Effects on global stock markets if America strikes Syria

Oil prices have been surging on fears that the Obama administration is planning to punish Syria for using chemical weapons against its own people.
But the real question is whether this escalation in "black gold" prices is going to

Fees and Penalty for Late Filing of TDS Returns

*Fees and Penalty for Late Filing of TDS Returns are as follows:*

*Section 234E – Levy of Fees *

- Failure to submit e-TDS Statement on time will result in fees on the
deductor.
- If you delay or forget to file your e-TDS Statement, fees of Rs. 200
per day will be levied on the deductor, as long as TDS Statement is not
filed.
- The levied amount of fee is not supposed to exceed the TDS deductibles.
- Prior to filing of TDS Statement such fee should be paid and it should
be reflected in the TDS Statement.

*Section 271H – Penalty*

- Deductor has to pay a penalty ranging from minimum of Rs. 10,000/- to
One Lac rupees,
- If deductor exceeds one year time limit to File TDS Statement.
- If deductor furnishes incorrect details like PAN, TDS Amount,
Payment of Challan etc.

Vacancy for CA in Thomson Reuters

Asst Manager - JREQ008166 Description Project Summary & Position Overview: To lead a group within one of the General Accounting work streams and be responsible for the on-going leadership, cost-effective operation and high performance of Business Services in line with service level agreements and Thomson Reuters key objectives. This role is critical to ensure the deployment of Thomson

How to study effectively

Studying effectively requires patience and some work. This effort does not come easily unless you are motivated to study well.
Let us have a look at some tips to help you make the most of your study time:

Asst Manager (Business Development and Planning), Vacancy In MECL – Sep 2013

Assistant Manager ( Business Development and Planning )

Mineral Exploration Corporation Limited (MECL)

Address: Dr. Babasaheb Ambedkar Bhavan, Highland Drive Road, Seminary Hills.

Postal Code: 440006

City Nagpur

State Maharashtra

Pay Scale: Rs.24,900- 50,500/-(E/3)

Educational Requirements: Degree in Mechanical/Mining Engineering with first division ( Minimum 65% marks) OR Post Graduate Degree in Earth Science discipline with first division(Minimum 65% marks) OR

Vacancy for CA/ICWA in Hitachi

Oracle Project Accounting Functional - 10447-20777

Description

 

1. Oracle Projects- Billing and Costing Modules 2. Involved in atleast 2 E2E implementations 3.Working knowledge of financials

Invites Applications from Qualified / Semi Qualified Chartered Accountants / Cost Accountants for Appointment as Student Trainees on Contract basis.

Andhra Pradesh Industrial Infrastructure Corporation Limited
Last Date : 31/08/2013
Invites Applications from Qualified / Semi Qualified Chartered Accountants / Cost Accountants for Appointment as Student Trainees on Contract basis.

Address: 6th Floor,Parisrama Bhavan, Fateh Maidan Road.Basheerbagh,Hyderabad-4.A.P
Phone: 91-40-2323
Email:

Expression of interest CAG paneled chartered accountants firms of having sufficient man power for conducting audit of MGNREGS.

District Rural Development Agency - Ganjam Orissa
Last Date : 31/08/2013
Expression of interest CAG paneled chartered accountants firms of having sufficient man power for conducting audit of MGNREGS.

Address: District Rural Development Agency - Ganjam Orissa
Phone:
Email:

Empanelment of firms of chartered accountants for the various assignments like internal audit, tax audit, vat central excise, CST, special audit,

Gujarat Water Resources Development Co Limited
Last Date : 31/08/2013
Empanelment of firms of chartered accountants for the various assignments like internal audit, tax audit, vat central excise, CST, special audit, stores verification, filing of wealth tax and ETDS returns pre-audit etc. for

COMPANIES ACT, 2013 (ACT NO.18 OF 2013) HAS BEEN ASSENTED BY PRESIDENT OF INDIA

COMPANIES ACT, 2013 (ACT NO.18 OF 2013) HAS BEEN ASSENTED BY PRESIDENT OF INDIA ON AUGUST 29, 2013.

Seminar on "Revised Format of Audit Reports AND Service Tax Amnesty Scheme" : 31st August 2013 : CPE 3 Hrs.

STUDY CIRCLE MEETING REVISED FORMAT OF AUDIT REPORTS CPE 04 Hrs.

Dear Members, THANE MID-TOWN CPE STUDY CIRCLE  has organized Study Circle Meeting on 31ST AUG,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

Day & Date :  SATURDAY 31ST AUG,2013 Venue TMA, Hall, Near Dwarka Hotel, Wagle Estate, Thane West Time 5.00 pm  to 9.00 pm Fees For non study circle members: Rs 300/- For students Rs 100/- (Inclusive of  tea, refreshments, and course material)

TOPICS                                                                                     SPEAKERS

Revised format of Audit Reports SA 700, 705 & 706 CA. MURTUZA VAJIHI Service Tax Amnesty Scheme CA. RAJIV LUTHIA NOTE: MEMBERS WHOSE FEES ARE DUE ARE REQUESTED TO PAY THE RENEWAL MEMBERSHIP FEES OF RS 750/- FOR 2013-14.

