FY16 small savings rates announced; PPF unchanged at 8.7%

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Require 40 Chartered Accountants in Bank of Maharashtra

Good News

Bank of Maharashtra is looking for 40 talented CA.  Professionals, for more details please click on

Bank managers can file a case of Fraud against the auditors too

PREVENTION  MECHANISM FOR FRAUD UNDER COMPANIES ACT,2013

Fraud under the Companies Act

Fraud in relation to affairs of a company  or any corporate body as defined  in Section 447 of Companies Act,  2013 includes any act, omission, concealment of any fact  or abuse of position committed by any person or

MCA- Deposit Circular

NICAI UPDATES:

MCA has issued the most awaited circular No 5/2015 dated 30.03.2015 regarding- Amounts received by private companies prior to 1st April, 2014 shall not be treated as 'deposits' under the Companies Act, 2013 and Companies (Acceptance of Deposits) Rules,

Tamil Nadu Budget 2015-16 Changes in VAT

Tamil Nadu Budget 2015-16 Changes in VAT

Introduction:

In order to boost the manufacturing sector bogged down by negative sentiments, the State Government has come forward with some relief in electricity tax, and reversal on Input Tax credit when stocks are moved out of State in pursuance of stock transfer, interstate sales etc., in the budget

CHARTERED ACCOUNTANT REQUIRED FOR UK OFFICE

WE ARE LOOKING FORWARD FOR A CHARTERED ACCOUNTANT WILLING TO WORK IN UK OFFICE OF OUR CLIENT!!!!

PLEASE CONTACT THE UNDERSIGNED

DEPOSIT UNDER COMPANIES ACT, 2013

Deposits are crucial Topic under Companies Act, 2013. As the month of March is on its end, most of the companies which have taken loan earlier under the companies act 1956 and have filed DPT-4 in this Financial year declaring that the companies has such and such amount of deposits as on

SERVICE TAX: ANALYSIS OF AMENDMENTS APPLICABLE WITH EFFECT FROM 1st APRIL 2015

SERVICE TAX: ANALYSIS OF AMENDMENTS APPLICABLE WITH EFFECT FROM 1st APRIL 2015
The Finance Bill, 2015 has proposed lot of changes in Service tax provisions. These changes will be coming into effect on various dates. Based on date of applicability of provisions, the various changes

MCA: Last date CLSS Scheme 2014 is 31-03-2015

MCA has notified the CLSS Scheme - 2014 in the month of August, 2015 and was effective till 31^st December, 2014. According to the Clause 6 (vi) of the Scheme, the application for seeking immunity in respect of belated documents filed under

ICAI CPE topics 2015-2016

click here to know more

Writ admitted in Calcutta High Court questioning powers of CCIT to interfere in assessment proceedings

Now get CANEWS updates on Whatsapp

Click here to get updates on Whatsapp

PM Narendra Modi to personally monitor public grievances against the Income Tax department on monthly basis

Prime Minister Narendra Modi a.k.a NAMO has come to the rescue of beleaguered taxpayers. According to a terse note dated 26th March 2015 addressed by Hon’ble Ms. Anita Kapur, Chairperson of the CBDT, to the Income-tax department, she and the Revenue Secretary had a conference with NAMO regarding the status of public grievances against the department. At the meeting, NAMO “expressed dissatisfaction about delays in responding to public grievances” by the

THE MANAGING COMMITTEE OF PANIPAT BRANCH of ICAI APOLOGISES

DEAR PROFESSIONAL COLLEAGUES

 

AT THE OUTSET I ON BEHALF OF THE MANAGING COMMITTEE OF PANIPAT BRANCH WISH TO APOLOGISE TO ALL THE MEMBERS OF THE PANIPAT BRANCH WHO HAVE COME TO ATTEND THE SEMINAR ON BANK AUDIT ON 20/03/2015 BUT LEFT DISAPPOINTED DUE TO SOME DIFFERENCES BETWEEN THE MEMBERS OF THE MANAGING

Foreign fund inflows hit $13 billion

http://www.moneycontrol.com/news/fii-activity/foreign-fund-inflows-hit-3613-billion_1343027.html

Foreign fund inflows hit $13 billion Read more at: http://www.moneycontrol.com/news/fii-activity/foreign-fund-inflows-hit-3613-billion_1343027.html?utm_source=ref_article

