Institute for Competitiveness, India is Launching the Porter Prize Named
after Professor Michael E. Porter of Harvard Business School27th
August 2012 12:30 IST
New Delhi,
Delhi, India (Institute for Competitiveness (Business Wire India))
Highlights
-- Coveted award ceremony to
be held on September 28, 2012 in New Delhi
-- Aimed to recognize the
strategic acumen of corporates in India
-- Companies will be awarded the
Porter Prize across various categories
-- Nearly 26 companies have been
shortlisted
-- Eminent jury members from academics, corporate world,
ministries etc.
-- Initiated by Institute for Competitiveness, India
-- Professor Michael E. Porter will share his views at the event
-- Meeting place of more than 200 executives from various industries
Porter Prize is being
organized in honor of the renowned philosopher; thinker, Harvard faculty
member and Father of the modern strategic field, Professor Michael E. Porter.
Professor Michael E. Porter is a leading authority on competitive
strategy, the competitiveness and economic development of nations, states and
regions, and the application of
competitive principles to social problems such as health care, environment, and
corporate social responsibility.
Professor Porter has been identified in a variety of rankings and surveys as the
world's most influential thinker on management and competitiveness. He is the
Bishop William Lawrence University Professor at Harvard University, based at
Harvard Business School. A University Professorship is the highest professional
recognition that can be given to a Harvard faculty member.
The award
would look at recognizing the best of Indian companies whilst assessing them on
a robust framework. The central idea of the Porter Prize is to propel companies
to compete on the basis of value creation, innovation and strategy. This year we
are looking at recognizing organizations operating in India who have shown
exemplary strategic acumen under the categories of distinctive positioning,
tradeoffs, fit, industry architectural shift etc.
Porter Prize is based
on four pillars - capitalizing on industry dynamics, segmenting strategically,
leveraging unique activities and exploiting tradeoffs. There are 16
industry-based classifications
such as finance, banking & insurance, food & beverage, retail &
wholesale etc. under which many renowned companies have applied. Clearly, it is
an opportunity for the companies operating in India to get tested on the basis
of their unique strategy and receive the prestigious Porter Prize award, which
is first of its kind.
The assessment is a three stage process with stage
one related to filing of nominations, The second stage comprise of strategy
audit where more information about their organization pertaining to their
framework, strategy, value chain etc. Around 26 companies had been shortlisted
like HDFC Standard Life, SIDBI,
Airtel, Cinepolis, Mother Diary, Cargill, Apollo Gleneagles Hospitals, ICICI
Lombard, Sealed Air, Airtel
etc. The third stage constitutes the jury process. The members of the Jury would
further evaluate the results and help in deciding the winners.
Porter
Prize would be given under the following categories
--Industrial
Architecture Shift
--Creating Distinctive Value
--Leveraging Unique
Activities
--Exploiting Tradeoffs
--Creating Shared Value
--Value
Based Healthcare
In addition, there would be a winner in each of the
industry-based classifications. Porter Prize will not
only assess and award the best companies but will also assist the participating
companies to get a deeper hold on their strategy and methods to further enhance
it by making them understand their company's attractive and unattractive
features etc.
The award ceremony on September 28, 2012 will have
Sessions on Strategy and Shared value. In these sessions, experts from their
respective field will express their views about strategy, innovation of products
and services, etc. Moreover the shortlisted companies' executives will throw
some light on their company's strategy and processes. Henceforth, Professor
Michael E. Porter will share his thoughts on the award, overall process and
Indian companies. Registrations are open for the people who are interested to
attend the event at http://www.porterprize.in/register/
The Honorary
Chairman, Institute for Competitiveness, Dr. Amit Kapoor said that
"India represents a laboratory of strategies and Porter prize is not just
mindful of but is more than happy to engage and celebrate with. It is
confirmation of an arrival of India's paradigm of strategy."
Our
insights partner Penn Schoen Berland (PSB) a global research based strategic communications advisory will
unveil a poll of financial audiences to understand, 'What creates Financial
Competitiveness'? Speaking on need and importance of such a poll Mr. Ashwani
Singla, MD & CEO PSB said, "PSB helps clients gain the Winning
Knowledge™ that they need to gain a competitive edge and Porter Prize is a
perfect platform. As the Indian economy tries to regain its strength; companies
have their own challenges as they struggle to sustain investor's interest. An
initiative like this will help gain and understand of how to compete in
receiving investor's attention and loyalty."
Many companies have
partnered with the Porter Prize. It is supported by Indian Public
Diplomacy, Ministry of External Affairs and is powered by Aircel. Indian
Institute of Corporate Affairs (IICA), FSG, Titan Industries, are the award
partners for the event, Penn Schoen Berland as the Insights partner, Dow
Chemical International Private Limited as the Benchmarking Report and
Coffee Table Book Partner,
Outlook and Outlook Business are the Content Partner, Canon
as Documentation Partner, The Leela Kempinski as the Hospitality Partner,
Hammurabi & Solomon Consulting as the Legal Partner and The
Viewspaper as the Youth Partner. The Media Partners for the event are
Mint, Governance Now, exchange4media.com, and The Sunday Guardian.
About the Institute for Competitiveness
Institute for
Competitiveness, India is the Indian knot in the global network of the Institute
for Strategy and Competitiveness at Harvard Business School. Institute for
Competitiveness, India is an international initiative centered in India,
dedicated to enlarging and purposeful disseminating of the body of research and
knowledge on competition and strategy, as pioneered over the last 25 years by
Professor Michael Porter of the Institute for Strategy and Competitiveness at
Harvard Business School. Institute for Competitiveness, India conducts and
supports indigenous research, offers academic and executive courses, and provides advisory services to the
Corporate and the Governments. The institute studies competition and its
implications for company strategy; the competitiveness of nations, regions &
cities and thus generate guidelines for businesses and those in governance; and
suggests and provides solutions for socio-economic problems.
The most comprehensive news portal for Chartered Accountants and Other Professionals around the world.
Friday, August 31, 2012
VAT UPDATE Last date of filing return of first qtr for F.Y 2012-13 is extended
Last date of filing return of first qtr for F.Y 2012-13 is extended upto 15 Sept 2012
TENDERING-COST SHEET DOCUMENTATION-COMPLIANCE&SUBMISSION TO ICAI
In continuation of the Announcement published inthe February, 2011 issue of The Chartered Accountantjournal at page 1174, attention of the members inpractice is hereby once again drawn to the resolutionof the Council taken in December, 2010 required to becomplied with , while responding to tenders or enquiriesissued by various users of professional services .In terms of the said Council decision, a memberin practice responding to tenders and accepting
professional work based thereon is required to maintaina cost sheet incorporating therein details of the costsbeing incurred therein having regard to number ofpersons involved, hours to be spent, etc. The said costsheet is required to be submitted to the Institute, whenso directed.Members concerned are required to take noteof the above and ensure compliance, in their owninterest.
professional work based thereon is required to maintaina cost sheet incorporating therein details of the costsbeing incurred therein having regard to number ofpersons involved, hours to be spent, etc. The said costsheet is required to be submitted to the Institute, whenso directed.Members concerned are required to take noteof the above and ensure compliance, in their owninterest.
SC orders Sahara to refund $3 billion raised from investors by way of OFCDs
The Supreme Court on Friday ordered the Sahara conglomerate to refund more than
$3 billion it had raised from millions of small investors, reaffirming an order
from the SEBI, which had said the process violated rules, in a blow to the
powerful group. The Supreme Court also ordered Sahara to pay 15% interest to investors on their
deposits, a lawyer on the case said.
Two unlisted group companies of Sahara, which has interests ranging from
financial services and housing to media and sports, had between 2008 and 2011
raised a total of 177 billion rupees from 22 million small investors through an
instrument known as an optionally fully convertible debenture.The Securities and Exchange Board of India (SEBI) last year ordered the group companies to refund the money, with 15 percent annual interest, after it found that the fund-raising process did not comply with rules.
An appellate tribunal upheld the regulator's order after hearing Sahara's
appeal.
Additional Services Exempted from Service Tax
Additional Services Exempted from Service Tax
At present there are 17 items in the negative list (Section 66 D of the Finance Act, 1994) and 39 items in the mega exemption notification 25/2012-ST dated 20.6.2012. Government has recently exempted more services from the purview of service tax. They are:
Transport of goods by inland waterways, copyrights for cinematography, vocational education courses
by institutes affiliated to the National Skill Development Corporation,
hiring of buses to state transport authority, erection and
commissioning of water supply, sale of space for advertisement on internet, hoardings, services by specified intermediaries, transportation of import
cargo and specified schemes of insurance (all services exempted vide
exercise of powers under Section 93 (1) of Finance Act, 1994, are now
consolidated in Notification 25/2012-ST dated 20 June, 2012).
This was stated by the Minister of State for Finance, Shri S.S.
Palanimanickam in written reply to a question in the Rajya Sabha today.
FAQ on Reverse Charge
Reverse charge for Directors & security services - FAQVIDE notifications 45 & 46/2012 ST Dated 07.08.2012, services provided by non employee directors to the Companies and security agencies have also been subjected to the levy of service tax. In this connection, the following questions are often raised.1. Is service tax applicable for all directors of a Company?Whole time directors and Managing Directors of the companies are considered as employees of the company in which they are directors. The definition of service itself excludes services provided by the employees to employers. Hence, there is no service tax in respect of such employee directors. Service tax will apply only in case of non employee directors.2. Does reverse charge apply for all service recipients?In respect of services provided by directors, obviously, the service recipient should be a company established under the Companies Act, like Private Limited Company, Public Limited
Company, Government Company. In case of security agency services, the service recipient should be a business entity registered as a body corporate. Only in such cases reverse charge will apply.3. If the service recipient is a partnership firm, whether reverse charge will apply for security services received by it?No. Partnership firm is not a body corporate. Similar would be the case in case of other reverse charge liabilities, viz., manpower supply, works contract service and renting of vehicle services. But in case of support services provided by Government, Advocates, reverse charge will apply if the service recipient is "business entity" and they need not be body corporates.4. What about the liability for the period 1 st July 2012 to 7th August 2012?It may be noted that the services of Directors to the companies and security agency services are normally continuously provided for more than a period of 3 months. Hence, they would be "continuous
supply of service" as defined in Point of Taxation Rules, 2011. As per first proviso under Rule 4 of the said Rules, the point of taxation in case of continuous supply of services has been defined as "in case of continuous supply of service where the provision of the whole or part of the service is determined periodically on the completion of an event in terms of a contract, which requires the receiver of service to make any payment to service provider, the date of completion of each such event as specified in the contract shall be deemed to be the date of completion of provision of service".For example, if the security agency has already raised their invoice for the services provided by them during July 2012, before 7 th August 2012, the service recipient's liability to make the payment is recognized on the date of invoice and hence the point of taxation shall be the date of such invoice. Hence, if invoice has been raised by the security agency
before 7 th August 2012, reverse charge will not apply, even if the payment is made by the service recipient after 7 th August 2012. But, if the invoice for the services provided from 1 st August to 31 st August 2012 is raised on 31 st August 2012, the date of invoice, i.e. 31 st August 2012 would be the point of taxation and hence the service recipient would be liable to make the payment of his portion of service tax liability under reverse charge, though part of the service has been provided before 7 th August 2012. In other words, there is no need to split up the liability into pre / post 7 th August 2012.Similar would be the case in respect of services provided by the Directors to the Companies. If the liability to make the payment to the Director is recognized after 7 th August 2012, reverse charge will apply and if such liability is recognized by the company before 7 th August 2012, reverse charge will not apply.If the services provided by the
directors and security agencies does not qualify as continuous supply of service, then the point of taxation shall first be determined for the services provided. If the point of taxation is on or after 7 th August 2012, reverse charge will apply and if the point of taxation is before 7 th August 2012, reverse charge will not apply.5. Whether the Directors have to obtain registration and pay service tax for the month of July 2012?Yes. But, till 1 st July 2012, the services provided by them was not a taxable service. Hence, if the value of other taxable services rendered by them, if any, during the financial year 2011-12 is less than Rs. 10 lakhs, they can claim exemption upto Rs.10 lakhs, during 2012-13 if the value of services provided by them to the companies and other taxable services, if any provided by them, is upto less than Rs.10 lakhs. This exemption is contained in notification 33/2012 ST Dated 20.06.2012 and subject to the conditions prescribed
therein.6. What is the portion of service tax payable under reverse charge?In case of directors, the entire service tax liability has to be paid by the company. In case of security agencies, 75 % of the service tax liability (9%) shall be paid by the service recipient and 25 % of the service tax liability (3%) shall be paid by the security agencies.7. Whether the security agencies can pay 3 % service tax in all cases?No. Reverse charge will apply only if the service recipient is a business entity registered as a body corporate. In case of the services of security agencies are provided to other than business entities or to business entities who are not registered as body corporates, the entire service tax has to be paid by the security agency and no reverse charge will apply.8. Whether the service tax thus paid under reverse charge can be availed as cenvat credit?Entitlement to cenvat credit of service tax is to be decided with reference to the
definition of input service under the Cenvat Credit Rules, 2004. Normally, the services of Directors and security agencies would be an eligible input service for a manufacturer and a service provider. Further, security service is specifically covered in the definition of input service. Hence, cenvat credit would normally be entitled subject to other conditions under the Cenvat Credit Rules, 2004.9. What is the document based on which cenvat credit can be taken?In case of service tax paid directly by the service recipient under reverse charge, the challan evidencing payment of service tax by the service recipient would be the relevant document to avail cenvat credit. In respect of the portion of service tax paid by the security agency, the invoice issued by the security would be the relevant document.10. Whether the directors have to issue an invoice?As per the provisions of the Service Tax Rules, 1994 every service provider must raise an invoice within
30 days of completion of the service.
