Vacancy for CA in Mahanagar Gas Ltd, Mumbai

Function Name : Finance & Accounts

Post : Manager (Finance)

Location : Mumbai

Total Vacant Position : 1

Total Experience Required : Min : 10 Max : 12

Key Role & Responsibilities : i) Accounting and finalization

Timely MIS reporting by completing timely accounting, Analysis of all expense and income of GL accounts and to ensure proper monthly provisions and accounting. Analysis of all creditors/ advances and balance sheet of GL accounts. Compliances of all CARO clauses in time bound manner. Variance analysis of the monthly/quarterly results with budget and prior years actual; Co-ordination with statutory audit.
ii) Financial and other analysis

Preparation of Feasibility Report for all expansion/investment proposals Product pricing calculation, Costing record updation and other Cost-Benefit Analysis. Projection for submission to Banks and Financial Institutions for borrowing. Expertise in financial evaluations using DCF, NPV, IRR measurements, ability to understand various management information requirements. Retrieving right kind of data for from accounting and other records for proper Analysis. Good knowledge on Accounting Standards and related areas, Abili

Professional Requirement : Chartered Accountant (CA) from Institute of Chartered Accountant of India with around 10 years experience. The incumbents should posses analytical, presentations and articulation skills. He should be a Self initiator, Team builder and having potential to maintain interpersonal relationship.

Education Qualification : Chartered Accountant (CA) from Institute of Chartered Accountant of India with around 10 years experience. The incumbents should posses analytical, presentations and articulation skills. He should be a Self initiator, Team builder and having potential to maintain interpersonal relationship.

Competency : All qualifications shall be of Full time program and from the UGC recognized University / Deemed University. The candidate shall have minimum first division except for ACA/AICWA/ACS & Commissioned Officer. Salary shall be as per industry standards & shall not be constraint for deserving candidates.

How to apply :

Professional Oppournity in India Meteorological Department

Professional oppournity in India Meteorological Department, Please click on below noted link.

 

http://pdicai.org/docs/tendIMD14022012.pdf

Urgent Openings for ERP Consulting

We are having urgent openings for ERP consulting profiles for SAP and Oracle. In case anyone is interested kindly drop me an email with your resume by replying to this email.
Thanks and Regards
CA Shrikant Shenoy
shenoyshrikants@yahoo.co.in

PDC Comment on Bank Audit for 2011-12

" We would like to inform that like every year, this year also we have forwarded the Bank Branch Auditors’ Panel for the year 2011-12 to Reserve Bank of India with association details of each of the empanelled applicant in Bank Branch Auditors’ Panel. The said panel was classified into following three lists by RBI :-   List-1   1. List of auditors stationed at cooling period ( applicable to 33 centres viz., Mumbai, Kolapur, Pune, Solapur, Thane, Kolkata, Chennai, Coimbatore, Delhi/New Delhi, Ajmer, Bikaner, Jaipur, Kota, Udaipur, Ahmedabad, Vadodara, Surat, Hyderabad, Chandigarh, Raipur, Faridabad, Gurgaon, Panchkula, Panipat, Sonipat, Bangalore, Ernakulam, Indore, Nagpur, Ludhiana, Jodhpur, Bhilwara and Ghaziabad.) of two years after completion of their cycle of 4 years of branch statutory audit – this list was not forwarded to any of the banks.   List-2 2. List of continuing auditors who have yet to complete their cycle of 4 years of allotment of bank branch statutory audit – this list was forwarded by RBI to respective banks.   List-3 3. List containing balance names has been forwarded to all the Public Sector  Banks to select their branch statutory auditors.  This implies that such applicants have got an equal chance of selection as branch statutory auditor with all the 25 public sector banks.   You are, therefore, requested to determine your status accordingly. Further we may inform that ICAI has got no role in selection of auditors and allotment of audits thereof.  Professional Development Committee is only acting as a facilitator so that no undue hardship is met to any of the members."

 

 

With kind regards
Professional Development Committee Secretariat
The Institute of Chartered Accountants of India,
'ICAI BHAWAN',
Post Box Number 7100,
Indraprastha Marg,
NEW DELHI - 110 002.
India
Telephone - Direct +91 11 30110444
Telephone - Board +91 11 39893989 Extn: 444
Fax: +91 (11) - 30110583
Website: www.icai.org

MCA finally makes provisions of refund of fees for certain services

THE Ministry of Corporate Affairs has decided to refund the statutory fees paid for certain services. Earlier there was no process in MCA21 for refund of fees wrongly paid by the stakeholder while availing various services at MCA 21. New refund e-Form needs to be filed by the stakeholder applying for refund and upon processing of the same the refund request shall be approved or rejected.

The refund of MCA21 fees is available in the following cases: a) Multiple Payments of Form 1, Form 5; b) Incorrect Payments and c) Excess Payment

Refund process is not applicable for certain services/ e-Forms like Public Inspection of documents, Request for Certified Copies, Payment for transfer deeds, Stamp duty fee (D series SRN), IEPF Payment, STP Forms, DIN e-Form, etc.

MTV profits attribution Mumbai ITAT today's order! Rule 10 Sec. 9 etc

extract:

8. We have heard the arguments of both the sides on this issue and also perused the relevant material on record. Having held that the assessee company had a permanent establishment in India during all the four years under consideration, the AO and the learned CIT(Appeals) calculated different percentages of advertisement revenue earned by the assessee as profit attributable to the said PE in India as given hereunder :.....

9. We have gone through the reasoning given by the AO as well as by the learned CIT(Appeals) in their respective orders for the years under consideration while applying different percentages of advertisement revenues to determine the profit attributable to the PE of the assessee company in India. After having perused the relevant portion of the orders of the AO and the learned CIT(Appeals), we find that the reasons given by the learned CIT(Appeals) to estimate 10% of the advertising revenue as profit attributable to the PE of the assessee company in India, in his impugned order for assessment year 2003-04 are more convincing and cogent. The relevant portion of the learned CIT(Appeals)’ order as contained in paragraph No. 5.17 to 5.22 of the said order is extracted below :...

A perusal of the relevant portion of the learned CIT(Appeals)’ impugned order for assessment year 2003-04 shows that he has relied on the Circular No. 742 issued by the CBDT prescribing in the guidelines for the purpose of proper and efficient management of the assessment of foreign telecasting companies. As further brought to our notice at the time of hearing, even the AO has estimated 10% of the advertisement revenues as profit attributable to the PE of the assessee company in India in assessment years 2006-07 and 2007-08 pursuant to the directions of DRP. We are, therefore, of the view that it would be fair and reasonable to estimate 10% of the advertisement revenue earned by the assessee in India as the profit attributable to its PE in India which is chargeable to tax in India..

