Discount allowed by TeleCos to distributors on prepaid recharge coupons was liable to sec. 194H TDS

July 29, 2015[2015] 59 taxmann.com 176 (Calcutta)

IT : Discount allowed by assessee to its distributors in respect of starter packs and recharge coupons for its prepaid mobile service amounted to

Karnal Chartered Accountants Students Association (KCASA) is organising a “Quiz Contest for CA Students”

Dear Members,

 

It is hereby informed that Karnal Chartered Accountants Students Association (KCASA) is organising a   “Quiz Contest for CA Students” at the Branch level on 1^st August,2015 Saturday at 2 PM at Karnal club.

 

PARTICIPANTS CAN BE :

·        Students registered with the Institute for Final Course and are undergoing article/audit training, Intermediate (IPC) Course are eligible to participate in the Contest.

·        students who have completed articles/audit training are not eligible to participate.

·         Contestant who has won the Contest at the Branch Level and later passes the Final Examination and

Treasurer, Faridabad Branch of NIRC of ICAI turns whistleblower

(The following is based on email recd by this news channel)

July 27, 2015

The President,

The Institute of Chartered Accountants of India

New Delhi

Ref: Notice for the meeting of Managing Committee of Faridabad Branch scheduled to be held on 03-08-2015 to change signatories to the Bank Accounts of the Branch

Sir,

This has reference to above, notice duly signed by the Chairman and the Secretary of Faridabad Branch, for meeting of managing committee scheduled to be held on 03-08-2015 is being forwarded

Amount spent by CMII in 5 star Hotels

Committee for member in industry spent in organising programs in 5star hotels :( Source RTI information)

......................

Rs. 19707871.00 in 2013-14

(Rs. 19066903.00 for programs in Delhi)

(Rs. 168976.00 for program in Mumbai)

Check allotment of PSU with CAG for 2015-16

Empanelment with CAG and allotment of PSU Audit for the FY 2015-16 has been hosted

Indian Railways modifies identity proof rules for Tatkal travellers

http://www.financialexpress.com/article/economy/indian-railways-modifies-identity-proof-rules-for-tatkal-travellers/109647/

All India Free Distribution of CD on Co Law by CA N More

1) A CD on company Law has been compiled by CA N More & others. 

2) In eastern region, we got sponsorer who will make CD. Now, we invite CAs from different cities of eastern region to come forward & help us to distribute these CDs. Please note

ICAI - Railways

http://www.icai.org/new_post.html?post_id=11769&c_id=219

CA PRACTICE- BE A MANAGING DIRECTOR

A Chartered accountant in practice can also practice in corporate form. The Council permits a Chartered Accountant in practice to practice in Corporate

Windows 10 review: 5 reasons why you should upgrade to Microsoft's new operating system

http://www.ibnlive.com/news/tech/windows-10-review-5-reasons-why-you-should-upgrade-to-microsofts-new-operating-system-1027137.html

Windows 10: Microsoft launches new operating system; to be available as a free upgrade

http://www.ibnlive.com/news/tech/windows-10-microsoft-launches-new-operating-system-to-be-available-as-a-free-upgrade-1027384.html

Extension of due date of filing Return of wealth for A.Y, 2015-16-clarification

F.No.328/08/2015-WT
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, dated the 27 ^th July, 2015

 To All Pr. Chief Commissioners of Income-tax

Subject: Extension of due date of filing Return of wealth for A.Y, 2015-16-clarification

In terms or Explanation to sub-section (1) of section 14 of the Wealth-tax Act 1957, ‘due date' of filing Return of wealth in relation to an assessee under the Wealth-tax Act shall be the same date as that applicable to an

File Income Tax Returns Online in India With These Websites

When filing tax returns is mentioned, many people assume that this is a laborious process best handled by a chartered accountant. But as with many other government services, even tax filing is simpler when you do it online. Whether you are a self-employed person who needs a CA's help to file

Guidelines for appointment of statutory auditors in Public Sector Banks

Last date of online submission of Multipurpose Empanelment form is 31^th August 2015, I am hereby given you, guidelines for appointment of statutory Auditors in public Sector Bank and request you to read carefully such guideline before filling your