Company, Government Company. In case of security agency services, the service recipient should be a business entity registered as a body corporate. Only in such cases reverse charge will apply.3. If the service recipient is a partnership firm, whether reverse charge will apply for security services received by it?No. Partnership firm is not a body corporate. Similar would be the case in case of other reverse charge liabilities, viz., manpower supply, works contract service and renting of vehicle services. But in case of support services provided by Government, Advocates, reverse charge will apply if the service recipient is "business entity" and they need not be body corporates.4. What about the liability for the period 1 st July 2012 to 7th August 2012?It may be noted that the services of Directors to the companies and security agency services are normally continuously provided for more than a period of 3 months. Hence, they would be "continuous
supply of service" as defined in Point of Taxation Rules, 2011. As per first proviso under Rule 4 of the said Rules, the point of taxation in case of continuous supply of services has been defined as "in case of continuous supply of service where the provision of the whole or part of the service is determined periodically on the completion of an event in terms of a contract, which requires the receiver of service to make any payment to service provider, the date of completion of each such event as specified in the contract shall be deemed to be the date of completion of provision of service".For example, if the security agency has already raised their invoice for the services provided by them during July 2012, before 7 th August 2012, the service recipient's liability to make the payment is recognized on the date of invoice and hence the point of taxation shall be the date of such invoice. Hence, if invoice has been raised by the security agency
before 7 th August 2012, reverse charge will not apply, even if the payment is made by the service recipient after 7 th August 2012. But, if the invoice for the services provided from 1 st August to 31 st August 2012 is raised on 31 st August 2012, the date of invoice, i.e. 31 st August 2012 would be the point of taxation and hence the service recipient would be liable to make the payment of his portion of service tax liability under reverse charge, though part of the service has been provided before 7 th August 2012. In other words, there is no need to split up the liability into pre / post 7 th August 2012.Similar would be the case in respect of services provided by the Directors to the Companies. If the liability to make the payment to the Director is recognized after 7 th August 2012, reverse charge will apply and if such liability is recognized by the company before 7 th August 2012, reverse charge will not apply.If the services provided by the
directors and security agencies does not qualify as continuous supply of service, then the point of taxation shall first be determined for the services provided. If the point of taxation is on or after 7 th August 2012, reverse charge will apply and if the point of taxation is before 7 th August 2012, reverse charge will not apply.5. Whether the Directors have to obtain registration and pay service tax for the month of July 2012?Yes. But, till 1 st July 2012, the services provided by them was not a taxable service. Hence, if the value of other taxable services rendered by them, if any, during the financial year 2011-12 is less than Rs. 10 lakhs, they can claim exemption upto Rs.10 lakhs, during 2012-13 if the value of services provided by them to the companies and other taxable services, if any provided by them, is upto less than Rs.10 lakhs. This exemption is contained in notification 33/2012 ST Dated 20.06.2012 and subject to the conditions prescribed
therein.6. What is the portion of service tax payable under reverse charge?In case of directors, the entire service tax liability has to be paid by the company. In case of security agencies, 75 % of the service tax liability (9%) shall be paid by the service recipient and 25 % of the service tax liability (3%) shall be paid by the security agencies.7. Whether the security agencies can pay 3 % service tax in all cases?No. Reverse charge will apply only if the service recipient is a business entity registered as a body corporate. In case of the services of security agencies are provided to other than business entities or to business entities who are not registered as body corporates, the entire service tax has to be paid by the security agency and no reverse charge will apply.8. Whether the service tax thus paid under reverse charge can be availed as cenvat credit?Entitlement to cenvat credit of service tax is to be decided with reference to the
definition of input service under the Cenvat Credit Rules, 2004. Normally, the services of Directors and security agencies would be an eligible input service for a manufacturer and a service provider. Further, security service is specifically covered in the definition of input service. Hence, cenvat credit would normally be entitled subject to other conditions under the Cenvat Credit Rules, 2004.9. What is the document based on which cenvat credit can be taken?In case of service tax paid directly by the service recipient under reverse charge, the challan evidencing payment of service tax by the service recipient would be the relevant document to avail cenvat credit. In respect of the portion of service tax paid by the security agency, the invoice issued by the security would be the relevant document.10. Whether the directors have to issue an invoice?As per the provisions of the Service Tax Rules, 1994 every service provider must raise an invoice within
30 days of completion of the service.
Thursday, August 30, 2012
Expression of Interest for Services of CA Firms Empanelled by C & AG for Auditing the Account of CSS
Department Of Technical Education 
Last Date : 05/09/2012
Expression of Interest for Services of CA Firms Empanelled by C & AG for Auditing the Account of CSS TEQIP for the Financial year 2010-11 & 2011-12.
Address: Padmavilasom Road,Fort P.O. Thiruvananthapuram,Kerala-695 023.
Phone: 0471-2561402
Email:
Last Date : 05/09/2012
Expression of Interest for Services of CA Firms Empanelled by C & AG for Auditing the Account of CSS TEQIP for the Financial year 2010-11 & 2011-12.
Address: Padmavilasom Road,Fort P.O. Thiruvananthapuram,Kerala-695 023.
Phone: 0471-2561402
Email:
Vacancy for Ca/icwa Bikanervala Foods (P) Ltd
Responsible for Budgetary control and costing of various department
Salary:
As per Industry norms
Industry:
FMCG, Foods, Beverage
Functional Area:
Accounts, Finance, Tax, Company Secretary, Audit
Role Category:
Accounts
Role:
Chartered Accountant
revised schedule VI crash course in Mumbai
revised
schedule VI crash course date - 6th sept 2012 time 8 am to 1 pm venue -
damodhar hall parel, mumbai-400012 fees Rs 200 (first cum basis regn)
(spot regn fees Rs 300) interested students to phone ujwala on
7666608880 or lavanya 8108557000 or me on 9167446744 or 9322249833
faculty rammohan bhave — at Damodar Hall.
Wednesday, August 29, 2012
Sports Authority Of India Physical stock verification from the interested chartered accountant firms
Sports Authority Of India
Last Date : 05/09/2012
Physical stock verification from the interested chartered accountant firms having minimum qualification.
Address: Sports Authority Of India NSSC Jnanabharati Campus,Mysore Road Bangalore-560056
Phone:
Email:
Last Date : 05/09/2012
Physical stock verification from the interested chartered accountant firms having minimum qualification.
Address: Sports Authority Of India NSSC Jnanabharati Campus,Mysore Road Bangalore-560056
Phone:
Email:
Vacncy for CA as Associate - Core Forensic and Dispute Services Deloitte
Associate - Core Forensic and Dispute Services
Location: Hyderabad, Andhra Pradesh, India
Firm Service: Financial Advisory
Firm Service: Financial Advisory
Reference Code: E13HFANASK-Core FnDS
Type of Position: Full-time
Job Description
ICAI in order to enable members to have access to antivirus software, has tied up with Quick Heal technologies Pvt. Ltd. Pune for providing access to Quick Heal Total Security at a special discounted
The
Committee for Capacity Building of CA Firms and Small & Medium
Practitioners (CCBCAF&SMP), ICAI in order to enable members to have
access to antivirus software, has tied up with Quick Heal technologies
Pvt. Ltd. Pune for providing access to Quick Heal Total Security at a special discounted price of Rs. 750/- plus taxes only for 3 years
from the date of activation.
The aforesaid antivirus software protects the laptops and desktops and provides protection against all kinds of Internet or network-based threats. Upon installation, it acts as a shield against viruses, worms, trojans, spywares and other malicious threats. It also provides security against new and unknown threats with the antivirus software’s renowned DNAScan® Technology. |
FOR NEFT PAYMENTS
Name : Quick Heal technologies P. Ltd., Banker's Name : HDFC Bank Ltd, Branch Address : 885, Bhandarkar Road, Opp Sane Dairy, Pune – 411004, Maharashtra,Banker's Phone Number : 020-25651578, IFSC Code : HDFC0000007, Type of account : Current Account, Account Number : 00070330002282, MICR Number : 411240002, PAN no. : AABCC4207H |
CA FIRMS AT MUMBAI, PUNE, BANGALORE, CHENNAI & KOLKATA FOR PHYSICAL VERIFICATION
An Australian apparel brand having outlets at following
locations is interested for physical verification of stocks
at regular intervals:
a) Mumbai- Vile Parle, Malad, Goregaon, Santacruz,
b) Pune-Deccan, Koregaon, Taluka Haweli
c) Bengaluru-Mahabaleshwaram, Bannerghatta Road,
Dr. Rajkumar Road, Magrath Rd.,
d) Chennai-High Street
e) Kolkata- Prince Anwar Shah Road
The CA firm should have:
service tax – vocational education/training course -- regarding.
Circular No. 164/15/2012-ST
F. No. 356/17 /2012 - TRU
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
(Tax Research Unit)
153, North Block,
New Delhi, 28th August, 2012
To
Chief Commissioner of Customs and Central Excise / Central Excise & Service Tax (All)
Director General of Service Tax /Central Excise Intelligence /Audit;
Commissioner of Customs and Central Excise/ Central Excise and Service Tax/ Service Tax (All)
Madam/Sir,
Subject: service tax – vocational education/training course -- regarding.
Clarification
has been sought in respect of levy of service tax on certain vocational
education/training/ skill development courses (VEC) offered by the
Government (Central Government or State Government) or local authority
themselves or by an entity independently established by the Government
under the law, as a society or any other similar body.
2. The
issue has been examined. When a VEC is offered by an institution of the
Government or a local authority, question of service tax does not
arise. In terms of section 66D (a), only specified services provided by
the Government are liable to tax and VEC is excluded from the service
tax.
3. When
the VEC is offered by an institution, as an independent entity in the
form of society or any other similar body, service tax treatment is
determinable by the application of either sub-clause (ii) or (iii) of
clause (l) of section 66D of the Finance Act, 1994. Sub-clause (ii)
refers to “qualification recognized by any law” and sub-clause (iii)
refers to “approved VEC”. In the context of VEC, qualification implies a
Certificate, Diploma, Degree or any other similar Certificate. The
words “recognized by any law” will include such courses as are approved
or recognized by any entity established under a central or state law
including delegated legislation, for the purpose of granting recognition
to any education
course including a VEC.
4. This Circular may be communicated to the field formations and service tax assessees, through Public Notice/Trade Notice. Hindi version to follow.