refer DHC in BBC ; Rolls Royce (UK) & Singapore and Mumbai ITAT in Nimbus case

7 Habits of effective tax planners

With just two months left in the current financial year, time is running out for tax-payers looking to make investments to save taxes. And, since they are most likely to be taken for a ride by greedy advisors, it is also the time for them to be on guard. Here are some tips to avoid the typical mistakes made while carrying out the tax-planning exercise: Take a Holistic View According to financial advisors, tax planning cannot work in isolation. It has to be in line with your overall financial planning. While making an investment, one should clearly weigh the return, security, liquidity, tenure of investment, tax benefits and risks and take a holistic view. "We always maintain that investors make last minute tax investments into those instruments which are most visible, than what is actually required. For instance, investors end up buying an expensive recurring product like an insurance scheme thinking the premium amount will be eligible for tax deduction every year. But this investment may not be in line with the individual's goal and the financial portfolio," says Swapnil Pawar, chief investment officer at Karvy Private Wealth. Be careful with single-premium life covers They have become a rage of late with a few companies launching single-premium endowment plans. Even if they seem like the right products for you, ensure that the sum assured is at least five times the annual premium. Else, you may end up foregoing certain tax benefits - in terms of exemptions under Section 80 C for premiums paid and under 10 (10D) for maturity proceeds. "For instance, a single-premium policyholder would not be eligible to receive the sum as exempt under Section 10D except where the same is received by the legal heir in case of death of the policy holder. The amount of 20% cannot be calculated after netting off the amount of premium returned by the agent with regards to the policy sold," says Suresh Surana, founder, RSM Astute Consulting Group. "For the purpose of deduction under Section 80C in respect of the premium for such policies, the deduction is limited to 20% of the capital sum assured." Last minute PPF investments are not rewarding Tax-payers tend to invest chunks in PPF in the last two months of the financial year. In such cases investors don't benefit from the annual return of 8%. Ideally, an investor should invest before the 5th of every month in PPF to earn the interest for that month. In case of cheque payments, ensure your cheque gets cleared by this date.

Joint loans can be doubly beneficial Some couples who take joint home loans make the mistake of assuming that deductions, too, are available collectively and not individually. However, this is an incorrect impression. In fact, the deduction for interest up to 1.5 lakh on such loans can be claimed by each of the joint owners and co-borrowers. Similarly, the deduction in respect of principal repayment can also be claimed by each of the co

 

 

 

 

 

Invest property sales proceeds in time A window of two years is available to invest proceeds from property sale, but it is not unconditional. "Under Section 54, capital gains realised from sale of residential house are exempt in case of re-investment in the purchase of residential property one year before transfer or two years after transfer, or construction before three years after transfer (That is, investment has to be made within the specified time limit). If the amount is not utilised till the date of filling of return, then deposit must be made in a nationalised bank under the Capital Gains Account Scheme," says Surana. Look beyond 80 C There are many tax benefits provided in the Act over and above the 1 lakh limit under Section 80C. For instance, house rent allowance (HRA), paying rent to your parents, mediclaim and the latest tax saving instrument being the infrastructure bonds. "To give an impetus to infrastructure spending, the government introduced an additional deduction of up to 20,000 for subscription in specified long-term infrastructure bonds. This deduction was originally meant to apply for subscriptions between April 1, 2010 and March 31, 2011, but has been extended up to March 31, 2012," says Vineet Agarwal, director - tax and regulatory services, KPMG, India. In fact, it makes sense to invest in these bonds in the current interest rate scenario and that too if you are in the highest tax bracket. "Investing in infrastructure bonds will be most useful for those in the highest tax bracket as the tax savings potential is the highest. Even for the 20% tax slab it is fine. For those in 10% tax slab, it is not really that lucrative and not recommended," says Suresh Sadagopan, certified financial planner & founder, Ladder 7 Financial Advisories. While making donations under Section 80G make sure you are doing it to institutions approved under Section 80G of the Income Tax Act- The rate of deduction is either 50% or 100% of the qualified income and depending on the organisation chosen. "Also, ensure that you keep the receipts in records. Otherwise, you may not be able to claim the deduction u/s 80G," says Bimal Gandhi, chairman, Ameriprise India. Don't overlook tax-friendly savings Investors tend to ignore minute tax savings/expenses which are incurred by default. "For instance, employees forget to include their contribution to the Employee Provident Fund (EPF) as a part of the 1 lakh limit under Section 80 C. Similarly, parents forget to include the tuition fees paid for their children's education as a part of the 1 lakh limit. In fact, these components alone take care of the Section 80C limit," says Pawar of Karvy Private Wealth. You may be short of time. But still that does not justify you making irrational financial decisions. Take stock of EPF, school fees and other investments before you make fresh investments. That will help you make an informed decision.

 

Sources:http://economictimes.indiatimes.com/personal-finance/tax-savers/7-habits-of-effective-tax-planners/articleshow/11693247.cms?curpg=2

Vacancy for Articleship / Semi qualified in Vipul M Shah & Associates, Mumbai

Company Name/Employer Name: Vipul M Shah & Associates
Job Description: Fresher or 2 - 3 years experienced Accountants.
Job Name/Title: Accounts Assisstants / Articles
Experience Required: 2 yrs
Minimum Education Required: Graduates

President's Message - February 2012

Dear Friends,

Bharat Ratna awardee and India’s 11th President Dr. A.P.J. Abdul Kalam is more active today than ever before while constantly sharing his ideas and vision with citizens, particularly the youth and the students, of our nation. He once called us partner-in-nation-building and felt that, for a sustained economic prosperity and development, ethics must be suitably present in all our endeavours, projects and tasks, and that our society must bear the responsibility to promote ethics and values among its people.

Actually we have come quite close to what Dr. Kalam expressed about the role of our profession a couple of years back: From the points of view of our national pride, investor confidence and employee reassurance, I am sure that a professional body like you will contribute expeditiously to systemic studies and root cause analysis so that (unfortunate happening in corporate sector) is not allowed to repeat in the country. Our stakeholders will agree that we have always believed in the slogan, work with integrity and succeed with integrity, given by him. This is the right place to acknowledge on behalf of the profession that ethics and integrity have been our fundamental guiding forces since inception. Nobel Laureate Dr. Albert Schweitzer had once said: ...

VAT Assignment in Mumbai

We are looking to outsource the entire MVAT work of our cleints based in Mumbai to the CA Firm or any eligible candidate. If any body is interested to take up the assignment's, request you to drop a mail giving the details in the following format

 

1. Nature of Job (like registration, Return filing etc);

2. Professional fees;

3. Duration required to complete the assignment (tentative time period)

 

Request you to revert back at the earliest.

 

With Best Regards,

CA. Bhakti L Dedhia

 

816 Grohitam Building, Plot No 148,

Opp APMC Market No 2

Vashi. Navi Mumbai - 400 703

India

 

Ph No.: +91 98203 30903

 

Minimum wages in CA offices- notification stayed by Kerala High Court

Today Hon'ble Kerala High Court has stayed the operation of notification fixing minimum wages in chartered accountants' offices in kerala in a writ petition filed by CA CLUB

By

M.P.Tony
Executive Commitee member,
CA CLUB

Additional list of hawala dealers on MAHAVAT

Additional list of hawala dealers uploaded by MVAT dept on site

Kanpur CA Society Vs. Lucknow CA Society Cricket Match 2012

The annual cricket extravaganza between the two teams (from Kanpur and Lucknow) would be played this time at Lucknow on 5^th February 2012 starting at 9:30 AM. The match would be played at LDA Aliganj Stadium and members are requested to turnout in large numbers in order to extend a warm welcome to our professional brothers from Kanpur.

If any member is desiring to be the part of Lucknow CA team then he may get in contact with either of the following.