SECTION 48 OF THE INCOME-TAX ACT, 1961 - CAPITAL GAINS - COMPUTATION OF - NOTIFIED COST INFLATION INDEX U/S 48, EXPLANATION (V) NOTIFICATION NO.60/2015 [F.NO.142/10/2015-TPL], DATED 24-7-2015

SECTION 48 OF THE INCOME-TAX ACT, 1961 - CAPITAL GAINS - COMPUTATION OF - NOTIFIED COST INFLATION INDEX U/S 48, EXPLANATION (V)

NOTIFICATION NO.60/2015 [F.NO.142/10/2015-TPL], DATED 24-7-2015

In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue),

IT: Excess application of funds over and above income of trust can arise only when funds are applied from the corpus of the trust, accumulated funds, loans or goods and services received from the creditors

IT: Excess application of funds over and above income of trust can arise only when funds are applied from the corpus of the trust, accumulated funds, loans or goods and services received from the creditors. When funds are applied from borrowed funds or by way of sundry creditors the same can be treated as application of funds in the year in which such loan/sundry creditors are repaid from the income of the trust. However, when amount is applied from the corpus fund or accumulated fund the same cannot be treated as application of funds under section 11, because such funds have already been exempt from the income of trust in the year in which they are received or such amount is set aside. Thus, trust cannot carry forward excess application of funds.

Facts:

(a)

Assesses-trust was running an educational institution. It was registered under sec

Cenvat Credit : Credit of insurance/repair of motorcar is available to assessee-firm even if car is in name of partner, provided car is shown as assets in books of firm and depreciation and other expenditure thereon is incurred/borne by firm

Cenvat Credit : Credit of insurance/repair of motorcar is available to assessee-firm even if car is in name of partner, provided car is shown as assets in books of firm and depreciation and other expenditure thereon is

Competition Act : Where big players such as HP, IBM, Lenovo were operating in relevant market of x86 server in India, Dell was not dominant in relevant market and, therefore, question of abusing dominant position did not arise

Competition Act : Where big players such as HP, IBM, Lenovo were operating in relevant market of x86 server in India, Dell was not dominant in relevant

SECTION 211 OF THE COMPANIES ACT, 2013 - SERIOUS FRAUD INVESTIGATION OFFICE - ESTABLISHMENT OF - NOTIFIED SERIOUS FRAUD INVESTIGATION OFFICE

NOTIFICATION NO. SO 2005(E) [F.NO.A-35011/09/2011-ADMN.III], DATED 21-7-2015

In exercise of the powers conferred by sub-section (1) of section 211 of the Companies Act, 2013 (18 of 2013), the Central Government hereby establishes the Serious Fraud Investigation Office

SPECIAL ECONOMIC ZONES (AMENDMENT) RULES, 2015 - AMENDMENT IN ANNEXURE II NOTIFICATION NO.GSR 564(E) [F.NO.C.5/1/2010-SEZ], DATED 16-7-2015

SPECIAL ECONOMIC ZONES (AMENDMENT) RULES, 2015 - AMENDMENT IN ANNEXURE II

NOTIFICATION NO.GSR 564(E) [F.NO.C.5/1/2010-SEZ], DATED 16-7-2015

In exercise of the powers conferred by section 55 of the Special Economic Zones Act, 2005 (28 of 2005), the Central Government hereby makes the following rules further to amend the Special

Cenvat Credit : Welding electrodes used for repair and maintenance of plant and machinery are ineligible for credit as inputs as well as capital goods

Cenvat Credit : Welding electrodes used for repair and maintenance of plant and machinery are ineligible for credit as inputs as well as capital goods

CENVAT Credit on outward transport after 01.04.2008 - Credit is admissible in case of FOR destination sale - Amendment to CCRs, 2004 with effect from 01.04.2008 does not alter admissibility - HC sets aside order of Tribunal