Yours faithfully,
(S.Jayaprahasam)
Technical Officer, TRU
Tel/Fax: 011-23092037
|
Tuesday, August 28, 2012
No Takers Of Chartered Accoutants
Economic slowdown takes a toll on ICAI placements. Fate of312 students
in limbo as only one firm comes forward for recruitments compared to 8
last year.
Chartered accountant, a designation that once guaranteed a cushy job and
a promising career, is now a victim of economic slowdown if the
placement scene at Institute of Chartered Accountants of India,
Ahmedabad chapter, is any indication. As compared to last year, when
eight companies recruited 60 CAs, this year only one company has
registered for placements, much to the dismay of 320 meritorious
students who have been shortlisted for placements.
Another firm that was to come on day one of placements on Thursday,
withdrew from the process. "Evolutionary System Pvt Ltd, an IT firm,
approached ICAI on Friday to fill 30 vacancies. Eight students were
offered Rs 5.8 lakh annual package. On Thursday, a company that was to
come for recruitments withdrew from the placement process at the
eleventh hour," said Jainik Vakil, chairman, ICAI, Ahmedabad.
Ironically this year, for the first time, Ahmedabad branch falls under
the metro city category for ICAI placements being organised for more
than a decade now by Committee for Members in Industry (CMII), ICAI,
Delhi.
Meritorious students of ICAI, Ahmedabad chapter, are surprised that even
Indore had three firms participating in placements.
"While Delhi chapter was approached by 16 companies and Mumbai by 11
for placements, a city like Indore too had three companies coming
forward to hire students. To make matters worse for our chapter, ICAI
makes it mandatory for students to choose just one metro and one small
town from across the country to appear for placements at," said a
student on condition of anonymity. While several outstation candidates
registered for placements conducted by ICAI Ahmedabad, apparently lured
by state's double-digit growth and industrial prowess, smarter
candidates from the city opted for Mumbai.
Meanwhile, in its annual report released on Thursday, the central bank
said that the Indian economy is unlikely to improve in the near term
because of "policy stasis". According to the bank's
assessment, money borrowed by companies from banks for new investments
has fallen sharply and the completion of existing projects is getting
delayed. A student said on condition of anonymity, "Last year, eight
companies arrived at ICAI for recruitment. This year, only one company
has approached so far. But it will only recruit 30 students at the most.
What about the rest? I haven't been more disappointed in life. After
having studied so hard to crack CA, this is what I get."
in limbo as only one firm comes forward for recruitments compared to 8
last year.
Chartered accountant, a designation that once guaranteed a cushy job and
a promising career, is now a victim of economic slowdown if the
placement scene at Institute of Chartered Accountants of India,
Ahmedabad chapter, is any indication. As compared to last year, when
eight companies recruited 60 CAs, this year only one company has
registered for placements, much to the dismay of 320 meritorious
students who have been shortlisted for placements.
Another firm that was to come on day one of placements on Thursday,
withdrew from the process. "Evolutionary System Pvt Ltd, an IT firm,
approached ICAI on Friday to fill 30 vacancies. Eight students were
offered Rs 5.8 lakh annual package. On Thursday, a company that was to
come for recruitments withdrew from the placement process at the
eleventh hour," said Jainik Vakil, chairman, ICAI, Ahmedabad.
Ironically this year, for the first time, Ahmedabad branch falls under
the metro city category for ICAI placements being organised for more
than a decade now by Committee for Members in Industry (CMII), ICAI,
Delhi.
Meritorious students of ICAI, Ahmedabad chapter, are surprised that even
Indore had three firms participating in placements.
"While Delhi chapter was approached by 16 companies and Mumbai by 11
for placements, a city like Indore too had three companies coming
forward to hire students. To make matters worse for our chapter, ICAI
makes it mandatory for students to choose just one metro and one small
town from across the country to appear for placements at," said a
student on condition of anonymity. While several outstation candidates
registered for placements conducted by ICAI Ahmedabad, apparently lured
by state's double-digit growth and industrial prowess, smarter
candidates from the city opted for Mumbai.
Meanwhile, in its annual report released on Thursday, the central bank
said that the Indian economy is unlikely to improve in the near term
because of "policy stasis". According to the bank's
assessment, money borrowed by companies from banks for new investments
has fallen sharply and the completion of existing projects is getting
delayed. A student said on condition of anonymity, "Last year, eight
companies arrived at ICAI for recruitment. This year, only one company
has approached so far. But it will only recruit 30 students at the most.
What about the rest? I haven't been more disappointed in life. After
having studied so hard to crack CA, this is what I get."
Stay application filed by MCHI-CREDAI before the Hon’ble Supreme Court -Interim Order Relief
: Stay application filed by MCHI-CREDAI before the Hon'ble Supreme Court
Tue Aug 28, 2012 5:13 am (PDT) . Posted by:
"ca.bhupendrashah" ca.bhupendrashah
Ref. No. MCHI/PRES/12- 13/041
August 28, 2012
For Your Urgent Attention
To,
All Members of MCHI-CREDAI & MCHI-CREDAI Units
Dear Members,
Sub: Stay application filed by MCHI-CREDAI before the Hon'ble Supreme Court
on 28th August 2012.
Ref: Supreme Court of India, New Delhi
Civil Appellate Jurisdiction
I.A. No. of 2012
In
S.L.P. (Civil)) No. 21052 of 2012
(Arising out of Judgment and Order dated 10th April, 2012
passed by the Hon'ble Division Bench of the Bombay High
Court in Writ Petition No. 2022 of 2007)
Maharashtra Chamber of
Housing Industry & Others ….Petitioners
V/s
State of Maharashtra & Others ….Respondents
------------ --------- --------- --------- --------- --------- -
We are pleased to inform all our members that we have filed an application before the Supreme
Court on behalf of MCHI-CREDAI members seeking stay of the judgment passed by the High Court as
also stay of notification /circular issued on 6.8.2012 requiring builders/ developers to register by
16.8.2012 and file their return on 30.8.2012.
The application came up for hearing before the Bench of Hon'ble Mr. Justice R.M. Lodha,
Mr. Justice A. R. Dave and Mr. Justice Ranjan Gogoi today. Dr. A.M. Singhvi, Sr. Advocate with
Mr. Parimal Shroff appeared on behalf of MCHI-CREDAI. The Court has been pleased to pass an
interim order extending the date of registration to 15.10.2012 and date of filing of return
/payment to 31.10.2012. In case payment of tax/ VAT is made by 31.10.2012, the State
Government is restrained from taking coercive steps for recovery of tax/ interest/ penalty. In
case the petitioners succeed the amount deposited will be refunded along with such interest as the
court may determine.
Please take note of the above. The certified copy of the order will be available within 2-3 days. The
same shall be forwarded to you in due course.
Best Regards,
For MCHI-CREDAI
Sd/-
Paras Gundecha
President
With Warm Regards;
CA UNMESH NARVEKAR
M. Com., F.C.A., I.C.W.A., C.S., D.I.S.A.
Immediate Past Chairman - Vasai Branch of WIRC of ICAI.
_____________________________
M/S. Unmesh Narvekar & Co.
A/004, New Mira Palace Soc. Ltd.,
Siddhivinayak Nagar, Mira Road (E),
Thane-401104, INDIA
Tel: 022 –28457965 / 9821236179
Tue Aug 28, 2012 5:13 am (PDT) . Posted by:
"ca.bhupendrashah" ca.bhupendrashah
Ref. No. MCHI/PRES/12- 13/041
August 28, 2012
For Your Urgent Attention
To,
All Members of MCHI-CREDAI & MCHI-CREDAI Units
Dear Members,
Sub: Stay application filed by MCHI-CREDAI before the Hon'ble Supreme Court
on 28th August 2012.
Ref: Supreme Court of India, New Delhi
Civil Appellate Jurisdiction
I.A. No. of 2012
In
S.L.P. (Civil)) No. 21052 of 2012
(Arising out of Judgment and Order dated 10th April, 2012
passed by the Hon'ble Division Bench of the Bombay High
Court in Writ Petition No. 2022 of 2007)
Maharashtra Chamber of
Housing Industry & Others ….Petitioners
V/s
State of Maharashtra & Others ….Respondents
------------ --------- --------- --------- --------- --------- -
We are pleased to inform all our members that we have filed an application before the Supreme
Court on behalf of MCHI-CREDAI members seeking stay of the judgment passed by the High Court as
also stay of notification /circular issued on 6.8.2012 requiring builders/ developers to register by
16.8.2012 and file their return on 30.8.2012.
The application came up for hearing before the Bench of Hon'ble Mr. Justice R.M. Lodha,
Mr. Justice A. R. Dave and Mr. Justice Ranjan Gogoi today. Dr. A.M. Singhvi, Sr. Advocate with
Mr. Parimal Shroff appeared on behalf of MCHI-CREDAI. The Court has been pleased to pass an
interim order extending the date of registration to 15.10.2012 and date of filing of return
/payment to 31.10.2012. In case payment of tax/ VAT is made by 31.10.2012, the State
Government is restrained from taking coercive steps for recovery of tax/ interest/ penalty. In
case the petitioners succeed the amount deposited will be refunded along with such interest as the
court may determine.
Please take note of the above. The certified copy of the order will be available within 2-3 days. The
same shall be forwarded to you in due course.
Best Regards,
For MCHI-CREDAI
Sd/-
Paras Gundecha
President
With Warm Regards;
CA UNMESH NARVEKAR
M. Com., F.C.A., I.C.W.A., C.S., D.I.S.A.
Immediate Past Chairman - Vasai Branch of WIRC of ICAI.
_____________________________
M/S. Unmesh Narvekar & Co.
A/004, New Mira Palace Soc. Ltd.,
Siddhivinayak Nagar, Mira Road (E),
Thane-401104, INDIA
Tel: 022 –28457965 / 9821236179
Monday, August 27, 2012
INTERNAL CONTROLS FRAUD-CLAIM 3 HOUR CPE @ICAI
Internal Audit Standards Board of ICAI
organizing LIVE Webcast on "Risk Management: Internal Controls & Fraud
Prevention" on August 28, 2012 at 6:00 PM to 8:00 PM. - (27-08-2012)
In today's global business world, a broad spectrum of economic
and regulatory changes are taking us to new levels of strategic and tactical
complexity; creating commensurate pressures on enterprises. The combination of
these forces had a tremendous impact on internal audit profession. The
juxtaposition of the word internal with the word auditor has put the internal
audit profession squarely at the centre of the move to improve the internal
functioning of the enterprises and the drive to make internal audit more
effectively. Considering this, the Internal Audit Standards Board is organizing
a LIVE Webcast as per following schedule:
LIVE Webcast on "Risk Management : Internal Controls &
Fraud Prevention"
This targeted webcast will provide you with a firm grasp of the
common financial and operational risks that still confront organizations and
what you need to do to minimize occurrence of frauds.
Date
28th August, 2012 (Tuesday)
Time
6:00 pm - 8.00 pm
CPE
Members may claim 3 unstructured CPE hours by submitting a Self
declaration form to the concerned Decentralized office. Click here to
download the Self Declaration Form.
Panel Discussion by
CA. Rajkumar S. Adukia, Central Council Members and Chairman,
Internal Audit Standards Board & CMII
CA. Dipak Ghose
CA. Kartik B.
Radia
organizing LIVE Webcast on "Risk Management: Internal Controls & Fraud
Prevention" on August 28, 2012 at 6:00 PM to 8:00 PM. - (27-08-2012)
In today's global business world, a broad spectrum of economic
and regulatory changes are taking us to new levels of strategic and tactical
complexity; creating commensurate pressures on enterprises. The combination of
these forces had a tremendous impact on internal audit profession. The
juxtaposition of the word internal with the word auditor has put the internal
audit profession squarely at the centre of the move to improve the internal
functioning of the enterprises and the drive to make internal audit more
effectively. Considering this, the Internal Audit Standards Board is organizing
a LIVE Webcast as per following schedule:
LIVE Webcast on "Risk Management : Internal Controls &
Fraud Prevention"
This targeted webcast will provide you with a firm grasp of the
common financial and operational risks that still confront organizations and
what you need to do to minimize occurrence of frauds.