CA. Vikas Mishra - 945076674

CA. Sandeep Bhatnagar - 9415102178

CA. Shashank Mishra - 9415105054

CA. Dhruv Seth - 9935522611

ICAI SUGGESTION FOR BUDGET

In a move to boost the housing sector in view of rising property prices and high interest rates, ICAI has suggested that the deduction in respect of interest on housing loan in case of self-occupied property be increased from Rs1.5 lakh to Rs3 lakh
New Delhi: Seeking relief for home buyers, the Institute of Chartered Accountants of India (ICAI) has asked the finance ministry to double the tax exemption limit on loan repayment to Rs3 lakh, reports PTI.
“...it is suggested that the deduction in respect of interest on housing loan in case of self-occupied property should be increased from Rs1.5 lakh to Rs3 lakh”, ICAI said in a pre-Budget memorandum to finance minister Pranab Mukherjee.
The move is necessary to boost the housing sector in view of rising property prices and high interest rates, it said.
ICAI has also pitched for aligning the provisions of the Income Tax Act, so that people above the age of 60 years can avail of all benefits meant for senior citizens.
“To bring more clarity and equality in every section which deals with senior citizens, it is suggested that 60 years age shall apply uniformly in the (Income Tax) Act and accordingly appropriate amendments may be made in the Act,” it said.
Although the Finance Act, 2011, had decreased the age of senior citizens from 65 years to 60 years for getting tax benefits of basic threshold limit, it has yet to amend other provisions related to the law.
The regulator has also suggested that the government should consider raising monetary ceilings of other tax exemption provisions in view of the inflation and declining purchasing power of rupee.
The government is expected to present the General Budget for 2012-13 anytime after 12th March.

Parliament vs judiciary – Struggle for supremacy

“This case, My Lords, is beyond question one of the most momentous in world history and probably the most important in the history of democracy,” — was how the case of ‘His Holiness Kesavananda Bharati Sripadagalvaru and others vs. State of Kerala' was described by the legendary jurist and legal luminary, Nani Palkhivala, in the Supreme Court.

Palkhivala was counsel for the petitioners in the Kesavananda case.

The “gripping” case is considered “the greatest Constitutional case decided by the Supreme Court of India”. It was decided after “the longest ever hearing” of 66 days (between 1972 and 1973) and by the “largest ever Bench” of 13 judges.

Since the Kesavananda case is much quoted and debated, many people, especially those in legal circles, feel they already know everything about it.

Now, a book —The Kesavananda Bharati Case' — written by former Solicitor General of India, T.R. Andhyarujina (who, in the case, appeared as a counsel with H.M. Seervai, an authority on Constitutional law and counsel for the respondents – the State of Kerala), claims to disclose “for the first time” the background in which the case was decided and its political overtones.

The case background

The Kesavananda case, the book says, was about the “struggle for supremacy” between Parliament/Government and the Supreme Court. The author says that “it is an untold story which is as revealing as distressing.”

Incidentally, in the case, the Supreme Court, by a wafer-thin majority of 7 to 6 judges, held on April 24, 1973 that Parliament's power to amend the Constitution does not include the power to alter the “basic structure” or framework of the Constitution.

The instances of ‘basic structure' included: supremacy of the Constitution; republican and democratic form of Government; secular and federal character of the Constitution; separation of powers between the legislature, the executive and the judiciary; dignity and freedom of the individual; as well as unity and integrity of the nation.

Just prior to it, in the case of Golak Nath vs State of Punjab in 1967, the apex court by a “6 to 5 majority had held that Parliament had no power to amend Fundamental Rights in the Constitution at all as they were ‘primordial rights necessary for the development of the human personality' and were given a ‘transcendental position in the Constitution'.”

So when the Kesavananda case came up, the Government left no stone unturned to make an effort to overturn the Golak Nath decision. The disclosures in the book include the Government's attempts to “influence the court by appointing judges who it expected would decide in its favour”; “the preconceived views of some of the judges on Parliament's power to amend the Constitution”; “the internal conflicts and factions among the judges”; and “the charged atmosphere of tension and conflict in court up to the last day of the delivery of their individual judgments”.

The book recounts “the unseemly wrangles between judges and counsel to exclude Justice M.H. Beg from the Bench after 66 days of hearings on his hospitalisation, which if carried out would have tilted the balance of judgments against Parliament and Government”; and how there were speculations that Justice Beg (‘who was clearly inclined to uphold the unfettered power of Parliament to amend the Constitution') “feigned illness to prolong the hearing beyond the then Chief Justice of India (and the head of the Bench) S.M. Sikri's retirement (on April 25, 1973) to ensure the hearing by a different Bench; ‘the stratagem of Chief Justice Sikri on the day of delivery of the judgment' (on April 24, 1973, a day before his retirement); and the ‘unfortunate controversy' of whether Justice Y.V. Chandrachud (who was part of the Bench) changed his judgment at the last moment allegedly at the instance of the then Law Minister H.R. Gokhale to wholly support Parliament's unlimited power to amend the Constitution.

Hitting back

Interestingly, the book also states how the Indira Gandhi Government hit back.

It says that “the Government – with the prior knowledge that the then Chief Justice Sikri and three senior most judges were going to decide against it – had decided to supersede them even before the judgment day to appoint Justice A.N. Ray (who the Government knew will be deciding in its favour) as the next Chief Justice of India on the very next day of the Kesavanada judgment.”

The book also gives an account of what it calls the “unreported and generally unknown abortive attempt” of the Chief Justice Ray to then review the Kesavananda judgment by another 13-judge Bench two years after the Kesavananda order.

It also talks about another attempt by the Government during the Emergency to nullify the majority view of the Kesavananda case by amending the Constitution to give unlimited powers of amendment to Parliament.

But after the Emergency, the Supreme Court, in the Minerva Mills case, struck down these amendments and ensured that the Kesavananda verdict “remained unaffected”.

The book finds that post the Kesavananda case, the apex court “conceded the widest latitude to Parliament and State legislatures in their economic policies and activities of Government and instead became more concerned with the personal freedoms of the individual and the liberal interpretation of right to protection of life and personal liberty”.

Andhyarujina's efforts of not only painstakingly maintaining a daily diary of the proceedings of 66 days of the hearing but also taking the trouble to preserve it for nearly four decades has helped him bring out fascinating insights on the case.

However, if you are looking for an unputdownable page-turner in the league of legal thrillers by authors such as John Grisham, you could be a tad disappointed because despite all the interesting facts, the author has chosen an academic approach.

(This article was published in the Business Line print edition dated January 30, 2012)

ICAI panel on black money to submit report in a fortnight

The Institute of Chartered Accountants of India has said a committee constituted to suggest ways to check and bring back black money stashed in banks abroad will submit its report to the Finance Ministry within a fortnight.
   
The institute has asked the government to bring in a law that would force every citizen to declare his/her incomes abroad, ICAI President G Ramaswamy told reporters here yesterday.
   
"Such a law will help bring out details of black money reserves. We have also suggested that those who declared their assets and pay the taxes be given concessions on the penalty," he said at the inauguration of the new building of the Tiruchirappalli branch of ICAI's Southern India Regional Council.
   
The new premises are part of a nation-wide programme aimed at infrastructure expansion.

     
"We want to improve the lot of the numerous small and medium-level practitioners in the country. International accounting standards have been adapted to Indian market conditions and when applied, can help us face the challenges of a growing economy," he said.
   
He said all educational institutions in India would be brought under a uniform financial reporting structure and this would be carried out in different phases from next year.
   
"In the first phase, all higher education institutions registered with bodies such as the AICTE will be trained in the new format of financial reporting," he said.
   
ICAI had signed an MoU with Madras University to provide an opportunity for students pursuing chartered accountancy to complete an MBA or a research programme in other disciplines.
   
The agreement, which is the fifth such in the institute's history, will allow students to take up these programmes, under which they will be exempt from writing certain papers.

by SHRI. BHUPENDRA SHAH, FCA, DISA(ICA)

CA Institute finds Satyam auditor guilty of misconduct

The CA Institute's disciplinary committee has concluded that Mr Srinivas Talluri, Price Waterhouse auditor of scam-tainted Satyam Computer Services, is guilty of professional misconduct.

