The most comprehensive news portal for Chartered Accountants and Other Professionals around the world.
Tuesday, April 30, 2013
Long-term capital gain — Sale of shares — Valuation of market price of share — Schedule III of Wealth tax Act applied
ACIT v Roda Rusi Karanjia,
Long-term capital gain — Sale of shares — Valuation of market price of share — Schedule III of Wealth tax Act applied — Permissibility — Assessee, individual, sold shares and amount received was offered to tax under long-term capital gain — Cost of acquisition was shown as nil — AO noticed that company from
Long-term capital gain — Sale of shares — Valuation of market price of share — Schedule III of Wealth tax Act applied — Permissibility — Assessee, individual, sold shares and amount received was offered to tax under long-term capital gain — Cost of acquisition was shown as nil — AO noticed that company from
Monday, April 29, 2013
Proposals from chartered accountant firms to undertake internal audit assignment for two financial years 2013-14 & 2014-15
Ennore Port Limited 
Last Date : 30/04/2013
Proposals from chartered accountant firms to undertake internal audit assignment for two financial years 2013-14 & 2014-15
Address: Shri.M.Gunasekaran, General Manager (Fin), Ennore Port Limited 23, Rajaji Salai, Chennai – 600 001
Phone: 044-25251666
Email:
Last Date : 30/04/2013
Proposals from chartered accountant firms to undertake internal audit assignment for two financial years 2013-14 & 2014-15
Address: Shri.M.Gunasekaran, General Manager (Fin), Ennore Port Limited 23, Rajaji Salai, Chennai – 600 001
Phone: 044-25251666
Email:
Vacacny for CA in Jaipur
There
a vacancy in reputed Real Estate Company in Jaipur for Chartered
Accountant having 2 to 5 years of experience for treasury and taxation
work.
Please send your CV at
Unilever to pick 22.5% in HUL in $5.4 bn offer
Anglo-Dutch company Unilever Plc, along with Unilever NVwill acquire about 487 million shares, or 22.52 percent, of Hindustan Unileverin a deal valued at about USD 5.4 billion.
The parent company will buy Hindustan Unilever shares for Rs 600 rupees (about $11) each, 20.6 percent premium to the Monday's closing price, the manager to the offer HSBC Securities and Capital Markets
The parent company will buy Hindustan Unilever shares for Rs 600 rupees (about $11) each, 20.6 percent premium to the Monday's closing price, the manager to the offer HSBC Securities and Capital Markets
Companies Bill,2012 in Rajya Sabha
This is to inform that the Companies Bill,2012 will be placed in
Rajya Sabha this week for getting the approval of members.
Aarchana Yadav
Aarchana Yadav
Sunday, April 28, 2013
CPE @ NASHIK, THANE,VILE PARLE & SILVASA
LECTURE BY Bhupendra Shah "ASST OF HAWALA TRASACTIONS UNDER I TAX"
03/05/2013 ICAI Bhawan" Ashoka Marg,
Kalpataru Nagar, Nr. Ashok Universal School,
Wadala Shivar, Nashik - 422 006 5:30- 8:30 p.m.
04/05/2013 TMA Hall, Thane 5-8 p.m.
9/6/2013 Vile Parle West 9 a.m. -12 noon
22/6/13 The retreat Resort, Silvassa.3 TO 6 PM
03/05/2013 ICAI Bhawan" Ashoka Marg,
Kalpataru Nagar, Nr. Ashok Universal School,
Wadala Shivar, Nashik - 422 006 5:30- 8:30 p.m.
04/05/2013 TMA Hall, Thane 5-8 p.m.
9/6/2013 Vile Parle West 9 a.m. -12 noon
22/6/13 The retreat Resort, Silvassa.3 TO 6 PM
ST : Every shortcoming noticed during Audit cannot be held as due to mala fide i
ST : Every shortcoming noticed during Audit cannot be held as due to mala fide intention on part of assessee so as to invoke extended period of limitation and levy penalty
[2013] 32 taxmann.com 268 (Kolkata - CESTAT)
CESTAT, KOLKATA BENCH
Landis + Gyr Ltd.
v.
Commissioner of Central Excise*
[2013] 32 taxmann.com 268 (Kolkata - CESTAT)
CESTAT, KOLKATA BENCH
Landis + Gyr Ltd.
v.
Commissioner of Central Excise*
ST : Where there is prima facie finding of suppression of provision of services
ST : Where there is prima facie finding of suppression of provision of services and receipts therefrom, balance sheets cannot be said to reflect true and correct financial position; hence, requirement of pre-deposit cannot be waived based on balance sheets
[2013] 32 taxmann.com 267 (Allahabad)
HIGH COURT OF ALLAHABAD
Musk Tobacoo (India) (P.) Ltd.
[2013] 32 taxmann.com 267 (Allahabad)
HIGH COURT OF ALLAHABAD
Musk Tobacoo (India) (P.) Ltd.
Friday, April 26, 2013
Vacancy for CA/ ICWA in Pfizer Inc
Role Description
Reporting to : Senior Manager FP&A
Qualifications : CA / ICWA with approx 5 years experience of working in the MIS and budget department, in a manufacturing set up.
Job Description :
Reporting to : Senior Manager FP&A
Qualifications : CA / ICWA with approx 5 years experience of working in the MIS and budget department, in a manufacturing set up.
Job Description :
Income tax - Whether Education Cess paid by assessee can be treated as revenue expenditure
THE questions before the Bench are - Whether for invoking the provisions
of section 14A read with rule 8D a proximate connection between the
expenditure incurred and income earned is sine-qua-non; Whether burden
of proving the proximate nexus between the exempt income and expenditure
incurred is on Revenue;
Business expenditure — Consolidation charges — Allowability — Tax deduction at source — Applicability of s 194H
Zebian Real Estate Pvt Ltd v ITO,
Business expenditure — Consolidation charges — Allowability — Tax deduction at source — Applicability of s 194H — Assessee was engaged in business of real estate and other allied activities — Assessee filed belated return claiming loss — Assessment completed, disallowing carry-forward of loss and adding payment of consolidation charges made by assessee without deducting TDS — CIT(A) confirmed addition
Business expenditure — Consolidation charges — Allowability — Tax deduction at source — Applicability of s 194H — Assessee was engaged in business of real estate and other allied activities — Assessee filed belated return claiming loss — Assessment completed, disallowing carry-forward of loss and adding payment of consolidation charges made by assessee without deducting TDS — CIT(A) confirmed addition
Dy Commissioner of Income-tax v Himson Twisting & Texturising Ind Pvt Ltd
Dy Commissioner of Income-tax v Himson Twisting & Texturising Ind Pvt Ltd,
Books of accounts — Rejection of — Fall in gross profit — Reasons submitted — Sustainability — Assessee had shown 6.41% GP rate as against GP of 13.02% shown in immediate preceding year — Explanation submitted by assessee was rejected by AO along with books of accounts — AO adopted GP rate of 9% and made addition — CIT(A) deleted addition stating that AO was not justified in rejecting
Books of accounts — Rejection of — Fall in gross profit — Reasons submitted — Sustainability — Assessee had shown 6.41% GP rate as against GP of 13.02% shown in immediate preceding year — Explanation submitted by assessee was rejected by AO along with books of accounts — AO adopted GP rate of 9% and made addition — CIT(A) deleted addition stating that AO was not justified in rejecting
INDEPENDENT DIRECTORS IN COMPANIES BILL 2012
Definition (Sub – section 6 of Section 149):
The bill defines Independent director as under:
An independent director in relation to a
company, means a director other than a managing director or a whole-time
director or a nominee director,—
a) who, in the opinion of the Board, is a person of integrity and possesses relevant expertise and experience;
Thursday, April 25, 2013
Walk-in Interview on 28st April, 2013@ TCS Mumbai for CA/ICWA
Just as an organization needs the right talent to drive its business
objective, people need the right environment to grow and achieve their
career goals. The moment you step into TCS, you would be greeted with
that unmistakable feeling of being at the place. Along with that,
working with TCS affords you with a sense of certainty of a successful
career that would be driven by boundless growth opportunities and
exposure to
Expression of interest for hiring of consultant for company law matter & management consultancy – suitably reputed chartered accountant professional for the period of three year.