Date
28th August, 2012 (Tuesday)
Time
6:00 pm - 8.00 pm
CPE
Members may claim 3 unstructured CPE hours by submitting a Self
declaration form to the concerned Decentralized office. Click here to
download the Self Declaration Form.
Panel Discussion by
CA. Rajkumar S. Adukia, Central Council Members and Chairman,
Internal Audit Standards Board & CMII
CA. Dipak Ghose
CA. Kartik B.
Radia
WEALTH TAX – SOME NEW THOUGHTS – link basic exemption to inflation and provide l
Section 2 (ea) and 3 of Wealth tax Act 1957.
Table of cost inflation index.
Wealth tax- a handy tool to collect tax from wealthy people for benefit of poor and to reduce disparity:
Wealth tax can be considered a handy tool to collect tax from wealthy people with a view to raise funds for benefit of poor people and also to regularly reduce disparity of wealth income. This is because payment of wealth tax reduces wealth and earning capacity of remaining wealth the wealth tax payer.
Past and present:
Earlier most of assets were subject to wealth tax and some exceptions were provided. However, from 01.04.1993 a new policy was made based on theory of productive assets and non productive assets and very few assets are not taxable under the wealth tax Act. On such changes, basic exemption limit was also raised to Rs. fifteen lakh and the same was again raised to Rs. thirty lakh w.e.f. 01.04. 2010 and the same is still continuing (Please see section 3 of the Wealth Tax Act, 1957). In draft Direct Tax Code this limit was proposed to be raised substantially, however, as we know DTC has not been implemented and in the wealth tax Act the limit has not been raised
Thus, we find that after 1993 basic exemption was raised in 2010 that is after seventeen years. During this period even as per cost inflation index for computation of capital gains the CII increased from 223 for 1992-93 to 632 for 2009-10. Thus there was 2.83 time increase in CII and real inflation was 2.83/ 75 x 100 = 3.77 times. Therefore, even if inflation is taken into account the limit should have been raised from Rs. 15 lakh to Rs. 57 lakh.
Therefore, the increase in exemption limit was not in tune with inflation.
Substantial increase in market valuation:
Higher inflation and many other reasons have caused many fold increase in valuation of properties liable to wealth tax during last 5-6 years. Even if there is no change in real wealth (in terms of same properties being held) yet the valuation has increased many times. The increase in valuation is for the following main reasons:
Inflation
Speculative element due to speculative trading in commodities like gold and silver.
Speculative element in prices of properties by holding of large properties by traders and investors for reselling and keeping such properties vacant.
Higher purchasing capacity of people due to increase in income of some of strata of public, increase in borrowing capacity,
Devaluation of rupee against many foreign currencies.
No justification of keeping exemption limit at Rs. 30 lakh:
As discussed in earlier paragraph increase from 15 lakh to 30 lakh was also very low and it did not kept pace with inflation.
In view of above factors which have caused valuation of same properties very high there is no justification in keeping basic exemption at Rs. thirty lakh. The same need to be adjusted at least for the reason of inflation.
Even after 31.03.2010 the CII has been increased to 711 and 785 for 2010-11 and 2011-12 respectively. Real inflation in two years have been 16.48 % and 13.87%. For 2012-13 real inflation is likely to be 13% and likely CII is 858.
Even if we apply for likely CII at 858 the limit should be raised to 30 / 632 X 858 = 40.72 say Rs. 41 lakh
If we take inflation into account than the increase in CII is 226/ 75 X 100 = 301 points since 2009-10 therefore the revised limit should be 30 / 632 X 933 = 44.59 say Rs. 45 lakh
Revision based on CII
If we simply consider exemption of Rs. 15 lakh as on 31.03.1993, cost inflation index and increase in it since 1993(when CII was 223) for capital gains purposes we find that the basis exemption should be as follows for last five years:
Valuation date
Calculation with reference to CII of 1992-93 i.e. 223 (valuation date 31.03.1993)
Exemption limit taking into account only 75% of inflation rounded off to nearest lakh of rupees
31.03.2010
15/223 X 632 = 42.51
43 lakh
31.03.2011
15/ 223 X 711 =47.82
48 lakh
31.03.2012
15/223 X 785 = 52.80
51 lakh
31.03.2013
15/223 X 858 = 57.71
58 lakh
Limit based on real inflation should be fixed instead of CII for capital gains purpsoes. If we consider the same the exemption for valuation date 31.03.2013 should be around Rs. 15/ 223 X 1070 **= 71.97 = say Rs. 72 lakh instead of Rs. 30 lakh at present and Rs. 58 lakh if CII for capital gains is considered.
** (858- 223 = 635/75 x 100 = 847 actual CII 223 + 847 = 1070 (estimated).
Therefore, it can be suggested that basic exemption limit should be raised according to inflation in every years finance bill. This can be applied even in respect to many other monetary limits in taxation like basic exemption of income, deductions under some sections for certain investments or payments as provided in Chapter VIA e.g. S. 80C. limits for cash payments, cash loan receipts and repayment, tax audit etc.
Inclusion of certain assets above specified limits:
There is no justification in treating all persons on same footing when it comes to different assets held by different persons having varying valuation.
A person is having a residential house of worth of Rs. say ten lakh and another having residential house of say Rs. ten crores. Both are availing exemption as each of them have one residential house. There is no justification for allowing full exemption to person having residential house of Rs. ten crore. In his case some tax can be levied this will be according to his capacity to pay and this will be an attempt to cause some distribution of wealth from wealthy to poor and will reduce disparity.
Similarly there can be case of other assets like financial assets.
Why a person who hold financial assets of say Rs. 1000 crore is treated similar to another who has hardly such assets of few lakh of rupees.
For example, in case of shares and units of mutual funds, it is not proper to allow full exemption. The exemption should be subject to certain limits. This is more important because even income-tax concessions are also allowed in respect for earning from such assets and capital gains on transfer of such assets.
To consider case of disparity let us consider an example of a CEO of a big corporate who may have shares of his employer company (obtained under Employees Stock Options or otherwise) worth crores and urabs of rupees whereas a junior officer or clerk and peon may have hardly any shares of his employer company and stock option may not be available to juniors. In such cases wealth creation by seniors should be subject to wealth tax so that a portion of such wealth is collected by way of tax for providing public purposes including reducing disparity of wealth.
Certain specified limited and reasonable exemptions should be allowed for different type of assets. The prescription should be made keeping in mind socio- economic objectives for promoting welfare and distribution of assets for use by others and also distribution of wealth. An illustrative list is given below:
Type of specified assets
Exemption limit Rs. in lakh
Residential houses for own and family use (not more than two houses)
30
Residential and commercial properties let out to others
500
Financial assets cash and assets equivalent to cash – like deposits in banks, government securities, bonds and debentures, preference shares, PPF, EPF, Pension funds, Gratuity accumulations, Superannuation funds , debt oriented mutual funds, loans and advances, surrender value of Life Insurance Policies etc.
50
Equity shares and equity oriented mutual fund units, applications for such shares and units
50
Gold, silver, other precious metals, precious stones, jewelry etc.
50
Vehicles like motor cars , jeeps, motor cycle, yacht, boat, aircraft for personal use
15 lakh
Agricultural land
25 lakh
Non agricultural land
25 lakh
Table of cost inflation index for capital gains and cost inflation index for real inflation is given below:
COST INFLATION INDEX
FINANCIAL YEAR
COST INFLATION INDEX
Increase and 75% of percentage of real inflation allowed
Real inflation % of CII Increase allowed / 3 X 4
1981-1982
100
1982-1983
109
9 = 9%
12%
1983-1984
116
7= 6.422
8.563%
1984-1985
125
9=7.7586
10.344%
1985-1986
133
8=6.4
8.5333%
1986-1987
140
7=5.263
7.0173%
1987-1988
150
10=7.1428%
9.5237%
1988-1989
161
11=7.333%
9.7777%
1989-1990
172
11=6.8323%
9.1097%
1990-1991
182
10=5.8139%
7.7519%
1991-1992
199
17=9.340%
12.4542%
1992-1993
223
24=12.060%
16.080%
1993-1994
244
21=9.4170%
12.556%
1994-1995
259
15=6.1475%
8.1967%
1995-1996
281
22=8.494%
11.325%
1996-1997
305
24=8.5409%
11.388%
1997-1998
331
26=7.8549%
10.473%
1998-1999
351
20=6.0423%
8.0564%
1999-2000
389
38=10.826%
14.435%
2000-2001
406
17=4.370%
5.827%
2001-2002
426
20=4.926%
6.568%
2002-2003
447
21=4.929%
6.573%
2003-2004
463
16=3.579%
4.773%
2004-2005
480
17=3.6717%
4.896%
2005-2006
497
17=3.5416%
4.7222%
2006-2007
519
22=4.4265%
5.902%
2007-2008
551
32=6.1657%
8.221%
2008-2009
582
31=5.6213%
7.501%
2009-2010
632
50=8.591%
11.455%
2010-2011
711
79=12.36
16.485%
2011-2012
785
74= 10.40%
13.87%
2012-2013
858 Expected
73= 9.30%
12.40%
Table of cost inflation index.
Wealth tax- a handy tool to collect tax from wealthy people for benefit of poor and to reduce disparity:
Wealth tax can be considered a handy tool to collect tax from wealthy people with a view to raise funds for benefit of poor people and also to regularly reduce disparity of wealth income. This is because payment of wealth tax reduces wealth and earning capacity of remaining wealth the wealth tax payer.
Past and present:
Earlier most of assets were subject to wealth tax and some exceptions were provided. However, from 01.04.1993 a new policy was made based on theory of productive assets and non productive assets and very few assets are not taxable under the wealth tax Act. On such changes, basic exemption limit was also raised to Rs. fifteen lakh and the same was again raised to Rs. thirty lakh w.e.f. 01.04. 2010 and the same is still continuing (Please see section 3 of the Wealth Tax Act, 1957). In draft Direct Tax Code this limit was proposed to be raised substantially, however, as we know DTC has not been implemented and in the wealth tax Act the limit has not been raised
Thus, we find that after 1993 basic exemption was raised in 2010 that is after seventeen years. During this period even as per cost inflation index for computation of capital gains the CII increased from 223 for 1992-93 to 632 for 2009-10. Thus there was 2.83 time increase in CII and real inflation was 2.83/ 75 x 100 = 3.77 times. Therefore, even if inflation is taken into account the limit should have been raised from Rs. 15 lakh to Rs. 57 lakh.
Therefore, the increase in exemption limit was not in tune with inflation.
Substantial increase in market valuation:
Higher inflation and many other reasons have caused many fold increase in valuation of properties liable to wealth tax during last 5-6 years. Even if there is no change in real wealth (in terms of same properties being held) yet the valuation has increased many times. The increase in valuation is for the following main reasons:
Inflation
Speculative element due to speculative trading in commodities like gold and silver.
Speculative element in prices of properties by holding of large properties by traders and investors for reselling and keeping such properties vacant.
Higher purchasing capacity of people due to increase in income of some of strata of public, increase in borrowing capacity,
Devaluation of rupee against many foreign currencies.
No justification of keeping exemption limit at Rs. 30 lakh:
As discussed in earlier paragraph increase from 15 lakh to 30 lakh was also very low and it did not kept pace with inflation.
In view of above factors which have caused valuation of same properties very high there is no justification in keeping basic exemption at Rs. thirty lakh. The same need to be adjusted at least for the reason of inflation.
Even after 31.03.2010 the CII has been increased to 711 and 785 for 2010-11 and 2011-12 respectively. Real inflation in two years have been 16.48 % and 13.87%. For 2012-13 real inflation is likely to be 13% and likely CII is 858.