An order has been passed by the committee recommending the removal of Mr Talluri's name for life from the CA Institute's member list and also for levy of penalty of Rs 5 lakh, Mr G. Ramaswamy, ICAI President said.

 
However, the matter challenging the findings of the disciplinary committee report is pending before the Delhi High Court, sources said. Meanwhile, Mr Ramaswamy said that the CA Institute is framing regulations for banning audit firms involved in any corporate frauds.

He also maintained that there was no need for a separate oversight authority to oversee the work of statutory auditors. There is a quality review board, which has already worked out norms for inspection of audit firms, he said.

Statutory Auditor’s Reporting Responsibilities in Respect of Depositing of Cess

ANNOUNCEMENT
Statutory Auditor's Reporting Responsibilities in Respect of Depositing of Cess
Pursuant to Clause 4(ix)(a) of the Companies (Auditor's Report) Order, 2003
and Section 227(3)(g) of the Companies Act, 1956
1. The Council of the Institute, at its 312
th
meeting held on December 25 - 27, 2011, noted that
paragraph 4(ix)(a) of the Companies (Auditor's Report) Order, 2003 required the statutory auditor to
report on the matter relating to regularity of the company in depositing undisputed statutory dues as
follows:
"Is the company regular in depositing undisputed statutory dues including Provident Fund, Investor
Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with the appropriate
authorities and if not, the extent of the arrears of outstanding statutory dues as at the last day of the
financial year concerned for a period of more than six months from the date they became payable, shall
be indicated by the auditor.[Paragraph 4(ix)(a)]"
2. The Council also noted that paragraph 63(g) of the Statement on the Companies (Auditor's
Report) Order, 2003, issued by the Institute of Chartered Accountants of India states as follows:
It may be noted that at present, no Rules relating to the amount of cess for
rehabilitation or revival or protection of assets of sick industrial companies, payable
by a company under section 441A of the Act have been notified by the Central
Government.  Thus, it would not be possible for the auditor to comment on the
regularity or otherwise about the cess till the time relevant rules or regulations are
issued. However, till the time such Rules are prescribed, the auditor should
also state in his report under this clause that the Government has not
notified any Rules under section 441A of the Companies Act, 1956 and,
therefore, the auditor is unable to comment on this particular issue. (emphasis
added)
3. The Council noted that till date the Central Government had not notified the effective date of
section 441A of the Companies Act, 1956.  Consequently, no Rules thereunder had also been
prescribed by the Central Government. Accordingly, there was no question of reporting thereonunder the Companies (Auditor's Report) Order, 2003. The Council, therefore, decided that in view of
the aforementioned situation, the statuary auditor need not report in respect of cess payable under
section 441A of the Companies Act, 1956 as envisaged under paragraph 63(g) of the Statement on
the Companies (Auditor's Report) Order, 2003. The Council, therefore, decided to modify paragraph
63(g) of the said Statement as follows:
"It may be noted that at present, no Rules relating to the amount of cess for rehabilitation
or revival or protection of assets of sick industrial companies, payable by a company
under section 441A of the Act have been notified by the Central Government.  Thus, it
would not be possible for the auditor to comment on the regularity or otherwise about the
cess till the time relevant rules or regulations are issued. However, till the time such
Rules are prescribed, the auditor should also state in his report under this clause that the
Government has not notified any Rules under section 441A of the Companies Act, 1956 and,
therefore, the auditor is unable to comment on this particular issue. However, till the time
such Rules are prescribed, the auditor need not make any comment in respect of the Cess
under section 441A of the Companies Act, 1956 in his report under paragraph 4(ix)(a) of
CARO 2003."
4. The Council, incidentally, also noted that section 227(3)(g) of the Companies Act,1956 required
the statutory auditor's report to state, "Whether the cess payable under section 441A has been paid and
if not, the details of amount of cess not so paid." It was also noted that the operative date of even
section 227(3)(g) had not yet been notified by the Central Government.
5. Accordingly, as a corollary to the Council's views on auditor's reporting responsibilities on cess
under section 441A of the Companies Act,1956, pursuant to clause 4(ix)(a) of CARO,2003, the Council
was of the view that the statuary auditor's report need not contain any comment on section 227(3)(g)
of the Companies Act,1956.

DETAXIFICATION

Meaning of ‘education'

Educational institution, for the purpose of tax exemption, would not mean only institutions recognised by any university or board but also any institution engaged in systematic imparting of education. This was the decision of the Delhi High Court in the Delhi Music Society's writ, recently.The two-member Bench decided the case where the petitioner, a registered society established in 1953 with the aim and object of teaching music and dancing, sought recognition for tax exemption which was earlier rejected by the Director of Income-tax (Exemptions).
Explains Mr V. K. Subramani, an Erode-based chartered accountant, that in the court's view the DIT (Exemptions) had given an unduly restricted meaning to the word ‘education' which was not warranted in law or on facts. It was noted that the petitioner, teaching and promoting all forms of music and dance, collected tuition fee and admission fee from the students, and employed teachers who were paid salaries; also, that it incurred expenditure by way of acquisition and maintenance of musical instruments, he adds, in the course of an email exchange withBusiness Line. “Many students of the institution had gone abroad though the institution had not given any formal degree or certificates to them. The court held that the absence of degree or certificate cannot be a ground for denial of tax exemption sought by the petitioner.” The court referred to the case of the Institute of Chartered Accountants of India (14 Taxmann.com 5) and also the Supreme Court decision in the Loka Shikshana Trust's case (101 ITR 234) to hold that the assessee deserves tax exemption sought by it.

When creditors did not confirm the balances…

Amounts payable to creditors cannot be taxed as income, as cash credit. That was the categorical finding of Delhi High Court in the Shri Vardhaman Overseas Ltd case decided on December 23, 2011. The company could not get confirmation letters from sundry creditors except one. In assessment, the entire creditors balance was added and taxed as cash credit. In the first appeal, the Commissioner opined that it is not taxable as cash credit but as a waiver of loan.
The court held that there was no waiver by the creditors; and that, in spite of the debt being time-barred, the amount is not taxable unless it is voluntarily admitted as income by credit to the profit and loss account. Only unilateral transfers are taxable, and when there is no such transfer it cannot be taxed, the court stated. According to Mr N. C. Hegde, Partner of Deloitte Haskins & Sells, the decision is welcome as it reiterates that just because creditors had not confirmed the balances, there cannot be an ad hoc addition under section 41(1) of the Income-Tax Act. “Though the decision follows the principles laid down by the Supreme Court in the case of Siguali Sugar Works and Kesaria Tea Company, it has made certain important observations on the interplay between the provisions of section 41(1) and section 28(iv),” he observes. As regards limitation, the court held that when a debt is shown as outstanding, it tantamounts to acknowledgement of debt, and the time limitation must be counted from that date. Also, that when shown in a public document like the annual report of a company every year, it is to be construed as acknowledgment of debt.
D.MURALI

(This article was published in the Business Line print edition dated January 30, 2012)

ICAI TIRUCHI BRANCH

KNOWLEDGE of EXPERIENCE:G. Ramaswamy, president, ICAI, interacting with students during the inauguration of the ICAI building in Tiruchi on Sunday.PHOTO: R.M. RAJARATHINAM

The committee constituted by Indian Institute of Chartered Accountants of India (ICAI) to suggest ways to check and bring back black money stashed away in tax havens abroad would submit its report to the Ministry of Finance soon.