Municipal Corporation Of Raipur
Last Date : 26/04/2013
Expression of interest for hiring of consultant for company law matter & management consultancy – suitably reputed chartered accountant professional for the period of three year.
Address: Municipal Corporation Of Raipur, Head Office Near Gandhi Maidan Raipur (C.G)
Phone: 0771- 2535780
Email: dc_rmc@rediffmail.com
Last Date : 26/04/2013
Expression of interest for hiring of consultant for company law matter & management consultancy – suitably reputed chartered accountant professional for the period of three year.
Address: Municipal Corporation Of Raipur, Head Office Near Gandhi Maidan Raipur (C.G)
Phone: 0771- 2535780
Email: dc_rmc@rediffmail.com
Advances written off not allowable unless the same were for the purpose of business
Advances written off not allowable unless the same were for the purpose of business
The AO has noted that during the course of assessment proceedings, the assessee-company had vide a letter dated 4/3/2002 voluntarily offered for taxation by disallowing a sum of Rs. 15,54,260/-. In view of the said voluntary offer, the impugned amount was added back to the income of the assessee. When the matter was carried before the first appellate authority, it was held that the impugned amount was offered for taxation and
The AO has noted that during the course of assessment proceedings, the assessee-company had vide a letter dated 4/3/2002 voluntarily offered for taxation by disallowing a sum of Rs. 15,54,260/-. In view of the said voluntary offer, the impugned amount was added back to the income of the assessee. When the matter was carried before the first appellate authority, it was held that the impugned amount was offered for taxation and
Appointment of Chartered Accountant for certification of Accounts
Housing And Urban Development Corporation Limited
Last Date : 25/04/2013
Appointment of Chartered Accountant for certification of Accounts
Address: Housing & Urban Development Corporation Limited, (HUDCO), B-1 , NE-Block, 2nd Floor, PICUP Building, Lucknow -226010
Phone:
Email:
Last Date : 25/04/2013
Appointment of Chartered Accountant for certification of Accounts
Address: Housing & Urban Development Corporation Limited, (HUDCO), B-1 , NE-Block, 2nd Floor, PICUP Building, Lucknow -226010
Phone:
Email:
IT: In absence of existence of landlord-tenant relationship, liability for deduction of TDS under section 194-I could not be crystallized upon assessee
IT: In absence of existence of landlord-tenant relationship, liability
for deduction of TDS under section 194-I could not be crystallized upon
assessee
[2013] 32 taxmann.com 223 (Delhi - Trib.)
[2013] 32 taxmann.com 223 (Delhi - Trib.)
Wednesday, April 24, 2013
Appointment of Internal Auditors for Hindustan Aeronautics Limited
Hindustan Aeronautics Limited
Last Date : 25/04/2013
Appointment of Internal Auditors
Address: Hindustan Aeronautics Limited ARDC Division MARATHA HALLI POST Bangalore – 560037 Karnataka
Phone: 0091-80-22315199
Email: cm.imm.ardc@hal-india.com
Last Date : 25/04/2013
Appointment of Internal Auditors
Address: Hindustan Aeronautics Limited ARDC Division MARATHA HALLI POST Bangalore – 560037 Karnataka
Phone: 0091-80-22315199
Email: cm.imm.ardc@hal-india.com
IT : Assembling of air conditioner, DVD, microwave would fall within ambit of expression 'manufacture' and, therefore, assessee undertaking engaged in aforesaid activities was entitled to deductions under sections 80-IB and 80-IC
IT : Assembling of air conditioner, DVD, microwave would fall within
ambit of expression 'manufacture' and, therefore, assessee undertaking
engaged in aforesaid activities was entitled to deductions under
sections 80-IB and 80-IC
[2013] 32 taxmann.com 218 (Delhi - Trib.)
IN THE ITAT DELHI BENCH 'B'
[2013] 32 taxmann.com 218 (Delhi - Trib.)
IN THE ITAT DELHI BENCH 'B'
Vacancy for CA in BMR Advisors
| Job Title: | Senior Executive-Legal |
| Description: | Senior Executive Legal - Finance
Location - Mumbai Main Priorities •Work on all statutory compliances like labour laws, company law, LLP law, service tax, |
Know The ABCD Secrets - To Be Successful In Life!
Know The ABCD Secrets - To Be Successful In Life!
Accomplish more. Get things done. Stop starting and instead start finishing !
Believe more. Know in your soul that you are strong enough to conquer the world.
Communicate more. Stop assuming anyone understands you. Share what
Appointment/ Empanelment of Cost Audit Firms for Cost Audit in BCCL
Notice Inviting Expression of Interest For Appointment/ Empanelment of Cost Audit Firms for Cost Audit in BCCL, last date being 10th May 2013.....New
2013-04-22
Vacancy for CA/CS in Franklin Templeton International Services India Pvt. Ltd
Manager GIAC-702734
Description
Franklin
Templeton International Services India Pvt. Ltd (FTISPL) is the Indian
Services wing of Franklin Templeton Inc, one of the Top Global
Investment Management Company committed to offering High Quality
Products and providing outstanding services to our customers who are
individuals, institutions, pensioners,
IT : Section 54 and section 54F are independent provisions and assessee can claim exemption under both sections for investment in same house
IT : Section 54 and section 54F are independent provisions and assessee
can claim exemption under both sections for investment in same house
Vacancy for CA Inter in JP Morgan Chase,
Job Description
Team Specialist -Corporate Accounts Payable, Corporate Finance, Global Finance, Mumbai-130026192
Job Description
JPMorgan
Chase is a leading global financial services firm with assets of $1.1
trillion and operations in more than 50 countries. The firm is a leader
in investment banking, financial services for consumers and businesses,
ST : Since opinion rendered by High Court on reference under section 35H of Central Excise Act, 1944 is binding, Tribunal order giving effect to such opinion cannot amount to review of its earlier order
ST : Since opinion rendered by High Court on reference under section 35H
of Central Excise Act, 1944 is binding, Tribunal order giving effect to
such opinion cannot amount to review of its earlier order
Tuesday, April 23, 2013
Invited from CA professional firms to conduct internal revenue audit in subdivisions of AVVNL
Ajmer Vidyut Vitran Nigam Limited
Last Date : 24/04/2013
Invited from CA professional firms, forum / registered society / groups formed by the retired personnel of power companies / erstwhile RSEB as well as retired officials / officers of accountant general to conduct internal revenue audit in subdivisions of avvnl.
Address: City Power House,Hathi Bhata Jaipur Road,Ajmer
Phone: 0145-262245
Email: cao_ia@yahoo.in
Last Date : 24/04/2013
Invited from CA professional firms, forum / registered society / groups formed by the retired personnel of power companies / erstwhile RSEB as well as retired officials / officers of accountant general to conduct internal revenue audit in subdivisions of avvnl.
Address: City Power House,Hathi Bhata Jaipur Road,Ajmer
Phone: 0145-262245
Email: cao_ia@yahoo.in
Government of India Recruitment for Dy Director, Finance and Accounts in ICSI
Candidate profile
A degree in Commerce & Final pass of the CA/CWA examinations OR post graduation degree in Commerce with 50% marks. Candidates possessing LLB or additional qualification(s) will be given
ST : Exemption notifications cannot be considered to be retrospective unless legislature specifically provides so
ST : Exemption notifications cannot be considered to be retrospective unless legislature specifically provides so
ST : Transportation of export cargo is substantially performed outside India and amounts to export of service during period from 15-3-2005 to 16-6-2005
ST : Transportation of export cargo, consideration wherefor is received in Indian rupees, doesn't amount to
ST : Transportation of export cargo is substantially performed outside India and amounts to export of service during period from 15-3-2005 to 16-6-2005
ST : Transportation of export cargo, consideration wherefor is received in Indian rupees, doesn't amount to
ST : Condonation can be allowed only if there is sufficient cause for delay
ST : Condonation can be allowed only if there is sufficient cause for
delay and party had exercised due care and attention to avoid delay;
explanation that delay was caused due to administrative mechanism of
London sewer fat - the next renewable fuel
London sewer fat - the next renewable fuel (2:27)
April 23 - Turning a menace - into a renewable energy source. Oil and fat which currently costs Thames Water in London millions to clear every year is being collected and used to power a new electricity plant. As
Required CA/Advocate for Mumbai ITAT Case
Income tax case to be represented by an expert lawyer/CA at ITAT Mumbai.