IT: In garb of an application for rectification under section 254(2), assessee cannot be permitted to reopen and reargue whole matter as same is beyond scope of section 254(2)

IT: In garb of an application for rectification under section 254(2), assessee cannot be permitted to reopen and reargue whole matter as same is beyond scope of section 254(2)

ST Return Due Date Extended

ORDER NO 4/2013-Service Tax, Dated : August 30, 2013

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

Vacancy for CA in Deloitte

Role & Responsibilities
The role requires working within the Forensic team handling both preventive and detective fraud related engagements. Depending upon the position of the candidate, the responsibilities would include being responsive to client needs on immediate basis, leading and managing mid to large sized teams, performing

Double Taxation Avoidance Agreement (DTAA) with USA

USA

54. Agreement for avoidance of double taxation of income with USA

Whereas the annexed Convention between the Government of the United States of America and the Government of the Republic of India for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income has entered into force on the 18th December, 1990 after the

Double Taxation Avoidance Agreement with Armenia

1. Agreement for Avoidance of Double Taxation and prevention of fiscal evasion with Armenia

Whereas the annexed Convention between the Government of the Republic of India and the Government of the Republic of the Armenia for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, has come into force on the 9th day of September

ST/ECJ: A service provider (viz. lawyer) providing exempted services is not a person liable to pay service tax and is, therefore, not an assessee

ST/ECJ: A service provider (viz. lawyer) providing exempted services is not a person liable to pay service tax and is, therefore, not an assessee

Vacancy for CA in Randstad

reference:

RAND/CHN/2013/0045

position type:

Permanent

market sector:

Financial Services

location:

Mumbai

contact:

, Contact Code: , Mumbai

Company secretaries eye accountant status in DTC

After gaining more recognition in the Companies Bill, Company Secretaries are now eyeing a share of income tax related work to further their professional interests.

The Institute of Company Secretaries of India (ICSI) has urged the Government to consider company

Video of ICAI TIPS How To Prepare For CA Exams and Score High by CA T.N.Manoharan

Video SATELLITE CLASSES CA final audit BY EX CHAIRMAN CIRC OF ICAI

Presentation on e-Filing of Audit Reports Webcast to ICAI Members 29th August , 2013

  Click here to Download Presentation on e-Filing of Audit Reports Webcast to ICAI Members 29th August , 2013

Problem in Registration online- Solution

As the members are aware, e-filing of Tax Audit Reports has been made mandatory from the AY
2013-14 onwards vide Notification No. 34/2013 dated 01-05-2013. In order to e-file Tax Audit
Report a Chartered Accountant requires to register himself in the e-filing portal as a “Tax

115 ICSI Mysore e-Magazine August 2013

Dear Professional Colleagues,

Very Happy Independence Day!

We are proud to release 115th edition of the e-Magazine from ICSI Mysore on 67th Independence

IT: When a company made reliable estimate of liquidated damages based on performance capacity and quality and materials relating to machinery, its claim for provision towards damages was fully allowable

IT: When a company made reliable estimate of liquidated damages based on performance capacity and quality and materials relating to machinery, its claim for provision towards damages was fully allowable

CS student reveals how he is awarded less marks for a correct answer to the question of Capital Budgeting in Financial Mgt Paper of 20 marks which came in December Attempt, 2012

In words of the CS student

 

This is the question of Capital Budgeting in Financial Mgt Paper of 20 marks which came in December Attempt, 2012.

The entire solution was correct and even verified by several CAs who are experts in this subject.

Still examiner had just given 4 marks out of 20 marks.

S. 32: A finance lease designed as a sale-and-lease back has to be treated as a sham transaction

Hathway Investments Pvt. Ltd vs. ACIT (ITAT Mumbai)

S. 32: A finance lease designed as a sale-and-lease back has to be treated as a sham transaction
The assessee, an investment company, bought electric meters from the Gujarat State Electricity Board (GSEB) which were leased back to GSEB simultaneously. The assessee claimed 100% depreciation on the purchase cost of the meters. The AO and CIT(A) rejected the claim on the ground that the circumstances

Vacancy for CPA in Australia

Commercial Analyst/Manager

• Blue chip, market leading organisation
• Long term progression opportunities

About our Client

Our client is a leading blue chip oil and gas services business who hold a strong presence in both the Australian and international market. Reporting to the General Manager, based South of the River, this is an excellent step for a Senior

Vacancy for CA in Tata Capital

Designation	Manager
No. of Positions	1
Location	Mumbai
Key Objective	Corporate Taxes: • Advance tax computation and deposit on or before 15th of the last month

APIIC invites applications from qualified/semi-qualified Chartered Accountants/Cost Accountants for appointment as Student Trainees

(A Government of Andhra Pradesh Undertaking)

Date : 10-08-2013

HYDERABAD

ANDHRA PRADESH INDUSTRIAL

INFRASTRUCTURE CORPORATION LIMITED

Regd. Office : 6

th

Floor, Parisrama Bhavan,

Fateh Maidan Road, Basheerbagh,

HYDERABAD-4. A.P.

Direct Taxes Committee of ICAI organizes LIVE Webcast on “Facilitating e-filing- Issues & Resolutions” on 29.08.2013 3 CPE hours

ICAI through its Direct Taxes Committee makes suitable representations to the appropriate authorities on various issues arising out of direct tax laws from time to time which are brought to the notice of the Committee by the members across the country. Recently, CBDT has mandated the filing of audit reports electronically from A. Y. 2013-14 onwards. The Direct taxes Committee of ICAI has at several occasions

Vacancy for CA in JSW Steel Mumbai

Job title: Area manager

No Of post: 02

Skills: Excellent Communication skills, Marketing skills, Sales and manager Skills.