Windows 10 Mobile preview to be now available on most Windows Phone devices

http://ibnlive.in.com/news/windows-10-mobile-preview-to-be-now-available-on-most-windows-phone-devices/536803-11.html

ETDS Form 24G Preparation Utility (Version 1.5)

NSDL released following utility

• Form 24G Preparation Utility (Version 1.5)

ETDS RPU 4.2 and java 1.0 released NSDL e-TDS/TCS RPU for Quarterly Returns

NSDL e-TDS/TCS RPU for Quarterly Returns

From FY 2005-06 onwards, TDS/TCS returns have to be filed every quarter (i.e. quarterly statements); however, as advised by Income Tax Department, acceptance of TDS/TCS statements pertaining to Financial Years prior to 2007-08 has been discontinued at TIN. The following utilities can be used to prepare regular quarterly statements:

Invite to enroll in Independent Directors repository by Women Members Empowerment

As you may be aware, the ICAI, being the regulator of accounting and auditing profession in India since its inception in the year 1949, is always available to support and take forward all the endeavors of the government.
One of the important initiatives of the Government was the introduction of The  Companies  Act,  2013 which incorporated  several  important  provisions  that  modernize  India's  corporate world, necessitates and addresses

Vacancy for CA in KPMG

Job Description

Project Management 

• Address the complex research needs forbusiness development, updates on market development, and client engagements.Conceive, design and execute secondary research on:
• Company: its scope of business activity andbusiness model, segments, revenue model, strategy, issues and challenges,M&A history, competitive positioning, organization structure,

CBDT Takes Stern View Of Laxity By Counsel And CIT In Court Matters

The CBDT has issued two letters, both dated 20th March 2015, in which it has referred to an incident in the Delhi High Court where the Court had sought information relating to a case. Though the Standing Counsel communicated the directions of the Court to the concerned CIT, this was done in a

The ICAI has recently announced an one time amnesty scheme for restoration of membership with retrospective effect

FORM NO. 9.pdf

AMNESTY SCH JAN2015.pdf

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The ICAI has recently announced an one time amnesty scheme for restoration of membership with retrospective effect. The scheme and relevant Form No. 9 are enclosed herewith for your ready

Bank a/c can be attached::Attachment Order issued by Tax Authorities

Attachment Order issued by Tax Authorities

The credit balance in the account of a customer of a  banker may be attached by the Income-Tax authorities, if the former defaults in  making payment payment of the tax due from him. Section 226 (3) of the Indian Income- Tax Act, 1961, authorizes the Income- Tax Act, 1961, authorities

CAs under ambit of black money bill

The government's black money bill seeks to bring the financial intermediary community, including chartered accountants and lawyers, within the ambit of the tough provisions of the proposed law, in addition to those who keep unaccounted wealth in foreign countries.

Under the new law, there are two instances when an individual would be punishable with

ICAI Announcement for Launching batch of the Certificate Course on Valuation at Jamshedpur

Announcement for Launching batch of the Certificate Course on Valuation at Jamshedpur

The Corporate Laws & Corporate Governance Committee of ICAI is launching its first batch for the Certificate Course on Valuation at Jamshedpur from 26th April, 2015. The total duration of the course is spread over 7 full day classes held on weekends between 10 am to

Providing of Chartered Accountant for 3 years.

Haryana Forest Development Corporation Limited
Last Date : Mar 24, 2015
Providing of Chartered Accountant for 3 years.

From Chartered Accountants (Empanelled with Accountant General of Punjab/CG /Controller Audit General of Punjab.

Punjab State Board Of Technical Education And Industrial Training
Last Date : Mar 24, 2015
From Chartered Accountants (Empanelled with Accountant General of Punjab/CG /Controller Audit

Joke of the Day

" FINE" IS A TAX FOR DOING WRONG THINGS.

Where as,

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Director's Report content as per Companies Act 2013

Director Report- Series- 34.pdf

Works Contracts are liable to Service Tax even before June 1, 2007

NEW DELHI, : NETIZENS may recall the order of Tribunal referring the issue whether the service portion in execution of Works Contract is taxable under the pre- 01.06.2007 services of Commercial or Industrial Construction service (CICS), Construction of Complex Service (COCS) and Erection,

Finance Bill 2015: TDS FROM SALARIES- PROPOSED AMENDMENT – duty on employee should also be cast to provide proof, evidence, particulars etc. of claims for consideration.

Finance Bill 2015: TDS FROM SALARIES- PROPOSED AMENDMENT – duty on employee should also be cast to provide proof, evidence, particulars etc. of claims for consideration.

