The ICAI has increased the DISA fee from Rs. 10000/- to Rs. 17500/- W.E. from 1st July.
The most comprehensive news portal for Chartered Accountants and Other Professionals around the world.
Wednesday, June 27, 2012
services by employer to employees may be taxable under service tax
We all know that new system of taxation of services with kick start from
1st of July. In the new system, all services are taxable if it is not
in the negative list or any exemptions list.
A question may arise like this, whether services provided by employer to employees are liable for service tax under new system?
If we refer the definition of the term 'service' as contained in section
65B (44), provision of service by an employee to the employer in the
course of or
Foreign Companies Not Liable To Pay Cess: ITAT Kolkata
DIC Asia Pacific Pte Ltd vs. ADIT (ITAT Kolkata)
“Education cess” is “additional surcharge” & is included in “tax” under DTAA. If DTAA caps the rate of “tax” payable, cess is not payable by foreign assesseeThe assessee, a Singapore company, offered interest and royalty income to tax at the rate of 15% & 10% as specified in Articles 11 & 12 of the India-Singapore DTAA respectively. The AO held that the assessee was also liable to pay surcharge and education cess in addition to the tax. The CIT (A) upheld the assessee’s claim that surcharge was not leviable though he rejected the claim with regard to cess. On further appeal by the assessee, HELD allowing the appeal:
(Click Here To Read More)
NOW PAY FOR FORM 23 B( Intimation For acceptence as Statutory Auditors to ROC)
The latest notification of the Ministry of Corporate affairs has vide
its circular dated 21st june, 2012 decided to levy fees on various forms
which were free of cost. One such form was E-form-23B which in an Intimation to ROC by statutory auditors regarding their appointment.
So now fee shall be payable based on Authorised Capital of the Company
.Additional fee provisions shall also apply in case of delay.It shall be
applicable from 21st July 2012.
Monday, June 25, 2012
Expression of interest for Empanelment of Audit Firms for conducting internal audit Maharashtra State Electricity Distribution Company Limited Maharashtra
Maharashtra State Electricity Distribution Company Limited Maharashtra 
Last Date : 30/06/2012
Expression of interest for Empanelment of Audit Firms for conducting internal audit.
Address: Multi Location - Maharashtra - India
Phone:
Email:
Last Date : 30/06/2012
Expression of interest for Empanelment of Audit Firms for conducting internal audit.
Address: Multi Location - Maharashtra - India
Phone:
Email:
Vacancy for ca in UK
Shell
Trading is the principal trading and shipping business within the
Shell. It is made up of a network of independent companies that trade in
their own right, but also leverage the opportunities open to a global
organisation by sharing information, advice and best practice.
We
trade the equivalent of about 14 million barrels of oil per day - this
is made up of crude oil, refined products, chemicals, natural gas,
electrical power, biofuels and environmental products. With the skill
base and international scope to capitalise on trading opportunities
inherent in Shell's asset and market positions around the world, our key
trading and marketing operations are based in North and South America,
Asia, the Middle East and Europe.
Responsibilities:
The successful applicant will lead a team of 3 located in
London and Houston and will be ultimately responsible for technical
accounting and risk (fair value) accounting for all global Shell Trading
entities. It’s a high profile role at the heart of our finance team.
Now file your Income Tax returns at a kiosk, mobile van near you!
For the first time, the Income Tax department has decided to set up special 'tax kiosks' in residential areas and localities for facilitating a host of taxpayer related services in view of the forthcoming tax returns filing season.
The initiative will ensure that the taxpayers are not required to travel to I-T offices or other special camps for performing tasks like filing of returns, tracking refunds and applying for fresh PAN cards.
The department has also decided to run and station 'mobile vans' in smaller cities, manned by I-T trained personnel, who would help taxpayers perform their tasks in view of the July 31 deadline of filing I-T returns.
The innovative measure has been taken by the department after Finance Minister Pranab Mukherjee had recently asked the I-T top brass, during their conference held here, to execute new and innovative ideas for the welfare of taxpayers.