CA PARAMJEET SINGH
MEERUT
CA PARAMJEET SINGH
MEERUT
Date for filing the ST-3 return, for the period from Oct'12 to March'13 has been extended from 25th Apr, 2013 to 31st August, 2013
Date
for filing the ST-3 return, for the period from Oct'12 to March'13 has
been extended from 25th Apr, 2013 to 31st August, 2013
“The Form ST-3, for the period from 1st October 2012 to 31st March 2013, is expected to be available on ACES around 31st of July, 2013”
-----------------------------------------------------------------------------------------------
F.No.137/99/2011-Service Tax
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
***
New Delhi, dated the 23rd April, 2013
Order No: 03/2013-Service Tax
In
exercise of the powers conferred by sub-rule(4) of rule 7 of the
Service Tax Rules, 1994, the Central Board of Excise & Customs
hereby extends the date of submission of the Form ST-3, for the period from 1st
CBDT notifies new guidelines for issuance of TDS Certificates in Form No 16
CIRCULAR NO
4/2013, Dated: April 17, 2013
Sub:
Issuance of certificate for tax deducted at source in Form No. 16 in
accordance with the provisions of section 203 of the Income-tax Act,
1961 read with the Rule 31 of the Income-tax Rules 1962 -- regarding1. Section 203 of the Income-tax Act 1961 (“the Act”) read with the Rule 31 of the Income-tax Rules 1962 (“the Rules”) stipulates furnishing of certificate of |
Monday, April 22, 2013
Empanelment of Audit Firm/Company (registered or empanelled with C & AG) for undertaking Internal Audit of Indian Institute of Management
Indian Institute Of Management
Last Date : 23/04/2013
Empanelment of Audit Firm/Company (registered or empanelled with C & AG) for undertaking Internal Audit of Indian Institute of Management on yearly basis.
Address: IIM Kozhikode Campus P.O, Kozhikode, Kerala-673 570
Phone:
Email:
Last Date : 23/04/2013
Empanelment of Audit Firm/Company (registered or empanelled with C & AG) for undertaking Internal Audit of Indian Institute of Management on yearly basis.
Address: IIM Kozhikode Campus P.O, Kozhikode, Kerala-673 570
Phone:
Email:
Transfer Pricing: Even business advances have to be benchmarked on Libor ALP
Aurionpro Solutions Ltd vs. ACIT (ITAT Mumbai)
Transfer Pricing: Even business advances have to be benchmarked on Libor ALP
The assessee, an Indian company, gave loans of Rs. 15.65 crores to its AEs in USA, Singapore and Bahrain. It claimed that the said loans were "working capital advances" given for commercial consideration to secure business and that no interest was recoverable on it. The TPO applied the CUP method and
Transfer Pricing: Even business advances have to be benchmarked on Libor ALP
The assessee, an Indian company, gave loans of Rs. 15.65 crores to its AEs in USA, Singapore and Bahrain. It claimed that the said loans were "working capital advances" given for commercial consideration to secure business and that no interest was recoverable on it. The TPO applied the CUP method and
Sunday, April 21, 2013
Requirement of Company Secretary for DMRC
Requirement of Company Secretary for DMRC
The Delhi Metro Rail Corporation Limited (DMRC), a Joint Venture Company with equity participation from Govt of India and Govt of National Capital Territory of Delhi, has been entrusted with the responsibility of implementation of the rail based Mass Rapid transit System for Delhi.
Applications are invited from dynamic, experienced and highly motivated professionals having experience of working in Govt/PSU organizations preferably having experience in major construction projects for one post of Company Secretary at Dy. General Manager level. The appointment shall be on direct recruitment basis as per details mentioned below.
Post: Company Secretary
Education: PSU Executives with qualifications of ACS / FCS and having secretarial and managerial
The Delhi Metro Rail Corporation Limited (DMRC), a Joint Venture Company with equity participation from Govt of India and Govt of National Capital Territory of Delhi, has been entrusted with the responsibility of implementation of the rail based Mass Rapid transit System for Delhi.
Applications are invited from dynamic, experienced and highly motivated professionals having experience of working in Govt/PSU organizations preferably having experience in major construction projects for one post of Company Secretary at Dy. General Manager level. The appointment shall be on direct recruitment basis as per details mentioned below.
Post: Company Secretary
Education: PSU Executives with qualifications of ACS / FCS and having secretarial and managerial
MINDSETS OF VALUE GROWTH INVESTORS
Mindset #1 – Understand the Power of Compound Interest
Mindset #2 –Start Young!
Mindset #3 – Be a Long-Term Investor!
Mindset #4 – Never Leverage to Invest In the Long Run!
Mindset #5 – Exercise Independent Thinking
Mindset #6 – Being Emotionally Stable
Mindset #7—Think Contrarian When Investing
Mindset #8—Understand Mr. Market (Efficient Market Theory Versus Mr. Market)
Friday, April 19, 2013
Dearness Allowance hiked to 80%; to benefit 80L employees, pensioners
New Delhi: Union Cabinet on Thursday approved the proposal to increase
dearness allowance (DA) to 80 percent, from existing 72 percent,
benefiting about 50 lakh employees and 30 lakh pensioners of the central
government.
The hike would be effective from January 1, 2013 and the employees and pensioners will be entitled to
The hike would be effective from January 1, 2013 and the employees and pensioners will be entitled to
HIRING/ERECTION Pandal /Shamiana are taxable service
SECTION 66E(f) OF THE FINANCE ACT, 1994 - DECLARED SERVICES -
HIRING OF GOODS SERVICES - HIRING/ERECTION OF PANDAL OR SHAMIANA FOR EVENTS
DOESN'T AMOUNT TO TRANSFER OF RIGHT TO USE GOODS AND IS LIABLE TO SERVICE TAX
CIRCULAR
NO.168/3/2013-ST [F.NO.356/2/2013-TRU], DATED 15-4-2013
Several
representations have been received seeking clarification on the levy of service
tax on the activity of preparation of place for organizing event or function by
way of erection/laying of pandal and shamiana.
The doubt that has been raised is that this may be a transaction involving
"transfer of right to use goods" and
Urgently Required : Senior Manager Finance / Manager Finance
Urgently Required : Senior Manager Finance / Manager Finance
Company Profile:
A Manufacturing Company located in Bangalore.
The Company offers wide range of LED lighting solutions in different
segments of lighting.
Job Description :
Thursday, April 18, 2013
Applications from competent CA firms to carry out annual/concurrent audit
Air Force
Last Date : 19/04/2013
Applications from competent CA firms to carry out annual/concurrent audit of 08 non-public funds maintained at station
Address: Air Force Jamnagar - Gujarat
Phone:
Email:
Last Date : 19/04/2013
Applications from competent CA firms to carry out annual/concurrent audit of 08 non-public funds maintained at station
Address: Air Force Jamnagar - Gujarat
Phone:
Email:
Vacancy for CA in IIMK
Indian Institute of Management Kozhikode
Accountant
Indian Institute of Management Kozhikode
Address: Indian Institute of Management Kozhikode IIMK Campus P. O.
Seminar on "LOCAL BODY TAX" : 27/04/2013 : CPE 3 HRS
| ||||||||
| Dear Members, THANE MID-TOWN CPE STUDY CIRCLE has organized Study Circle Meeting on 27th April,2013 at TMA, Hall, Near Dwarka Hotel, Wagle Estate, Thane West . The details of programme are mentioned herein below. Members can take advantage of this opportunity by enrolling themselves in large numbers.