 

The proposed amendment in section 192 is reproduced below with highlights for an easy to

PAN mandatory for service tax registration: Fin Min

New Delhi, Mar 18 (PTI) Permanent Account Number (PAN) is now mandatory for private firms for getting service tax registration besides email and mobile number.

"Applicants, who are not government departments shall not be granted registration in the absence of

Income Tax calculator From AY 07-08 to AY 16-07 (Proposed)

Click here to download

Women Director-Countdown Begins

CS Monika Jain

Companies Act, 2013 along with Companies (Appointment and qualification of Directors) Rules, 2014 had made it mandatory for the following class of companies to have at least one women director in their Board:

a) All Listed Companies

b) Every Public Company having a Paid-Up Share Capital of Rs. 100 Crore or more.

c) Every Public Company having a Turnover of Rs. 300 Crore or more

Appointment Of Chartered Accountants Firm For Certification Of Accounts Of Hudco(Ro-Ncr)

Housing And Urban Development Corporation Limited
Last Date : Mar 23, 2015
Appointment Of Chartered Accountants Firm For Certification Of Accounts Of Hudco(Ro-Ncr) For

Application From The Eligible Technical And Financial Bid From Ca Firm For Certification Of Accounts Of Hudco For Ro.

Housing And Urban Development Corporation Limited - Kohima Nagaland
Last Date : Mar 23, 2015
Application From The Eligible Technical And Financial Bid From Ca Firm For Certification Of

Empanelment Of Chartered Accountants For Concurrent Audit Of Branches.

Baroda Gujarat Rural Bank
Last Date : Mar 23, 2015
Empanelment Of Chartered Accountants For Concurrent Audit Of Branches.

Expression of Interest consultancy services to function as consultancy services to function as internal auditor of MACP

Maharashtra Agricultural Competitiveness Project
Last Date : Mar 23, 2015
Expression of Interest consultancy services to function as consultancy services to function as internal

Request for proposals for appointment of statutory auditor firm of bihar rural roads development agency (BRRDA), Rural works department.

Bihar Rural Roads Development Agency
Last Date : Mar 23, 2015
Request for proposals for appointment of statutory auditor firm of bihar rural roads development

Microsoft launches affordable Lumia 430 Dual SIM smartphone at Rs.4400

http://tech.firstpost.com/news-analysis/microsoft-launches-affordable-lumia-430-dual-sim-smartphone-259774.html

Today's Horoscope

Aries: March 21st - April 20th

Today:Today, you will turn an attentive ear to your inner voice. As a result, you will able to execute all your plans with precision. Besides being cheerful, you will even take disappointments with a

Read more »

Rare picture of Cornelia Sorabji, the first female advocate from India and the first woman to study law at Oxford, making a radio broadcast in London in circa 1931

Cornelia Sorabji, the first female advocate from India and the first woman to study law at Oxford, making  a radio  broadcast in London in circa 1931

Read more »

CRICKET (IPL 8) - 2015 Schedule

CRICKET (IPL 8) - 2015

Schedule :
�� 08.04.2015 - KKR vs MI
�� 09.04.2015 - CSK vs DD
�� 10.04.2015 - KXIP vs RR
�� 11.04.2015 - CSK vs SRH
�� 11.04.2015 - KKR vs RCB

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New Companies Act of 2013 will push many a company to turn a private limited one

A private company will have an easier life than a public one under the new Companies Act

The 104-year-old T. V. Sundram Iyengar & Sons (TVS & Sons) Ltd., the holding company of the $6.5-billion TVS Group, announced plans to convert itself into a private limited company from public company.

“The board and the shareholders of TVS & Sons have approved this proposal as the new Companies Act facilitates the same and this reflects the shareholding structure of the company, that is, family-owned,” it

Seminar at ICAI Panipat branch gets cancelled on account of rivalry between the two groups of members

Mr.Amarjit Chopra wrote 
"For the first time I witnessed a seminar being cancelled on account of rivalry between the two groups of members at Panipat.Tents outside the Branch Office,heated exchanges amongst certain members was quite unbecoming of professional members.Everyone has a right to protest but there is a way to do the

IT : Payment of interest at rate of 18 per cent to creditors on basis of resolutions passed by executive committee of assessee-society was found reasonable

IT : Payment of interest at rate of 18 per cent to creditors on basis of resolutions passed by executive committee of assessee-society was found