Department: Sales and marketing

Location: Mumbai

Vacancy for CA in E & Y

Senior Executive - GSS India Finance (Tax) - PSS - BAN000YS

IN-Karnataka-Bangalore

Job Description:

Primary Responsibilities and Accountabilities:

• Compliance of Indirect Taxes (like service tax, VAT etc.)
• Drafting replies to Notices under Indirect taxes

Vacancy for CA/ICWA in Damodar Valley Corporation Limited

Damodar Valley Corporation Limited

Address: DAMODAR VALLEY CORPORATION, HRD DEPARTMENT, DVC TOWERS: VIP ROAD

Postal Code: 54

City KOLKATA

State WEST BENGAL

Pay Scale: Rs.15600- 39100/- + GP Rs.5400/-

Educational Requirements: CA / ICWA / MBA Degree in Finance or PG Diploma / Degree (at least two

The Companies Bill, 2013 by Rajkumar S. Adukia

Rajya Sabha has passed the much awaited Companies Bill 2013 on 8^th August 2013 which was passed by Lok Sabha on 18th December 2012.and amendments to it are passed by lok sabha on 13th august 2013. The Bill is all set to replace the 57 year old Act.

 In the Companies Bill 2013, various new provisions have been included (which are not provided for in Companies Act, 1956) for better governance of the companies.

I have written a write-up on the provisions of the Companies Bill 2013 and the law making powers of the Parliament of India in brief for more clarity on this subject.

CLICK HERE TO DOWNLOAD THE COMPANIES BILL, 2013

EPFO to launch online facility to view updated accounts - Indian Express

-
http://www.indianexpress.com/news/epfo-to-launch-online-facility-to-view-updated-accounts/1161268/


S

..UK Competition Commission.....Mandatory tendering

-
http://www.charteredaccountants.com.au/Industry-Topics/Audit-and-assurance/Exposure-drafts-and-submissions/Submissions/Other/Institute-responds-to-UK-Competition-Commission.aspx


S

..UK Competition Commission.....Mandatory tendering

http://www.charteredaccountants.com.au/Industry-Topics/Audit-and-assurance/Exposure-drafts-and-submissions/Submissions/Other/Institute-responds-to-UK-Competition-Commission.aspx


S

Competition watchdog urged to water down audit tendering rules - 27 Aug 2013

http://www.accountancyage.com/aa/news/2290991/competition-watchdog-urged-to-water-down-audit-tendering-rules

Vacancy for CA in Unilever

Unposting Date : Sep-09-2013, 9:29:59 AM Schedule : Full-time Primary Location : India-Maharashtra-Mumbai-Mumbai HO Shift : Day Job Job : Finance Travel : Yes, 25 % of the Time Description External Unilever Jobs No matter who you are, or where in the world you are, t...read more

Vacancy for CA / ICWA in HDFC Bank

Position Credit Manager - Retail Agri Credit Work Location Amreli, Junagadh Date Posted Tuesday, August 27, 2013 Responsibilities The positions are spread across Retail Agri Credit. The Key responsibilities of the Credit Manager would involve the following: To ensure por...read more

Can Income tax Return be e-filed after 30th September? However we will file Tax Audit Report within 30th September?

Can Income tax Return be e-filed after 30th September? However we will file Tax Audit Report within 30th September?

An individual has two businesses audited by two different tax auditors. How to submit Tax Audit Report?

An individual has two businesses audited by two different tax auditors. How to submit Tax Audit Report?

Please advice in case of partnership firm can only one partner sign all the reports?

Please advice in case of partnership firm can only one partner sign all the reports?

Where audit is to be conducted u/s 92E & 44AB, what is the last date of filling online Tax Audit Report?

Where audit is to be conducted u/s 92E & 44AB, what is the last date of filling online Tax Audit Report?

Should we sign Tax Audit Report on 30th September?

Should we sign Tax Audit Report on 30th September?

What are the Tax Audit Reports which are to be compulsorily filed online?

What are the Tax Audit Reports which are to be compulsorily filed online?

What are the limits on signing of Tax Audit Report?

What are the limits on signing of Tax Audit Report?

Whether Tax Audit Report u/s 44AD etc will be counted in the specified limits of 45 Tax Audits

Whether Tax Audit Report u/s 44AD etc will be counted in the specified limits of 45 Tax Audits

INDIA TAX REFORM

NEW DELHI, AUG 26:
The Centre has constituted a tax administration reform commission (TARC) under the Chairmanship of Parthasarathi Shome.
As head of the TARC, Shome, now an advisor to the Finance Minister, will have the rank of Minister of State.
The TARC is expected to review the application of tax policies and laws and submit periodic reports that can be implemented to strengthen the tax system.
This commission will have tenure of 18 months. It will comprise two full-time members — Y.G.Parande and Sunita Kaila — and four part-time members — M. K. Zutshi, S. S. N. Moorthy, M. R. Diwakar and S. Mahalingam.
While announcing the setting up of TARC in his Budget speech this year, Finance Minister P. Chidambaram had said that an emerging economy must have a tax system that reflects best global practices.
The TARC has now been tasked with reviewing the existing business processes of tax governance including the use of information and communication technology and recommend measures for tax governance best suited to Indian context.
It will also review the existing mechanism of dispute resolution covering time and compliance cost and recommend measures for strengthening the same.
This includes domestic and international taxation. In all, the terms of reference to the commission has 12 action points.
An interesting point relates to recommending measures for deepening and widening of tax base and taxpayer base.
The TARC has also been asked to review the existing mechanism and recommend measures for improved taxpayer services and taxpayer education programme.
This will include mechanism for grievance redress, simplified and timely disbursal of duty drawback, export incentives, rectification procedures, and tax refunds.
Also, the TARC will recommend a system of enforcing better tax compliance — by size, segment and nature of taxes and taxpayers, that should cover methods to encourage voluntary tax compliance.
The Commission will recommend capacity building measures for preparing impact assessment statements on taxpayers' compliance cost of new policy and administrative measures of the tax department.
srivats.kr@thehindu.co.in

ST/ECJ: Activity of managing buildings/properties under co-ownership for conside

ST/ECJ: Activity of managing buildings/properties under co-ownership for consideration is liable to service tax



[2013] 36 taxmann.com 118 (ECJ)

EUROPEAN COURT OF JUSTICE

Christiane Urbing-Adam

v.