Warm regards,
CA.Vijay Jain( Convenor) CA.Sunil Doshi(Dy Convenor) 9869010681 9833686591 | ||||||||
| ||||||||
TOPICS SPEAKERS | ||||||||
NOTE: MEMBERS ARE REQUESTED TO PAY RENEWEL FEES OF RS 750/-
|
KYC UPDATE and HDFC BANK STING OPERATION
After a report of sting operation where HDFC bank alongwith other banks involvement, the HDFC bank, it appears, has asked unnecessarily to all existing customers to submit fresh KYC compliances. The reasons
SEBI MUTUAL FUNDS (AMENDMENT) REGULATIONS, 2013
SEBI MUTUAL FUNDS (AMENDMENT) REGULATIONS, 2013 - AMENDMENT IN
REGULATIONS 2, 49L, 49-O, 49P & SECOND SCHEDULE AND INSERTION OF
REGULATIONS 49NA & 49-OA
NOTIFICATION NO. LAD-NRO/GN/2013-14/03/5652,
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
NOTIFICATION NO. LAD-NRO/GN/2013-14/03/5652,
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
Local Body Tax in Maharashtra – Highlights
Octroi v/s LBT: At
present octroi is the main source of revenue of Municipal Corporations
in Maharashtra. This is the exclusive State where octroi is levied. In
fact it is not levy but it is forcibly collection at the check post. It
is the spot of
harassment for the traders. The presence of any provision of Law is
always absent at
CONSOLIDATED FDI POLICY CIRCULAR 1 OF 2013 – CORRIGENDUM
CONSOLIDATED FDI POLICY CIRCULAR 1 OF 2013 – CORRIGENDUM
CORRIGENDUM [NO. 5(1)/2013-FC.I], DATED 16-4-2013
This is in continuation to this Department's communication No. 5(1)/2013-FC-I, dated 5-4-2013, wherein
CORRIGENDUM [NO. 5(1)/2013-FC.I], DATED 16-4-2013
This is in continuation to this Department's communication No. 5(1)/2013-FC-I, dated 5-4-2013, wherein
"ASST OF HAWALA TRASACTIONS UNDER I TAX" ***CPE 3****
LECTURE BY bhupendra Shah "ASST OF HAWALA TRASACTIONS UNDER I TAX"@
Mayfair Bnanquet ,14, Chandavarkar Road, Borivali[W]
20-4-13 * 3 to 7 pm
CPE ===3
NO FEES
Mayfair Bnanquet ,14, Chandavarkar Road, Borivali[W]
20-4-13 * 3 to 7 pm
CPE ===3
NO FEES
Wednesday, April 17, 2013
Secret Of Negotiations With Your Boss! Avoid Face-To-Face Meeting!
Throughout your career you'll need to negotiate important matters, such as your salary and work benefits.
New research is saying you'll have a better chance of getting what you want if you negotiate through a virtual medium.
Michael
Taylor, a Ph. D student at Imperial College London, led a study
Appointment of audit firms for concurrent audit of treasury operations of State Bank Of India Mumbai
State Bank Of India
Last Date : 20/04/2013
Appointment of audit firms for concurrent audit of treasury operations
Address: State Bank Of India Mumbai - Maharashtra
Phone:
Email:
Last Date : 20/04/2013
Appointment of audit firms for concurrent audit of treasury operations
Address: State Bank Of India Mumbai - Maharashtra
Phone:
Email:
: Showing transport subsidy received during year as increase in transport sub
IT : Showing transport subsidy received during year as increase in transport subsidy reserve in audited accounts is deemed as full and true disclosure for the purposes of proviso to section 147 and Explanation 1 to section 147
FACTS
• Transport subsidy received by assessee was duly disclosed by him in audited accounts for financial year 1996-97 as credit/increase to transport subsidy reserve in Balance sheet.
• Balance in said reserve as on 31-3-1996 was Rs.35,00,030 and as at 31-3-1997 was Rs. 59,70,889.
• Same was not credited to Profit & Loss account nor offered by assessee for tax in his income-tax returns for Assessment Year 1997-98.
• The difference of Rs.24,70,559 was added by Assessing Officer to assessee's income in reassessment order dated 10.03.2005
HELD
• When assessee had disclosed very clearly and thoroughly that his transport subsidy reserve as on 31-3-1996 was Rs.35,00,030 and as at 31-3-1997 was Rs. 59,70,889, Department cannot say that he did not fully and truly disclose all material facts which were necessary for making valid assessment of income
• Explanation 1 to section 147 clarifies that mere fact that Assessing Officer could have with due diligence discovered the escapement of income from materials produced before him shall not "necessarily" amount to disclosure for section 147 purposes
• The word 'necessarily' in Explanation 1 implies that that it would depend on facts of a given case if Explanation 1 can be said to have been attracted
• Conversely, Explanation 1 will not condone lapse on part of Assessing Officer who due to sheer recklessness or negligence omits to take note of taxable income which was "fully and truly' disclosed by the assessee
• Mere fact that excessive relief was granted to assessee would not allow reopening of assessment after 4 year time limit unless such excessive relief can be attributed to assessee's failure to fully and truly disclose material facts necessary for assessment
• Neither Explanation1 nor Explanation 2 override conditions precedent embodied in proviso to section 147.
• Revenue's appeal was dismissed.
[2013] 32 taxmann.com 32 (Gauhati)
HIGH COURT OF GAUHATI
Commissioner of Income-tax, Guwahati - 1
v.
Sonitpur Solves Ltd.
FACTS
• Transport subsidy received by assessee was duly disclosed by him in audited accounts for financial year 1996-97 as credit/increase to transport subsidy reserve in Balance sheet.
• Balance in said reserve as on 31-3-1996 was Rs.35,00,030 and as at 31-3-1997 was Rs. 59,70,889.
• Same was not credited to Profit & Loss account nor offered by assessee for tax in his income-tax returns for Assessment Year 1997-98.
• The difference of Rs.24,70,559 was added by Assessing Officer to assessee's income in reassessment order dated 10.03.2005
HELD
• When assessee had disclosed very clearly and thoroughly that his transport subsidy reserve as on 31-3-1996 was Rs.35,00,030 and as at 31-3-1997 was Rs. 59,70,889, Department cannot say that he did not fully and truly disclose all material facts which were necessary for making valid assessment of income
• Explanation 1 to section 147 clarifies that mere fact that Assessing Officer could have with due diligence discovered the escapement of income from materials produced before him shall not "necessarily" amount to disclosure for section 147 purposes
• The word 'necessarily' in Explanation 1 implies that that it would depend on facts of a given case if Explanation 1 can be said to have been attracted
• Conversely, Explanation 1 will not condone lapse on part of Assessing Officer who due to sheer recklessness or negligence omits to take note of taxable income which was "fully and truly' disclosed by the assessee
• Mere fact that excessive relief was granted to assessee would not allow reopening of assessment after 4 year time limit unless such excessive relief can be attributed to assessee's failure to fully and truly disclose material facts necessary for assessment
• Neither Explanation1 nor Explanation 2 override conditions precedent embodied in proviso to section 147.
• Revenue's appeal was dismissed.
[2013] 32 taxmann.com 32 (Gauhati)
HIGH COURT OF GAUHATI
Commissioner of Income-tax, Guwahati - 1
v.
Sonitpur Solves Ltd.
Monday, April 15, 2013
Sunday, April 14, 2013
Vacancy for CA in Tasgaonkar Industries Private Limited
| Company: | Tasgaonkar Industries Private Limited |
| Industry: | Engineering/Projects/Infrastructure/Power/Energy |
| Job Function: | Finance & Accounting |
 |
|
Company Details: Tasgaonkar Industries Private Limited. |
|
Job Description: |
New offline utility of UPVAT Returns
*Direct link to New offline utility of UPVAT Returns uploaded on the site *
*
*
OFFLINE TOOLS Form24
Ver10.0<http://comtaxup.nic.in/formats/returnform24_New.zip>
- updated on 11/04/2013Form24-C
Ver2.0<http://comtaxup.nic.in/formats/returnform24c.zip>
- updated on 11/04/2013FormC Ver
6.0<http://comtaxup.nic.in/formats/returnformc_New.zip>
- updated on 11/04/2013Form-CST
Ver8.0<http://comtaxup.nic.in/formats/returnformcst_New.zip>
- updated on 11/04/2013Form-25 Ver
2.0<http://comtaxup.nic.in/formats/ReturnForm25.zip>
- updated on 11/04/2013
*
*
OFFLINE TOOLS Form24
Ver10.0<http://comtaxup.nic.in/formats/returnform24_New.zip>
- updated on 11/04/2013Form24-C
Ver2.0<http://comtaxup.nic.in/formats/returnform24c.zip>
- updated on 11/04/2013FormC Ver
6.0<http://comtaxup.nic.in/formats/returnformc_New.zip>
- updated on 11/04/2013Form-CST
Ver8.0<http://comtaxup.nic.in/formats/returnformcst_New.zip>
- updated on 11/04/2013Form-25 Ver
2.0<http://comtaxup.nic.in/formats/ReturnForm25.zip>
- updated on 11/04/2013
Important judgment of Hon'ble Allahabad High court
The Hon'ble Allahabad High court in the case of *
INCOME TAX APPEAL NO.174 OF 2000
*
Commissioner of Income Tax vs. Dr. A.K. Bansal (Individual)
Connected with
*
CIVIL MISC. WRIT PETITION (TAX) NO. 223 OF 2000
*
The Director of Income Tax (Investigation) and another
vs.