Addressing the media at the inauguration of the new building here to house the Tiruchirappalli branch of the Southern India Regional Council of the ICAI, CA. G. Ramaswamy, President, ICAI, said that the committee report will be submitted within 10-15 days. 

"Every citizen of the USA and the UK has to declare his/ her incomes abroad and we have asked the government to implement a similar law to cull information about the country's black money reserves. In the report, we have also suggested that those will to declare their assets and pay the taxes be given concessions on the penalty," he said.

Talking about their new premises, he said it was part of a nation-wide program aimed at infrastructure expansion. "We want to improve the numerous small and medium level practitioners in the country. International accounting standards have been adapted to Indian market conditions and when applied, can help us face the challenges of a growing economy," he said. 

"From 2013, all educational institutions in the country will be brought under a uniform financial reporting structure and this will be carried out in different phases. In the first phase all higher education institutions registered with bodies such as the AICTE will be trained in the new format of financial reporting," he said. 

To provide an opportunity for students pursuing chartered accountancy to complete an MBA or a research program in other disciplines, the ICAI has recently signed an MoU with the University of Madras. The agreement, which is the fifth of its kind in the institute's history, will allow students to take up these programs where they will be exempted from writing certain papers. 

The ICAI has 127 branches in India and 22 international chapters with the next branch slated for inauguration in Kannur, Kerala.

Sensex crashes by nearly 400 points

Sensex shed nearly 400 points following the fall in European markets sighting uncertainty of any concensus on Greek debt deal at the european summit.

PROFESSIONAL OPPOURNITY IN MINISTRY OF INFORMATION AND BROADCASTING

please see below noted link:-

 

http://www.davp.nic.in/WriteReadData/ADS/eng_22202_136_1112b.pdf

Audit firms may no longer be able to offer non-audit services like investment advisory and management services to companies

Audit firms may no longer be able to offer non-audit services like investment advisory and management services to companies as the government plans to prohibit such activities to checkany conflict of interest, leading to a potential fraud. The move, in line with rules proposed by the European Commission, has seen the global audit and financial service providerslike Deloitte and PricewaterhouseCoopers cry foul, saying the proposal is "ridiculous" and will hit their operations.

 

As part of the Companies Bill 2011, the government is planning an overhaul of the audit andfinancial services sector to guard against corporate frauds and irregularities. A major proposal made in the bill includes separation of audit and non-audit functions, when offered by the same firm.

 

The proposal prohibits any audit firm to offer a variety of non-audit services that include accounting and book keeping; internal audit; design and implementation of any financial information system; actuarial services; investment banking; and rendering of outsourced financial services.

 

The government has also made a provision to add further services in the future by reserving the right to add to the list of prohibited services.The proposal prohibits offering of such services (directly or indirectly) not only to the company whose audit is being conducted but also to its holding company or subsidiary company or associate company.

 

And to ensure that audit firms do not offer the services through any other route, the proposal has even put restrictions on use of related entities. "...in case of auditor being a firm, either itself or through any of its partners or through its parent, subsidiary or associate entity or through any other entity, whatsoever, in which the firm or any partner of the firm has significant influence or control, or whose name or trade mark or brand is used by the firm or any of its partners."

 

The move will hit top multi-disciplinary companies, including the Big 4 like KPMG and Ernst & Young, all of which offer not only audit services but other allied financial services too. In fact, many a times the services are offered to the same company, which the proposal wants to stop.

 

"This (proposal) is ridiculous. On the one hand, the government is saying that firms should offer multi-disciplinary services while on the other hand, it is talking of audit-only firms. This will be counter-productive," P R Ramesh, chairman of Deloitte India, told TOI. He said the move will impact the operations of large firms and will reduce their ability to attract subject-matter experts. "Not only will we lose scale, we will also lose manpower. How will we make investments in people."

 

Pricewaterhouse had a similar view. "The Bill seeks to take quite extreme positions in each and every thing," Harinderjit Singh, Partner at Pricewaterhouse and a former council member of ICAI, said. Ramesh added that to check irregularities by audit firms, the government should establish an effective oversight mechanism. Also, the punishment in case of a fraud needs to be swift and severe."

 

But while being criticized by the big firms, the move is being appreciated by other experts. "It is an appropriate step and will help bring in transparency. The move is aimed at ensuring that there is no conflict of interest," Ved Jain, former ICAI president, said. Auditing firms are already criticizing the proposal in Europe, saying customers would suffer

$.2.2 million fine charged on PWC by British authorities

British authorities announced on Friday that they had fined the accountancy firm PricewaterhouseCoopers 1.4 million, or $2.2 million, for failing to safeguard client assets at JPMorgan Chase's securities business in London.

The fine is the largest ever imposed by Britain's Accountancy and Actuarial Discipline Board, the local regulator.

The penalty relates to the accountancy firm's failure to notify JPMorgan that it hadn't separated more than $8 billion of its clients' money from the bank's own accounts in filings with Britain's Financial Service Authority from 2002 to 2008.

British authorities have cracked down on banks separating client's money from their own assets after similar issues arose after the collapse of Lehman Brothers in 2008. The American bank reported the mistake to the Financial Service Authority in 2009, and received a 33 million fine for the oversight in 2010, the largest fine issued by the financial services regulator.

''The tribunal found that P.W.C. had committed misconduct in respect of each allegation in the disciplinary complaint before it,'' Britain's Accountancy and Actuarial Discipline Board said in a statement. ''The tribunal found the misconduct in this case to be very serious.''

The regulator added that the 1.4 million fine had been reduced from 2 million because of P.W.C.'s cooperation.

''We are pleased that this matter has now been concluded. We regret that one aspect of our work on the private client money report to the FSA fell beneath our usual high standards,'' the accountancy firm said in a statement.

Vacancy for CA in PWC in BANGALORE, CHENNAI, DELHI, HYDERABAD, KOLKATA, MUMBAI, AND PUNE LOCATIONS

PWC ( PRICE WATERHOUSE COOPERS) IS LOOKING FOR TALENTS ON

A. SAP FINANCE

B. SAP FICO

C. SAP TREASURY

FOR BANGALORE, CHENNAI, DELHI, HYDERABAD, KOLKATA, MUMBAI,
AND PUNE LOCATIONS.

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

ACADEMIC ACHIEVEMENTS

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

Opening with telecom company

A leading telecom company requires CAs with 0-2 years experience in “Financial Planning” profile. The person will be based at the circle office of the company in Lucknow.

 

Interested candidates may please forward the resume on my mail ID sbansal@totalsolutionsmail.com with a CC to jptulsian@gmail.com

Vacancy for CA in Mumbai Indirect Tax – Manager | MNC Consulting Firm | Mumbai

a MNC consulting firm is seeking –  Manager for its Indirect Tax practice

 

Position: Manager – Indirect Tax

Client: MNC Consulting firm

Location: Mumbai

Qualification: CA / LLB

Experience: 5-6 Years of Post Qualification experience in Indirect Tax (Service Tax, customs, excise, VAT)

 

Role: Following are the key responsibilities and activities to be carried out

 

• Client Management.
• Take lead to accomplish the assignments in timely manner & Keep complete track on assignment deliverables
• Execution of assignments based on client specification,  Client servicing
• Deal with regulatory authorities
• Fine tune/draft the reports generated by team below them
• Will supervise work done by Senior Associate/ Associates/ Intern 1st level and 2nd level
• Manager Direct tax would be working under Partners/Directors
• Running assignments based on client requirements which may at times require work on various aspects like litigation, advisory & compliance at one go.

