CA NeWs Beta*: November 2014

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Sunday, November 30, 2014

Vacancy for CA in PWC

Requirement Manager - Indirect Tax - 3060/[2013]
Location
Openings 1 Experience 5.00 to 7.00 years
Education NA
Skills Indirect Tax Expereince

Vacancies for CA/Semi qualified in CA firm in Thane

Ours is a CA firm of 27 years’ professional standing.
We have following vacancies in our firm in Thane :
1.     CAs with 0-1 year experience (CA finalist also may apply) : (two vacancies)

ICAI Releases Background Material on GST, Tech Guide on Rajasthan and Gujrat VAT

Income Tax Returns need not be disclosed under RTI - HC

A person who is said to be an informer of the Income Tax Department sought under the Right to Information Act, 2005 information and all the records available with the Income tax department in respect of nine assessees.
The CIC allowed the appeal and directed the PIO to provide inspection of the records and also other information sought for.
The assessees whose records have been sought for, are in writ before the Delhi High Court.
The High Court observed,
The income tax returns filed by an assessee and further information that is provided during the assessment proceedings may also include confidential information relating to the business or the affairs of an assessee. An assessee is expected to truly and fairly disclose particulars relevant for the

Tuesday, November 25, 2014

BSNL requires CA

imageview

14 Habits of People Who Always Stay Fit

doesn't?), definitely hit up Beyoncé-themed spinning or barre burn. Always barre burn.
5. Instead of skipping a workout, focus on how great you'll feel after. Working out isn't always fun while you're doing it, but the endorphin high you get after — or the myriad other benefits, like a sound night of sleep — are.
6. Don't wait for an occasion to get in shape. If you only rush to the gym six weeks before you have a tight dress to wear to a party (or your wedding or somebody else's wedding) you'll kill yourself trying to meet unrealistic goals and feel miserable and down on yourself and be no fun at all. Then when it's all over, of course you won't want to go back to working out! Fitness is a lifestyle, not
1. Exercise even if you only have 15 minutes to do it. A short gym routine is better than nothing if you're really strapped for time or just plain exhausted. If you don't have time to get to your gym but have 15 minutes before you have to shower to go meet your friends for dinner, do jumping jacks to

Kisan Vikas Patra Vs Bank FD: What You Should Know

The government recently relaunched erstwhile popular small savings scheme Kisan Vikas Patra to provide more investment options with the aim to raise the savings rate in the country. But financial planners say the Kisan Vikas Patra can be a good investment option for people who don't have access

Government sets up fund for Swachh Bharat

New Delhi: The government on Tuesday announced the Swachh Bharat Kosh Operational Guidelines 2014 to channelize contributions from individuals, philanthropists and money received through corporate social responsibility.
Contributions worth `20 crore and above for companies and `1 crore and above for individuals will

Paris named world's best student city 2015

For the third consecutive year, Paris has topped a newly released ranking of the most student-friendly cities in the world for, among other things, being home to world-class institutions, renowned academics and offering low tuition fees.
Though the City of Light may be known more for its luxury boutiques and fine dining restaurant

Council Affairs Breaking News : Nagpur Part - 2 in Pune? Rs. 40cr real estate misadventure at whose cost?

In words of respective mailer recd by this site:
Dear Readers & Professional Colleagues,
The real estate 'obsession' of our Council, which had subsided for a while post Nagpur fiasco, is now being revived and how!! A n`ew, Rs. 40 crores building is sought to be purchased by Pune Branch of ICAI, without apparently conducting a detailed viability/feasibility study, alleged mis-representation and wrongful constitution of Infrastructure committee at branch level, strong dissent by one of the

CA Institute President Raghu elected as IFAC Board Member

Exposure Draft of the Accounting Standard (AS) 10 (Revised) :Property Plant and Equipment (Comments to be received by December 18, 2014). - (25-11-2014)

Promulgation of SEBI (Share Based Employee Benefit) Regulations, 2014

Taking into account the wider perspective of Employee Benefit Schemes in India as well as overseas and with the intent to align the provisions of the extant regulations with the Companies Act, 2013, the Market Regulator, SEBI has floated new Regulatory framework governing the regime of Employee Welfare Programmes. These new Regulations have been named SEBI (Share Based Employee Benefit Schemes) Regulations, 2014, w.e.f 28 October, 2014.

