CA NeWs Beta*: December 2012

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Monday, December 31, 2012

Happy New Year

Wishing All Our Readers A Very Happy And Prosperous New Year Ahead.

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From CA News Beta* Team

Sunday, December 30, 2012

Expression of Interest form interested Eligible Cost / Chartered Account firms for Appointment as Consultant for Review & Advice on Allocation of Overheads to capital Expenditure in MTNL

Mahanagar Telephone Nigam Limited
Last Date : 31/12/2012
Expression of Interest form interested Eligible Cost / Chartered Account firms for Appointment as Consultant for Review & Advice on Allocation of Overheads to capital Expenditure in MTNL

Address: Mahanagar Doorsanchar Sadan, 9,CGO complex,Lodhi Road,New Delhi-110003
Phone:
Email:

Required Chartered Accountant (CA)/ICWA, at Madhya Pradesh Powe... Madhya Pradesh Power Management Company Limited

Job Description - 

(B) On contract basis - No. of Posts 09 Remuneration Rs. 25,000- to 30,000- Educational Qualification Certified CAICWA from Institute of Chartered Accountants of India Institute of Cost Accountants of India

Cheque Truncation System: Digitisation in Banks

“CHEQUE TRUNCATION SYSTEM”: A TOOL REQUIRED FOR DIGITISATION IN BANK
 
As we all know the environment around us is highly dynamic and volatile which necessitates continuous updation and improvement in order to survive competitively. The world is moving to a more modernised environment be it in any industry. Bearing this in mind, the Reserve Bank of India (RBI) has brought out a digitised system of efficiently handling and clearing cheques by banks called Cheque Truncation system(CTS)/Image – based clearing system. This project is taken up by RBI and has proposed to launch

Extension of Last date for Filing of Cost Audit and Compliance Report in XBRL mode


Extension of Last date for Filing of Cost Audit Report (CAR) and Cost Compliance Report (CCR) in the extensible Business Reporting Language (XBRL) mode

Keeping in view of the ongoing requests from different quarters, MCA has extended the date of filing of Cost Compliance Reports and Cost Audit Reports upto 31st Jan 2013 vide General Circular No. 43/2012 dated 26 dec 2012.

CA,CS to physically verify company addresses

President's Message - January 2013 - (30-12-2012)

Dear Friends,
Let me start by wishing all of you a very happy and prosperous New Year.

But as we start our celebrations, it is also time for us to reflect and take stock of what we have accomplished in the last one year, what we have missed and what we should take up on priority. Wherever we could not accomplish, it is time to restart and set things right. It is time to set up new goals together for the development of our profession and start with renewed zeal. As we enter 2013, it will be wise not only to

Purchase of Land for Ludhiana Branch

Respected Members,

Greetings of the Day!

As you all know that over the years Ludhiana Branch of NIRC of ICAI has grown by Leaps and Bound. Presently, there are more than 1400 members and more than 5000 students attached to Ludhiana Branch. Few Years back we shifted to the New Building i.e. ICAI Bhawan, Pakhowal Road, Ludhiana. With that, also started number of Activities in the form of In house CPE Hours Seminars, Workshops, Conferences & Programme for Students in the form of GMCS, Orientation, I.T. Lab, Coaching for CPT, IPCC & Final,

INCOME TAX ON PROPERTY: A READY RECKONER

INCOME TAX ON PROPERTY: A READY RECKONER One of the most appealing reasons to buy property is the tax benefits that can be derived. Investments in property offer triple benefits: capital appreciation, tax exemptions and rental income, if applicable. Additionally, the financial burden that comes with a housing loan is easily offset with the tax benefits, which we'll examine case by case.

Land given to developer under land development agreement- Whether constitutes transfer

Land given to developer under land development agreement- Whether constitutes transfer

Where it was proved that assessee being the land owner had handed over the possession of property to the developer under the development agreement executed between assessee and developer, the said transaction

Nationwide RBI employees strike on January 1

Employees and officers under the banner of United Forum of RBI Officers and Employees have called a country-wide strike on January one 2013 to protest the decision to close currency notes and coins issue counters from that date.In a press statement issued by the forum, General Secretary of the All India Reserve Bank Employees Association Samir Ghosh said that the RBI was mandated by the RBI Act 1934 to manage, issue and exchange of currency notes and coins throughout the country.