BANGALORE : THE appellant is manufacturer of Cement. The dispute is with regard to admissibility of CENVAT Credit on outward transport of finished goods. The Tribunal allowed the credit up to the period 31.03.2008, but disallowed for the period from 01.04.2008 = 2012-TIOL-1298-CESTAT-BANG in the light of amendment made to Rule 2(l) of the CENVAT Credit Rules,

Standard Operating Procedure (SOP) (Part I - 08.07.2015) for making application for claim of tax exemption ujs 11(1)(c) of the Income-tax Act

Part III of the Standard Operating Procedure (SOP) (Part I - 08.07.2015) for making application for claim of tax exemption ujs 11(1)(c) of the Income-tax Act, in respect of remittance of money/relief articles by Indian NGOs/Charitable Organisations for earthquake hit people in Nepal. In view of suggestions received from National Disaster Management Authority (NDMA) following item is

ICAI pro-active in designing education and training schemes’

http://www.thehindu.com/news/national/tamil-nadu/icai-proactive-in-designing-education-and-training-schemes/article7458936.ece

ICAI - ERP, Project Parivartan

http://www.icai.org/new_post.html?post_id=11762&c_id=219

ICAI Group Report on Equitable Distribution of Audits, Tendering etc.

Report of the Group to consider issues relating to equitable audit allotments, mechanism to control tendering system and introduction of ceiling on number of concurrent audit of banks per firm

The Institute of Chartered Accountants of India

(Set up by an Act of Parliament)

INDEX

S. No.	Particulars	Page no.	Annexure
1.	Prologue	5
2.	Objective of the Group	5
3.	Composition of the Group	5
4.	Meetings of the Groups	6
5.	Issues Identified & Views of the Group	6-22
6.	Recommendations	23-26
7.	Acknowledgement	27
8.	Mail dated 23rd March, 2013 of CA. Tarun J. Ghia		A (28-30)
9.	Mail dated 5th June, 2013 of CA. Atul Kumar Gupta		B (31-33)
10.	Mail dated 8th July, 2013 of CA. Atul Kumar Gupta		C (34-37)
11.	Bombay High Court Order on Writ Petition no. 1112 of 2006		D (38-40)
12.	Guidelines for Appointment of Statutory Auditors in Public Sector Banks, as available on http://rbi.org.in/scripts/bs_viewcontent.aspx?Id=946		E (41-51)
13.	Policy of Empanelment of CA Firms and Selection of Auditors of PSUs, as available on www.cag.gov.in		F (52-54)
14.	Guidelines for Appointment of Statutory Auditors of Insurance Companies, as available on http://www.irdaindia.org/guidelines/guidelineaudit.pdf		G (55-61)
15.	Application for empanelment of auditors with Life Corporation of India http://www.licindia.in/Hindi/images/auditors_form_revised.pdf		H (62-66)
16.	Item for Executive Committee “Prescribing norms for evaluating the technical and financial bids as model for various regulators and persuading them to adopt those norms so that the similar criteria for evaluation is used by all Agencies:  To consider”		I (67-69) I1 (110-154) I2 (155-258)
17.	The recommended scale of fees prescribed by the ICAI in the context of various professional assignments		J (70-74)
18.	Draft letter which may be sent to the members across the country requesting them to maintain cost sheet in the given format while submitting any tender/bid.		K (75-77)
19.	Draft letter which may be sent to the authorities/companies floating tenders for CA services.		L (78-79)
20.	Draft Guidelines for procurement of Chartered Accountant Services and Competitive bidding		M (80-84)
21.	Relevant extract of the Master Circular on Audit Systems issued by Department of Financial Services, Ministry of Finance, Government of India vide its F.No.7/124/2012-BOA dated 26th September, 2012		N (85-108)
22.	Details of concurrent audit experience as available in MEF 2013-14		O (109)

1.                       PROLOGUE

IMPORTANT POINTS FOR DEPRECIATION AS PER SCHEDULE II PART C OF THE COMPANIES ACT 2013

  Members may please circulate the below text among CA trainees under them

 

1. Schedule II of the Companies Act’ 2013 for calculating depreciation is applicable only on tangible assets. For calculating Depreciation on intangible assets, the companies have to follow the applicable accounting standards.