Income Tax Appellate Tribunal and another
*HELD*
1. Neither the Assessing Officer nor the Tribunal in appeal can summon and
examine the warrant of authorisation for the purpose of examiningwhether
there existed reasons to believe on the materials before the competent
authority to order search under Section 132 (1).
2.In hearing an appeal against the order of the assessment, the
Tribunal cannot go into the question of validity or otherwise of any
decisions for conducting search and seizure. This decision can be
challenged in an independent proceedings where the question of
validity of order may be gone into.
INCOME TAX APPEAL NO.174 OF 2000
*
Commissioner of Income Tax vs. Dr. A.K. Bansal (Individual)
Connected with
*
CIVIL MISC. WRIT PETITION (TAX) NO. 223 OF 2000
*
The Director of Income Tax (Investigation) and another
vs.
Income Tax Appellate Tribunal and another
*HELD*
1. Neither the Assessing Officer nor the Tribunal in appeal can summon and
examine the warrant of authorisation for the purpose of examiningwhether
there existed reasons to believe on the materials before the competent
authority to order search under Section 132 (1).
2.In hearing an appeal against the order of the assessment, the
Tribunal cannot go into the question of validity or otherwise of any
decisions for conducting search and seizure. This decision can be
challenged in an independent proceedings where the question of
validity of order may be gone into.
Saturday, April 13, 2013
VAT consultant required
We are looking for VAT consultant in Sonipat, for our clients factory in Kundli.
Please reply us at
Vacancy for CA/ ICWA in MOIL
Candidate Profile:
Age: Below 65 years as on 01.03.2013
Pay: Negotiable
Qualification: CA/ICWA/Engineering Graduate from any
Age: Below 65 years as on 01.03.2013
Pay: Negotiable
Qualification: CA/ICWA/Engineering Graduate from any
Appointment of chartered accountant firm as internal auditor
Madhya Pradesh Power Management Company Limited
Last Date : 15/04/2013
Appointment of chartered accountant firm as internal auditor
Address: Madhya Pradesh Power Management Company Limited,Cof Block,Shakti Bhawan,Jabalpur-482008
Phone:
Email:
Last Date : 15/04/2013
Appointment of chartered accountant firm as internal auditor
Address: Madhya Pradesh Power Management Company Limited,Cof Block,Shakti Bhawan,Jabalpur-482008
Phone:
Email:
Chartered Accountants Firm for Internal Audit of Mineral Exploration Corporation Limited
Mineral Exploration Corporation Limited
Last Date : 15/04/2013
Chartered Accountants Firm for Internal Audit of Central Headquarter, Nagpur, Central Manufacturing Centre
Address: Dr. Babaseheb Ambedkar Bhavan, High Land Drive Road, Seminary Hills, Nagpur-440 006
Phone:
Email:
Last Date : 15/04/2013
Chartered Accountants Firm for Internal Audit of Central Headquarter, Nagpur, Central Manufacturing Centre
Address: Dr. Babaseheb Ambedkar Bhavan, High Land Drive Road, Seminary Hills, Nagpur-440 006
Phone:
Email:
Chartered Accountants for compilation of balance sheets of the corporation
Jammu And Kashmir State Agro Industries Development Corporation Limited
Last Date : 15/04/2013
Chartered Accountants for compilation of balance sheets of the corporation for the period 2000 onwards
Address: Jammu And Kashmir State Agro Industries Development Corporation Limited Jammu - Jammu-kashmir
Phone:
Email:
Last Date : 15/04/2013
Chartered Accountants for compilation of balance sheets of the corporation for the period 2000 onwards
Address: Jammu And Kashmir State Agro Industries Development Corporation Limited Jammu - Jammu-kashmir
Phone:
Email:
Registration granted to a charitable trust cannot be cancelled merely because trust along side pursuing advancement of object of general public utility, carries on commercial activities
IT
: Registration granted to a charitable trust cannot be cancelled merely
because trust along side pursuing advancement of object of general
public utility, carries on commercial activities
■■■
[2013] 32 taxmann.com 124 (Bangalore - Trib.)
IN THE ITAT BANGALORE BENCH 'C'
Kodava Samaja
v.
Director of Income-tax (Exemption), Bangalore*
N. BARATHVAJA SANKAR, VICE-PRESIDENT
AND N.V. Vasudevan, JUDICIAL MEMBER
AND N.V. Vasudevan, JUDICIAL MEMBER
IT Appeal NO. 200 (BANG.) of 2012
[ASSESSMENT YEAR 2009-10]
[ASSESSMENT YEAR 2009-10]
FEBRUARY
8,
2013
Section 12AA, read with sections 2(15) and 12A, of the Income-tax
Act, 1961 -
Opportunity for New CAs at Delhi
Opening for CA at Nuclear Partners in Delhi.
Qualification- CA
Experience- 1 year
Required Skills- We are a Delhi based boutique investment bank called “Nucleus Partners”. For more details about us please refer our website:www.nucleus-partners.com. We are looking for bright and energetic CA or MBA who has 6 Months to 3 years of post-qualification experience in Corporate Finance (M&A, PE/VC syndication, Research,
Auditors are Bike Mechanics, not Inside Traders
Keep
this comparison in mind as the public debate about accounting firms
delves deeper into whether lead audit partners should be publicly
identified and drifts away from issues that truly matter to the public
companies compelled to
ISF seeks rollback of securitisation tax proposal
Even
though the budget exempts securitized vehicles from the ambit of income
tax, they will be taxed if they distribute income to stakeholders. This
will scare away entities investing in
such instruments, which will otherwise broaden the scope of the
financial markets in India, particularly fixed income market, feels the
Indian Securitisation Foundation
Just when India is seeking to broaden the scope of the fixed income market in India that has remained stagnant for more than a decade, the 2013 Budget proposal to tax income distribution by securitisation,
Google launches “inactive account manager” for handing over account to heirs
Search engine giant Google has
launched “inactive account manager”, a product that would help it to
handover accounts to deputed heirs after death of an account holder.
The new service can be used to pass on data of an account holder from all Google services like Gmail, YouTube, Google Drive or Google+ to anyone who has been named as trusted family member or friend. Alternatively, the account holder can also delete his account after remaining non-active for specified
Friday, April 12, 2013
Service Tax Date Extended to 30.04.2013
F.No.137/99/2011-Service Tax
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
***
New Delhi, dated the 12th April, 2013
Order No.02/2013-Service Tax
In exercise of the powers conferred by sub-rule(4) of rule
7 of the Service Tax Rules, 1994, the Central Board of Excise &
Customs hereby extends the date of submission of the Form ST-3 for
the period from 1st July 2012 to 30th September 2012, from 15th April,
2013 to 30th April, 2013.
The circumstances of a special nature, which have given
rise to this extension of time, are as follows:
"Assessees have represented about difficulties in filing returns.
While this aspect is being attended to, there should not be any delay
and inconvenience to the assessees."
Himani Bhayana
Under Secretary (Service Tax)
Central Board of Excise and Customs
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
***
New Delhi, dated the 12th April, 2013
Order No.02/2013-Service Tax
In exercise of the powers conferred by sub-rule(4) of rule
7 of the Service Tax Rules, 1994, the Central Board of Excise &
Customs hereby extends the date of submission of the Form ST-3 for
the period from 1st July 2012 to 30th September 2012, from 15th April,
2013 to 30th April, 2013.
The circumstances of a special nature, which have given
rise to this extension of time, are as follows:
"Assessees have represented about difficulties in filing returns.
While this aspect is being attended to, there should not be any delay
and inconvenience to the assessees."