This move of SEBI is a welcoming step that aims at streamlining the regulatory framework with the dynamic business environment thereby ensuring transparency in the

Sunday, November 23, 2014

CA institute officials under lens

KOLKATA: Enforcement directorate is going to summon some senior officials of the Institute of Chartered Accountants of India (ICAI) as the institute had failed to initiate action against the chartered accountants (CAs) involved in chit fund scams. The accused CAs had vouched false audit

Thursday, November 13, 2014

COMMISSION PAID TO NON RESIDENT HAVING NO PERMANENT ESTABLISHMENT IN INDIA IS NOT TAXABLE AND NO TDS IS REQUIRED TO BE MADE

COMMISSION PAID TO NON RESIDENT HAVING NO PERMANENT ESTABLISHMENT IN INDIA IS NOT TAXABLE AND NO TDS IS REQUIRED TO BE MADE

Section 40(a)(ia) of the Income Tax Act, 1961 (‘Act’ for short) provides that the disallowance shall be made in case of any payment made which is chargeable under the Act and is payable outside India

INTERNAL CONTROL CITI GROUP -VS --FRAUD

INTERNAL CONTROL CITI GROUP -VS --FRAUD

--On August 1, 2014 Citigroup Inc [C] received a comment letter from
the SEC. One of the comments referred to a $235 million after-tax
charge resulting from a fraud discovered at its Banco Nacional de

PWC CONTRIBUTES 15.7 MILLION POUNDS A DAY TO UK


PwC reveals its economic and social impact

13 November 2014Comments (0)

PwC contributes over £4.1bn a year – or £15.7m a day – to the UK in
terms of its total economic, social, tax and environmental impact, up

Tuesday, November 11, 2014

Vacancy for CA in Abbott


Job Description - MANAGER - TC (14000007SJ)

Job Description 

MANAGER - TC-14000007SJ 
  

Description

 
The Ethics and Compliance Analyst/Manager (Manager) will provide advice and counsel on matters of compliance and ethical business practices. The Manager will assist with the continued enhancement of the

Cus - Notf. 16/2000 - Exemption notification is to be construed strictly - Catalyst is required for initiating a chemical reaction & is not required for manufacture of machinery, instruments, equipment or appliances - Benefit not available: CESTAT

MUMBAI : THERE are two appeals, one filed by the Revenue against an O-in-A & another by the importer against another O-in-A. Both involve common issues.
The assessee imported 16,400 Ltrs of Catalyst HTZ-5 from M/s. Haldor Topsoe A/S Denmark claiming the benefit of exemption under notification No. 16/2000-Cus (Serial No. 182). The adjudicating authority denied the exemption on the ground that the catalyst imported by the

Income from sale of shares was taxable as capital gain when transactions of sale/purchase were sporadic

Income from sale of shares was taxable as capital gain when transactions of sale/purchase were sporadic

November 11, 2014[2014] 49 taxmann.com 218 (Kolkata - Trib.)/[2014] 30 ITR(T) 582 (Kolkata - Trib.)/[2014] 65 SOT 187 (Kolkata - Trib.)(URO)
IT : Where assessee was not regularly purchasing and selling shares in a systematic manner and no borrowed fund had been used by him for such

Monday, November 10, 2014

BELATED RETURNS IN SERVICE TAX


Furnishing of Belated Returns (Rule 7C)

Finance Act, 2007 had amended section 70(1) w.e.f. 11-5-2007 for belated furnishing of service tax returns on payment of prescribed late fees which shall not exceed ₹ 2000 (Rs. 20,000 w.e.f. 8-4-2011 as amended by the Finance Act, 2011). Simultaneously, section 94(2) had also been amended so as to empower the Central Government to make rules to prescribe the form, manner and frequency of

Saturday, November 8, 2014

cbdt int 7.11.2014 for Assessments

CA Final Indirect Taxes Laws very first lecture for May / Nov 15 Examination by Prof.Rojesh Tayal


Service Tax on Hotels and Restaurants - Division Bench of Kerala High Court holds States alone have power to impose tax - Dismisses revenue appeal

ERNAKULAM, NOV 07, 2014: VIDE - 2013-TIOL-533-HC-KERALA-ST, the Kerala High Court (Single Judge), held that levy of Service Tax on Restaurants and hotels is beyond legislative competence of Parliament. It was declared that sub Clauses (zzzzv) and (zzzzw) to Clause 105 of Section 65 of

CA Final Nov 2014 RTP - Revision Test Papers Download:

New utility of Form 3ca- 3cb

Schema Downloads
Schema of ITR Forms for AY 2014-15
Schema of Forms(Other than ITR) for AY 2014-15