Administration De L'enregistrement et des Domaines*

REVENUE MEASUREMENT IAS IFRS

Measurement of Revenue
11.10 An entity measures revenue at the fair value of the consideration received or receivable. When determining fair value, the entity should take into account any trade discounts, settlement discounts, or volume rebates.
11.11 When a transaction is, effectively, a financing arrangement, IAS 18 requires an entity to determine fair value by discounting future cash flows from the transaction using an imputed interest rate. The imputed rate of interest is the more clearly determinable of either the prevailing rate on similar instruments by issuers with similar credit ratings, or the rate that discounts the nominal amount of the instrument to the current cash sales price of the goods or services provided. An entity should recognize the difference between the present value and the nominal amount as interest revenue, in accordance with IAS 39, Financial Instruments: Recognition and Measurement.
Author's Note: The IASB issued IFRS 9, Financial Instruments, in November 2009 and again in October 2010 as a replacement to IAS 39. IFRS 9 is effective for annual periods beginning on or after January 1, 2015. At that time, the reference in IAS 18 to IAS 39 will be replaced by a reference to IFRS 9. The requirement will not change.
11.12 When an entity is the principal in a revenue transaction, it should recognize revenue at the full amount of the consideration received or receivable and also recognize the associated cost of sales. An entity that acts as an agent only recognizes revenue for the amount of the commission or fee received or receivable it will retain from the transaction.
Examples
11.23 See the following table for different transactions and events and the likely timing of revenue recognition for these transactions.
Revenue Transaction Expected Industry Timing of Revenue Recognition
Goods shipped subject to a right of return Manufacturing, Consumer Products When formally accepted or rejection period has lapsed.
Goods shipped subject to installation and inspection Manufacturing, Aerospace, Computers When installation and inspection is complete or on delivery if installation is simple.
Bill and hold—delivery is delayed but buyer takes title and accepts billing When risk and rewards, control, and probability criteria are met.
Developed customized software Software Development Based on stage of completion, may include post-delivery services recognized as delivered.
Services—insurance and commissions Insurance Effective the commencement or renewal.
Customer loyalty awards Airlines, Retail International Financial Reporting Interpretations Committee 13,Customer Loyalty Programmes.

New Companies Bill to make doing business easier

New Companies Bill to make doing business easier: Sachin Pilot

Source: PTI 26 Aug, 2013

The new Companies Bill has certain provisions like faster registration
through fully electronic MCA-21 and allowing firms to hold meetings through
e-governance mode, that would "facilitate ease of doing business in India",
the Parliament was informed today.

"The Companies Bill, 2013 which has been passed by the Parliament
incorporates certain important provisions...to facilitate ease of doing
business in India," Corporate Affairs Minister Sachin Pilot informed the
Rajya Sabha in a written reply.

Moreover, the Bill empowers firms to function in a manner which is
'self-regulated with disclosure/transparency' rather than
'government/regulatory approval based regime', Pilot said.

The Bill recognises concepts of 'One Person Company' and 'Small Company' to
allow new entrepreneurs to take advantage of corporate form of business, he
added.

It also permits faster mergers and acquisitions including short form of
merger and cross border mergers, time bound approvals through 'National
Company Law Tribunal' and a summary liquidation process for a class of
companies.

To a query on whether the Damodaran panel has submitted its report on
improving the business climate to the government, Pilot said: "The Chairman
of the Committee has circulated the draft report for comments, if any by
August 26, 2013,"

"The report will be submitted to the government soon thereafter," he added.

Chaired by capital market regulator Sebi's former chief M Damodaran, the
panel was set up in August 2012 amid concerns among industry and investors,
about perception of policy paralysis and lack of required economic reforms.

ITAT Hauls Up CA For Committing Fraud

The following important judgement is available for download at
itatonline.org.

ITO vs. Bhagwan Agarwal (ITAT Agra) <http://itatonline.org/archives/?p=7129>

*ICAI directed to initiate disciplinary proceedings against CA for
suppressing information and obtaining order by fraud
*

The assessee bought and sold shares and claimed that he had earned capital
gains which were exempt u/s 54F. When the AO alleged that the transactions
were bogus and entered into for converting black money into white, the
assessee surrendered the claim for exemption u/s 54F and offered the
capital gains to tax. The AO levied penalty u/s 271(1)(c) on the ground
that the surrender of income was not voluntary. This was upheld by the
Tribunal. The assessee filed an appeal before the High Court which was
dismissed. The assessee thereafter filed a Miscellaneous Application before
the Tribunal on the ground that as the AO had not specified whether the
penalty was for concealment or for furnishing inaccurate particulars,
penalty could not be levied. The Tribunal allowed the MA and deleted the
penalty (*order included in file*). The Department then filed a MA stating
that as the first order of the Tribunal had merged in the order of the High
Court, the subsequent MA was not maintainable. The assessee accepted that
he was advised by his CA not to disclose the fact of dismissal of the
appeal by the High Court in the MA so filed. The CA argued that though the
fact of dismissal of the appeal was not stated in the MA he had not
concealed the fact because it was known to the Department. HELD by the
Tribunal allowing the MA:

In the last 40 years, a new creed of litigants has cropped up. Those who
belong to this creed do not have any respect for truth. They shamelessly
resort to falsehood and unethical means for achieving their goals. In order
to meet the challenge posed by this new creed of litigants, the courts
have, from time to time, evolved new rules and it is now well established
that a litigant, who attempts to pollute the stream of justice or who
touches the pure fountain of justice with tainted hands, is not entitled to
any relief, interim or final. On facts, it was the duty of the assessee to
disclose the decision of the High Court to the Tribunal while moving the MA
and by not doing so, they did not come to the ITAT with clean hands. The
assessee and his CA are guilty of fraud for deliberately suppressing the
fact that the High Court had dismissed the assessee's appeal and that the
MA was not maintainable. The MA order is thus a nullity and non est in the
eyes of law. The CA's conduct amounts to professional misconduct and
requires disciplinary action by the ICAI.


*(Click Here To Read More <http://itatonline.org/archives/?p=7129>)*

Vacancy for CA in JP Morgan

Job Description 

Team Leader - Corp P&A, Corporate Fiannce, Global Finance, Mumbai-130076616

Job Description

 

The incumbent will be responsible for assisting with creating the Firm wide Expense Analysis report among other critical functions within the Corporate Planning & Analysis (P&A) group.  The position will work

ST: Service Tax paid on maintenance of SAP system is eligible as input service credit, as SAP system is relatable to manufacturing activity

ST: Service Tax paid on maintenance of SAP system is eligible as input service credit, as SAP system is relatable to manufacturing activity



[2013] 36 taxmann.com 278 (Ahmedabad - CESTAT)

Vacancy for CA/ICWA in Hindustan Salts Limited (HSL)

Hindustan Salts Limited (HSL)

Address: Hindustan Salts Limited (HSL), B-427, Pradhan Marg, Malviya Nagar

Postal Code: 302017

City Jaipur

State Rajasthan

Pay Scale: Rs. 6550-200-11350

Renting of Immovable Property - A Lucid Guide

[2013] 35 taxmann.com 497  (Article)

Renting of Immovable Property - A Lucid Guide

VINEET SODHANI	DEEPSHIKHA SODHANI
CA	CA

Declared Service

1. Renting of immovable property is a declared service. [Section 66E(a)]

Renting

2. "Renting" [Section 65B(41)] means –

Vacancy for CA in DBS Bank

DBS is a leading financial services group in Asia, with over 200 branches across 15 markets. Headquartered and listed in Singapore, DBS is a market leader in Singapore with over four million customers and also has a growing presence in the three key Asian axes of growth, namely, Greater China, Southeast Asia and South Asia. The bank's strong capital position, as well as "AA-" and "Aa1" credit ratings that are among the highest

Where assessee within six months from date of transfer of capital asset was able to place investment of Rs. 50 lakhs each in specified assets in two different financial year, restrictive proviso to section 54EC would not limit claim to Rs. 50 lakhs only

IT: Where assessee within six months from date of transfer of capital asset was able to place investment of Rs. 50 lakhs each in specified assets in two different financial year, restrictive proviso to section 54EC would not limit claim to Rs. 50 lakhs only

■■■

[2013] 36 taxmann.com 6 (Chennai - Trib.)

IN THE ITAT CHENNAI BENCH 'B'

Coromandel Industries (P.) Ltd.

v.

Assistant Commissioner of Income-tax, Company Circle I(3), Chennai*

Require CS trainee in Mumbai

Require CS trainee in Mumbai, those who has passed their professional exam please mail your cv to :

Department of Service Tax through ACES has released FAQ's for the benefit of the users for ST-3 Return for the period OCT 12 to March 2013

Department of Service Tax through ACES has released FAQ's for the benefit of the users for ST-3 Return for the period OCT 12 to March 2013. Refer the below link for FAQ's

Vacancy for CA/ICWA in Trichur Co-Operative Spinning Mills Ltd

Eligibility : CA, Certificate Course (ITI), ICWA, MBA/PGDM
Location : Thrissur
Job Category : 1 to 3 Yr Exp
Last Date : 25 Sep 2013

Job Type : Full Time
Hiring Process : Written-test

Requirement of CS Management Trainee (preferably a male candidate) for a CS firm

Requirement of CS Management Trainee (preferably a male candidate) for a CS firm, situated at Barakhamba Road, New Delhi, who have cleared Executive Program or Professional Program (all modules cleared) in June, 2013 attempt.

CS Trainee vacancy

We are Looking For CS Trainee
Professional Completed / Passed All 4 Groups
Location: Gujarat , Ahmedabad , Satellite Area

Vacancy for apprentice( company secretary) in Himachal Pradesh Power Corporation Limited

Vacancy for apprentice( company secretary) in Himachal Pradesh Power Corporation Limited. Follow the link:

Vacancy for CA/ICWA in HP

Financial Associate IV-1175756

Description

 

Job Description - Financial Analyst

Roles & Responsibilities

• Forecasting and Month-end Accounting Close responsibilities.
• Working on Revenue & Cost Accruals, Deferrals, Journal Entries & Variance Analysis
• Ensuring compliance to SOX/ISO and reporting deadlines
• Ensuring compliance with company global policies including US & UK GAAP requirements

Hiring Services of Chartered Accountant Firm for Quarterly Concurrent Audit of District Health & Family Welfare Society (DHS) for the Financial year 2013-14 under National Rural Health Mission

District Health And Family Welfare Society - Nainital Uttaranchal
Last Date : 27/08/2013
Hiring Services of Chartered Accountant Firm for Quarterly Concurrent Audit of District Health & Family Welfare Society (DHS) for the Financial year 2013-14 under National Rural Health Mission