Professional Signing MCA Annual return to certify cost rules

W.e.f from Financial Year 2011-12, Professional (CA, CMA, CS) signing MCA Annual Return have to certify whether Cost Accounting Record Rules -2011 (CARR) or Cost Audit Orders (CAO) are applicable on company or not and mention Product or Service Category Code (ITC/ NPCS 4 Digit Code).  They have to certify it on Form 23 AC and Form 23 ACA on the following page:
Form 23 AC – On Page no 11, point VII,
Form 23ACA – On Page no 5, point IV,
Through this mechanism, Government will easily trace cases where CARR or CAO is applicable and company contravenes provisions of these rules.
Apart from this, now MCA Return will be filled in XBRL Format for below mention companies:
a)    Listed Companies and their Indian subsidiaries; or
b)    Companies having paid up capital of Rs 5 Crore and above; or
c)    Companies having turnover of Rs 100 Crore and above;
Cost Audit or Maintenance of Cost Records (as the case may be) are applicable on all companies whose return required to filled in XBRL format.  XBRL makes data analysis much easier than earlier formats, so tracing of cases of contravenes of these rules will be easier.
So Professionals has to be very sure about CARR or CAO applicability before signing Return Form. Incase default is made by them disciplinary action will be taken against them.
With the help of my earlier articles I tried to clarify doubts about applicability of Cost Audit & Maintenance of Cost Records. Nowadays I receive quarries that Cost Audit / Cost Records are applicable on company but MCA Return filled without Cost Audit / Cost Records – Compliance Certificate, because they were unaware about its applicability.  What to do now????
In this case there are two situations
1. Return has not approved as yet
2. Return has been approved
Return has not approved as yet
Here you don’t need to lose sleep on your mistake.  Follow the below mention steps for correction of your mistake.
        i.        Inform respective Registrar of Companies about this mistake.
       ii.        Last date of filling of Cost Audit Report and Compliance Certificate of Cost Records has been extended till 31st Jan 2013. Now you should fulfil provisions of Cost Audit or Cost Records as the case may be.
Return has been approved
If notice has not issued then, don’t need to worry. Follow the below mention steps for correction of your mistake.
      i.        Filled a Corrigendum to respective Registrar of Companies.

Ethics ICAI

HUDCO to launch tax-free bonds for Rs 5,000 cr

Thursday, December 27, 2012

Appoint a firm of Chartered accountants for concurrent internal audit assignment of all its accounting units

Power Transmission Corporation Of Uttarakhand Limited
Last Date : 29/12/2012
Appoint a firm of Chartered accountants for concurrent internal audit assignment of all its accounting units, divisions & offices spread all over the state

Address: Superintending Engineer (C&P-I), PTCUL, 132 KV Substation Building, Majra, Dehradun
Phone:
Email:

Manager - Taxation Idea Cellular Ltd. - Mumbai, Maharashtra




 













Job Description






Job Title:

Manager - Taxation

Job ID:

37712

Location:
Mumbai


Full/Part Time:

Full-Time

Regular/Temporary:

Regular



















Introduction

US $35 billion corporation, the Aditya Birla Group is in the League of Fortune 500. It is anchored by an extraordinary force of over 133,000 employees, belonging to 42 different nationalities. This year the Group was declared among the top best employers in India by the Aon-Hewitt Survey and ranked second. It was also ranked among the top employers in the

Vacancy for CS in Insurance Industry


Required Legal Manager from Insurance Industry/Exp 2-3 years/Location - Mumbai

Designation: Legal Manager

Location: Mumbai

NOC from Institute required for name approval / incorporation


General Circular no. 40/2012, dated 17-12-2012
In continuation of this Ministry's Circular No. 2/2012, dated 1st March, 2012 on registration of companies or LLPs where one of their objects is to carry on the profession of Chartered Accountant, Company Secretary, Cost Accountant, Architect, etc. relating to the requirement of obtaining NOC from the concerned regulator, it is hereby stated that the approval of the

Renaming of the Integrated Professional Competence Examination (IPCE). - (27-12-2012)


26th December 2012
In terms of Notification NO XCA(7)/145/2012 dated 1st August 2012, “Integrated Professional Competence Examination(IPCE)”, stands renamed as “Intermediate (IPC) Examination” and would be known accordingly, with effect from May 2013 examination onwards.