Himani Bhayana
Under Secretary (Service Tax)
Central Board of Excise and Customs
SERVICE TAX (SECOND AMENDMENT) RULES, 2013 - SUBSTITUTION OF FORM NOS. ST-5, ST-
SERVICE TAX (SECOND AMENDMENT) RULES, 2013 - SUBSTITUTION OF FORM NOS. ST-5, ST-6 AND ST-7
NOTIFICATION NO. 5/2013-ST [F. NO 390/MISC/46/2011-JC], DATED 10-4-2013
In exercise of the powers conferred by sub-section(1) read with sub-section (2) of section 94 of the Finance Act 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely:-
1. (1) These rules may be called the Service Tax (Second Amendment) Rules, 2013.
(2) They shall come into force on and from the 1st day of June, 2013.
2. For Form No. S.T.-5, S.T.-6 and S.T.-7 appended to the said rules, the following Forms shall respectively be substituted, namely:-
NOTIFICATION NO. 5/2013-ST [F. NO 390/MISC/46/2011-JC], DATED 10-4-2013
In exercise of the powers conferred by sub-section(1) read with sub-section (2) of section 94 of the Finance Act 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely:-
1. (1) These rules may be called the Service Tax (Second Amendment) Rules, 2013.
(2) They shall come into force on and from the 1st day of June, 2013.
2. For Form No. S.T.-5, S.T.-6 and S.T.-7 appended to the said rules, the following Forms shall respectively be substituted, namely:-
ST : Rule 6 of CENVAT Credit Rules, 2004 doesn't apply if no cenvated input is u
ST : Rule 6 of CENVAT Credit Rules, 2004 doesn't apply if no cenvated input is used in manufacture of exempted goods; therefore, no payment under said rule is required on clearance of exempted Bio-composit fertilizers, manufactured out of wastes viz. press mud and spent wash
ST : High Court cannot go into an issue, which was not contended before Tribunal
ST : Commissioner (Appeals)/ Department cannot take different stand for different assessees in respect of same issue
ST : Revenue cannot pick and choose between assessees of same nature to file appeal in respect of very same issue
[2013] 32 taxmann.com 112 (Madras)
HIGH COURT OF MADRAS
Commissioner of Central Excise, Pondicherry, Commissionerate
v.
EID Parry (I) Ltd
ST : High Court cannot go into an issue, which was not contended before Tribunal
ST : Commissioner (Appeals)/ Department cannot take different stand for different assessees in respect of same issue
ST : Revenue cannot pick and choose between assessees of same nature to file appeal in respect of very same issue
[2013] 32 taxmann.com 112 (Madras)
HIGH COURT OF MADRAS
Commissioner of Central Excise, Pondicherry, Commissionerate
v.
EID Parry (I) Ltd
ST : Requirement of Notification No. 12/2005-ST of filing declaration specifying
ST : Requirement of Notification No. 12/2005-ST of filing declaration specifying 'description, value and amount of tax on input services required' prior to date of export is impossible of being complied with in case of exporter of IT-enabled services; hence, rebate is allowable even if such declaration is filed after export
[2013] 32 taxmann.com 113 (Delhi)
HIGH COURT OF DELHI
Wipro Ltd.
v.
Union of India
[2013] 32 taxmann.com 113 (Delhi)
HIGH COURT OF DELHI
Wipro Ltd.
v.
Union of India
Advertisement charges paid to Google & Yahoo is not chargeable to tax in India
ITO vs. Right Florists Pvt Ltd (ITAT Kolkata)
Advertisement charges paid to Google & Yahoo is not chargeable to tax in India
The assessee, a florist, paid a sum of Rs. 30.44 lakhs to Google Ireland Ltd and Yahoo USA for online advertising. The AO held that the assessee ought to have deducted TDS and that as there was a failure, the expenditure was not allowable u/s 40(a)(i). This was deleted by the CIT(A) on the ground that Google and Yahoo did not have a PE in India. On appeal by the department to the Tribunal, HELD dismissing the appeal:
U/s 5(2)(b) income accruing or arising in India is chargeable to tax in India. A website does not constitute a `permanent establishment' unless the servers on which websites are hosted are also located in the same jurisdiction. As the servers of Google and Yahoo are not located in India, there is no PE in India. As regards the second limb of s. 5(2)(b) of "income deemed to accrue or arise in India", on heas to consider s. 9. S. 9(1)(i) does not apply as there is no "business connection" in India nor are the online advertising revenues generated in India serviced by any entity based in India. As regards s. 9(1)(vi), it is held in Yahoo and Pinstorm that the advertising revenues are not assessable as "royalty". As regards s. 9(1)(vii), the services are not "managerial" or "consultancy" in nature as both these words involve a human element. Applying the rule of noscitur a sociis, even the word "technical" in Explanation 2 to s. 9 (1) (vii) would have to be construed as involving a human element. If there is no human intervention in a technical service, it cannot be treated as a technical service u/s 9(1)(vii). On facts, the service rendered by Google & Yahoo is generation of certain text on the search engine result page. This is a wholly automated process. In the services rendered by the search engines, which provide these advertising opportunities, there is no human touch at all. The results are completely automated. Consequently, the whole process of actual advertising service provided by Google & Yahoo, even if it be a technical service, is not covered by the limited scope of s. 9(1)(vii). Consequently, the receipts in respect of online advertising on Google and Yahoo cannot be brought to tax in India under the provisions of the Act or the India US and India
Advertisement charges paid to Google & Yahoo is not chargeable to tax in India
The assessee, a florist, paid a sum of Rs. 30.44 lakhs to Google Ireland Ltd and Yahoo USA for online advertising. The AO held that the assessee ought to have deducted TDS and that as there was a failure, the expenditure was not allowable u/s 40(a)(i). This was deleted by the CIT(A) on the ground that Google and Yahoo did not have a PE in India. On appeal by the department to the Tribunal, HELD dismissing the appeal:
U/s 5(2)(b) income accruing or arising in India is chargeable to tax in India. A website does not constitute a `permanent establishment' unless the servers on which websites are hosted are also located in the same jurisdiction. As the servers of Google and Yahoo are not located in India, there is no PE in India. As regards the second limb of s. 5(2)(b) of "income deemed to accrue or arise in India", on heas to consider s. 9. S. 9(1)(i) does not apply as there is no "business connection" in India nor are the online advertising revenues generated in India serviced by any entity based in India. As regards s. 9(1)(vi), it is held in Yahoo and Pinstorm that the advertising revenues are not assessable as "royalty". As regards s. 9(1)(vii), the services are not "managerial" or "consultancy" in nature as both these words involve a human element. Applying the rule of noscitur a sociis, even the word "technical" in Explanation 2 to s. 9 (1) (vii) would have to be construed as involving a human element. If there is no human intervention in a technical service, it cannot be treated as a technical service u/s 9(1)(vii). On facts, the service rendered by Google & Yahoo is generation of certain text on the search engine result page. This is a wholly automated process. In the services rendered by the search engines, which provide these advertising opportunities, there is no human touch at all. The results are completely automated. Consequently, the whole process of actual advertising service provided by Google & Yahoo, even if it be a technical service, is not covered by the limited scope of s. 9(1)(vii). Consequently, the receipts in respect of online advertising on Google and Yahoo cannot be brought to tax in India under the provisions of the Act or the India US and India
PENALTIES UNDER SERVICE TAX TO BECOME STRINGENT
PENALTIES UNDER SERVICE TAX TO BECOME STRINGENT
Backdrop
Very soon, Service Tax, which is considered to be a relatively young baby in the tax universe, will make the assessees scared of penalties and prosecution. The Budget 2013-14 which is likely to be passed by both the houses of the Parliament in April, 2013 will soon become enactment and all provisions shall become operational, could be by May, 2013.
Service Tax law has always been considered as a simple and an assessee friendly law but now it may not be so. The government has thought it fit, after 19 years of Service Tax in the country, to have in place stricter penal and prosecution provisions. The ongoing advertisement campaign of Central Board of Excise and Customs is only a reflection of serious intention of the government. Some of the advertisements read like this - 'pay your Service Tax correctly and on time or be ready to face the consequences - recovery of duty alongwith interest and penalty going upto 100%, attachment of property, prosecution'; 'What would you like to be served – relaxation or legal consequences'; 'you can't get away – wrong actions, strong reactions' and so on.