 

Requirements: Following are the skills, knowledge and experience required

 

• Good Knowledge of Indirect Tax & Knowledge of corporate tax (income tax & DTAA) & international tax, Corporate law
• CS, LLB would be considered as an added advantage
• Work exposure in Regulatory work related to NBFC, SEBI etc would be preferable.
• Industry specific exposure would provide a competitive advantage.
• Knowledge of Direct Tax

 

 

 

Pls mail your interest along with your profile or refer friends to vipul@curvehr.com

Padma Shri Award to CA YH Malegam

We are happy to inform you that the Government of India has conferred the PADMA SHRI Award to CA. Y H Malegam, Past President of ICAI  under the category of "Public Affairs".

By CA. V.M.V.Subba Rao
Vice-Chairman
Nellore Branch of SIRC of
Institute of Chartered Accountants of India

8 ways to… move from CFO to CEO

BY PETER BARTRAM

As CFOs become increasingly influential across businesses, we outline some top tips for progressing to the CEO’s chair...

1 Focus on the opportunity
CFOs who move into the CEO’s chair develop their careers so they have the skills to do so. Former CFO Christine Hodgson, CEO of Capgemini’s application services business in the UK and chairman of Capgemini UK, looks on a CFO’s work as a stretching from a chief accountant role to COO: “I was always comfortable doing an operational CFO role.”
Jennifer Price, who leads the finance practice at Archer Mathieson, an executive search consultancy, advises: “An ambitious CFO should consciously seek out a CEO who is willing to mentor and work with them as part of a succession plan. However, some CEOs may be protective of their position, unwilling to assist.”
Nik Pratap, director at recruitment specialist Hays Senior Finance, says: “If you are considering an external move, it is important to network and develop your profile through good PR.”

2 Get an external perspective
“As CFO, don’t lock yourself away in the back office and become buried in the detail. Be very much the right hand of the CEO,” says Hodgson. “Learn about the external market by interacting with the whole supply chain.
“A really good CFO is one that’s visible externally. He or she is not just a person who is recording what’s going on, but is a person who is out there being involved in negotiations and client relationships.
“Build a top team around you so that it gives you the headroom to become more externally focused.”

3 Understand the business’s operating model
“CFOs are well placed to become CEOs because they have a good grasp of all aspects of the business,” says Hodgson.
Nick Jarman, lead partner in PwC’s finance function effectiveness team, says: “Being CFO is a great foundation for understanding the drivers of value in the business. Of all the board members, the CFO should be the person that understands the levers to pull in order to make a business profitable.”
But Jarman adds: “However, being a CEO requires a very broad skill set and any CFO who wants to transition to CEO may need a change of perspective in terms of the skills that got them to CFO.”
Colin Turner, professor emeritus of entrepreneurship at Theseus International Management Institute, points out that CFOs tend to look at the detail while CEOs must view the bigger picture. “When the micro eye for detail can be blended with the macro eye for strategic opportunity, the shareholders and the company are winners.
“The secret in replacing the CFO hat with a CEO hat is to think strategically, not operationally.”

4 Build a top team around you
“If you don’t have a strong team, you’ll never be successful in any role,” says Hodgson. “Surround yourself with very clever people who are going to challenge you and be self-motivating. Feel comfortable about having people around you who want your job – don’t feel threatened by it.”
Dave Way, managing director of accountancy and finance recruiter Narks Sattin, says succession planning can sometimes prove an obstacle to a CFO wanting to move up as CEO. “If as CFO you’re absolutely integral to the smooth running of your department, the board may baulk at the prospect of removing you from your current role.”
The solution, says Way, is for the CFO to recruit a capable finance team to take over. “You’re showing not only that you can build teams and plan for the future, but also that your appointment as CEO won’t have any adverse consequences.”

5 Become a great communicator
“As CEO, externally, you are the ambassador for the brand and internally you are the one that should be rallying the troops in good times and bad,” says Hodgson. “So communication becomes a much bigger part of your role than it would have been before.”
Price urges CFOs to work on improving their communication skills. “CEOs need to be good orators and quick thinkers with the ability to adapt their style to a wide constituency of groups,” she says.
“Practice makes perfect, so sharpen your skills in this area with some personal coaching and put yourself forward to speak at industry events.”

6 Be a strong leader
“The biggest single difference in moving from CFO to CEO is that, suddenly, everything stops with you,” says Hodgson. “Initially, that can be slightly unnerving and a little bit lonely. But you become comfortable with it.”
Cris Beswick, an entrepreneur and consultant who works with CEOs to improve their performance, says: “Probably the biggest single challenge for a CFO moving into the CEO role is understanding just how critical the role is to driving forward the right culture, vision and values of the organisation.” So a CFO stepping into a CEO’s shoes will face pressure to uphold the vision of the organisation.

7 Acquire the decisive gene
“As a CEO you need to be decisive, but you won’t be good at being decisive unless you listen to all sides of an argument,” cautions Hodgson. “You need to know when you’re wrong and how to make adjustments. However strong your team is, there will be days when things go wrong and it will ultimately be your responsibility. You must have a very steady nerve, otherwise it could become overwhelming.”
Beswick adds: “Initially, it can be very challenging for CFOs to manage the organisational landscape in the way a CEO needs to, because they do not have the same relationship with the senior management team and employees, so must work at integrating very quickly.”

8 Become a people person
“Try to nurture talent and be a supportive leader,” says Hodgson. “That doesn’t mean you’ve got to be soft.”
Pratap says: “CFOs will need to demonstrate that they have the ability to inspire employees by focusing on areas such as employee engagement – not only within the finance function but across the whole organisation.”
Jarman says: “By their nature, CEOs are expected to bring a sense of optimism and purpose.” In contrast, many CFOs are naturally prudent and cautious having developed in an environment of statutory financial information.

India must have independent regulator for auditors: PwC

Davos: Supporting the capital market regulator Sebi's proposal for an independent auditing regulator in India, global auditing and consultancy major PwC has said there is an urgent need to have a strong and powerful watchdog for this business. "It's a great suggestion on the Sebi's part, but the decision has to be taken by the government, including by the Corporate Affairs Ministry and the Finance Ministry. There has to be a political will and then we can emulate the global example," PwC India Chairman Deepak Kapoor said here on the sidelines of World Economic Forum Annual Meeting 2012. Sebi late last year had said it would write to the India government, pointing out gaps in the regulations for auditors and suggest possible solutions. The market regulator is already believed to have written to the government to consider a separate oversight authority for auditors, which is independent of audit profession. Separately, Sebi plans to put in place a proper mechanism "for enforcing compliance with auditing standards by the auditors of listed companies". Currently, the Institute of Chartered Accountants of India (ICAI) regulates accounting and auditing professions. ICAI is a licensing-cum-regulating body of the audit and accounting profession in India. PwC's Kapoor said that ICAI is doing a reasonably good job as both a regulator and an institute. "But we need to move with the times. A number of large countries such as the US and even some smaller ones like Sri Lanka have independent regulator for auditors. "But India has not got one. Here also it is a case of India's image being hit abroad as people might say that you don't even have an independent regulator for auditors", he said. Giving example of the US, Kapoor said the country has separate regulator and an institute for the auditing profession and both of them are doing great jobs. "The punishment has to come from the regulator for any wrongdoing and not the institute. It is a clear case of conflict of interest.  There is indeed a crying need for an independent regulator for auditors. "ICAI has done a good job, but there are proven models in other countries for having an independent auditing regulator," he added. PTI

Banks’ plan to increase TDS threshold nixed

The finance ministry has rejected a proposal from banks to enhance the threshold for mandatory tax deduction at source (TDS) on interest earned by depositors. It has also shot down a suggestion to make term deposits of three years tax-exempt.