For detailed Notification, visit www.icai.org
Exam Department.

COMPANY LAW ROADBLOCK HITS TAX-FREE BONDS


Thursday, 27 December 2012 9:14 PM
COMPANY LAW ROADBLOCK HITS TAX-FREE BONDS Many companies earlier planning to buy tax-free bonds are staying away for fear of breaching a company law provision. Investments of up to Rs 5,000 crore are likely to be affected, as up to 10 per cent of bond public issues are reserved for corporate subscribers. In addition, issuers had planned to raise funds through private placements for big-ticket corporate and institutional investors. Top state-owned infrastructure companies such as Rural Electrification Corp,Power Finance Corp, IIFCL, Hudco, NHAI, NHB and IRFC plan to raise at least Rs 50,000 crore in all, by issuing long-term infrastructure bonds by March. Interest income on these bonds, designed to

BDO International sells 10% JV stake to Indian partner Haribhakti

BDO International sells 10% JV stake to Indian partner Haribhakti



MUMBAI: BDO International, the $6-billion Belgium-based audit and accounting firm, will call off its four-year joint venture BDO India with Haribhakti Consulting by selling its 10% stake to its Indian partner, a senior company officials said.

Wednesday, December 26, 2012

Expression of interest from CAG Empanelled Chartered Accountant firm for Audit at Maharashtra State Aids Control Society Mumbai

Maharashtra State Aids Control Society
Last Date : 10/01/2013
Expression of interest from CAG Empanelled Chartered Accountant firm

Address: GOVERNMENT OF MAHARASHTRA R.K.Kidwai Rd.Ackworth Leprosy Complex, Wadala (W)Mumbai-400031
Phone:
Email:

Deputy Manager Aditya Birla Nuvo Ltd.






Introduction

US $35 billion corporation, the Aditya Birla Group is in the League of Fortune 500. It is anchored by an extraordinary force of over 133,000 employees, belonging to 42 different nationalities. This year the Group was declared among the top best employers in India by the Aon-Hewitt Survey and ranked second. It was also ranked among the top employers in the

CBI recruitment 2013 CA vacancy

Eligibility for job opening:
Age limit: not more than 56 years as on last date of application

Pay Scale:
Rs. 12000- 375- 16500

Facebook under tax spotlight

Requirement of Concurrent Auditor

We require concurrent auditors for our renowned client engaged in Road transportation for following locations:-

ACCOUNTANT REQUIRED

We need an experienced accountant for an export house. salary 15000-20000..

FIRST COUNT - CENTRAL COUNCIL

S.No Name PLACE State First Count RANK
14 SEKAR G  CHENNAI TN 2195 1
21 VENKATESWARLU J  HYDERABAD AP 1855 2
2 BABU ABRAHAM KALLIVAYALIL  KOCHI KL 1679 3
7 RAGHU K  BANGALORE KA 1661 4
6 MURALI V  CHENNAI TN 1409 5
12 SANTHANA KRISHNAN S  CHENNAI TN 1370 6
5 MADHUKAR NARAYAN HIREGANGE  BANGALORE KA 1245 7
10 RAVI SANKAR L  CHENNAI TN 1000 8
4 DEVARAJA REDDY M  HYDERABAD AP 974 9
8 RAJENDRA KUMAR P  CHENNAI TN 911 10
15 SHANMUKHA SUNDARAM K  COIMBATORE TN 849 11
1 AMBIKA S Ms.  HYDERABAD AP 534 12
13 SATYANARAYANA G V V  VIJAYAWADA AP 427 13
3 BALACHANDRA PRABHU S B  KOCHI  KL 340 14
9 RAMAKRISHNAN R  BANGALORE KA 292 15
18 SRIVATSAN S  TIRUCHIRAPALLI TN 270 16
22 VENKATRAM C  HYDERABAD AP 246 17
16 SRIKANTH S  CHENNAI TN 244 18
11 SABU THOMAS  THIRUVANANTHAPURAM KL 218 19
20 VEDANTHA RAMANUJAM J  CHENNAI TN 186 20
19 SUNEEL KUMAR APPAJI  HYDERABAD AP 116 21
23 VENUGOPAL SWAMI B  HYDERABAD AP 92 22
17 SRINIVAS K J D  VISAKHAPATNAM AP 26 23