"The department had run a pilot project in this regard last year. The plan will be executed this year countrywide", a top I-T department official said.
The department, in various cities in the country, will talk to the Resident Welfare Associations (RWAs) and other such bodies for establishing these temporary kiosks at apartment blocks, large office complexes and other central locations of the city, the official said.
The 'mobile vans', in smaller cities, will act as a 'single window' for salaried and other small and marginal taxpayers.
Metros and other big centres will have the 'tax kiosks'. These vans and kiosks, which will be stationed at one location for 1-2 days, will be manned by trained Tax Return Prepares (TRPS) who help the taxpayers in filing returns.
The department will also issue advertisements in order to publicise the location and timing of these kiosks and vans.
Sources:http://economictimes.indiatimes.com/personal-finance/tax-savers/tax-news/now-file-your-income-tax-returns-at-a-kiosk-mobile-van-near-you/articleshow/14388080.cms
The initiative will ensure that the taxpayers are not required to travel to I-T offices or other special camps for performing tasks like filing of returns, tracking refunds and applying for fresh PAN cards.
The department has also decided to run and station 'mobile vans' in smaller cities, manned by I-T trained personnel, who would help taxpayers perform their tasks in view of the July 31 deadline of filing I-T returns.
The innovative measure has been taken by the department after Finance Minister Pranab Mukherjee had recently asked the I-T top brass, during their conference held here, to execute new and innovative ideas for the welfare of taxpayers.
"The department had run a pilot project in this regard last year. The plan will be executed this year countrywide", a top I-T department official said.
The department, in various cities in the country, will talk to the Resident Welfare Associations (RWAs) and other such bodies for establishing these temporary kiosks at apartment blocks, large office complexes and other central locations of the city, the official said.
The 'mobile vans', in smaller cities, will act as a 'single window' for salaried and other small and marginal taxpayers.
Metros and other big centres will have the 'tax kiosks'. These vans and kiosks, which will be stationed at one location for 1-2 days, will be manned by trained Tax Return Prepares (TRPS) who help the taxpayers in filing returns.
The department will also issue advertisements in order to publicise the location and timing of these kiosks and vans.
Now CA can tell the world about himself through VIDEO PROFILE - see how
A tool to become a Global Professional! - VIDEO PROFILE
WIRC along with Verkko, is proud to bring
forth an opportunity for the CA community as well as aspiring CAs to
come forward and tell the world first-hand what we are capable of.
The objective of the Video CV is to increase
the visibility of CA final year students in front of the recruiters,
break the barriers of distance and location and provide wider range of
career options. It also helps in enhancing the communication skills
& bolstering the confidence levels of students.
Verkko is India's leading organization in
creating 3D profiles for professionals in different fields like Finance,
Marketing, Human Resources, Engineering and more.
3D Profiling is a new technology which
enables CAs to create a 3D page. Text-Audio-Visual are the 3-Dimensions
which completes the 3D profile. Profile shall be uploaded on Verkko
network along with other CA students / Fresh CAs / Experienced CAs.
Companies shall post job opportunities on the network and interested
candidates can share their 3D-CV links with the company HRs.
3D profile offers following benefits:
- Special Training in Communication Skills
- Training-Shooting-Editing of complete Video Profile
40A(2) - onus on deptt. - Excessive Remuneration
IT : Where the director
of a company is being paid remuneration which is excessive or unreasonable in
the opinion of the AO, he has to first record his findings in support of his
opinion to justify the disallowance of the remuneration incurred by the assessee
company. Thus, the onus lies on the department to invoke the provisions of
section 40A(2)(a)
• During the relevant year, the
assessee company is engaged in the Hotel business. However, the assessee
derived income from interest & dividend only and had paid director
remuneration @Rs. 3,00,000/- per month to one of its directors. According to
AO, the remuneration paid by the assessee to its director was excessive and
unreasonable; he thus disallowed the same to
MCA Announces Statutory Fees for ROC Forms
- MCA circular no. 14 dated 21st June, 2012, for levy of statutory fee on certain ROC e-forms (on which there were no fees prescribed earlier) w.e.f from 22nd July , 2012.