IT: In case of delay in granting refund, assessee would be entitled to compensation and interest can be awarded by way of compensation, but assessee would not be entitled to further compensation by way of interest on such interest, which is awarded as compensation

IT: In case of delay in granting refund, assessee would be entitled to compensation and interest can be awarded by way of compensation, but

Vacancy for I.C.W.A. / C.A. / I.C.W.A. (Inter.) / C.A. (Inter.) in Hindustan Steelworks Construction Limited

Job Description: Finance Officer job vacancy at Hindustan Steelworks Construction Limited

Applications through online from Indian Nationals invited for various job vacancies advertised at Hindustan Steelworks Construction Limited a Government of India undertaking.

Candidates who wish to apply through online required to apply on or before 28.03.2015.

Candidates are advised not to send the hard copy of the online application to anywhere.

Market View 19/03/2015

Capital First Ltd (CAFL IN) – QIP Details: Issue Size : USD 40.05 mln with option to upsize to USD 48.06 mln , Indicative Size: 6,410,257 to 7,692,307 Equity Shares SEBI Minimum Floor Price : INR 409.90 Indicative Issue Price : INR 390 Closing Price: INR 397.60 on NSE as on 19TH MARCH 2015 Dilution (Post Issue) : 7.14 % to 8.45%

BUY TTK Prestige MOTILAL ON TTK PRESTIGE - INITIATING COVERAGE We expect revenue to grow at a CAGR of 23% over FY15-17, led by 31% CAGR in nonstick cookware

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Refund of Service Tax - Amendment by notification 33/2008 to notification 41/2007 enhancing refund quantum to 10 per cent of FOB value of export goods is not retrospective - Appeal dismissed: CESTAT

ST - Refund of Service Tax - Amendment by notification 33/2008 to notification 41/2007 enhancing refund quantum to 10 per cent of FOB value of export goods is not retrospective - Appeal dismissed: CESTAT 

MUMBAI : Sr. no. 15 inserted in the Schedule to notification 41/2007-ST by amending notification

Income tax - Whether advance tax liability can be adjusted against cash lying in account of Revenue which was seized from assessee during search and seizure operation - YES, rules High Court

Income tax - Whether advance tax liability can be adjusted against cash lying in account of Revenue which was seized from assessee during search and seizure operation - YES, rules High Court 

ALLAHABAD : THE issue before the Bench is - Whether advance tax liability can be adjusted against the cash lying in the account of the Revenue which was seized from the assessee during

RATE AND CESS ON SERVICE TAX: BUDGET IMPACT

The charge of Service Tax under the Finance Act, 1994 as amended so far is at the rate of 12 percent on the value of taxable services. This rate of Service Tax is specified in section 66B of the Finance Act.

Presently the rate of 12 percent Service Tax is further subject to levy of education cesses as follows:

ICAI - Future education..Comment period extended

http://www.icai.org/new_post.html?post_id=11422&c_id=347

Sec. 54F: Original cap gain to be taxed in year of sale of new asset (investment) and not in year of its accrual

March 19, 2015[2015] 55 taxmann.com 187 (Karnataka)

IT: Where investment was made by way of purchasing a plot to avail

Exemption under section 11 can be denied only to extent of investment contravening provisions of section 11(5) read with section 13(1)(d) and not on entire income

[2015] 55 taxmann.com 211 (Gujarat)

HIGH COURT OF GUJARAT

Commissioner of Income-tax

v.

Orpat Charitable Trust

How to file to CLB for extention u/s 74

CLB Order Dated_28.01.2015.pdf

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Faster arbitration, commercial HC wings

Its eye on global investment, the government plans to amend the Arbitration Act and set up commercial branches in high courts to help settle such disputes faster.

A bill to amend the Arbitration Act, providing for settling disputes in nine months, will be brought during the current session, Law Minister Sadananda Gowda told the Lok Sabha on Wednesday. In the next session will come a bill to enable commercial branches in high courts. The moves are aimed at

Vacancy for CA/CS in PWC

Requirement	Manager - DT Corporate tax - 4006/[2013]
Location
Openings	1	Experience	6.00 to 9.00 years
Education	NA
Skills	good communication, excellent technical skills and overall should be a dynamic individual
Job Description	Job Profile : PwC's multi-disciplinary tax teams help clients in Corporate Tax Advisory and Tax & Regulatory Compliance. PwC's range of services include: • Entry strategy from a tax and regulatory perspective