SEBI BARS FORMER TATA FINANCE MD FROM CAPITAL MARKETS FOR 2 YEARS

SEBI BARS FORMER TATA FINANCE MD FROM CAPITAL MARKETS FOR 2 YEARSThe Securities and Exchange Board of India ( Sebi) on Monday barred Dilip Pendse, former managing director of erstwhile Tata Finance, for two years from the securities market on charges of involvement in fraudulent and unfair trade practices in four firms, including Telco ( now Tata Motors) and Infosys, more than 10 years

Tuesday, December 25, 2012

Vacancy for CA in Ultratech Ltd - Mumbai






Introduction

US $35 billion corporation, the Aditya Birla Group is in the League of Fortune 500. It is anchored by an extraordinary force of over 133,000 employees, belonging to 42 different nationalities. This year the Group was declared among the top best employers in India by the Aon-Hewitt Survey and ranked second. It was also ranked among the top employers in the

Required CS professional on part-time basis in Mumbai


Required CS professional on part-time basis in Mumbai, interested candidates please mail your CV on

CA Final and CPT November 2012 Examination Result

As per various resources CA Final and CPT November 2012 Examination  Result are likely to be declared by 18th or 19th January 2013. Results will be available at www.caresults.nic.in.

Companies Bill prescribes stringent rule for auditors

The long awaited Companies Bill was finally passed by the Lok Sabha yesterday. The new set of rules are expected to improve the quality of governance as it prescribes for stringent rule for auditors and strengthens the hands of the Serious Fraud Investigation Office (SFIO).
The amended legislation, with 470 clauses, limits the number of companies an auditor can serve to 20. It has also brought in more clarity on criminal liability of auditors. Besides, the approved amendments also include annual ratification of appointment of auditors for five years. But industry experts are of the view that though the amendment is welcome, changes should be rolled out in phases or applied to a smaller set of companies first.

Job Vacancy at Sonipat for Accountant

Job Description mention below
Taxation

v     TDS calculates and deposit on time and give TDS return on timely.

v     Excise Return making and deposit on time to Excise department(including custom duty benefit claim according .to Govt. Rules and regulation and act)

v     Excise record preparation i.e. RG-1,RG part-2 & revenue figure 

Satyam scam: Auditors can’t get cosy with management

Big change in banking

Applications are invited online from the firms of Chartered Accountants who intend to be empanelled with this office for appointment as auditors of Government Companies/Corporations the year 2013-2014



Empanelment of Chartered Accountant firms for the year 2013-2014

Applications are invited online from the firms of Chartered Accountants who intend to be empanelled with this office for appointment as auditors of Government Companies/Corporations the year 2013-2014. The format of application will be available on our website: www.cag.gov.in from

FIVE YEARS RIGOROUS IMPRISONMENT WITH FINE OF Rs. 30,000/- acit RAJIV KUMAR

FIVE YEARS RIGOROUS IMPRISONMENT WITH FINE OF Rs. 30,000/- TO THEN ASSISTANT COMMISSIONER OF INCOME TAX IN A BRIBERY CASE
Press Release
New Delhi , 24.12.2012
            The Special Judge for CBI case, Mumbai has convicted Sh. Rajiv Kumar the then Assistant Commissioner, Income Tax Circle 27 (1) Piramal Chambers Lal Baugh, Mumbai in a bribery case and sentenced him to undergo five years rigorous imprisonment with fine of Rs. 30,000/-.

Latest Update on Southern Region ICAI Election Results

The table below depicts the comparative percentage 2012 percentage polling to 2009 percentage polling.


