difficulties being faced while uploading the income tax returns in the e-filing website, the matter was taken up with appropriate authorities. The authorities have shared a

Representation made by ICAI with respect to new formats of Form No.3CA/3CB and 3CD. - (11-08-2014)

The new formats of tax audit reports namely Form No.3CA, 3CB and 3CD have been notified through Notification no. 33/2014 on 25/7/2014 with immediate effect. With regard to the same, certain genuine concerns were raised by the members, which, ICAI has, through a representation dated 07.08.2014, brought to the notice of the Hon’ble Finance Minister, Revenue Secretary, and Chairman CBDT for appropriate action at their end. Also, certain preliminary observations on the new forms have been shared with them.

For the reasons mentioned in detail in the representation and summarized below, ICAI has suggested:

The new formats of tax audit reports be made effective from the Assessment Year 2015-16 and not Assessment Year 2014-15. Alternatively, the due date for furnishing tax audit reports for the

Results of CA-IPCC Dates Declared

Result of the Chartered Accountants Intermediate (IPC) Examination held in May/June, 2014 are likely to be declared on Thursday, the 21st August, 2014 - (13-08-2014)

Wednesday, August 6, 2014

Managing changes One day at a Time- Part I

We will be presenting this article in parts

Leaders trying to transform company culture can learn from an unexpected Source: addiction treatment programmes.by Keith Ferrazzi

At client's off-site meeting a few years ago, I gave a talk on how companies can bring about a dramatic cultural change. At the end, a man quietly approached and asked, "Are your friend of Bills?" "who's Bill?" I Said. The man explained that Boy Wilson was the founder of Alcoholics Anonymous and that members use the question "Are your friend of Bill's?" to discreetly inquire about whether

Search This Site

Wednesday, August 27, 2014

Monday, August 25, 2014

Sunday, August 24, 2014

Saturday, August 23, 2014

Friday, August 22, 2014

Thursday, August 21, 2014

amrao Vithal Cooperative Bank recruits Divisional Manager – August 21, 2014

Wednesday, August 20, 2014

Tuesday, August 19, 2014

Monday, August 18, 2014

Sunday, August 17, 2014

Job Description

Saturday, August 16, 2014

Friday, August 15, 2014

Wednesday, August 13, 2014

Wednesday, August 6, 2014

News Archive

Total Pageviews

FeedBurner FeedCount