Policy for Appointment of Statutory Branch Auditors from 2014-15 onwards

 Policy for Appointment of Statutory Branch Auditors from 2014-15 onwards

I) Eligible Audit Firms The List of eligible Audit firms will be provided by the Reserve Bank of

RBI Poised to Cut CRR Before April 7 Policy Meeting

RBI Poised to Cut CRR Before April 7 Policy Meeting: SBI’s Ghosh

     (Bloomberg) -- Reduction in cash reserve ratio by the
central bank at this juncture will “have a profound impact on
transmission mechanism,” Soumya Kanti Ghosh, chief economic

GMCS Training Programs mere mechanical process and money spinners than knowledge facilitators

Articled students are required to attend various GMCS programs during their training.  However there seems to be little in terms evidence to indicate the efficacy of the programs and its impact.  The issue has implications both for the student as well as professionals who are required to send them for

H-1B workers have minimal skills: Infosys whistleblower

H-1B workers replacing Americans have minimal skills and little or no business knowledge, a whistleblower from Indian IT giant Infosys has said and asked lawmakers not to increase the number of much sought-after visas and plug in the loopholes in the immigration system.
Jay B Palmer, whose visa fraud case against Infosys had led to a USD 34 million visa fraud

HC accepts cash method of accounting in respect of money retained by customers for fulfilment of warranty

March 17, 2015[2015] 55 taxmann.com 158 (Gujarat)

IT : Where assessee was consistently following system of accounting of crediting MONEY retained by customers from sale proceeds as and when

Important Verdict Of Supreme Court On Taxation of Charities And Non-Profit Organisations

Queens Educational Society vs. CIT (Supreme Court)

S. 10(23C)(v) & (vi): Mere surplus does not mean institution is existing for making profit. The predominant object test must be applied. The AO must verify the activities of the institution from year to year

The 13th proviso to Section 10(23C) is of great importance in that assessing authorities must

Meaning of “Deposit” as per Co Act,2013 as DPT4 is to be filled as on 1.4.14, but not 31.3.14

Meaning of “Deposit”  as per Co Act,2013 as DPT4 is to be filled as on 1.4.14, but not 31.3.14

1)      Deposit means “deposit” as per companies act,2013

2)      Had the legislature intended the meaning of deposit as per Companies Act, 1956,

Investment Idea of the Week

SCL entered into alliance with ACC in the year 2007. ACC participated into equity and nominated two directors on the Board. ACC also entered into marketing alliance with SCL.

There after, SCL submitted an expansion plan to Govt. of Odisha to expand the plant capacity upto 2.6 Mn.TPA in two phases. SCL also

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Vacancy for CA in Citi Bank

Job Description

Description

Job Description:

1) Ensure the team performs monthly activities on time.

2) Help the team in reviewing monthly deliverables. Build robust controls in the processes from

Vacancy for CA in JP Morgan

Job Description 

CIB - Risk - Client Credit Manager - Assoc/VP - Sydney-150026754

Job Description

 

J.P. Morgan’s Corporate & Investment Bank (CIB) is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us

Expression of Interest from Chartered Accountant Cum Company Secretary/Chartered Accountant cum company secretary firm.

Madhya Pradesh Public Health Services Corporation
Last Date : Mar 20, 2015
Expression of Interest from Chartered Accountant Cum Company Secretary/Chartered Accountant

Express of Interests for Accounting service consultants, Financial consultants, Software solution for sufal hub/Staticoutlet / mobile outlet.

Government Of West Bengal
Last Date : Mar 20, 2015
Express of Interests for Accounting service consultants, Financial consultants, Software solution for sufal hub/Staticoutlet / mobile outlet.

Address: Shri Ranajit Sengupta Additional Project Director Project Management Unit SUFAL

Expression of interest for internal audit & annual accounts preparation for the year 2014-15.

Bihar State Schedule Case Cooperation Development Corporation Limited
Last Date : Mar 20, 2015
Expression of interest for internal audit & annual accounts preparation for the year 2014-15.

Expression of Interest for Empanelment of Chartered Accountant Firms for Statutory Audit

Bihar Education Project Council
Last Date : Mar 20, 2015
Expression of Interest for Empanelment of Chartered Accountant Firms for Statutory Audit.

Highlights of Maharashtra budget

Maharashtra finance minister Sudhir Mungantiwar present the state's first BJP budget on Wednesday in the state assembly.