Even if we apply for likely CII at 858 the limit should be raised to 30 / 632 X 858 = 40.72 say Rs. 41 lakh
If we take inflation into account than the increase in CII is 226/ 75 X 100 = 301 points since 2009-10 therefore the revised limit should be 30 / 632 X 933 = 44.59 say Rs. 45 lakh
Revision based on CII
If we simply consider exemption of Rs. 15 lakh as on 31.03.1993, cost inflation index and increase in it since 1993(when CII was 223) for capital gains purposes we find that the basis exemption should be as follows for last five years:
Valuation date
Calculation with reference to CII of 1992-93 i.e. 223 (valuation date 31.03.1993)
Exemption limit taking into account only 75% of inflation rounded off to nearest lakh of rupees
31.03.2010
15/223 X 632 = 42.51
43 lakh
31.03.2011
15/ 223 X 711 =47.82
48 lakh
31.03.2012
15/223 X 785 = 52.80
51 lakh
31.03.2013
15/223 X 858 = 57.71
58 lakh
Limit based on real inflation should be fixed instead of CII for capital gains purpsoes. If we consider the same the exemption for valuation date 31.03.2013 should be around Rs. 15/ 223 X 1070 **= 71.97 = say Rs. 72 lakh instead of Rs. 30 lakh at present and Rs. 58 lakh if CII for capital gains is considered.
** (858- 223 = 635/75 x 100 = 847 actual CII 223 + 847 = 1070 (estimated).
Therefore, it can be suggested that basic exemption limit should be raised according to inflation in every years finance bill. This can be applied even in respect to many other monetary limits in taxation like basic exemption of income, deductions under some sections for certain investments or payments as provided in Chapter VIA e.g. S. 80C. limits for cash payments, cash loan receipts and repayment, tax audit etc.
Inclusion of certain assets above specified limits:
There is no justification in treating all persons on same footing when it comes to different assets held by different persons having varying valuation.
A person is having a residential house of worth of Rs. say ten lakh and another having residential house of say Rs. ten crores. Both are availing exemption as each of them have one residential house. There is no justification for allowing full exemption to person having residential house of Rs. ten crore. In his case some tax can be levied this will be according to his capacity to pay and this will be an attempt to cause some distribution of wealth from wealthy to poor and will reduce disparity.
Similarly there can be case of other assets like financial assets.
Why a person who hold financial assets of say Rs. 1000 crore is treated similar to another who has hardly such assets of few lakh of rupees.
For example, in case of shares and units of mutual funds, it is not proper to allow full exemption. The exemption should be subject to certain limits. This is more important because even income-tax concessions are also allowed in respect for earning from such assets and capital gains on transfer of such assets.
To consider case of disparity let us consider an example of a CEO of a big corporate who may have shares of his employer company (obtained under Employees Stock Options or otherwise) worth crores and urabs of rupees whereas a junior officer or clerk and peon may have hardly any shares of his employer company and stock option may not be available to juniors. In such cases wealth creation by seniors should be subject to wealth tax so that a portion of such wealth is collected by way of tax for providing public purposes including reducing disparity of wealth.
Certain specified limited and reasonable exemptions should be allowed for different type of assets. The prescription should be made keeping in mind socio- economic objectives for promoting welfare and distribution of assets for use by others and also distribution of wealth. An illustrative list is given below:
Type of specified assets
Exemption limit Rs. in lakh
Residential houses for own and family use (not more than two houses)
30
Residential and commercial properties let out to others
500
Financial assets cash and assets equivalent to cash – like deposits in banks, government securities, bonds and debentures, preference shares, PPF, EPF, Pension funds, Gratuity accumulations, Superannuation funds , debt oriented mutual funds, loans and advances, surrender value of Life Insurance Policies etc.
50
Equity shares and equity oriented mutual fund units, applications for such shares and units
50
Gold, silver, other precious metals, precious stones, jewelry etc.
50
Vehicles like motor cars , jeeps, motor cycle, yacht, boat, aircraft for personal use
15 lakh
Agricultural land
25 lakh
Non agricultural land
25 lakh
Table of cost inflation index for capital gains and cost inflation index for real inflation is given below:
COST INFLATION INDEX
FINANCIAL YEAR
COST INFLATION INDEX
Increase and 75% of percentage of real inflation allowed
Real inflation % of CII Increase allowed / 3 X 4
1981-1982
100
1982-1983
109
9 = 9%
12%
1983-1984
116
7= 6.422
8.563%
1984-1985
125
9=7.7586
10.344%
1985-1986
133
8=6.4
8.5333%
1986-1987
140
7=5.263
7.0173%
1987-1988
150
10=7.1428%
9.5237%
1988-1989
161
11=7.333%
9.7777%
1989-1990
172
11=6.8323%
9.1097%
1990-1991
182
10=5.8139%
7.7519%
1991-1992
199
17=9.340%
12.4542%
1992-1993
223
24=12.060%
16.080%
1993-1994
244
21=9.4170%
12.556%
1994-1995
259
15=6.1475%
8.1967%
1995-1996
281
22=8.494%
11.325%
1996-1997
305
24=8.5409%
11.388%
1997-1998
331
26=7.8549%
10.473%
1998-1999
351
20=6.0423%
8.0564%
1999-2000
389
38=10.826%
14.435%
2000-2001
406
17=4.370%
5.827%
2001-2002
426
20=4.926%
6.568%
2002-2003
447
21=4.929%
6.573%
2003-2004
463
16=3.579%
4.773%
2004-2005
480
17=3.6717%
4.896%
2005-2006
497
17=3.5416%
4.7222%
2006-2007
519
22=4.4265%
5.902%
2007-2008
551
32=6.1657%
8.221%
2008-2009
582
31=5.6213%
7.501%
2009-2010
632
50=8.591%
11.455%
2010-2011
711
79=12.36
16.485%
2011-2012
785
74= 10.40%
13.87%
2012-2013
858 Expected
73= 9.30%
12.40%
SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) (THIRD AMENDMENT) regulation
SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) (THIRD AMENDMENT) regulations, 2012 - amendment in REGULATIONS 14, 41 and 91G
NOTIFICATION No. LAD-NRO/GN/2012-13/12/18951, dated 24-8-2012
In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, namely:-
1. These Regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2012.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 -
(i) in regulation 14, -
(1) in sub-regulation (1), for the full stop, the symbol ":" shall be substituted;
(2) after sub-regulation (1), the following proviso shall be inserted, namely,-
"Provided that in the case of an initial public offer, the minimum subscription to be received shall be subject to allotment of minimum number of specified securities, as prescribed in sub-clause (b) of clause (2) of rule 19 of Securities Contracts (Regulation) Rules, 1957." ;
(3) sub-regulation (4) shall be substituted with the following, namely-
"Nothing contained in this regulation, except the requirement relating to allotment of minimum number of specified securities, shall apply to offer for sale of specified securities."
(ii) in regulation 41, -
(1) in sub-regulation (1), the symbol and number "(1)" shall be omitted;
(2) sub-regulation (2) shall be omitted;
(3) explanation shall be omitted.
(iii) in regulation 91G, sub-regulation (1) shall be substituted with the following, namely,-
"(1) The promoter or promoter group shall not make institutional placement programme if the promoter or any person who is part of the promoter group has purchased or sold the eligible securities during the twelve weeks period prior to the date of the programme and they shall not purchase or sell the eligible securities during the twelve weeks period after the date of the programme:
Provided that such promoter or promoter group may, within the period provided in sub-regulation (1), offer eligible securities held by them through institutional placement programme or offer for sale through stock exchange mechanism specified by the Board, subject to the condition that there shall be a gap of minimum two weeks between the two successive offer(s) and/or programme(s)."
NOTIFICATION No. LAD-NRO/GN/2012-13/12/18951, dated 24-8-2012
In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, namely:-
1. These Regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2012.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 -
(i) in regulation 14, -
(1) in sub-regulation (1), for the full stop, the symbol ":" shall be substituted;
(2) after sub-regulation (1), the following proviso shall be inserted, namely,-
"Provided that in the case of an initial public offer, the minimum subscription to be received shall be subject to allotment of minimum number of specified securities, as prescribed in sub-clause (b) of clause (2) of rule 19 of Securities Contracts (Regulation) Rules, 1957." ;
(3) sub-regulation (4) shall be substituted with the following, namely-
"Nothing contained in this regulation, except the requirement relating to allotment of minimum number of specified securities, shall apply to offer for sale of specified securities."
(ii) in regulation 41, -
(1) in sub-regulation (1), the symbol and number "(1)" shall be omitted;
(2) sub-regulation (2) shall be omitted;
(3) explanation shall be omitted.
(iii) in regulation 91G, sub-regulation (1) shall be substituted with the following, namely,-
"(1) The promoter or promoter group shall not make institutional placement programme if the promoter or any person who is part of the promoter group has purchased or sold the eligible securities during the twelve weeks period prior to the date of the programme and they shall not purchase or sell the eligible securities during the twelve weeks period after the date of the programme:
Provided that such promoter or promoter group may, within the period provided in sub-regulation (1), offer eligible securities held by them through institutional placement programme or offer for sale through stock exchange mechanism specified by the Board, subject to the condition that there shall be a gap of minimum two weeks between the two successive offer(s) and/or programme(s)."
Sunday, August 26, 2012
MVAT - Basic Information and FAQ on Tax on Developers
The Department of Sales Tax, Maharashtra State has issued note regarding "Basic Information in case of Tax on Developers and FAQ on Taxation of Developers".
You can download the same from Department's website http://mahavat.gov.in
You can download the same from Department's website http://mahavat.gov.in
IESBA Proposes Changes to Code of Ethics to Address Illegal Acts
The International Ethics Standards Board for Accountants (IESBA) released
for public exposure new requirements that address a professional
accountant's responsibilities regarding the disclosure of suspected illegal
acts committed by a client or employer. The proposals describe the
circumstances in which a professional accountant is required or expected to
breach confidentiality, one of the five fundamental principles in the *Code
of Ethics for Professional Accountants* (the Code), and disclose the act to
an appropriate authority.
The Exposure Draft (ED), *Responding to a Suspected Illegal Act,* proposes
adding two new sections addressing illegal acts to the Code—one each for
professional accountants in public practice and professional accountants in
business—and several revisions to other related sections*. *The* *new
sections clearly delineate the expected course of action for a professional
accountant to take if those charged with governance do not respond to the
issue appropriately.
"Breaching confidentiality is not something to be taken lightly," said
Jörgen Holmquist, chair of the IESBA. "However, when the consequences of
non-disclosure are potentially harmful to individuals or society,
confidentiality must be overridden. Accountants have an important role to
play in protecting the public interest and enabling authorities to take
appropriate action."
*How to Comment*
*
*The IESBA invites all stakeholders to comment on its proposals in the
ED,*Responding to a Suspected Illegal Act.
*To submit a comment, visit the IESBA website at
www.ethicsboard.org<http://www.ifac.org/ethics>.
Comments on the ED are requested by *December 15, 2012.
About the IESBA**
*The International Ethics Standards Board for
Accountants<http://www.ifac.org/ethics> (IESBA)
is an independent standard-setting board that develops and issues, in the
public interest, high-quality ethical standards and other pronouncements
for professional accountants worldwide. Through its activities, the IESBA
develops the *Code of Ethics for Professional Accountants*, which
establishes ethical requirements for professional accountants. The
structures and processes that support the operations of the IESBA are
facilitated by IFAC. Please visit www.ethicsboard.org for more information.
*About IFAC*
*
*IFAC <http://www.ifac.org/> is the global organization for the accountancy
profession, dedicated to serving the public interest by strengthening the
profession and contributing to the development of strong international
economies. It is comprised of 167 members and associates in 127 countries
and jurisdictions, representing approximately 2.5 million accountants in
public practice, education, government service, industry, and commerce.
for public exposure new requirements that address a professional
accountant's responsibilities regarding the disclosure of suspected illegal
acts committed by a client or employer. The proposals describe the
circumstances in which a professional accountant is required or expected to
breach confidentiality, one of the five fundamental principles in the *Code
of Ethics for Professional Accountants* (the Code), and disclose the act to
an appropriate authority.
The Exposure Draft (ED), *Responding to a Suspected Illegal Act,* proposes
adding two new sections addressing illegal acts to the Code—one each for
professional accountants in public practice and professional accountants in
business—and several revisions to other related sections*. *The* *new
sections clearly delineate the expected course of action for a professional
accountant to take if those charged with governance do not respond to the
issue appropriately.