State Centre 2012 Rank(2012) 2009 Rank(2009)
KL ALAPUZHA (ALLEPPEY) 55.7% 34 37.3% 63
KL ALUVA (ALWAYE) 50.0% 46 39.7% 59
KL ANANTAPUR 45.9% 56 61.8% 19
KA BANGALORE 33.10% 72 38.70% 61
KA BELGAUM 56.2% 33 63.4% 18

Certificate Course on Concurrent Audit of Bank - 36 CPE Hrs

We are glad to inform you that Vasai Branch of WIRC is hosting Certificate Course on Concurrent Audit of Bank on 28-30 December, 2012 and 4-6, January, 2013 at GCC Hotel, Mira Road (East).
 
The Complete Programme Schedule and other details are as follows:-
 
Eighth Batch of Certificate Course on Concurrent Audit of Banks
On 28-30 December, 2012 and 4-6, January, 2013At Green Court Club(GCC), Mira Bhayandar Road, Mira Road(East), Thane
 
Organized by:     Internal Audit Standards Board of the ICAI

Hosted By:          Vasai Branch of WIRC of ICAI

CPE Hours:         36 hrs

Monday, December 24, 2012

Vacancy for CA in Standard Chartered Bank

Job Details
Department: FSSC
Grade: C
Reports To: AM
Job Description
Financial Reporting that includes IFRS statutory accounting and related activities
Key Roles & Responsibilities

Service Tax Exemption Granted to 2 life insurance

NOTIFICATION NO
49/2012-Service Tax, Dated : December 24, 2012
In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.25/2012-Service Tax, dated the 20 th June, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), number G.S.R. 467 (E), dated the 20 th June, 2012, namely:-
In the said notification, after entry 26, the following shall be inserted namely:-

Amendment in DIN Form 4 with effect from 25.12.2012

MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi dated 24th December, 2012.
G.S.R. (E). – In exercise of the powers conferred by clause a and b of sub-section (1) of section 642 read with section 266A, 266B, 266D and 266E of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Directors Identification Number) Rules, 2006 namely: –

Expression of interest from Chartered accountant Firms, Comptroller of professionally skilled/qualified audit personal for short listing as auditor for conducting quarterly internal audit of the accounts of sarva shikhsa abhiyan

Sarva Shiksha Abhiyan
Last Date : 26/12/2012
Expression of interest from Chartered accountant Firms, Comptroller of professionally skilled/qualified audit personal for short listing as auditor for conducting quarterly internal audit of the accounts of sarva shikhsa abhiyan, national programme for education of girls at elementary level, kasturba Gandhi balika vidhyalaya and block resource centers programme for the financial tear 2012-13

Address: New Co-Operative Building,Shyamali Colony,Doranda,Ranchi-834024
Phone: 0651-2410519
Email: jeperanchi@rediffmail.com

Emirates Airlines is looking for Regional Finance And Admin Manager in Mumbai.

Eligibility criteria:

should have professional accounting qualification to the standard of Chartered Accountant, CPA or similar.

should have 6 to 8 years professional experience, of which 3-4 years must have been in a senior supervisory capacity.

Knowledge of airline accounting procedures ,familiarity with IATA regulations with regard to Passenger / Cargo / Excess Baggage sales.

Zila Parishad Nashik recruitment 2013 Maharashtra Municipal Council vacancies


Name and number of vacancies available:
1. Maharashtra Municipal Council for Engineering Service (Architecture): 03
2. Maharashtra Municipal Council for Engineering Service (Electrical): 04
3. Maharashtra Municipal Council for Engineering Service (Computers): 05
4. Maharashtra Municipal Council for Water Engineering Services: 10
5. Maharashtra Municipal Council for Accounting and Audit: 12
6. Maharashtra Municipal Council for Fire Services Cadre: 03

Eligibility for job opening:
Age limit: 18-38 years as on 18-12-2012

Vacancy for CS in GE

Steps To Improve The Concentration Level in examination days


Creating a study environment.
Find a place to study and keep it for study only. (Don’t keep on changing places.)
Tool-up the environment with all study needs. ( keep stationeries & books on your table)
Control noise level and the visual environment to acceptable levels.
Avoid relaxing while working; create a work atmosphere. (Don’t watch TV while relaxing).

When To Study

Best during the day and early evening; you will remember better.