Highlights of the budget:

* Maharashtra finance minister Sudhir Mungantiwar presents state budget in assembly

* Govt announces scrapping of Local body tax (LBT) from August 1, 2015

Vacancy for CA/ICWA in Titagarh Wagons Ltd

Job Description

Salary[Not Mentioned]

Functional AreaFinance / Accounts / Tax

IndustryIT - Software

Skillsc.a chartered accountant mba finance icwa france outstation foreign india willing to relocate cost accountant

Opening for Chartered Accountant/Cost Accountant/MBA Finance who will

CBDT notifies Rules for rollback of an Advance Pricing Agreement

cbdt.pdf

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Self-Declaration Form to Avail CPE Hours Credit

You can get maximum 10 CPE hours in 2014, after sending a Self Declaration Form at below noted address of ICAI. (if your age is less than 60 years)  If age is 60 years or more than 60 years, you can get 70 CPE hours in three years block ie for year 2014. 2015 & 2016 after sending Self Declaration Form to respective Regional Council

Engage a CA/CMA firm for Internal Audit of its Operations.

D N P Limited
Last Date : Mar 17, 2015
Engage a CA/CMA firm for Internal Audit of its Operations.

Address: Assam Gas Co. Limited, P.O. Duliajan, PIN 786602, Dist. Dibrugarh, Assam.

Reputed chartered accountants / cost accountants firms for undertaking internal audit and physical verification of stocks in FCI.

Food Corporation Of India- Zonal Office-South
Last Date : Mar 17, 2015
Reputed chartered accountants / cost accountants firms for undertaking internal audit and physical

Vacancy for CA in Hyatt

Assistant Director of Finance-PUN000384

Description

 You will be responsible for the efficient running of the department in line with Hyatt International's Corporate Strategies and brand standards, whilst meeting employee, guest and owner expectations

Empanelled with C&AG/ State AG to Provide Their Sevices for Conducting Audit of MGNREGA fro the Year 2014-15.

District Rural Development Agency - Mandi Himachal Pradesh
Last Date : Mar 16, 2015
Empanelled with C&AG/ State AG to Provide Their Sevices for Conducting Audit of MGNREGA fro the Year 2014-15.

Address: District Rural Development Agency - Mandi Himachal Pradesh

Annual Contract For Engagement Of C.A. For Internal Audit, Conducting Internal Audit Of Accounts Of V.V. Giri National Labour Institute” For The Year 2014-15 & 2015-16.

V V Giri National Labour Institute
Last Date : Mar 16, 2015
Annual Contract For Engagement Of C.A. For Internal Audit, Conducting Internal Audit Of

Request for proposals for Empanelment of statutory auditors for audit of watershed committees, project implementing agencies, watershed cell cum data centers & state level nodal agency.

Department Of Watershed Development And Soil Conservation
Last Date : Mar 16, 2015
Request for proposals for Empanelment of statutory auditors for audit of watershed committees, project implementing agencies, watershed cell cum data centers & state level nodal agency.

Address: Department Of Watershed Development And Soil Conservation,R.No. 144, Pant Krishi

RBI unveils revised norms on sale of NPAs to securitization/reconstruction companies

 
Announced on February 03, 2015. As indicated therein, it has now been decided to permit banks to reverse the excess provision (when the sale is for a value higher than the NBV) on sale of NPAs (sold prior to February 26, 2014 to SCs/RCs) to their profit and loss account. We reiterate that banks can reverse excess provision arising out of sale of NPAs only when the cash received (by way of initial consideration and/or redemption of security receipts/pass through certificates) is higher than the NBV

CBI names consultancy firm PricewaterhouseCoopers as a suspect

   CBI on Friday night arrested a finance ministry official and a partner of a Mumbai-based law firm in connection with the case.

Ram Niwas, an assistant in FIPB section, finance ministry and Paresh Chimanlal Buddhadeb, partner in Chitalay Associates, were arrested for allegedly leaking documents on government's foreign

Wake up call for companies in the month of March

The Companies needs to ensure Compliance of following provisions during financial year, 2014-15 under New Companies Act, 2013.

The below list is not exhausted list and every Company needs to check the applicability of

Microsoft Universal Foldable Keyboard

Microsoft Universal Foldable Keyboard, It is only 5mm thin, lightweight, compact and foldable design lets you easily take it wherever you go so you can get more done on your tablet or smartphone. You can simultaneously pair it with virtually any two mobile devices and then instantly switch between them with a single touch. Designed to work with iPad, iPhone, Android, Windows tablets, and Windows Phone. Water repellent keyset and fabric helps protect against accidents.