"Breaching confidentiality is not something to be taken lightly," said
Jörgen Holmquist, chair of the IESBA. "However, when the consequences of
non-disclosure are potentially harmful to individuals or society,
confidentiality must be overridden. Accountants have an important role to
play in protecting the public interest and enabling authorities to take
appropriate action."
*How to Comment*
*
*The IESBA invites all stakeholders to comment on its proposals in the
ED,*Responding to a Suspected Illegal Act.
*To submit a comment, visit the IESBA website at
www.ethicsboard.org<http://www.ifac.org/ethics>.
Comments on the ED are requested by *December 15, 2012.
About the IESBA**
*The International Ethics Standards Board for
Accountants<http://www.ifac.org/ethics> (IESBA)
is an independent standard-setting board that develops and issues, in the
public interest, high-quality ethical standards and other pronouncements
for professional accountants worldwide. Through its activities, the IESBA
develops the *Code of Ethics for Professional Accountants*, which
establishes ethical requirements for professional accountants. The
structures and processes that support the operations of the IESBA are
facilitated by IFAC. Please visit www.ethicsboard.org for more information.
*About IFAC*
*
*IFAC <http://www.ifac.org/> is the global organization for the accountancy
profession, dedicated to serving the public interest by strengthening the
profession and contributing to the development of strong international
economies. It is comprised of 167 members and associates in 127 countries
and jurisdictions, representing approximately 2.5 million accountants in
public practice, education, government service, industry, and commerce.
Depreciation on goodwill is allowable u/s 32 of income tax act
Goodwill is an intangible asset eligible for depreciation u/s 32.
[Case: CIT vs. Smifs Securities Ltd (Supreme Court)].The following
judgement is available
CIT vs. Smifs Securities Ltd (Supreme Court)August 24th, 2012 (18.4 KiB, 755 DLs)
"Goodwill" is an intangible asset eligible for depreciation u/s 32 Pursuant to an amalgamation of another company with the assessee, the difference between the consideration paid by the assessee and the net value of assets of the amalgamating company was treated by the assessee as "goodwill" and depreciation of Rs. 54 lakhs was claimed thereon u/s 32(1)(ii). The AO rejected the claim on the ground that (i) "goodwill" was not an "intangible asset" as defined in Explanation 3 to s. 32(1) and (ii) the assessee had not paid anything for the same. The Tribunal and High Court upheld the assessee's claim. On appeal by the department to the Supreme Court, HELD dismissing the appeal:
Explanation 3 to s. 32 states that the expression "asset" shall mean an intangible asset, being know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature. The words "any other business or commercial rights of similar nature" in clause (b) of Explanation 3 indicates that goodwill would fall under the expression "any other business or commercial right of a similar nature". The principle of ejusdem generis would strictly apply while interpreting the said expression which finds place in Explanation 3(b). Consequently, "Goodwill" is an asset under Explanation 3(b) to s. 32(1) & eligible for depreciation. Though the AO held that the assessee had not "paid" anything for the goodwill, this cannot be accepted because (a) the CIT (A) & Tribunal (correctly) held that that the difference between the cost of an asset and the amount paid in the process of amalgamation constituted "goodwill" and (b) this aspect was not challenged by the department before the High Court.
[Case: CIT vs. Smifs Securities Ltd (Supreme Court)].The following
judgement is available
CIT vs. Smifs Securities Ltd (Supreme Court)August 24th, 2012 (18.4 KiB, 755 DLs)
"Goodwill" is an intangible asset eligible for depreciation u/s 32 Pursuant to an amalgamation of another company with the assessee, the difference between the consideration paid by the assessee and the net value of assets of the amalgamating company was treated by the assessee as "goodwill" and depreciation of Rs. 54 lakhs was claimed thereon u/s 32(1)(ii). The AO rejected the claim on the ground that (i) "goodwill" was not an "intangible asset" as defined in Explanation 3 to s. 32(1) and (ii) the assessee had not paid anything for the same. The Tribunal and High Court upheld the assessee's claim. On appeal by the department to the Supreme Court, HELD dismissing the appeal:
Explanation 3 to s. 32 states that the expression "asset" shall mean an intangible asset, being know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature. The words "any other business or commercial rights of similar nature" in clause (b) of Explanation 3 indicates that goodwill would fall under the expression "any other business or commercial right of a similar nature". The principle of ejusdem generis would strictly apply while interpreting the said expression which finds place in Explanation 3(b). Consequently, "Goodwill" is an asset under Explanation 3(b) to s. 32(1) & eligible for depreciation. Though the AO held that the assessee had not "paid" anything for the goodwill, this cannot be accepted because (a) the CIT (A) & Tribunal (correctly) held that that the difference between the cost of an asset and the amount paid in the process of amalgamation constituted "goodwill" and (b) this aspect was not challenged by the department before the High Court.
Engaging Chartered / Cost accountant firms for preparation of annual accounts, filing of TDS returns etc. of Competition Commission Of India
Competition Commission Of India
Last Date : 31/08/2012
Engaging Chartered / Cost accountant firms for preparation of annual accounts, filing of TDS returns etc. of the Commission for the year 2012-13.
Address: Competition Commission of India, 4th floor, Hindustan Times House, 18-20, K.G. Marg, New Delhi – 110 001
Phone:
Email:
Last Date : 31/08/2012
Engaging Chartered / Cost accountant firms for preparation of annual accounts, filing of TDS returns etc. of the Commission for the year 2012-13.
Address: Competition Commission of India, 4th floor, Hindustan Times House, 18-20, K.G. Marg, New Delhi – 110 001
Phone:
Email:
Vacancy for CA in Deloitte
Financial Advisory - Real Estate Valuation Services - Associate
Location: Hyderabad, Andhra Pradesh, India
Firm Service: Financial Advisory
Firm Service: Financial Advisory
Reference Code: E13HFANALM-RE
Type of Position: Full-time
Vacancy for articleship in BANSAL GARG & CO
Company Name/Employer Name: BANSAL GARG & CO, CHARTERED ACCOUNTANTS
Job Description: "ARTICLES AND ASSISTANTS WOULD BE REQUIRED FOR AUDITS INCLUDING
STATUTORY AUDITS
TAX AUDITS
COMPANY AUDITS
VAT COMPLIANCE'S
SERVICE TAX COMPLIANCE'S
CORPORATE LAW COMPLIANCES"
Job Location: DELHI AND AUDIT LOCATIONS
Job Description: "ARTICLES AND ASSISTANTS WOULD BE REQUIRED FOR AUDITS INCLUDING
STATUTORY AUDITS
TAX AUDITS
COMPANY AUDITS
VAT COMPLIANCE'S
SERVICE TAX COMPLIANCE'S
CORPORATE LAW COMPLIANCES"
Job Location: DELHI AND AUDIT LOCATIONS
Provisions of section 54EC do not stipulate assessment year in which invest
IT : Provisions of section 54EC do not stipulate assessment year in
which investment is to be made after transfer of capital asset; it only
lays down a condition for investment within 6 months
[2012] 24 taxmann.com 175 (Mumbai - Trib.)
IN THE ITAT MUMBAI BENCH 'C'
Income-tax Officer, Wd. 21(1)(1), Mumbai
v.
Mrs. Chetana H. Trivedi*
[2012] 24 taxmann.com 175 (Mumbai - Trib.)
IN THE ITAT MUMBAI BENCH 'C'
Income-tax Officer, Wd. 21(1)(1), Mumbai
v.
Mrs. Chetana H. Trivedi*
IT/ILT : UK Shipping company eligible for tax relief under article 9(1) of DTAA
IT/ILT : UK Shipping company eligible for tax relief under article 9(1)
of DTAA in respect of slot chartering income if the company operates
ships whether owned by it or not
If slot hire agreements are ancillary to and complement the operation of ships by the enterprise and are not the primary and main activities of the enterprise, slot hire income entitled to relief under article 9
FACTS
• The respondent-assessee incorporated in the United Kingdom and engaged inter-alia in the international transportation of goods. It declared income from shipping operations in its return computed as per section 44B and claimed exemption under article 9(1) of Indo-UK DTAA in respect of its shipping income.
If slot hire agreements are ancillary to and complement the operation of ships by the enterprise and are not the primary and main activities of the enterprise, slot hire income entitled to relief under article 9
FACTS
• The respondent-assessee incorporated in the United Kingdom and engaged inter-alia in the international transportation of goods. It declared income from shipping operations in its return computed as per section 44B and claimed exemption under article 9(1) of Indo-UK DTAA in respect of its shipping income.
ONGC invites tenders from reputed Firms Deloitte,PWC,E & Y & KPMG only
New Solar powered Study lamp by BPL
StudyLiteTM
has been co-created by BPL Techno Vision in collaboration with Sankara
Nethralaya. It is the only study lamp to be certified by Sankara
Nethralaya to be safe for eyes and ideally suited for continuous study
by children above 5 years. StudyLiteTM is also equipped with a
built-in rechargeable back-up which provides light for up to 3 hours
without mains power for uninterrupted studying and can be recharged
using a solar panel or 220 V mains. StudyLiteTM is designed by an award winning product designer - Abhijit Bansod - to make it very stylish and unique.
Click here to Buy BPL SSL 200 LED Study Light
Saturday, August 25, 2012
Hiring Services of Chartered Accountant Firm for Monthly Concurrent Audit of District Health & Family Welfare Society for the financial year 2012-13
District Health And Family Welfare Society
Last Date : 01/09/2012
Hiring Services of Chartered Accountant Firm for Monthly Concurrent Audit of District Health & Family Welfare Society for the financial year 2012-13 under National Rural Health Mission
Address: Chamoli - Uttaranchal - India
Phone:
Email: cmochamoli@gmail.com
Last Date : 01/09/2012
Hiring Services of Chartered Accountant Firm for Monthly Concurrent Audit of District Health & Family Welfare Society for the financial year 2012-13 under National Rural Health Mission
Address: Chamoli - Uttaranchal - India
Phone:
Email: cmochamoli@gmail.com
Vacancy as Joint Director (Finance & Accounts) Competition Commission of India
F. No. A-12011/12/2012-HR
No. of posts: 01
Pay Band & Grade Pay: PB4+ GP Rs8700
Qualification Requirements:
Essential: Officers of All India Services/Central Civil Services Group ‘A’/Indian Audit and Accounts Service/Indian Civil Account Service/Indian Posts and Telegraphs Accounts Service/Indian Defence Accounts Service/Indian Railway Accounts Service working in analogous post/grade or five years experience in the grade pay of Rs.7600 or ten years in the grade pay of Rs.6600 or equivalent with minimum total experience of seven years in Public Finance/Public Budgeting/Expenditure Control.
No. of posts: 01
Pay Band & Grade Pay: PB4+ GP Rs8700
Qualification Requirements:
Essential: Officers of All India Services/Central Civil Services Group ‘A’/Indian Audit and Accounts Service/Indian Civil Account Service/Indian Posts and Telegraphs Accounts Service/Indian Defence Accounts Service/Indian Railway Accounts Service working in analogous post/grade or five years experience in the grade pay of Rs.7600 or ten years in the grade pay of Rs.6600 or equivalent with minimum total experience of seven years in Public Finance/Public Budgeting/Expenditure Control.
DISPUTE RESOLUTION AND TAX-PAYER SERVICES THROUGH INDIRECT TAX OMBUDSMAN, DELHI
Attention of the Customs, Central Excise and Service Tax assessees, Importers, Exporters, Manufacturers, Service Providers and other members of Industry and Trade is invited to "Indirect Tax Ombudsman Guidelines, 2011" hereinafter referred to as 'the Guidelines', which is available in websites of both the Ministry of Finance and Central Board of Excise & Customs, (CBEC). In accordance with the said 'Guidelines', the Government of India has decided to set up the institution of 'Indirect Tax Ombudsman' at seven locations - Delhi, Mumbai, Chennai, Kolkata, Bangalore, Ahmedabad and Lucknow. The undersigned has been appointed as the Indirect Tax Ombudsman, Delhi with jurisdiction over the states of Delhi, Haryana, Punjab, Himachal Pradesh and Jammu & Kashmir.