Service tax paid on availing commission agent's service for sale of final products is eligible for Cenvat Credit
CESTAT, NEW DELHI BENCH
DSCL Sugar
v.
Commissioner of Central Excise, Lucknow*
MS. ARCHANA WADHWA, JUDICIAL MEMBER
FINAL ORDER NO. 803 OF 2011-SM(BR)(PB)
STAY ORDER NO. S/798 OF 2011 - SM (BR) (PB)
APPLICATION NO. E/STAY/941 OF 2011 - SM (BR)
APPEAL NO. E/778 OF 2011-SM (BR)
NOVEMBER 1, 2011
Rule 2(l) of the Cenvat Credit Rules, 2004 - Cenvat credit - Input service - Assessee, for sale of its final product, availed services of commission agents and paid service tax on said services - Whether assessee was entitled to avail Cenvat credit of service tax so paid - Held, yes [Para 5] [In favour of assessee]
Circulars & Notifications : Circular No.
943/4/2011-CX, dated 29-4-2011
FACTS
The assessee was engaged in the manufacture of sugar. For
sale of its final product, it availed the services of the commission
agent, and was paying service tax on the said services under the
category of business auxiliary services. The assessee availed the Cenvat
credit of service tax so paid by it. Revenue
was of the view that assessee was not entitled to avail Cenvat credit
inasmuch as commission agent's services
could not be considered to be eligible Cenvatable services. Accordingly
after issue of show-cause notice demand was confirmed on the assessee. Said demand was upheld by the Commissioner (Appeals).
On appeal:
HELD
Sunday, June 24, 2012
Vacancy for CA in Grasim Industries Ltd-Mumbai
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Daily Quiz (25/06/2012) List down the name and number of all SA issued by ICAI ?
Daily Quiz (25/06/2012)
List down the name and number of all SA issued by ICAI ?
The member providing the 1st correct reply shall receive free talk time worth Rs.20.
The member providing the 2nd correct reply shall receive free talk time worth Rs.10.
The member providing the 3rd correct reply shall receive free talk time worth Rs.5.
The member providing the 4th correct reply shall receive free talk time worth Rs.5.
To reply click here
List down the name and number of all SA issued by ICAI ?
The member providing the 1st correct reply shall receive free talk time worth Rs.20.
The member providing the 2nd correct reply shall receive free talk time worth Rs.10.
The member providing the 3rd correct reply shall receive free talk time worth Rs.5.
The member providing the 4th correct reply shall receive free talk time worth Rs.5.
To reply click here
ICAI Case Law
Council of Institute of Chartered Accoutants of India vs Kul Rattan
Bhasin and Anr.
Professional misconduct: Duty of members of ICAI - Code of ethics
drawing community ethics and moral principles into professional
institutions
Members of the Institute of Chartered Accountants of India were bound
to act in a manner consistent with the good reputation of the
profession. They should refrain from any conduct, which might bring
discredit to the Institute. The members should be guided not merely by
the terms, but also by the spirit of the code of conduct and the fact
that particular conduct did not receive mention, did not prevent it
from being unacceptable or discreditable conduct, thus making a member
liable to disciplinary action. The code of ethics drew community
ethics and moral principles into the professional institutions. There
was a need to arrive at a balance between the interests of the member
as a citizen in expressing views in the matters of public concern and
the interest of the institution in preserving the status and dignity
of the professionals rendering service as chartered accountants.
Bhasin and Anr.
Professional misconduct: Duty of members of ICAI - Code of ethics
drawing community ethics and moral principles into professional
institutions
Members of the Institute of Chartered Accountants of India were bound
to act in a manner consistent with the good reputation of the
profession. They should refrain from any conduct, which might bring
discredit to the Institute. The members should be guided not merely by
the terms, but also by the spirit of the code of conduct and the fact
that particular conduct did not receive mention, did not prevent it
from being unacceptable or discreditable conduct, thus making a member
liable to disciplinary action. The code of ethics drew community
ethics and moral principles into the professional institutions. There
was a need to arrive at a balance between the interests of the member
as a citizen in expressing views in the matters of public concern and
the interest of the institution in preserving the status and dignity
of the professionals rendering service as chartered accountants.