Engagement of CA firm to streamline the financial management of MGNREGS funds

District Rural Development Agency - Gajapati
Last Date : 27/08/2013
Engagement of CA firm to streamline the financial management of MGNREGS funds

Address: District Rural Development Agency - Gajapati
Phone:
Email:

IMPORTANT COUNCIL DECISION ON FORMAT OF AUDIT REPORTS

ANNOUNCEMENT

APPLICABILITY OF SA 700, FORMING AN OPINION AND REPORTING ON FINANCIAL
STATEMENTS, TO FORMATS
OF AUDITOR'S REPORTS PRESCRIBED UNDER VARIOUS LAWS AND/ OR REGULATIONS


1. The Council of ICAI, at its 326th meeting held from 27th to 29th July
2013 considered the issue relating to
application of Standard on Auditing (SA) 700¸ Forming An Opinion And
Reporting on Financial Statements to such
cases where the format of the auditor's report is prescribed under the
relevant law or the regulation thereunder
and are per se not in line with the requirements of SA 700. The Council
noted that in many cases such prescribed
auditor's report were required to be filed online in a preset form and,
hence, it was not possible for the auditors to
make necessary changes in these reports to bring them in line with the SA
700. Similarly, many a times, even
where the auditor's report were to be submitted in a physical form and not
filed online, the concerned regulatory/
government agencies may not accept such audit reports which contained any
changes made by the auditors to the
prescribed formats to bring them in line with SA 700.
2. In view of the above, the Council decided that while the matter was
being taken up by the Institute with
the relevant regulatory authorities/ Government agencies, etc., to change
the prescribed formats for bringing the
same in line with the requirements of SA 700, the members may, in the
situations described in paragraph 1 above,
submit the auditor's report in the format/s prescribed under the relevant
law or regulation until announcement of
necessary change is made by the appropriate authority. In such cases the
members would not be viewed as having
not complied with the provisions of SA 700.
3. In this context, it may also be noted that paragraph A55 of the SA 200,
Overall Objectives of the
Independent Auditor and the Conduct of An Audit in Accordance With
Standards on Auditing clearly states as
follows:
"A55. In performing an audit, the auditor may be required to comply with
legal or regulatory
requirements in addition to the SAs. The SAs do not override laws and
regulations that govern an audit of
financial statements…………………."
4. Further, paragraph 43 of SA 700 requires that if the auditor is required
by any law or regulation to use a
specific layout or wording of the auditor's report, the auditor shall refer
to Standards on Auditing only if the
auditor's report includes, at minimum, each of the elements as prescribed
in the said paragraph.
5. On a perusal of a cross section of the formats of the auditor's report
prescribed under various laws,
specially, the Income-tax Act, 1961 and the Value Added Tax Acts of various
States, it is clear that these prescribed
formats do not contain all the elements of the auditor's report as required
in paragraph 43 of SA 700. In the
background of the difficulties mentioned in paragraph 1 above, it may also
not be possible for the auditors to
suitably modify the prescribed format. Accordingly, it would not per se be
possible for the auditors to state in their
audit reports that the audit has been carried out in accordance with the
Standards on Auditing. However, the
auditors would be required to carry out the audits in accordance with the
Standards on Auditing issued by the
Institute of Chartered Accountants of India.


http://220.227.161.86/30640aasb-sa700.pdf

Extension of Multipurpose Empanelment Form 2013-14

Extension of Multipurpose Empanelment Form 2013-14


Multipurpose Empanelment form for the year 2013-14 on the website www.meficai.org , Date has been extended upto 2nd September, 2013 and that of receipt of duly signed declaration upto 12th September, 2013.


http://www.icai.org/new_post.html?post_id=9840&c_id=240

Arbitration - India Supreme Court restricts scope of public policy challenges t

Arbitration - India

Supreme Court restricts scope of public policy challenges to foreign awards


In its recent judgment in Shri Lal Mahal Ltd v Progetto Granpo Spa(1) the Supreme Court held that that the expression 'public policy in India', when used in the context of Section 48(2)(b) of the Arbitration and Conciliation Act 1996 (which sets out the grounds on which the enforcement of foreign awards may be refused), cannot include patent illegality in an award as one of the grounds, as is done in context of the same expression when used in context of Section 34 of the act (which deals with enforcement of domestic awards). In so doing the Supreme Court overruled its earlier judgment in Phulchand Exports Limited v OOO Patriot.(2)

In Lal Mahal the Supreme Court endeavoured to make a distinction between awards made in India and foreign awards, with a view to limiting the scope of grounds to challenge the latter.

Facts

The case involved an agreement for the sale of durum wheat by an Indian seller to an Italian buyer. Disputes arose between the parties when the buyer alleged that the wheat supplied by the seller did not meet the specifications under the agreement and was in fact soft common wheat. Further disputes arose as to whether the inspection was to be conducted by the inspection agency based in Geneva or that based in India, and as to which agency's report was to be considered determinative.

The buyer invoked arbitration under the Grain and Feed Trade Association (GAFTA) arbitration rules and the award was rendered in favour of the buyer. A further award was also rendered in favour of the buyer against the seller's alleged breach of the arbitration agreement in bringing legal proceedings in India concerning the first dispute before it had been determined under the GAFTA rules. Aggrieved by the awards, the seller filed two appeals before the GAFTA Board of Appeal, both of which were dismissed in favour of the buyer. Subsequently, the seller also failed in its challenge to one such order of the board of appeal in the High Court of Justice at London. Both awards thus became final.