Schema changes as on 6 th November, 2014

2.2 Schema changes as on 6 th November, 2014
S.N XML Root Element XML element name Change Change Description
1 Form3cdChapXVII TAN Modified Allowing PAN Structure

Friday, November 7, 2014

Vacancy for CA/ICWA in HCL

Job Description
To manage and ensure that the project schedules are adhered to as per the client specifications and

No disallowance for cash payment on insistence of seller as payment proof proved genuineness of transaction

No disallowance for cash payment on insistence of seller as payment proof proved genuineness of transaction

November 7, 2014[2014] 49 taxmann.com 363 (Andhra Pradesh)/[2014] 367 ITR 200 (Andhra Pradesh)
IT : Where assessee made payment in cash on insistence of seller and there

PROVISIONS OF COMPANIES ACT, 2013 WHICH HAVE NOT YET BEEN NOTIFIED

The Companies Act, 2013 got the assent of the President on 20.08.2013.  Certain sections came into effect from 12.09.2013 vide Notification dated 12.09.2013.  Certain sections came into effect from 01.04.2014.   The following sections have yet to be notified as appointed date:

CONVERSION OF SEC. 8 COMPANY INTO A COMPANY OF ANY OTHER KIND


Section 8(4)(ii) of the Companies Act, 2013 provides that a company registered under Section 8 may convert itself into company of any other kind only after complying with such conditions as may be

Graph of Cheque-related frauds on the rise; RBI directs banks to take additional preventive measures

MUMBAI : IT is common knowledge that the graph of cheque-related fraud cases has never experienced a downward journey. As per the RBI, it is evident that many of such frauds could have been avoided had due diligence been observed at the time of handling and/or processing the cheques and monitoring newly opened accounts. Banks have, therefore, been advised to review

Applying Audit Professional Judgment at ICAI Tube

http://www.bangaloreicai.org/index.php?option=com_hwdmediashare&view=mediaitem&id=531:applying-audit-professional-judgment&Itemid=242

Penalty for TDS default deleted as order was passed after 6 months of initiation of action imposing penalty

Penalty for TDS default deleted as order was passed after 6 months of initiation of action imposing penalty

November 7, 2014[2014] 49 taxmann.com 297 (Jaipur - Trib.)/[2014] 65 SOT 166 (Jaipur - Trib.)(URO)/[2014] 161 TTJ 11 (Jaipur - Trib.)(UO)
IT : Penalty order passed under section 271C beyond period of 6 months from date of reference for imposition of penalty would be barred by limitation and liable to be set aside

Thursday, November 6, 2014

Require CA/CA finalist

1) Subject: Opening for the post of Transfer Pricing Analyst
One of our client, a multinational oil and gas company is looking for a Transfer pricing Analyst for posting in its Asian Head-quarter in Malaysia.If any of this group reader/associates is interested in this opening having suitable experience in Transfer Pricing (preferably 5 years post qualification TP experience along with Experience in

Wednesday, November 5, 2014

ICAI takes disciplinary action against Satyam Auditors awards maximum punishment

As a part of ICAI’s continuous drive to uphold the credibility, integrity and image of the accountancy profession in India, the regulatory mechanism of ICAI is working assiduously. Disciplinary Directorate of ICAI has been taking disciplinary action against its errant members as per

Monday, November 3, 2014

Vacancy for CA in PWC

Requirement Senior Associate - SPA - 5050/[2014]
Location
Openings 1 Experience 2.00 to 4.00 years
Education NA
Skills See above for description.
Job Description
Job Profile :
PwC's Systems and Process Assurance (SPA) practice provides services related to controls around the financial reporting process, including financial business process and IT management controls. Serving both audit and non-audit clients, SPA provides:

NON ELIGIBLE SERVICE TAX CREDIT BY JUDICIAL DECISIONS

The following judicial decisions indicated the input services which are not eligible for availing CENVAT credit under CENVAT Credit Rules, 2004:

Services of Registered dealer

In ‘Gulf Oil Corporation V. Commissioner of Central Excise, Vapi’ – 2012 (8) TMI 45 - CESTAT, AHMEDABAD the Commissioner (Appeals) held that the input for manufacturing unit as well as for registered dealer for sale were brought in the same truck and the appellants paid the service tax on the

Madras HC stayed Interest U/s 234A:Madras High Court Stays Clause 7 of CBDT Order dated 26-09-2014 regarding Extension of ITR Due Date AY 2014-15 with Levy of Interest u/s 234A