ST : For billing consumer for electricity consumed, it is necessary to install e
ST : For billing consumer for electricity consumed, it is necessary to
install electricity meters; hence, activity of installation and testing,
etc. of such meters is a service relating to transmission and
distribution of electricity and exempt under Notification No. 45/2010-ST
- [2012] 24 taxmann.com 169 (New Delhi - CESTAT)
ICAI Guidelines for Advertisement for Members in Practice
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (ICAI)
(Set up under the Chartered Accountants Act, 1949)
ICAI Guidelines No.1-CA(7)/ Council Guidelines/01/ 2008, Dated 14th May,2008
(Issued Pursuant to Clause (7) of Part I of the First Scheduleto the Chartered Accountants Act, 1949.)
The
Members may advertise through a write up setting out their particulars
or of their firms and services provided by them subject to the following
Guidelines and must be presented in such a manner as to maintain the
profession'sgood reputation, dignity and its ability to serve the public interest.
1 The
Member(s)/Firm( s) should ensure that the contents of the Write up are
true to the best of their knowledge and belief and are in conformity
with these Guidelines and be aware that the Institute of Chartered
Accountants of India does not own any responsibility whatsoever for such
contents or claims by the Writer Member(s) / Firm(s).
2 Definitions
For the purpose of these Guidelines:
(i) The "Act" means The Chartered Accountants Act, 1949.
(ii) "Institute" means the Institute of Chartered Accountants of India.
Friday, August 24, 2012
President ICAI advocated Rs . 20.00 Crore limit for next year Bank Audit
FROM A MEMBER FROM JAMMU
Dear All,
Yesterday, respected President of our institute along with CA CJS Nanda ji was
present in Jammu. President sir clearly told that this time limit for
branch audit will be 20 crores because earlier limit of 3 crores was set almost 6 years ago, hence this increase is very much due. Hence this
year limit will be 20 cr.
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
SHOCKING !!!!!!!
The working of the council to impress upon the RBI is highly objectionable. It clearly shows that they were agreed to Govt. plan of appointing a committee and to get their choice recommendations for appointment of Branch Bank Auditors.In the recent past from the RBI side, there were only two issues in which the ICAI has made two representation to RBI through the office of President. One is about prevailing norm for appointment of Statutory Auditor after
resigning as internal auditor saying it as practice effecting Independence and against the
Code of Ethics. Another matter of concern is of auditing private & foreign
Banks simultaneously while SCA can't go for such audits .As per them this is a clear
disparity in the appointing conditions.They are demanding that SCA should also be eligible to two additional Audits I.e One of a Private Bank and one of a Foreign bank. They are so much concered about 300 SCA firms but whats about the 25000 category II, III & IV firms.I failed to understand why The President office has not taken the cause of Branch Auditors with the RBI as well as with the finance ministry? There is a change in the finance ministry also and this should be taken as opportunity to revive the issue.
I am really shocked and depressed by the version of the President. If they have already agreed to it with RBI then why PDC hosted this drama of MEF form. Why there is an extension of filing the dates for forms by Category II, III & IV firms?As per my knowledge there is a Working
Group of the PDC by a name "Revision in the norms for empanelment of Statutory
Auditors and Other Issues Related to Appointment of Auditors in Public Sector
Banks". This working group keeps in touch with the RBI and there are having regular
meetings of this group with RBI.If i am not wrong the last two meeting happened on 25th April and 7th May,
2012. If it was in their knowledge Why didn't they mentioned in the MEF form ?
The working of the this group be made public so that we can assess a situation where our PDC stand. There are a series of seminars in NIRC ( Against the norms) only. Why the President is allowing such seminars which are nothing just fulfilling the purpose of electioneering ? In none of the seminar the chairman disclose such developments. If this is true then certainly i would like to rename the Committee as Professional Destruction Committee.
CA AMRESH VASHISHT, FCA, LLB,DISA(ICAI)
Member,ICAI Committee For DIRECT TAXES 2011-12
Member,ICAI Committee For Capacity Building of CA Firms 2010-11
Moderator,http://in.groups.yahoo.com/group/ICAI_CIRC_MEERUT_CA
1 1 5, Chappel Street, Meerut Cantt, UP, INDIA.
Phone: 0 1 2 1-2 6 6 1 9 4 6. Cell: 9 8 3 7 5 1 5 4 3 2.
FOLLOW http://twitter.com/caamresh ADD http://www.facebook.com/amresh.vashisht
_
Dear All,
Yesterday, respected President of our institute along with CA CJS Nanda ji was
present in Jammu. President sir clearly told that this time limit for
branch audit will be 20 crores because earlier limit of 3 crores was set almost 6 years ago, hence this increase is very much due. Hence this
year limit will be 20 cr.
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
SHOCKING !!!!!!!
The working of the council to impress upon the RBI is highly objectionable. It clearly shows that they were agreed to Govt. plan of appointing a committee and to get their choice recommendations for appointment of Branch Bank Auditors.In the recent past from the RBI side, there were only two issues in which the ICAI has made two representation to RBI through the office of President. One is about prevailing norm for appointment of Statutory Auditor after
resigning as internal auditor saying it as practice effecting Independence and against the
Code of Ethics. Another matter of concern is of auditing private & foreign
Banks simultaneously while SCA can't go for such audits .As per them this is a clear
disparity in the appointing conditions.They are demanding that SCA should also be eligible to two additional Audits I.e One of a Private Bank and one of a Foreign bank. They are so much concered about 300 SCA firms but whats about the 25000 category II, III & IV firms.I failed to understand why The President office has not taken the cause of Branch Auditors with the RBI as well as with the finance ministry? There is a change in the finance ministry also and this should be taken as opportunity to revive the issue.
I am really shocked and depressed by the version of the President. If they have already agreed to it with RBI then why PDC hosted this drama of MEF form. Why there is an extension of filing the dates for forms by Category II, III & IV firms?As per my knowledge there is a Working
Group of the PDC by a name "Revision in the norms for empanelment of Statutory
Auditors and Other Issues Related to Appointment of Auditors in Public Sector
Banks". This working group keeps in touch with the RBI and there are having regular
meetings of this group with RBI.If i am not wrong the last two meeting happened on 25th April and 7th May,
2012. If it was in their knowledge Why didn't they mentioned in the MEF form ?
The working of the this group be made public so that we can assess a situation where our PDC stand. There are a series of seminars in NIRC ( Against the norms) only. Why the President is allowing such seminars which are nothing just fulfilling the purpose of electioneering ? In none of the seminar the chairman disclose such developments. If this is true then certainly i would like to rename the Committee as Professional Destruction Committee.
CA AMRESH VASHISHT, FCA, LLB,DISA(ICAI)
Member,ICAI Committee For DIRECT TAXES 2011-12
Member,ICAI Committee For Capacity Building of CA Firms 2010-11
Moderator,http://in.groups.yahoo.com/group/ICAI_CIRC_MEERUT_CA
1 1 5, Chappel Street, Meerut Cantt, UP, INDIA.
Phone: 0 1 2 1-2 6 6 1 9 4 6. Cell: 9 8 3 7 5 1 5 4 3 2.
FOLLOW http://twitter.com/caamresh ADD http://www.facebook.com/amresh.vashisht
_
ICAI increases fees for Duplicate Certificate of Membership & Certificate of Practice
ICAI increases fees for Duplicate Certificate of Membership & Certificate
of Practice
*Increase in fee for Duplicate Certificate of Membership and Certificate of
Practice as an Associate or Fellow – Amendment to the Regulation 184 of the
Chartered Accountants Regulations, 1988*
This is to inform all concerned that with the issuance of the
*Notification*No.1-CA (7)/145/2012 on August 1, 2012, the fee for
Duplicate Certificate of Membership as an Associate or Fellow as well as C
ertificate of Practice as an Associate or Fellow respectively has been
increased to Five Hundred rupees and fee for any other duplicate
certificateissued under these
regulations has also been increased to Two Hundred Rupees with effect from
August 1, 2012.
The said notification is available on the Institute's website
*www.icai.org*<http://www.icai.org/>at the link
*http://220.227.161.86/27508notification17036.pdf*<http://220.227.161.86/27508notification17036.pdf>for
information of all concerned.
In case of loss/damage of original script certificate of membership or c
ertificate of practice as an associate or fellow, members may file *an
affidavit* to the concerned Regional office of ICAI in the prescribed
format available on the Institute's website
*www.icai.org*<http://www.icai.org/>at the link
*http://220.227.161.86/8604onfo_faidsc.doc*<http://220.227.161.86/8604onfo_faidsc.doc>along
with
application for issuance of duplicate certificate and amount of aforesaid
fees which is payable by cheque (in the case of local members) and by
demand draft, in favour of The Secretary, The Institute of Chartered
Accountants of India, New Delhi or the Decentralized office to which the
members belongs. It is clarified that an affidavit is not required to be
executed if the original mutilated, torn or damaged certificate is returned
to ICAI.
Source- ICAI
of Practice
*Increase in fee for Duplicate Certificate of Membership and Certificate of
Practice as an Associate or Fellow – Amendment to the Regulation 184 of the
Chartered Accountants Regulations, 1988*
This is to inform all concerned that with the issuance of the
*Notification*No.1-CA (7)/145/2012 on August 1, 2012, the fee for
Duplicate Certificate of Membership as an Associate or Fellow as well as C
ertificate of Practice as an Associate or Fellow respectively has been
increased to Five Hundred rupees and fee for any other duplicate
certificateissued under these
regulations has also been increased to Two Hundred Rupees with effect from
August 1, 2012.
The said notification is available on the Institute's website
*www.icai.org*<http://www.icai.org/>at the link
*http://220.227.161.86/27508notification17036.pdf*<http://220.227.161.86/27508notification17036.pdf>for
information of all concerned.
In case of loss/damage of original script certificate of membership or c
ertificate of practice as an associate or fellow, members may file *an
affidavit* to the concerned Regional office of ICAI in the prescribed
format available on the Institute's website
*www.icai.org*<http://www.icai.org/>at the link
*http://220.227.161.86/8604onfo_faidsc.doc*<http://220.227.161.86/8604onfo_faidsc.doc>along
with
application for issuance of duplicate certificate and amount of aforesaid
fees which is payable by cheque (in the case of local members) and by
demand draft, in favour of The Secretary, The Institute of Chartered
Accountants of India, New Delhi or the Decentralized office to which the
members belongs. It is clarified that an affidavit is not required to be
executed if the original mutilated, torn or damaged certificate is returned
to ICAI.
Source- ICAI
Appointment of concurrent auditors for audit of its accounts of state, district, block, schools financial year 12-13.
Bihar Education Project Council
Last Date : 27/08/2012
Appointment of concurrent auditors for audit of its accounts of state, district, block, schools financial year 12-13.
Address: Shiksha Bhawan,Campus of Rastrabhasha Parishad, Saidpur,Rajendra Nagar,Patna-800004
Phone: 0612-2667164
Email:
Last Date : 27/08/2012
Appointment of concurrent auditors for audit of its accounts of state, district, block, schools financial year 12-13.
Address: Shiksha Bhawan,Campus of Rastrabhasha Parishad, Saidpur,Rajendra Nagar,Patna-800004
Phone: 0612-2667164
Email:
Management Trainee - Internal Audit & System Improvement in Lafarge India Pvt. Ltd
Looking for a fresh qualified CA,interested to work
as a Management Trainee in Audit Function. Candidates having good
command over oral & written communication & who have undergone
articleship in Big 4 (PWC,E&Y,Delloitte,KPMG) would be preferred.
Salary:
Not Disclosed by Recruiter
Industry:
Construction, Engineering, Cement, Metals
Functional Area:
Accounts, Finance, Tax, Company Secretary, Audit
Role Category:
Accounts
Role:
Chartered Accountant
VERY IMP NEWS FOR THOSE PURCHASES PROPERTY BETWEEN 2006-2010.
MUMBAI:
Thousands of people who bought flats between 2006 and 2010 will have to
pay value added tax (VAT) at the rate of 5% of the value with
retrospective effect.