Thereafter, the buyer instituted a suit in the Delhi High Court for enforcement of the awards. The seller raised various objections, including that the awards were contrary to Indian public policy as they went against the express provisions of the contract entered into between the parties. The seller submitted before the Delhi High Court that there had been an error in accepting the test report by SGS Geneva, as under the contract it was the test report of SGS India that was material. On the other hand, it was submitted on behalf of the buyer that the grounds taken by the seller were a matter of appreciation of evidence and determination of question of fact, and were beyond the scope of the proceedings under Section 48 of the act.

The buyers submitted that the seller could not be permitted to reopen questions of fact as they had already been decided by the board of appeal and affirmed by the High Court of Justice at London. Thus, seeking enforcement of the awards, it was submitted by the buyer that there was nothing in the awards that could be said to be against public policy.

Context

In order to understand the significance of the Supreme Court's decision, it may be useful to look at the scheme of the act, as well as the law laid down previously by the Supreme Court in the context of the enforcement of foreign awards. Part I of the act pertains to domestic arbitration, while Part II pertains to the enforcement of foreign awards. Section 34 of the act provides for the manner of challenging domestic awards and Section 48 sets out the various objections that may be taken by the parties to prevent enforcement of a foreign award. However, both sections provide for an award to be challenged on the ground of being against public policy.

In Renusagar Power Plant Co Ltd v General Electric Co,(3) while construing the term 'public policy' in accordance with Section 7(1)(b)(ii) of the then Foreign Awards (Recognition and Enforcement) Act, the Supreme Court applied the principles of private international law and held that an award would be contrary to public policy if its enforcement went against:

fundamental policies of Indian law;
the interests of India; or
justice or morality.
It was held in the judgment that an award cannot be set aside on its merits.

However, the expression 'public policy' became a cause of concern when it was interpreted by the Supreme Court in ONGC v SAW Pipes Ltd.(4) The court's judgment in this case expanded the concept to add that the award would be contrary to public policy if it was patently illegal. The Supreme Court distinguished between Saw Pipes and Renusagar on the grounds that the latter was in the context of a foreign award, while the rationale of the former was confined to domestic awards only.

Thereafter, in Phulchand Exports the Supreme Court held that the meaning given in Saw Pipes to the expression 'public policy of India' in Section 34 must be applied to the same expression occurring in Section 48(2)(b) of the act. Therefore, if the award was patently illegal, it would be deemed to be against public policy and therefore serve as a ground on which the Indian court could refuse to enforce even a foreign award.

Decision

In the case at hand, the Supreme Court discussed the law laid down in Renusagar, Saw Pipes and Phool Chand. It overruled the law laid down in Phool Chand and held that the expression 'public policy' used in Section 48(2)(b) in the context of foreign awards did not cover patent illegality. The court observed that the law laid down in Renusagar with reference to Section 7(1)(b)(ii) of the Foreign Awards Act (as in place at that time) must equally apply in ambit and scope to Section 48(2)(b) of the Arbitration Act. Hence, the enforcement of a foreign award would be refused only if it is contrary to Indian public policy, which was one of the three categories enumerated in Renusagar. Although the same expression (ie, 'public policy in India') is used both in Section 34(2)(b)(ii) and Section 48(2)(b), and the concept of the term is the same in nature in both the sections, its application would differ in degree insofar as these two sections are concerned. The term's application for the purposes of Section 48(2)(b) is more limited than its application in respect of domestic arbitral awards.

The Supreme Court also affirmed that Section 48 of the act does not give the court an opportunity to have a second look at a foreign award at the award enforcement stage; neither does the scope of inquiry under Section 48 permit review of the foreign award on its merits. Procedural defects (eg, taking into consideration inadmissible evidence, or ignoring or rejecting evidence which may be of a binding nature) in the course of foreign arbitration will not necessarily lead the court to refuse the enforcement of an award on the ground of public policy.

Comment

This judgment of the Supreme Court is consistent with the recent trend of judgments rendered by Indian courts in general, which have consciously sought to reduce judicial intervention in the arbitral process with the aim of making the process swifter and less time consuming. The Supreme Court has further rightfully affirmed that while considering the enforceability of foreign awards, the court does not exercise appellate jurisdiction over the foreign award; nor does it enquire as to whether, while rendering a foreign award, some error has been committed. This judgment restricts the grounds on which the enforcement of foreign awards can be refused and takes away the ground of patent illegality, which is otherwise available to challenge a domestic award.

For further information on this topic please contact Sanjeev Kapoor at Khaitan & Co by telephone (+91 11 4151 5454), fax (+91 11 4151 5318) or email (sanjeev.kapoor@khaitanco.com).

Endnotes

(1) Civil Appeal 5085/2013.

(2) 2011_ 10 SCC 300.

(3) AIR 1994 SC 860.

(4) AIR 2003 SC 2629.

Vacancy for CA in Canara Bank

A Degree in any discipline from a recognized University or any equivalent qualification recognized as such by Central Government.

Preference will be given to the candidates with CAIIB / CA / MBA / PGDBM / PGDBA.

Vacancy for CA/ICWA in Software Technology Parks of India (STPI)

Candidate profile
CA/ICWA/MBA (Finance)/SAS (IAAD/ICAD) and having five (5) years post qualification experience in the area of commerce, finance and accounts.

Vacancy for CA in American Express

Date: Aug 24, 2013

Location: Gurgaon, HARYANA, IN

Assistant Manager / Manager-13011142

Description
This position will primarily support the Global Reporting function. The job would entail one or more of the following activities:
- Assist in Financial Reporting at an AXP/ Regional/Market/LOB/ External Segment- level.