SCHOLARSHIP TEST-2012 (FOR CS/CA/CMA STUDENTS)
SCHOLARSHIP TEST-2012
CONDUCTED BY
INSTITUTE
FOR CORPORATE ACHIEVERS
IN COLLABORATION WITH
DEVANSH
FOUNDATION
ABOUT ICA
ICA is a professionally managed organization aimed
at providing guidance, assistance and Direction to the youth of India .
ICA wishes to Strengthen nourish and assist the
budding professionals for a bright and enterprising feature and to meet the
global challenges.
Friday, June 22, 2012
Vacancy for CA in Deutsche Bank
| Duties & Responsibilities: |
About GBS Service Centres Global Business Services (GBS) is the client services and transaction processing centre of excellence for Deutsche Bank. GBS is committed to one strategy; to deliver world class services at exceptional value to our internal and external clients. GBS Service Centres are an integrated network of seven processing centres around the world, ensuring banking process and analytic support for our infrastructure functions. It focuses on resiliency, process re-engineering and global reach, to deliver operational excellence and transparency for all its stakeholders About Risk and PnL Risk and P&L is a Middle Office Finance function for Product and Financial Control within the GBS organization. |
Expression of interest for planning to outsource day to day accounting process invited from charted accountant of Institute Of Hotel Management Srinagar
Institute Of Hotel Management Srinagar
Last Date : 29/06/2012
Expression of interest for planning to outsource day to day accounting process invited from charted accountant having at least 10 yeas experience in the field of area concerned with computerized accounting procedures as well .
Address: Institute of Hotel Management Catering Technology & Applied Nutrition Ministry Of Tourism,Govt of India Raj Bagh,Srinagar-190008
Phone:
Email:
Last Date : 29/06/2012
Expression of interest for planning to outsource day to day accounting process invited from charted accountant having at least 10 yeas experience in the field of area concerned with computerized accounting procedures as well .
Address: Institute of Hotel Management Catering Technology & Applied Nutrition Ministry Of Tourism,Govt of India Raj Bagh,Srinagar-190008
Phone:
Email:
Service Tax Exemption on services received by units/Developers of SEZ for Authorized Operations
Government of India Ministry of Finance (Department of Revenue)
Notification No. 40 / 2012-Service Tax New Delhi, the 20th June, 2012
G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the said Act) read with sub-section 3 of section 95 of Finance (No.2), Act, 2004 (23 of 2004) and sub-section 3 of section 140 of the Finance Act, 2007(22 of 2007) and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 17/2011-Service Tax, dated the 1st March, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.174(E), dated the 1st March, 2011,
Notification No. 40 / 2012-Service Tax New Delhi, the 20th June, 2012
G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the said Act) read with sub-section 3 of section 95 of Finance (No.2), Act, 2004 (23 of 2004) and sub-section 3 of section 140 of the Finance Act, 2007(22 of 2007) and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 17/2011-Service Tax, dated the 1st March, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.174(E), dated the 1st March, 2011,
10 Ways In Which The Tribunal’s Working Can Be Improved
10 Ways In Which The Tribunal's Working Can Be Improved
The author is enthused by the impending training programme for the Hon'ble Members of the Tribunal on "International Taxation and Transfer Pricing". It is a step in the right direction he says and adds that the time is opportune for all stake-holders to contribute their thoughts on how to improve the functioning of the Tribunal. On his, part, the author cannot resist the temptation to list a few issues that need to be paid attention to for making the Tribunal's functioning even better than it is today
The author is enthused by the impending training programme for the Hon'ble Members of the Tribunal on "International Taxation and Transfer Pricing". It is a step in the right direction he says and adds that the time is opportune for all stake-holders to contribute their thoughts on how to improve the functioning of the Tribunal. On his, part, the author cannot resist the temptation to list a few issues that need to be paid attention to for making the Tribunal's functioning even better than it is today
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