Sunday, February 21, 2016

No bar on admissibility of Cenvat credit either as Inputs or Capital goods at any stage of proceedings

We are sharing with you an important judgment of the Hon’ble CESTAT, Kolkata in the case of Tata Steel Ltd. Vs. Commissioner of Central Excise, Jamshedpur [2016 (1) TMI 1059 - CESTAT KOLKATA)] on following issues:

Issues:

Whether rails and other track materials, namely, sleepers, paints and crossings etc. used for

Sebi forms panel to refund Rs49,000 crore to PACL investors

The panel was formed after the Supreme Court ordered Sebi to do so to carry out the refund process to PACL’s investors. Photo: Abhijit Bhatlekar/Mint

Mumbai: The Securities and Exchange Board of India, or Sebi, on Wednesday constituted a

Sebi Notifies Exit Route for Dissenting Investor at Listed Companies

Markets regulator Sebi has notified a new set of norms to provide an exit route to the dissenting shareholders in case a listed company diverts from its stated objective of raising funds from the public.

The move is aimed at helping the shareholders make an exit if they feel dissatisfied with any change

Sebi Bars 22 Brokers for 'Tax Evasion' Trades of Rs 8,100 Crore

Continuing its crackdown on misuse of stock exchange system for tax evasion, the Securities and Exchange Board of India (Sebi) on Wednesday barred 22 brokers from the securities market for executing 'reversal trades' worth over Rs 8,100 crore to generate fictional profits or losses.

However, these trading members would be allowed to function as stock brokers on behalf of their

Role of internal auditor in internal control system of companies

Internal auditors deal with issues that are fundamentally important to the survival and prosperity of any organisation. It is concerned with evaluating and improving the effectiveness of risk management, control and governance processes in an organisation. Internal auditors work with management to systematically review systems and operations. These reviews (audits) are aimed at

5 Tech Disruptions Your CFO Should Know About

TechExec. has put together a list of the five disruptive technologies that could be a "game-changer" for your CFO.

By Michaela Salas - Sydenham -

February 17, 2016

681

For technology executives sometimes the biggest challenge when building a business strategy is getting your executive team to realise the importance of new technologies.

New technology innovations, commonly known as “game-changers”, change at the speed of technology itself. As such, when you’re a Chief

Decoding annual reports and getting behind the numbers of a company is not an easy task. R Balakrishnan, who has four decades of experience in financial markets and having been among the

Watch: How people react when shown the Rs 251 Freedom 251 phone

http://www.ibnlive.com/news/tech/watch-how-people-react-when-shown-the-rs-251-freedom-251-phone-1205298.html

Statistics, revenue structure and secret of profit behind freedom251 phone

Statistics of phone freedom251.

291rs per phone. (251+40rs shipping)
x 6L order per second
= 17.46 cr

It was taking order till 12.15pm approx
I.e 6 hrs and 15 min which is 22,500 seconds

Inter Unit Transfer of goods among three units - Larger Bench holds cost of material at Second unit does not include notional profit of 15%/10%

CHENNAI: THE appellant's unit manufactures paper which is transferred to another unit on payment of Central Excise duty by adopting valuation under Rule 8. Thus, the paper is cleared as per CAS 4 by including 10% notional profit. The Second unit makes packing material with this paper and clears

Bombay HC-Section 234e Income Tax Constitutionally Valid

In a recent judgment, the Bombay High Court has upheld the constitutional validity of section 234E of the Income Tax Act, 1961. It is notable that earlier in April, 2014 while entertaining the same writ petition, the Bombay High Court had granted an interim stay.

Section 234E titled as “Fee for default in furnishing statements” inserted w.e.f. 01-07-2012 provides for a lete

MAT . S. 115JA and 115JB – full Deferred Revenue Expenditure (DRE) is to be debited claimed in profit and loss account to be prepared even if in P & L account for shareholders a part is debited – window dressing to be eliminated for MAT

In the case of Karnataka Soaps And Detergents Ltd. (supra) the following assessment years and provisions were involved: (

in ITA Nos. 257/2007 AY 1999-2000 S.115JA was in force.

in ITA no 266/2007 AY 2000- 2001 S.115JA was in force.

in ITA No. 63/2011 AY 2006-2007 – S.115JB was in force.

This is found on reading of judgment of High Court and relevant provisions applicable in

Review steps taken by cos to address frauds: ICAI to auditors

click here to know more

Auditors need to review steps taken by companies to deal with suspected frauds worth Rs 1 crore or more that have already been reported and satisfy themselves that the matter has been appropriately addressed, according to chartered accountants' apex body ICAI.

The latest guidance from the ICAI comes against the backdrop of auditors now being required to report suspected corporate frauds of Rs 1 crore and above to the central government.

The Institute of Chartered Accountants ..

Service Tax implications on Land Development Agreements between landlord and developers

Article
In case of a Real estate and construction industry, where due to various political and economical reasons we have seen that there is a sharp downturn being noted in the sale of residential and commercial construction projects irrespective of fact that the prices of land are still reaching sky

Tax without the tears

That’s what tax payers can look forward to if the Budget acts on the Justice Easwar Committee recommendations

Right from the Direct Taxes Code which was sought to be implemented by the UPA government, to every Budget in recent years, there have been attempts to make tax laws friendlier. The Justice RV Easwar Committee, set up for this purpose yet again, submitted

DELHI VALUE ADDED TAX (AMENDMENT) RULES, 2016 - AMENDMENT IN RULE 28 NOTIFICATION NO.F.3(28)/FIN (REV-I)/2015-2016/DSVI/42, DATED 11-2-2016

DELHI VALUE ADDED TAX (AMENDMENT) RULES, 2016 - AMENDMENT IN RULE 28

NOTIFICATION NO.F.3(28)/FIN (REV-I)/2015-2016/DSVI/42, DATED 11-2-2016

In exercise of the powers conferred by section 102 of the Delhi Value Added Tax Act, 2004 (Delhi Act 3 of 2005), the Lt. Governor of the National Capital Territory of Delhi, hereby, makes the following rules further to amend the Delhi Value Added Tax Rules, 2005, namely:—

Vacancy for CA in PWC

Requirement	Assistant Manager - Direct Tax - IAS - 7842/[2015]
Location
Openings	1	Experience	2.00 to 3.00 years
Education	NA
Skills	Excellent written and verbal communication skills, strong in technicals, good client and team management skills

Freedom 251 to be launched today at Rs 251: 5 things to know about the world's cheapest smartphone

http://www.ibnlive.com/news/tech/freedom-251-to-be-launched-today-at-rs-251-5-things-to-know-about-the-worlds-cheapest-smartphone-1204104.html

Ten attitudes that can increase professional effectiveness

We all know proactive, constructive and dynamic professionals, as well as those who are passive, ineffectual and chronic complainers. What determines whether you yourself belong in the former or

Chartered Accountants in Pakistan gain international recognition

Chartered Accountants in Pakistan gain international recognition as ICAP joins Chartered Accountants Worldwide
The Institute of Chartered Accountants of Pakistan (ICAP) has been awarded Associate membership by Chartered Accountants Worldwide. ICAP is the second professional body to be admitted to the