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Revised KYC norms issued by RBI for accounts of proprietary concerns

Know your Customer (KYC) guidelines - accounts of proprietary concerns http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=9599&Mode=0

Sum paid to consultant-doctor without any stipulation of working hours or leave would attract sec. 194J TDS

IT: Where from contracts, no stipulations regarding working hours, academic leave or attachments had been found which would reveal that consultant doctors were employees of assessee, Tribunal was right in holding that there existed no relationship of employer and employee between assessee and consultant doctors and accordingly, TDS under section

Free WhatsApp voice calling: How to get it on your phone in 2 easy steps

click here to know more

TENDERING AUDIT SERVICES IS A MENACE TO THE CA FRATERNITY

The latest quote price of Rs 2 per month per panchayat at Madhya Pradesh has once again shattered the profession heart & soul. Thank GOD this time, it’s double to 2012 rates, where the lowest tender for primary school audits was Re 1 per school. . Tender

SCOPE AND RELEVANCE OF 'GOVERNMENT' IN SERVICE TAX

SCOPE AND RELEVANCE OF 'GOVERNMENT' IN SERVICE TAX

As we all know, Service Tax is levied when an activity is carried out by one person for another for a consideration i.e., two persons are involved - a service provider and a service receiver. The term 'person' is defined in clause 37 of section 65B of the Finance Act, 1994 which, inter alia includes

Audit tendering Best Practice from Abroad

FRC has issued PN067: Audit Tenders: Notes on best practice. It offers suggestions to improve the tendering process. It is aimed at FTSE 350 companies but could equally be used as guidance for any tender. The best practice key steps highlighted are:

RELATED PARTY TRANSACTIONS UNDER COMPANIES (COST RECORDS AND AUDIT) RULES, 2014

RELATED PARTY TRANSACTIONS UNDER COMPANIES (COST RECORDS AND AUDIT) RULES, 2014

Form CRA-1 is to be maintained by the companies which are required to maintain cost records.  The said form indicates what the particulars relating to the items of costs to be included in the book of

Govt. notifies 'IIT, Varanasi' as scientific research association under Sec. 35(1)(ii)

SECTION 35(1)(ii) OF THE INCOME-TAX ACT, 1961 - SCIENTIFIC RESEARCH EXPENDITURE - APPROVED SCIENTIFIC RESEARCH ASSOCIATIONS/INSTITUTIONS - INDIAN INSTITUTE OF TECHNOLOGY (BHU), VARANASI

NOTIFICATION NO. 22/2015 [F. NO. 203/07/2014/ITA-II], DATED 13-3-2015

It is hereby notified for general information that the organization Indian Institute of Technology (BHU), Varanasi (PAN - AAAJI0396R) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read

CBDT issues instructions for CsIT related to non-migration of PAN due to pending refund

refund.pdf

New rates of depreciation under Companies Act,2013

1) Professionals are facing problems in calculating new rates of depreciation under Companies Act,2013

2) To help them , we have calculated new rates of Depreciation under Companies Act based on useful life as provided in the Companies Act, 2013 & 5% residual value: This will be part of  book "Company Law Ready Reckoner"

3) Please communicate errors, if any.

SEC. 123 – SCHEDULE –II – PART C OF COMPANIES ACT,2013

USEFUL LIFE OF VARIOUS ASSETS & RATES OF DEPRECIATION UNDER SLM & WDV AS MANUALLY CALCULATED TAKING 5% AS RESIDUAL VALUE

			General Rates		Double Shift		Triple Shift
	Nature of Assets	Useful Life In Years	SLM Rate	WDV Rate	SLM Rate	WDV Rate	SLM Rate	WDV Rate
I	BUILDINGS [NESD]
(a)	Buildings (other than factory buildings) RCC Frame Structure	60	1.58%	4.87%	-	-	-	-
(b)	Buildings (other than factory buildings) other than RCC Frame Structure	30	3.17%	9.50%	-	-	-	-
(c)	Factory buildings	30	3.17%	9.50%	-	-	-	-
(d)	Fences, wells, tube wells	5	19.00%	45.07%	-	-	-	-
(e)	Others (including temporary structure, etc.)	3	31.67%	63.16%	-	-	-	-