Form 23 C Modified

COMPANIES (CENTRAL GOVERNMENT'S) GENERAL RULES AND FORMS (SEVENTH AMENDMENT) RULES, 2012 - SUBSTITUTION OF FORM 23C
NOTIFICATION NO. GSR 906(E) [F. NO. 52/2/CAB/2012], DATED 19-12-2012
In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Central Government's) General Rules and Forms, 1956, namely: –

Seminar on Investor Awareness Programme 2cpe hours

Vasai Branch invites you to join this  Seminar on Investor Awareness Programme. Further details are as follows:-

Extension of last date “for complying with the CPE hours requirement for the calendar year 2012”

Extension of last date “for complying with the CPE hours requirement for the calendar year 2012” - from 31st December, 2012 to 31st January, 2013
This is for kind information of the members that it has been decided to extend the last date for complying with the CPE hours requirement for the calendar year 2012 by one month, i.e., up to 31st January, 2013.

SecretaryCPE Committee of ICAI

Sunday, December 23, 2012

Candidates elected to Central Council from Western Region

Candidates elected to Central Council from Western Region.

NAME OF CANDIDATE - Central COUNCIL(west)
1
Zaware Shiwaji Bhikaji-Pune
2
Shah Dhinal Ashvinbhai-Ahmedabad
3
Jambusaria Nihar Niranjan-Mumbai
4
Vikamsey Nilesh Shivji-Mumbai
5
Adukia Rajkumar Satyanarayan-Mumbai
6
Maheshwari Sanjeev Krishnagopal-Mumbai.
7
Joshi Shriniwas Yeshwant-Mumbai
8
Ghia Tarun Jamnadas-Mumbai
9
Jain Pankaj Inderchand-Mumbai
10
Chhaira Jay Ajit-Surat
11
Chhajed Prafulla Premsukh-Mumbai

Lakshmi Vilas Bank recruitment 2012-13 CA vacancy


Job Description: Lakshmi Vilas Bank recruitment 2012-13 CA vacancy


Eligibility for Chartered Accountant job opening:
Age limit: 24-35 years as on 01/12/2012

Candidate Profile:
Candidate must possess 2 to 5 years experience in the area of Audit, Accounts, Taxation, Company Accounts, Credit Appraisal, Credit Monitoring, Treasury Operations, Anti-money laundering and statutory compliance.

Apply online for career opportunity:
Send your job applications in prescribed format to the address mentioned here.

Infosys BPO Bangalore is Urgently Looking for CA Inter, Icwa Inter,

Education (UG - Any Graduate - Any Specialization) AND (PG - CA, ICWA) AND ( Doctorate - Doctorate Not Required) Please refer to the Job description above Infosys BPO Bangalore is urgently looking for CA Inter, ICWA Inter passed candidates with at least 3 years  work experience in Income tax related activities like Tax Audit, Qualification CA Inter ICWA ICWA Inter Years of Experience 3 years Location of Posting  Bangalore The work for the person will be Monitoring the processing of Income tax returns and handling exceptions using the Income tax subject knowledge. Analyze the processed income tax returns to check for variance if any and find reasons for the variance based on Income tax related knowledge. Analysis of rectification processed returns for accuracy based on Income tax knowledge. Should be self-starters and be able to operate with minimum supervision, With eye for detail  and with flair to think out of the box and work in an uncharted working conditions. The persons should have proficient knowledge of MS Excel

: -  3 - 5 Years
Category -  Accounts / Finance
Salary -  Not Disclosed by Recruiter
Location-  Bengaluru,Bangalore
Dateposted -  22/12/2012

Contact Details

vacancy for CS inter at mumbai


there is an vacancy for CS inter at mumbai so hurry up

Company Indostar Capital pvt lid

Recognition of MCX STOCK EXCHANGE

 [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION-3, SUB-SECTION (II)]
Government of India,
Ministry of Corporate Affairs
Notification
New Delhi, Dated. 21/12/2012
S.O (E) – In pursuance of clause (39) of section 2 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following further amendment in the notification of the Government of India in the erstwhile Ministry of Industry (Department of Company Affairs) number G.S.R. 1060 (E), published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) dated 21st December, 1989, namely:-

Notification - CA Examinations May 2013 -(20-12-2012)

Saturday, December 22, 2012

Chhajed elected, Hegde out...