Recovery by Coercive means
Even now, w.e.f. January 1, 2013, the CBEC is behind the Service Tax assessees, both willful and genuine defaulters (disputes arising out of interpretation or difference of opinion) and applying coercive methods to effect recovery of Service Tax. This is being done despite the fact that in many cases, demands are under appeal awaiting an appellate order or have already been stayed by the appellate authority or the Tribunals. In such cases, the assessees have filed writ petitions across the country and courts have generally stayed such coercive measures and even quashed the recovery Circular itself.
Personal Penalty on Officials
The new provisions in section 78A inserted by Finance Bill, 2013 provide for personal penalty on company officials. Thus, where a company is a defaulter, besides the company, its officers (director, secretary manager or officer) can be punished for defaults made by the company provided such defaults have been made knowingly in respect of Service Tax evasion, issuance of fake invoices, availment of wrong credit or failure to pay Service Tax beyond six months of due date. The personal penalty could go upto Rs. one lakh in each case.
In respect of personal penalty, the provisions will be applicable only on company officials or directors and not on proprietor or partners of firms or officials of others entities. The directors, officers, manager or secretary of a company shall be personally liable for a penalty if the defaults are committed knowingly in relation to evasion of Service Tax, issuance of wrong or improper invoices etc, availment and utilization of credit of taxes without actual receipt of taxable service and failure to pay to the credit of government any amount collected as Service Tax beyond six months of the due date. The penalty could be go upto a maximum of Rs. one lakh in each case. For example, if in a company, two officers are held to be responsible, a penalty upto Rs. two lakh could be imposed. Whether the company bears this cost is a different issue.
Cognizable Offences and Power to Arrest
As if this was not enough, another penal provision talks of making these offences cognizable and power to arrest has been granted. While other offences will be bailable (arrest warrant is a must), non-payment of Service Tax will be a cognizable offence and arrest can be made without a warrant. However, reasons for arrest would have to be informed and arrested person produced before the Magistrate within 24 hours. Such arrests could be made by officer of the rank of Superintendent or above, of course, duly authorized by the Commissioner. Bail could be granted by Assistant or Deputy Commissioner.
Impact of Power to Arrest
Punitive punishments measures
Possible harassment of small service providers (sole proprietors etc.)
May improve compliances
Regressive
Increase litigation
May penalize even genuine defaults.
Such arrest will be made under Code of Criminal Procedure and the arresting authority will have all powers of an Incharge of a Police Station. Arrests for various offences shall range between 6 months and 7 years.
Once the Finance Bill, 2013 is enacted, the offence of failure to pay Service Tax collected where it exceeds Rs. 50 lakhs shall be a cognizable offence and other offences shall be non cognizable and bailable. The power to arrest has been given to. Commissioner of Central Excise who can authorize any officer of Central Excise not below the rank of Superintendent to arrest a person. An arrested person can be released on bail by Assistant or Deputy Commissioner in case of non cognizable and bailable offences and shall have the same powers as that of officer in-charge of a police station under code of criminal procedure, 1973.
Conclusion
All said and done, such powers goes against the fiscal and tax policy of the government and may prove to be retrogatory in result. Assessees are cautioned to comply with the law in letter and spirit and in cases, where there is a doubt, it would be desirable to follow a conservative path. Being an indirect tax, the stakes are large and one would not want to be of pocket.
By: Dr. Sanjiv Agarwal
Backdrop
Very soon, Service Tax, which is considered to be a relatively young baby in the tax universe, will make the assessees scared of penalties and prosecution. The Budget 2013-14 which is likely to be passed by both the houses of the Parliament in April, 2013 will soon become enactment and all provisions shall become operational, could be by May, 2013.
Service Tax law has always been considered as a simple and an assessee friendly law but now it may not be so. The government has thought it fit, after 19 years of Service Tax in the country, to have in place stricter penal and prosecution provisions. The ongoing advertisement campaign of Central Board of Excise and Customs is only a reflection of serious intention of the government. Some of the advertisements read like this - 'pay your Service Tax correctly and on time or be ready to face the consequences - recovery of duty alongwith interest and penalty going upto 100%, attachment of property, prosecution'; 'What would you like to be served – relaxation or legal consequences'; 'you can't get away – wrong actions, strong reactions' and so on.
Recovery by Coercive means
Even now, w.e.f. January 1, 2013, the CBEC is behind the Service Tax assessees, both willful and genuine defaulters (disputes arising out of interpretation or difference of opinion) and applying coercive methods to effect recovery of Service Tax. This is being done despite the fact that in many cases, demands are under appeal awaiting an appellate order or have already been stayed by the appellate authority or the Tribunals. In such cases, the assessees have filed writ petitions across the country and courts have generally stayed such coercive measures and even quashed the recovery Circular itself.
Personal Penalty on Officials
The new provisions in section 78A inserted by Finance Bill, 2013 provide for personal penalty on company officials. Thus, where a company is a defaulter, besides the company, its officers (director, secretary manager or officer) can be punished for defaults made by the company provided such defaults have been made knowingly in respect of Service Tax evasion, issuance of fake invoices, availment of wrong credit or failure to pay Service Tax beyond six months of due date. The personal penalty could go upto Rs. one lakh in each case.
In respect of personal penalty, the provisions will be applicable only on company officials or directors and not on proprietor or partners of firms or officials of others entities. The directors, officers, manager or secretary of a company shall be personally liable for a penalty if the defaults are committed knowingly in relation to evasion of Service Tax, issuance of wrong or improper invoices etc, availment and utilization of credit of taxes without actual receipt of taxable service and failure to pay to the credit of government any amount collected as Service Tax beyond six months of the due date. The penalty could be go upto a maximum of Rs. one lakh in each case. For example, if in a company, two officers are held to be responsible, a penalty upto Rs. two lakh could be imposed. Whether the company bears this cost is a different issue.
Cognizable Offences and Power to Arrest
As if this was not enough, another penal provision talks of making these offences cognizable and power to arrest has been granted. While other offences will be bailable (arrest warrant is a must), non-payment of Service Tax will be a cognizable offence and arrest can be made without a warrant. However, reasons for arrest would have to be informed and arrested person produced before the Magistrate within 24 hours. Such arrests could be made by officer of the rank of Superintendent or above, of course, duly authorized by the Commissioner. Bail could be granted by Assistant or Deputy Commissioner.
Impact of Power to Arrest
Punitive punishments measures
Possible harassment of small service providers (sole proprietors etc.)
May improve compliances
Regressive
Increase litigation
May penalize even genuine defaults.
Such arrest will be made under Code of Criminal Procedure and the arresting authority will have all powers of an Incharge of a Police Station. Arrests for various offences shall range between 6 months and 7 years.
Once the Finance Bill, 2013 is enacted, the offence of failure to pay Service Tax collected where it exceeds Rs. 50 lakhs shall be a cognizable offence and other offences shall be non cognizable and bailable. The power to arrest has been given to. Commissioner of Central Excise who can authorize any officer of Central Excise not below the rank of Superintendent to arrest a person. An arrested person can be released on bail by Assistant or Deputy Commissioner in case of non cognizable and bailable offences and shall have the same powers as that of officer in-charge of a police station under code of criminal procedure, 1973.
Conclusion
All said and done, such powers goes against the fiscal and tax policy of the government and may prove to be retrogatory in result. Assessees are cautioned to comply with the law in letter and spirit and in cases, where there is a doubt, it would be desirable to follow a conservative path. Being an indirect tax, the stakes are large and one would not want to be of pocket.
By: Dr. Sanjiv Agarwal
ICAI Senior Member Age reduced to 60 Years
Age factor of senior members of ICAI reduced from 65 to 60 years for subsidized annual membership fees
Thursday, April 11, 2013
Guidance Note on Cost Accounting Standard on Cost of Utilities (CAS-8).
News
The Institute releases Guidance Note on Cost Accounting Standard on Cost of
Utilities (CAS-8).New
2013-04-11
Read More <http://casbicwai.org/CASB/casb-resources.asp>
The Institute releases Guidance Note on Cost Accounting Standard on Cost of
Utilities (CAS-8).New
2013-04-11
Read More <http://casbicwai.org/CASB/casb-resources.asp>
Service Tax Charts
Please click on this link and get ten useful service tax charts.