On August 6, the state's sales tax department issued a circular to developers saying VAT would be levied on flats, shops and bungalows sold by them between June 20, 2006 and March 31, 2010 .
...
Several Mumbai-based developers said they would soon send VAT collection notices to such flat purchasers.
The new burden on a customer who bought a flat at Rs 50 lakh works out to a minimum of Rs 2.5 lakh.
The government intends to collect around Rs 1,000 crore for this four-year period.
On August 6, the state's sales tax department issued a circular to developers saying VAT would be levied on flats, shops and bungalows sold by them between June 20, 2006 and March 31, 2010 .
...
Several Mumbai-based developers said they would soon send VAT collection notices to such flat purchasers.
The new burden on a customer who bought a flat at Rs 50 lakh works out to a minimum of Rs 2.5 lakh.
The government intends to collect around Rs 1,000 crore for this four-year period.
Thursday, August 23, 2012
Bombay High Court International Taxation Shipping Companies: Scope of Article 8/9 : Slot hiring charges income: Philip Baker/ OECD/ Klaus Vogel referred (Balaji Shipping case)
*Gist of Balaji Shipping order of Bombay High Court on :*
* *
"1) Whether on the facts and circumstances of the case and in law the
income of the assessee by way of slot chartering would form a part of
income from operations of ships exempt under Article 9 of the
Tax Treaty between India and UK ?
*20. The question whether the income attributable to a voyage undertaken
from India by availing the slot hire facilities is liable to be taxed in
India must, in this case, be addressed qua these two situations referred to.
*
* *
*Firstly, where the goods are transported by an enterprise*
*by availing of the slot hire facility obtained by it on the ship of
another from a port in India upto a hub port abroad and from there*
*transporting the goods further to their final destination upon a ship*
*owned or chartered or otherwise controlled by it. (We will refer to this*
*as a case of first type).*
* *
*Secondly, where the goods are transported by the*
*assessee from a port in India directly to their final destination to a*
*port abroad by availing a slot hire facility obtained by it on the ship of*
*another. (We will refer to this as a case of the second type.)*
The respondent/assessee therefore, entered into Slot Hire Agreements (or
Connecting Carrier Agreements) with M/s.Orient Express Lines Limited (OEL),
Mauritius, under which OEL provided container slot spaces to the respondent
on its ships (feeder vessels) on an as and when required basis. Availing
the slot hire facility, the respondent arranged for the
transportation of the goods from ports in India to their final
destinations being international ports or to hubs, also ports outside
India, from where the vessels chartered by the respondent/assessee carried
the cargo onwards to the final destination.
11. The question that falls for consideration therefore, is
whether the freight earned from or attributable to the portion of the
voyage utilizing the Slot Hire Agreements falls within the ambit of
Article 9 of the DTAA. The phrase "operation of ships" is not defined in the
Convention. Nor is it defined in the Act. It has however admittedly
been considered while construing section 44B.
18. Article 9 (1) refers to "Income ... from the operation of
ships ... ". Section 44B refers to profits and gains of "the business of
operation of ships". The ambit of the identical phrases "operation of
ships" in section 44B and Article 9 (1) is the same Both
the provisions relate to the same subject namely taxation. The
comparison between Article 9 (1) and section 44 B is, therefore,
apposite and in accordance with the mandate of Article 3 (3) of the
DTAA. *The words not having been defined in the DTAA must be*
*given the meaning which they have under the laws of India relating to*
*taxes which are the subject of the Convention*. Thus as income from
slot hire agreements fall within section 44 B they must be held to be
within the ambit of Article 9 (1).
*23. A case of the first type clearly falls within Article 9 of the*
*DTAA.*
* *
*Firstly, Article 9 does not require the ship to be owned by*
*an enterprise / assessee. It merely requires the income to be "from*
*the operation of ships in international traffic". There is no warrant for*
*adding to the Article the requirement of the ship being owned by the*
*enterprise. A charter is certainly contemplated by Article 9. So would*
*an enterprise that controls the management/operation of the ship be*
*included in Article 9 even if it does not own the ship. Such enterprises*
*earn income from the operation of ships chartered or otherwise controlled
and managed by them. If Article 9 is to be construed*
*narrowly, as suggested by the appellant, it would be denuded of*
*much of its effect.*
* *
*26. The second type of case poses some difficulty. We are,*
*however, of the view that even such cases fall under Article 9(1).*
*Article 9 would apply in respect of an enterprise that carries on the*
*business of operation of ships in international traffic but for a valid*
*reason is required to transport the cargo availing entirely a slot hire*
*facility obtained by it on a ship of another*.
*28. Our view is supported by the judgment of a Division Bench*
*of the Delhi High Court. It is also in consonance with the various*
*commentaries which deal with similar provisions. We will now refer*
*to the same.*
*29. Mr.Kaka relied upon the judgment of the Delhi High Court*
*in **Director of Income-Tax .vs. KLM Royal Dutch Airlines (2009) 178*
*Taxman 291**.*
* *
"1) Whether on the facts and circumstances of the case and in law the
income of the assessee by way of slot chartering would form a part of
income from operations of ships exempt under Article 9 of the
Tax Treaty between India and UK ?
*20. The question whether the income attributable to a voyage undertaken
from India by availing the slot hire facilities is liable to be taxed in
India must, in this case, be addressed qua these two situations referred to.
*
* *
*Firstly, where the goods are transported by an enterprise*
*by availing of the slot hire facility obtained by it on the ship of
another from a port in India upto a hub port abroad and from there*
*transporting the goods further to their final destination upon a ship*
*owned or chartered or otherwise controlled by it. (We will refer to this*
*as a case of first type).*
* *
*Secondly, where the goods are transported by the*
*assessee from a port in India directly to their final destination to a*
*port abroad by availing a slot hire facility obtained by it on the ship of*
*another. (We will refer to this as a case of the second type.)*
The respondent/assessee therefore, entered into Slot Hire Agreements (or
Connecting Carrier Agreements) with M/s.Orient Express Lines Limited (OEL),
Mauritius, under which OEL provided container slot spaces to the respondent
on its ships (feeder vessels) on an as and when required basis. Availing
the slot hire facility, the respondent arranged for the
transportation of the goods from ports in India to their final
destinations being international ports or to hubs, also ports outside
India, from where the vessels chartered by the respondent/assessee carried
the cargo onwards to the final destination.
11. The question that falls for consideration therefore, is
whether the freight earned from or attributable to the portion of the
voyage utilizing the Slot Hire Agreements falls within the ambit of
Article 9 of the DTAA. The phrase "operation of ships" is not defined in the
Convention. Nor is it defined in the Act. It has however admittedly
been considered while construing section 44B.
18. Article 9 (1) refers to "Income ... from the operation of
ships ... ". Section 44B refers to profits and gains of "the business of
operation of ships". The ambit of the identical phrases "operation of
ships" in section 44B and Article 9 (1) is the same Both
the provisions relate to the same subject namely taxation. The
comparison between Article 9 (1) and section 44 B is, therefore,
apposite and in accordance with the mandate of Article 3 (3) of the
DTAA. *The words not having been defined in the DTAA must be*
*given the meaning which they have under the laws of India relating to*
*taxes which are the subject of the Convention*. Thus as income from
slot hire agreements fall within section 44 B they must be held to be
within the ambit of Article 9 (1).
*23. A case of the first type clearly falls within Article 9 of the*
*DTAA.*
* *
*Firstly, Article 9 does not require the ship to be owned by*
*an enterprise / assessee. It merely requires the income to be "from*
*the operation of ships in international traffic". There is no warrant for*
*adding to the Article the requirement of the ship being owned by the*
*enterprise. A charter is certainly contemplated by Article 9. So would*
*an enterprise that controls the management/operation of the ship be*
*included in Article 9 even if it does not own the ship. Such enterprises*
*earn income from the operation of ships chartered or otherwise controlled
and managed by them. If Article 9 is to be construed*
*narrowly, as suggested by the appellant, it would be denuded of*
*much of its effect.*
* *
*26. The second type of case poses some difficulty. We are,*
*however, of the view that even such cases fall under Article 9(1).*
*Article 9 would apply in respect of an enterprise that carries on the*
*business of operation of ships in international traffic but for a valid*
*reason is required to transport the cargo availing entirely a slot hire*
*facility obtained by it on a ship of another*.
*28. Our view is supported by the judgment of a Division Bench*
*of the Delhi High Court. It is also in consonance with the various*
*commentaries which deal with similar provisions. We will now refer*
*to the same.*
*29. Mr.Kaka relied upon the judgment of the Delhi High Court*
*in **Director of Income-Tax .vs. KLM Royal Dutch Airlines (2009) 178*
*Taxman 291**.*
Chartered Accountant (Fresher) / Min Experience
Dear Candidate,Dear Candidate
PLEASE FILL BELOW MENTIONED DETAILS WHILE REPLYING BACK
WITH YOUR WORD FORMAT RESUME
Current Co Name OR CA FRESHER ......
Current Salary
10 Std Marks in %age
12%Std Marks %age
B.Com/Graduation Marks %age
M.Com% or PG course (If you have done)
CA First Group which Attempt (Please write) Percentage
CA Second Group which attempt (please write) Percentage
CA completed in which year .....pl writ
If Selcted your jonining time .....
ARE YOU WILLING TO WORK IN GURGOAN LOCATION (YES/NO)
ARE YOU OKAY WITH THE SALARY PACKAGE AS 3.5 TO 4 LAKHS P.A
(NON Negeotiable)
My Client- Leading Credit Rating
Job Location- Gurgoan
Salary 3.50 Lakhs to 4 Lakhs Per Annum (NON Negeotiable)
QUALIFIED CHARTERED Accountants only need to apply
Designation- Associate Analyst
Role
To Do the CREDIT RATINGS FOR SME CLIENTS
 Preparing credit rating reports and making rating committee presentations
 Analyzing & evaluating various risks associated with businesses/Industries
 Ratio analysis & Balance Sheet analysis of companies
 Financial, Industry, Operational & Business analysis of companies
 Making site visits to the Manufacturing/Business units of the companies
 Coordinating with top management, bankers & auditors
PLS APPLY - IF YOU ARE OK WITH ABOVE ROLE/LOCATION AND SALARY.
AND LOOKING FOR A LONG TERM CAREER IN A REPUTED ORGANISATION
Please send resume at / you can Call me at 9710407068
Thanks & Regards
R.Rahul
9710407068
PLEASE FILL BELOW MENTIONED DETAILS WHILE REPLYING BACK
WITH YOUR WORD FORMAT RESUME
Current Co Name OR CA FRESHER ......
Current Salary
10 Std Marks in %age
12%Std Marks %age
B.Com/Graduation Marks %age
M.Com% or PG course (If you have done)
CA First Group which Attempt (Please write) Percentage
CA Second Group which attempt (please write) Percentage
CA completed in which year .....pl writ
If Selcted your jonining time .....
ARE YOU WILLING TO WORK IN GURGOAN LOCATION (YES/NO)
ARE YOU OKAY WITH THE SALARY PACKAGE AS 3.5 TO 4 LAKHS P.A
(NON Negeotiable)
My Client- Leading Credit Rating
Job Location- Gurgoan
Salary 3.50 Lakhs to 4 Lakhs Per Annum (NON Negeotiable)
QUALIFIED CHARTERED Accountants only need to apply
Designation- Associate Analyst
Role
To Do the CREDIT RATINGS FOR SME CLIENTS
 Preparing credit rating reports and making rating committee presentations
 Analyzing & evaluating various risks associated with businesses/Industries
 Ratio analysis & Balance Sheet analysis of companies
 Financial, Industry, Operational & Business analysis of companies
 Making site visits to the Manufacturing/Business units of the companies
 Coordinating with top management, bankers & auditors
PLS APPLY - IF YOU ARE OK WITH ABOVE ROLE/LOCATION AND SALARY.
AND LOOKING FOR A LONG TERM CAREER IN A REPUTED ORGANISATION
Please send resume at / you can Call me at 9710407068
Thanks & Regards
R.Rahul
9710407068
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