2. Depreciation as per Companies Act’ 2013 depends on the useful life of various assets as defined in

Five things you should know about premature PF withdrawals

New Delhi: The Labour Ministry is all set to cap premature provident fund withdrawal at 75 percent of total deposits in case an EPFO subscriber goes without a job for two months.

The Labour Ministry will soon issue a notification in this regard to amend the Employees' Provident

Global corporate governance standards for banks – Australian perspectives

On 8 July the Basel Committee (BIS) issued a paper setting out 13 corporate governance principles for banks. These principles supersede the 2010 BIS principles and are to be applied and adapted by

SBI accounting error makes this Kanpur woman super rich for a day

It could give anybody a heart attack. But Urmila Yadav of Kanpur's Vikas Nagar survived to tell the tale.

A few days ago, she became one of the richest women to walk the earth when an amount of Rs 95,71,16,98,647 was credited to her State Bank of India (SBI) account, thanks to a strange procedure

Free CA coaching classes for underprivileged students

CHENNAI: S Mahalakshmi, a school topper in commerce stream, has a dream: to become a chartered accountant (CA). But her financial constraints had almost dissuaded her from working

Comptroller & Auditor General Shashi Kant Sharma signed 27 UN audit reports

Comptroller & Auditor General Shashi Kant Sharma signed 27 UN audit reports during his participation at 69th regular session of the United Nations' Board of Auditors in New York.

Sharma, who is currently in New York, approved and signed 27 UN Audit reports yesterday, an

Election compliant MEF Empanelment

In a country where appeasement is a way of Life, Our Institute has done hard work to make Bank empanelment form fully forthcoming election compliant. Several changes have been introduced to promote dummy firms or Made for Bank audits only firms so that vote bank politics can survive. If

Expression of interest for empanelment of partnership/ limited liability partnership firms fo charted /cost accountants for conducting internal audit.

Chhattisgarh State Power Generation Company Limited
Last Date : Jul 27, 2015
expression of interest for empanelment of partnership/ limited liability partnership firms fo charted

Requirement of Chartered Accountant Firm for Project Monitoring Unit (PMU), Agribusiness Development Investment Programe (AIDIP).

Department Of Agriculture - Patna Bihar
Last Date : Jul 27, 2015
Requirement of Chartered Accountant Firm for Project Monitoring Unit (PMU), Agribusiness

From the reputed and experienced chartered Accountant firms of in the Panel of AG's of the State for the financial year 2014-15.

District Rural Development Agency - Udaipur Tripura
Last Date : Jul 27, 2015
From the reputed and experienced chartered Accountant firms of in the Panel of AG's of the State for

Internal Audit of Financial Transactions.

Tuticorin Port Trust
Last Date : Jul 27, 2015
Internal Audit of Financial Transactions.

Provide of Chartered Accountant Firm for Accounting Services.

Indian Institute Of Management - Udaipur Rajasthan
Last Date : Jul 27, 2015
Provide of Chartered Accountant Firm for Accounting Services.

Appointment Of Chartered Accountant Firm / Company As Internal Auditor Of Sci On Contract Basis From Financial Year 2015-16 for Shipping Corporation of India

Shipping Corporation Of India Limited
Last Date : Jul 27, 2015
Appointment Of Chartered Accountant Firm / Company As Internal Auditor Of Sci On Contract

Vacancy for CA in CRISIL

Analyst

Crisil Ltd

Follow

• Experience 0 to 2 yrs
• Salary As per Industry Standards
• Location Mumbai
• Key Skills Strong analytical skills CA financial

27 Indian Lakes Whose Beauty You Need To Drink In And Enjoy Before You Die

Spring is on its way, and we can't think of a better way to jump start your travel plans than by ogling at some of the prettiest watery wonders in India. With their mesmerising ripples, mirror-like reflections and iridescent waters, the alluring beauty of these lakes is sure to take your breath away. Check out these 27 magnificent Indian lakes and plan a getaway to experience their exquisite beauty