Chhajed elected, Hegde out... Loya elimination as expected gave Chhajed a big boost...274 2nds ..exactly as per our estimation! With this, former WIRC Chairman Prafulla Chhajed pulls off one of the most remarkable comebacks in ICAI Central Council election history..atleast in the last 5 elections ... He was just 1277 in first preference count, 242 votes behind 11th placed Rajesh Loya and 4 places below! To come back from such a big deficit and finally win quite convincingly shows the popularity of Chhajed! As one of

Rate of exchange of conversion of each of foreign currency for Customs purposes wef 21st December, 2012

Notification No.111/2012-Customs (N.T.), DATED THE 20th December, 2012
S.O.       (E). – In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.108/2012-CUSTOMS (N.T.), dated the 6th December, 2012 vide number S.O. 2838 (E), dated the 6th December, 2012, except as respects things done or omitted to be done before such super session, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion

TDS U/S 194A applicable on payment by partner to firm

 Further sec. 194A provides exemption from the obligation imposed under that section only in respect of interest paid/credited by a firm to its partner. The Act does not provide such exemption to the interest paid/credited by a partner to his firm.


Wednesday, December 19, 2012

Expression of Interest from Suitable CA Partnership Firms Registered with Comptroller & Auditor General of India for Outsourcing of Execution & Management Services in the area of accounting and taxation.

Chhattisgarh Rural Road Development Agency
Last Date : 21/12/2012
Expression of Interest from Suitable CA Partnership Firms Registered with Comptroller & Auditor General of India for Outsourcing of Execution & Management Services in the area of accounting & taxation.

Address: Chhattisgarh Rural Road Development Agency, Vikas Bhawan, Civil Line, Raipur
Phone:
Email: cg-itno@nic.in

Assistant Director of Finance Marriott International, Inc

Require Article Trainee for Doing Chartered Accountancy AT PUNE





Education (UG - Any Graduate - Any Specialization, Graduation Not Required, B.Com - Commerce) AND (PG - Any PG Course - Any Specialization, Post Graduation Not Required) AND ( Doctorate - Any Doctorate - Any Specialization, Doctorate Not Required) Please refer to the Job description above To get training as required by The Institute of Chartered Accountants of India for Delhi, Daltongunj(Jharkhand),Chandrapur (Mahashtra) ,Raipur, Jammu ,Siwan, PERSONS WILLING TO GO FOR OUTSTATION AUDITS SHOULD APPLY

Employer - KAPOOR BHUSHAN CO CHARTERED ACCOUNTANTS
Email - kapoorbhushanca@hotmail.com,kbckbcd@gmail.com

107 ICSI Mysore e-Magazine December 2012

HIGHLIGHTS OF THE COMPANIES BILL, 2011 (as passed in Lok Sabha on 18.12.12)

HIGHLIGHTS OF THE COMPANIES BILL, 2011
(as passed in Lok Sabha on 18.12.12)
Ø The Bill has 470 clauses as against 658 Sections in the existing Companies Act, 1956.
Ø The entire bill has been divided into 29 chapters.
Ø Many new chapters have been introduced, viz., Registered Valuers (ch.17); Government companies (ch. 23); Companies to furnish information or

INDIA GROWTH FAILURE SOLUTIONS-ICSI

Core reasons for failure :
Leadership
Lack of vision and strategic thinking
Failure to ignite passion
Financial mismanagement
High debt leverage
Not in sync with technology and times
Additinal causes for failures:
Competition and efficiency and productivity

Police,revenue depts top chai paani charts


Police,revenue depts top chai paani charts 

Bribe Amount Across All State Depts Up 37% In A Year: ACB

& S Ahmed Ali TNN 

Thane: When it comes to chai paani,Maharashtra police and the state revenue department lead the stakes,suggest the Anti-Corruption Bureau (ACB)s bribery charts of the past two years.More than 45% of the sarkari staff trapped in bribery cases belong to the two key state agencies.
The ACB statistics underscore a desperate need for transparency in the state administration across all departments as the total bribe amount trapped in 2012 increased 37% from 2011.