Vacancy for Inter ICWA / Inter CA in Inland Waterways Authority of India

Name of the Post: Junior Accounts Officer

No of the Post: 01 One OBC

Pay Scale: Pay Band Rs. 9300 - 34800 + Grade Pay of Rs. 4200/-

Cus - Notfn. 21/2002 - Electronic paver finisher for laying pavement 7m size and above - whether it is capacity of machine to lay pavement 7m size width that determines exemption or whether it should be machine that should have width 7m size - matter goes to LB: CESTAT

Cus - Notfn. 21/2002 - Electronic paver finisher for laying pavement 7m size and above - whether it is capacity of machine to lay pavement 7m size width that determines exemption or whether it should be machine that should have width 7m size - matter goes to LB: CESTAT

SFIO asked to probe 125 companies for defrauding investors - The Times of India

http://timesofindia.indiatimes.com/business/india-business/SFIO-asked-to-probe-125-companies-for-defrauding-investors/articleshow/21977065.cms

SEBI (MUTUAL FUNDS) (THIRD AMENDMENT) REGULATIONS, 2013 - AMENDMENT IN REGULATIONS 24 AND 26

SEBI (MUTUAL FUNDS) (THIRD AMENDMENT) REGULATIONS, 2013 - AMENDMENT IN REGULATIONS 24 AND 26

NOTIFICATION NO. LAD-NRO/GN/2013-14/18/6384, DATED 19-8-2013

In exercise of the powers conferred by section 30, read with clause (c) of sub-section (2) of section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, namely:—
1. These Regulations may be called the Securities and Exchange Board of India (Mutual Funds) (Third

Very Important Alert on e Filing of Tax Audit Report

Please note that there is clear instructions from Income-tax Department wherever there is requirement in the Form to be submitted a signed copy of document by an Assessee/ CA as an

Board of Studies has decided to exclude the Hire Purchase Trading Account (Debtors) Method and Stock and Debtors Method in the Paper 1: Accounting Study Material at Intermediate (IPC) level.

Board of Studies has decided to exclude the Hire Purchase Trading Account (Debtors) Method and Stock and Debtors Method in the Paper 1: Accounting Study Material at Intermediate (IPC) level.

Accordingly, students of Intermediate (IPC) Course Paper 1: Accounting are advised not to read the said methods given in Chapter 11 of the Study Material. The details of the relevant page nos. and questions in the Study Material and

Vacancy for CA in Binani Industries

Binani Industries is recruiting for Manager - Accounts in Mumbai.

Eligibility criteria: Must hold CA with having 4-5 years of relevant experience.

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Employment Notice For

Principal, Staff Training College in SMGS- V, Faculty Staff Training College in SMGS - IV, Law officers in MMGS-III, Security Officers in MMGS-II

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Vacancy for CA in Franklin Templeton Investments

Job Description 

Dir-Global NAV Analysis-703588

Description

 

Job Summary:

 

Responsible for all the NAV analysis and Nav Service activities globally  within the investment Accounting & Operations department (IA&O); ensuring that all its activities are carried out in accordance with corporate and regulatory policies; representing NAV in corporate activities and issues; and developing and maintaining relationships with other departments

} PROSECUTION AND INTEREST ON LATE DEPOSIT OF TDS

 

PROSECUTION AND INTEREST ON LATE DEPOSIT OF TDS:

TDS under income tax is main source of tax collection by the Government. However many times the tax Deductors ,after deducting TDS from specified payments, are deliberately not depositing the taxes so deducted in Government account and continue to deploy the funds so retained for business purposes or for personal use .CBDT is stressing on compliance of the due date of deposit of TDS by the Deductor.€

Interest on late deposit of TDS is applicable @ 1.5 % per month or part thereof .The period for delay is taken from date of deduction to date of deposit ,so in specific cases a delay of one day may lead to pay Interest @ 3 % .Yes , it is true.

Interest on Late deposit of TDS @ 3 % for delay of one Day!€
Suppose:€
TDS deducted on 01.08.13€
In this case Due date will be 07.09.13€
If we deposit tax on 08.09.13 one day delay .€
Interest will be applicable for 2 months from 01.08.13
(date of deduction ) to 08.09.13(date of deposit) for two
months @1.5 % p.m=3%

CBDT has released following press release in this regards:
It has come to the notice of Income Tax Department that many times the tax deductors,after deducting TDS from specified payments, are deliberately not depositing the taxes so deducted in Government account and continue to deploy the funds so retained for business purposes or for personal use. Such retention of Government dues beyond the due date is an offence liable for prosecution under Section 276B of the Income Tax Act, 1961. The defaulter, if convicted, can be sentenced to Rigorous Imprisonment (RI) for a term which can extend up to seven years.

The TDS units of Income Tax Department have been taking up prosecution proceedings in suitable cases where TDS has been retained beyond the due date. The Central Board of Direct Taxes has partly modified existing guidelines for identification of cases for launching prosecution. As per the revised guidelines, the criterion of minimum retention period of 12 months has been dispensed with.

For the benefit of public at large, it is now clarified that defaulters, who have retained the TDS deducted and failed to deposit the same in Government account within due date, shall be liable for prosecution, irrespective of the period of retention.

However, the offence u/s 276B of the Income Tax Act can be compounded by Chief
Commissioner having jurisdiction on the case, either before or after the launching of
prosecution proceedings. In the recent past, several defaulters have submitted petitions for compounding of such offences and compounding orders have also been passed by the Competent Authority in suitable cases.€

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