Bankers had demanded that they should be required to cut tax only when interest income of a customer exceeded R50,000 in a year, up from R10,000 at present. A senior finance ministry official said the government is unlikely to raise this limit in the Budget.

“Our internal calculations show that only a tiny percentage of tax payers takes into account the interest income. Raising the TDS threshold would mean a large number of tax payers going outside the tax net," he said.

Banks sought an increase in this limit, saying this will make life easy for them and their customers. The rejection of the proposal to make three-year term deposits as tax-exempt is meant to encourage long-term savings.

Currently, fixed deposits of five years are exempted from tax. Officials said any move to give tax benefit to small tenure schemes would create an arbitrage between bank fixed deposits and other instruments, such as the Public Provident Fund and National Small Savings Schemes, wherein the lock-in is at least five years.

The government does not publish separately the details of tax raised from bank interests, but it would be cautious of any move that could result in lower revenues, especially as the Centre's fiscal deficit—the excess of expenditure over revenue—is already running out of control. The government's fiscal deficit for 2012-13 is expected to be over 5% against the 5.8% estimated for 2011-12. In the Budget for 2011-12, finance minister Pranab Mukherjee had set a target of 4.6% of the GDP for the fiscal deficit.

 

sources:http://www.financialexpress.com/news/banks-plan-to-increase-tds-threshold-nixed/904490/0

Vacancy for CA in Kotak Mahindra Group in Mumbai, Delhi & Chennai

Experience:

1 - 4 Years

Specialization:

Chartered Accountant/CPA

Job Function:

Accounting/Tax/Company Secretary/Audit

Industry:

Financial Services/Stockbroking

Qualification:

Post Graduation - Others -Post Graduate (Others -Relevant Stream) School & Graduation - Others -Graduate (Others -Relevant Stream)

CTC:

As per Industry Standards

Job Description

Handle all aspects of finance, liaise with banks and financial institutions, budgeting, MIS, internal audits, able

On-line Submission of Application for Verification of Answer Books

25th January 2012

Candidates of November 2011 CA examinations Final, IPCE and PCE can submit their application for verification of answer books and also make payment of verification fees, on-line at http://icaiexam.icai.org. This facility will be in addition to the existing option for submission of application for verification of answer books, physically by Speed/Registered Post, along with a demand draft. They can log on to the above mentioned site and click on the “Verification” tab for submitting a verification application. Verification fees will be the same, in both the modes of submission, i.e physical or on-line. The on-line window for submission of verification application will be open for a period of one month from the date of declaration of results. Candidates can visit the Frequently Asked Questions (FAQs) section of www.icai.org for more details.

Examination Department

Vacancy for CA in KPIT Cummins Infosystems Limited,pune

KPIT Cummins Infosystems Limited (BSE: 532400; NSE: KPIT), a trusted global IT Consulting and product engineering partner, is focused on co-innovating domain intensive technology solutions for Manufacturing and Energy & Utilities corporations to help customers become efficient, integrated and innovative enterprises. It helps its customers globalize efficiently & bring complex technology products/ systems faster to their global markets.

Provenance: in business since 1990 with global operations & partnerships
People: 6500+ (as on March 31, 2011)
Revenues: USD 224+ Mn.
Innovation: 34 patents filed
Presence: 10 countries
Long standing relationships: 155+ active customers.
Corporate Governance: Ranked among top 25 companies for 4 consecutive years by ICSI (Institute of Company Secretaries of India)


Job Description

• Require a CA(Chartered Accountant) with 3-5 yrs of post qualification experience into Taxation – Local Pune candidates preferred.
  

The government's fiscal headache is getting worse by the day

The government's fiscal headache is getting worse by the day, with the Centre staring at a Rs 1.5-lakh crore hole in its books, nearly three times the level it had anticipated just three months ago.

Finance ministry officials say direct tax receipts, which have remained sluggish, may prove to be a sore point. Estimates show that the government may miss the direct tax receipts target set for the year, and there could be a shortfall of Rs 30,000 crore on this account.

The subsidy bill is also threatening to upset the government's calculations. Officials say that food, fertilizer and petroleum subsidies are expected to widen sharply from the budget estimates for 2011-12. Some estimates say that the food subsidy bill may widen to nearly significantly from the budget estimate of Rs 60,572 crore.



"The situation is tough this year. Let us see. We are still trying," said a senior finance ministry official, who did not wish to be identified.

The government's track record on disinvestment has also been dismal. It is unlikely to meet its target of raising Rs 40,000 crore from stake sale in state-run companies. So far it has been able to raise Rs 1,145 crore from Power Finance Corporation (PFC) sale. Volatile market conditions have dashed the government's hopes of raising money through this route in the current financial year. The government tried to devise several routes for meeting the disinvestment target but so far has been unsuccessful.

The estimates Rs 13,000 crore from auction of spectrum is unlikely to come through due to the uncertainty in the sector after the 2G scam.

The government is banking on higher dividends from state-run firms to help bridge some of the gap. The savings of around Rs 30,000 crore from plan expenditure is expected to provide some cushion. Officials say the revenue department has been asked to step up their efforts in the run up to the budget. The finance ministry is hoping that advance tax receipts in the quarter ahead may also help to some extent.

Officials and policymakers estimate the fiscal deficit to be between 5.2% and 6%, up from the budget estimate of 4.6% of gross domestic product.

Reserve Bank of India (RBI) has also expressed concern over the state of public finances, and has said it would be difficult for the central bank to lower rates in the absence of a credible fiscal consolidation plan.

"Strong signs of fiscal consolidation, which will shift the balance of aggregate demand from public to private and from consumption to capital formation, are critical to create the space for lowering the policy rate without the imminent risk of resurgent inflation," RBI Governor D Subbarao said in his monetary policy review statement on Tuesday.

"In the absence of credible fiscal consolidation, the Reserve Bank will be constrained from lowering the policy rate in response to decelerating private consumption and investment spending. The forthcoming Union Budget must exploit the opportunity to begin this process in a credible and sustainable way," Subbarao said.

sources:http://economictimes.indiatimes.com/news/economy/finance/government-stares-at-rs-1-5-lakh-cr-hole-in-its-books/articleshow/11636658.cms

Important Announcement on Empanelment for the year 2012-13 ICAI

The Council of the Institute at its 242nd meeting held in April, 2004 had decided that there shall be a cut off date for condonation of cases for empanelment purposes as on 1st January and the cases received beyond the cut off date will not be considered for condonation. Accordingly, members may note as under:

“For the purposes of Empanelment in the panel prepared by Office of C&AG and Bank Branch Auditors’ Panel prepared by ICAI (for which Constitution Certificates as on 1st January are issued every year); no condonation of delay in submission of Form No. 18 beyond 31st January preceding the financial year under audit (e.g. 31st January, 2012 for empanelment for the year 2012-13) will be done by the Institute”.

 

http://icai.org/new_post.html?post_id=8062&c_id=91

FINAL BANK BRANCH AUDITOR'S PANEL FOR THE YEAR 2011-12

Final Bank Branch Auditors' Panel for the year 2011-12 is available on below noted link

 

 

 http://www.meficai.org/BankBaranchAutidors.html

Professional Oppournity- Forest Development Authority, Bhopal

FVU Version 3.3 : Effective Feb 1, 2012 - new features

FVU Version 3.3 : Effective Feb 1, 2012

NSDL has released File Validation Utility Version 3.3. The new features of the same are being described in this blog.