SEMINAR ON SERVICE TAX AT KAUSHAMBI GHAZIABAD

PLEASE JOIN SEMINAR ON SERVICE TAX AT HOTEL ROSSINN NEAR KAUSHAMBI METRO STATION KAUSHAMBI GHAZIABAD ON 23rd Dec, 2012 TIMING 09:30 AM - 2 PM CPE HOURS - 4 FEES RS. 250/-

TRANS. HINDON CPE STUDY CIRCLE OF CIRC

New Companies Bill mandates CSR spending

COMPANIES LIKE SATYAM-ICSI

Companies like Satyam indulge in the following activities that come
under the ambit of unethical practice:
a) Resorting to dishonesty, trickery or deception.
b) Distortion of facts with a view to misleading or creating
confusion.
c) Manipulating executives emotionally by exploiting their
vulnerabilities.

Monday, December 17, 2012

Chartered Accountant Recruitment in Bank of Maharashtra DEC...

Bank of Maharashtra jobs at
Bank of  Maharashtra

(A Govt. of India Undertaking)

HRD Department, Lokmangal, 1051, Shivajinagar, Pune – 411005

Chartered Accountant Recruitment – Phase-II 2012-13
Bank of Maharashtra invites Online applications, for  Specialists Officers in the following Disciplines :

Hosting of Draft Bank Branch Auditors' Panel for the year 2012-13 till 21st December, 2012

Dear Sir,
 
We would like to inform that the draft Bank Branch Auditors' Panel for the year 2012-13 has been hosted at www.meficai.org and will be available till 21st December, 2012. In case of query, pl inform members to log a complaint at http://www.meficai.org/complaints/complaint_enrty_enter.jsp .

80P(4) are applicable only to the cooperative banks and not to cooperative credit society

80P(4) are applicable only to the cooperative banks and not to cooperative credit society
 
ITO vs M/s Vasvi Credit Co-op Society Ltd
Dated: 14th December 2012
 
The assessee is a credit cooperative society providing credit facilities to its members. A.Y 2008-09, return of income was filed declaring NIL income after claiming exemption under section 80P. The claim of the assessee u/s  80P(2)(a)(i) was rejected by the AO determining the total income at Rs.61,03,934/- . On appeal the Ld. CIT(A) relied on order passed in 2011 by ITAT in assessee’s own case Vasavi Credit and held that the assessee is a cooperative credit society and not a cooperative bank and therefore, is entitled to deduction under section 80P(2)(a)(i) of the Act. It was held that there was a clear distinction between

CIC orders ICAI to release minutes of Central Council meeting

'Zero' Campus Placement of CAs – An Eye Opener!

Dear Friends & Professional Colleagues,
 
The dismal campus placement statistics ( Pls refer CA Journal – Oct 2012 ) should shock the collective conscience of the Professionals, particularly our Council leadership. Only 5.52%  ( 587 out of 9382 ) of freshly qualified CAs all over India, who registered for campus placement, were offered jobs! As far as Pune is concerned not a SINGLE job was offered in Pune to the 597 CA job aspirants. Even more surprising is the fact that in a vibrant economic hub like Pune, only ONE corporate attended the campus program. This really should be an eye opener for taking immediate review and corrective actions.

Professional Oppournity- Concurrent Audit Central Bank Of India

Plesea click on below noted link to fill up online application for concurrent audit of Central Bank Of India

http://119.82.71.21/con2012/

Mumbai bench ITAT WNS North America Inc Extended deemed royalty by Finance Act 2012 cannot impact DTAA as treaty definition exhaustive; Reimbursement theory explained from PAYER and PAYEE angle in Intl taxation; Transfer pricing Freight companies

MUMBAI BENCHES “L”, MUMBAI ITA No.8621/Mum/2010 M/s.WNS North America Inc Date of Pronouncement : 14.12.2012 The contention of the ld. DR is two-fold. First, that any retrospective
amendment to the provisions of the Act is relevant for determining the taxability or deductibility of an amount even under the provision of the DTAA and second, the amount in question, when examined in the light of Explanation 5 to sec. 9(1)(vi) inserted retrospectively clearly, brings it in the scope of `royalty 3.5. We espouse the first segment of the contention of the ld. DR that the retrospective amendment to the provisions of the Act per se should be considered for determining the taxability of the amount even under the DTAA. Coming back to our context, if the retrospective amendment is in the realm of a provision of which no contrary
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