Attachment: 614k (application/pdf) SERVICE TAX RELATED CHARTS BY SIMPLETAXINDIA.NET.pdf
Attachment: 614k (application/pdf) SERVICE TAX RELATED CHARTS BY SIMPLETAXINDIA.NET.pdf
Relaxation in Additional Fee-ROC
RELAXATION OF ADDITIONAL FEES AND EXTENSION OF LAST DATE IN FILING OF VARIOUS FORMS WITH THE MINISTRY OF CORPORATE AFFAIRS - FURTHER EXTENSION OF TIME LIMIT FOR FILING AND RELAXATION OF ADDITIONAL FEE ON FORMS
CIRCULAR NO. 08/2013 [NO. 17/187/2011-CL-V], DATED 10-4-2013
In continuation of the Ministry's General Circular No. 03/2013, dated 8-2-2013 and 07/2013, dated 20-3-2013 on the subject cited, I am directed to inform you that with the approval of competent authority the time limit for filing and relaxation of additional fee on forms has been extended till 15-4-2013.
Further it is clarified that fee payable for forms on/till 16-1-2013 will remain payable along with additional fee and relaxation of any additional fee will be considered for forms on or after 17-1-2013.
All other terms and conditions of the General Circular No. 03/2013, dated 8-2-2013 will remain the same.
CIRCULAR NO. 08/2013 [NO. 17/187/2011-CL-V], DATED 10-4-2013
In continuation of the Ministry's General Circular No. 03/2013, dated 8-2-2013 and 07/2013, dated 20-3-2013 on the subject cited, I am directed to inform you that with the approval of competent authority the time limit for filing and relaxation of additional fee on forms has been extended till 15-4-2013.
Further it is clarified that fee payable for forms on/till 16-1-2013 will remain payable along with additional fee and relaxation of any additional fee will be considered for forms on or after 17-1-2013.
All other terms and conditions of the General Circular No. 03/2013, dated 8-2-2013 will remain the same.
New PVAT and CST Challans notified
Punjab Govt has notified new Challans for depositing VAT and CST.
Wednesday, April 10, 2013
Selection of statutory auditor - request for proposal under nrhm
National Rural Health Mission- Port Blair
Last Date : 12/04/2013
Selection of statutory auditor - request for proposal under nrhm - Selection of statutory auditor - request for proposal hiring services of chartered accountant firm for statutory audit of state health society (shs) & distict health society (dhs)-(for the financial year 2012-13) under national rural health mission (nrhm). Appointment of tatutory Auditor for State Health Society (SHS) and District Health Society (DHS) for Audit of all programmes under NRHM including NDCPs.
Address: Office of State Health Society,1st Floor, AYUSH Hospital, Atlanta Point Port Blair 744104 South Andaman
Phone: 03192 -234965
Email: nrhm.anislands@gmail.com
Last Date : 12/04/2013
Selection of statutory auditor - request for proposal under nrhm - Selection of statutory auditor - request for proposal hiring services of chartered accountant firm for statutory audit of state health society (shs) & distict health society (dhs)-(for the financial year 2012-13) under national rural health mission (nrhm). Appointment of tatutory Auditor for State Health Society (SHS) and District Health Society (DHS) for Audit of all programmes under NRHM including NDCPs.
Address: Office of State Health Society,1st Floor, AYUSH Hospital, Atlanta Point Port Blair 744104 South Andaman
Phone: 03192 -234965
Email: nrhm.anislands@gmail.com
Appointment of Concurrent Auditor (s) from the Reputed Chartered Accountant Firms
Bihar Education Project Council
Last Date : 12/04/2013
Appointment of Concurrent Auditor (s) from the Reputed Chartered Accountant Firms based in Bihar (head Quarter) for the Financial year 2013-14 for Audit of its Accounts of State / Districts
Address: Bihar Education Project Council Siksha Bhawan,Campus of Rashtrabhasha Parishad,Saidpur,Rajendra Nagar,Patna-800004
Phone: 0612-2667164
Email:
Last Date : 12/04/2013
Appointment of Concurrent Auditor (s) from the Reputed Chartered Accountant Firms based in Bihar (head Quarter) for the Financial year 2013-14 for Audit of its Accounts of State / Districts
Address: Bihar Education Project Council Siksha Bhawan,Campus of Rashtrabhasha Parishad,Saidpur,Rajendra Nagar,Patna-800004
Phone: 0612-2667164
Email:
Reputed chartered accountant firms for Concurrent audit
Jharkhand State Co-Operative Bank Limited
Last Date : 11/04/2013
Reputed chartered accountant firms for Concurrent audit of its five branches in the state
Address: Jharkhand State Co-Operative Bank Limited 3rd Floor The Agriculture Marketing Board's Building,Itki Road,Hehal Ranchi-834005
Phone: 0651-2510283
Email: mdjscb@gmail.com
Last Date : 11/04/2013
Reputed chartered accountant firms for Concurrent audit of its five branches in the state
Address: Jharkhand State Co-Operative Bank Limited 3rd Floor The Agriculture Marketing Board's Building,Itki Road,Hehal Ranchi-834005
Phone: 0651-2510283
Email: mdjscb@gmail.com
IFRS implementation by banking companies unlikely before 2015: ICAI
IFRS implementation by banking companies unlikely before 2015: ICAI
Recommendations on implementation of IFRS standards by banking companies have been given to the Reserve Bank of India but are unlikely to come into force before 2015, according to accounting regulator
Recommendations on implementation of IFRS standards by banking companies have been given to the Reserve Bank of India but are unlikely to come into force before 2015, according to accounting regulator
(ICAI) has recently released a Guidance Note on Report Under Section 92E of the Income Tax Act, 1961 (Transfer Pricing)
| The Institute of Chartered Accountants of India (ICAI) has recently released a Guidance Note on Report Under Section 92E of the Income Tax Act, 1961 (Transfer Pricing). The Guidance Note is very comprehensive and incorporates the significant amendments made by the the Finance Act, 2012 such as the definition of International Transaction, Advance Pricing Agreement (APA), Amendments relating to Penalties, etc. It explains all the important concepts in a clear and easy-to-understand manner. |
DVAT 51 Date Extended
Order Dated 10.04.2013 – Extension of time for filing of DVAT 51 for all quarters of 2011-12 upto 10th MAY, 2013.
As to soon offer free auditing services- CA SUBODH AGARWAL, President ICAI
As to soon offer free auditing services- CA SUBODH AGARWAL, President ICAI
The call for Corporate Social Responsibility (CSR) by the corporate affairs ministry has turned into a Professional Social Responsibility (PSR) for lakhs of Chartered Accountants (CAs) who may soon provide
The call for Corporate Social Responsibility (CSR) by the corporate affairs ministry has turned into a Professional Social Responsibility (PSR) for lakhs of Chartered Accountants (CAs) who may soon provide
Tuesday, April 9, 2013
KPMG fires partner amid insider probe
KPMG fires partner amid insider probe
KPMG resigned as the auditor for two companies and fired the partner overseeing its Los Angeles audit practice amid allegations the person leaked confidential client information to a third party who used it to make stock trades.
The Securities and Exchange Commission is investigating the partner's actions, according to a person with direct knowledge of the situation. Herbalife and Skechers USA said in statements that KPMG told them it's withdrawing. Skechers said the accounting firm cited a federal probe of the partner for selling information about the footwear maker and other clients.
KPMG's employees "unequivocally condemn this individual's rogue actions", it said in a statement on its website. "This individual violated the firm's rigorous policies and protections, betrayed the trust of clients as well as colleagues, and acted with deliberate disregard for KPMG's long-standing culture of professionalism and integrity."
KPMG said stock trades tied to its former partner involved several West Coast companies. It didn't identify them or the executive. BLOOMBERG
KPMG resigned as the auditor for two companies and fired the partner overseeing its Los Angeles audit practice amid allegations the person leaked confidential client information to a third party who used it to make stock trades.
The Securities and Exchange Commission is investigating the partner's actions, according to a person with direct knowledge of the situation. Herbalife and Skechers USA said in statements that KPMG told them it's withdrawing. Skechers said the accounting firm cited a federal probe of the partner for selling information about the footwear maker and other clients.
KPMG's employees "unequivocally condemn this individual's rogue actions", it said in a statement on its website. "This individual violated the firm's rigorous policies and protections, betrayed the trust of clients as well as colleagues, and acted with deliberate disregard for KPMG's long-standing culture of professionalism and integrity."
KPMG said stock trades tied to its former partner involved several West Coast companies. It didn't identify them or the executive. BLOOMBERG
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