Madras High Court Stays Clause 7 of CBDT Order dated 26-09-2014 regarding Extension of ITR Due Date AY 2014-15 with Levy of Interest u/s 234A


Earlier on 26-09-2014 CBDT, following the direction of the Gujarat High Court had extended the due date for Income Tax Returns (ITR) filing from 30th September, 2014 to 30th November, 2014 for

HSBC sets aside $378 million for currency probe

http://www.thehindu.com/business/Industry/hsbc-sets-aside-378-million-for-currency-probe/article6560833.ece

ESMA publishes report on the equivalence of the Indian Accounting Standards

Saturday, November 1, 2014

Vacancy for CA in Deloitte

Job Description

Function: U.S. India AERS
Service Area: Accounting, Valuation & Analytics
Service Line/Market Offering: Financial Instrument Valuation
Work Location: Hyderabad / Delhi

Key Job Responsibilities:• Serve as a team member for financial instrument valuation engagements. The work will focus on valuation of financial instruments in the areas of fixed income, equity, and credit for both internal and

Required article assistant in Ghaziabad

We require article assistant so kindly give reference of our firm if any persons if your knowledge require article ship

DRAFTS OF THE DOCUMENTS REQUIRED FOR THE APPOINTMNET OF AUDITOR under COMPANIES ACT 2013


DRAFTS OF THE DOCUMENTS REQUIRED FOR THE APPOINTMNET OF AUDITOR
i.             INTIMATION FOR APPOINTMENT BY COMPANY TO AUDITOR

                                                                                      22nd August, 2014

M/s Name of auditor firm.

Chartered Accountants,
Address:------------

Ref: Consent & Certificate for re-appointment as statutory auditor under the

Impact of the Companies Act- 2013 and Rules on Statutory Auditors of Company Section- 139

Impact of the Companies Act- 2013 and Rules on
 Statutory Auditors of Company Section- 139

APPOINTMENT OF AUDITOR,
Section - 139 read with rules The Companies
(Audit and Auditors) Rules, 2014
Series-25.1


YOU MAY SEE THE FOLLOWING TABLE SHOWING THE RELEVANT PROVISIONS RELATING TO APPOINTMENT OF FIRST AUDITOR OF COMPANY.
Which Section will apply for appointment of First Auditor
Section 139(1)
Who will Appoint First Auditor
Board of Directory By Passing Board Resolution in Board Meeting
Time Limit for Appointment of First Auditor
Within 30 days from Incorporation of Company
Who will Appoint First Auditor if Board of Director Fails to Appoint First Auditor
Members of Company by Passing of Ordinary Resolution in Extra Ordinary General Meeting
What is the Tenure of Office of First Auditor?
First Auditor may hold office until conclusion of First Annual General Meeting
Whether First Auditor can be remove before First Annual General Meeting, If appointed in General Meeting.
Yes, by Members of Company by Passing of Special Resolution, After obtaining the previous approval of Central Government in that behalf
Whether First Auditor can be Appoint Through AOA & MOA.
No, the Appointment of First Auditor by the Articles of Company will not be valid.
                              




ICAI - The Institute of Chartered Accountants of India journal latest

HC : Grants stay, questions Sec. 234A interest levy validity where due date extended

Madras HC grants interim stay on Clause 7 of CBDT notification dated Sept 26, 2014, directs tax department to accept returns without insisting upon payment of interest u/s 234A. 
 

Swachh Bharat Abhiyan by Panipat CAs





Chartered Accountants of Panipat joined Swachh Bharat Abhiyaan on 1st November 2014. Mrs Rohita Rewri (MLA) also joined CAs in this project.  CAs cleaned the dirty places near Railway Station and surrounding areas, Geeta Mandir Road and nearby colonies.  CA Students were also cleaning the roads.




Our senior member CA Pardeep Tayal with Mr Rewri.  
CA Tayal is a symbol of motivation for all of us.




Hon'ble MLA Mrs Rohita Rewri joined Panipat Chartered Accountants in this project​





​Program was started from Railway Station main entrance


​ 


​It was not an easy job, but CA Puneet Rehlan done this.




Even, CA Students participated with full dedication.




​Collecting garbage with hands........





Different work, but the same aim............... Clean City










​Media coverage




​Mrs Rohita Rewri.............. cleaning her city



​Working with full dedication.


Thanks to CA Puneet Rehlan for providing these photos.
PCA appreciates the work of our Chairman CA Manish Jain and Secretary CA Govind Saini.














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Economic WARFARE Begins! BRICS War Against U.S.


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