What is effective date of FVU 3.3

• FVU 3.3 is effective from Feb 1, 2012
• For Quarter III  eTDS filing, both FVU version 3.3 and FVU Version 3.2 can be used.
• Fast Facts recommends filing of Q3 eTDS Statements with FVU Version 3.2 only

Encryption of files

• Files validated with FVU will be encrypted .
• Both regular and correction files will be encrypted.

Regular Statement : Penal Rate Deductee Records

• If deductee record  flag contains “C” to indicate penal rate and rate of deduction of less than 20%, a warning will be generated by FVU 3.3 which will contain details of such inconsistent deductee records.

• Change applicable for FY 2010-11 onwards.

Regular Statements : Govt Deductors to quote BIN

• Book Identification Number ( BIN) is applicable only in respect of Government deductors

• BIN  can be obtained from
  • the respective Pay and Account Office (PAO) / District Treasure Office (DTO)
  • TIN Web site by logging into TAN Account

• BIN Consists of
  • Seven digit 24G receipt number (provided on successful acceptance of Form 24G statement at TIN central system)
  • Five digit DDO serial no. (provided for each DDO transaction in Form 24G statement)
  • Date of deposit of Tax

• Government deductors will have to mention the BIN in regular eTDS statements

• Change applicable for FY 2010-11 onwards.

 Correction Statements : Deductee records with Flag “C”

• Deductee records with flag “C” indicate deduction at penal rate of 20% in case of deductees not having valid PAN.
• Several deductors filed regular eTDS Statement containing valid PANs and Flag “C”. FVU 3.2 does not allow editing of deductee records with flag “C”
• FVU 3.3 will now allow editing of such records for all fields except the flag “C”
• Change applicable for FY 2010-11 onwards.

Correction Statement : Import of Consolidated FVU

• In order to avoid rejection of correction statement, FVU 3.3 will require consolidated FVU file to be imported before validating correction statement
• Correction statement will also contain Hash Value as per consolidated FVU file – which is used for preparation of correction statement.
• Change applicable for all financial years

FVU 2.131 for FY upto 2009-10

• For validating regular / correction statements pertaining to period upto FY 2009-10 , FVU 2.131 has to be used
• This will be effective Feb 1, 2012
• Correction statements will require import of consolidated fvu file and a hash value will be inserted in output files
• All files validated will be encrypted.

--

CA. Mukesh Saran
M.Com.,FCA, ISA-ICAI

Online Regsitration Candidates Campus Placement Programme Feb-March 2012

Dear Newly Qualified Chartered Accountants,

At the outset, let me on behalf of entire ICAI fraternity congratulate you on becoming a CA.  It is indeed a proud achievement and I whole-heartedly welcome you to our elite Chartered Accountants' fraternity.

You may be aware that our alma mater, the ICAI through the Committee for Members in Industry has been tirelessly doing its best to provide maximum opportunities to all its members for getting employment in Industry.

This year, we have decided   to   organize   the   next   programme   for   newly   qualified   Chartered   Accountants   in February-March 2012.   I welcome you to utilize this opportunity to explore the possibility of serving the Industry and request you to please note the following key details about the programme:

Date of candidate registration for Nov, 2011 CA Final qualified (and others as mentioned above) candidates:24th January, 2012 to 6th February, 2012

Campus Interview Dates

No.	Centre	Dates*
1.	Kanpur	21st & 22nd February, 2012
2.	Baroda, Chandigarh , Indore, Kanpur, and Nagpur	22nd & 23rd February, 2012
3.	Bhubaneswar, Coimbatore  and Ernakulam	23rd and 24th February, 2012
4.	Ahmedabad, Jaipur and Pune	27th, 28th and 29th  February 2012
5.	Chennai, Mumbai and New Delhi	26th, 27th , 28th , 29th ,30th, 31st March, 2012
6.	Bangalore, Hyderabad, Kolkata	28th , 29th ,30th, 31st March, 2012

Centre	Last Date of  Short listing by Companies Upto11:00 PM(Ist Round)	PPT by companies	Consent sending by Candidates  Upto11:00 PM(Ist Round)	Date of  Short listing by Companies Upto11:00 PM(IInd Round)	Consent sending by CandidatesUpto05:00 PM(IInd Round)	Written Test(if any)
Bhubaneswar, Coimbatore,Chandigarh, Ernakulam, Kanpur, Baroda,  Indore and Nagpur	14th February 2012	On the Day of Interview	15th- 16th February 2012	Only on 17th February  2012	18th February, 2012	21st February, 2012
Ahmedabad,  Jaipur and Pune	16th February 2012	17th February  2012	21st-22nd February 2012	Only on 23rd February  2012	24th February, 2012	25th February, 2012
Chennai, Mumbai and New Delhi	14th March, 2012	15th March, 2012	16th -17th- 18th March, 2012	Only on 19th-20th March,  2012	21st March, 2012	22nd  March, 2012
Bangalore, Hyderabad and Kolkata	17th March, 2012	20th March, 2012	21st -22nd-  March, 2012	Only on 23rd-24th March,  2012	26th March, 2012	27th  March, 2012

* Sunday Holiday
 

Eligibility for appearing in Campus Placement Programme to be held in February-March, 2012.
The candidates who fulfil the following criteria are eligible to appear in the Campus Placement Programme to be held in February-March, 2012:
 

	Clearance of Final Examination of Chartered Accountancy Course	Completion of Articleship/GMCS Course	Submission of Application for  ICAI Membership*
1	Nov , 2011	(i)Completing their articleship and GMCS latest by  25th March , 2012 in cases where candidates are opting  for centres like Bangalore, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi as their  first choice and (ii) before 21st February, 2012  in cases opting other centre as their  first choice.	For (i)10th April, 2012 for (ii) 10th March, 2012

*While attending the Orientation Programme/Campus Interviews candidates should either carry the relevant proof of applying for the membership of the Institute or should submit a written declaration that they would apply for the membership by dates as mentioned above.

Steps for submission of online form for candidate on www.cmii.icai.org for campus interviews

Category 1: Candidates who have qualified CA final in Nov, 2011 examination and are eligible.
Step 1:Initial registration: click on http://www.cmii.icai.org/new_cand.asp?typeofcandidate=F and generate your password after filling up the initial registration details.

Step 2: click on http://www.cmii.icai.org/ca_login.asp?typeofcandidate=F and logged in by giving your CA final roll number as user name and password which you have chosen earlier .Fill the registration form which is divided into six parts.

Step 3: Submit your form and make the online payment.

Step 4: After which  you will receive a centre code like DEL-..,MUM-..etc that means you have successfully completed initial steps.(Confirmation from centre code will take 24 th 72 working hours).

Step 5: After the successful completion of registration, candidates should take the print out of the Print Profile and the Photo Identity Card which they are required to mandatorily carry while visiting for the Orientation programme and Campus Interviews.

In case you need any assistance you may feel free to contact us at (011) 30110549 or email us at campus@icai.in/mii@icai.in  or Dr. Surinder Pal, Secretary, Committee for Members in Industry  at: placements@icai.org .

I wish you the very best for interviews at the Placement Programme as well as for all your future endeavors. I wish you a successful career as a Chartered Accountant.

Yours faithfully,

CA. K Raghu
Chairman
Committee for Members in Industry
The Institute of Chartered Accountants of India,
'ICAI BHAWAN',
Indraprastha Marg,
NEW DELHI - 110 002.
India