The most comprehensive news portal for Chartered Accountants and Other Professionals around the world.
Saturday, October 31, 2015
19 Tricks to Stay Slim Without Thinking About it
The no-diet diet
Sneaky calorie bombs are hiding everywhere, but that doesn't mean you have to suffer scale creep. "You're still in control of your eating," says Keri Gans, RDN, who counsels clients in New York City. "Don't worry too much about occasional indulgences. It's the little things you do every day that can keep you on track." She's talking about super-
Joke of the day
Bill, a fresh computer graduate from a world-class University, goes for an interview in a software company.
The interviewer is Steve, a grubby old man. And the first question he asks Bill is, `Are you good at logic?'
`Of course,' replies Bill.
`Let me test you,' replies Steve. `Two men come down a chimney. One comes
The interviewer is Steve, a grubby old man. And the first question he asks Bill is, `Are you good at logic?'
`Of course,' replies Bill.
`Let me test you,' replies Steve. `Two men come down a chimney. One comes
Friday, October 30, 2015
Bank Holidays 2016 analysed
Bank Holidays 2016 analysed
Thanks to the decision of 2nd and 4th Saturdays off from 01/09/2015,, we've got a wonderful year 2016 ahead, as far as holidays are concerned.
Consisting of a mind boggling 96 holidays excluding the 3 which fall on Sunday.
Most surprisingly and luckily, no holiday falls any of the 24 Saturday offs.
Let's see the highlights of 2016.......
Thanks to the decision of 2nd and 4th Saturdays off from 01/09/2015,, we've got a wonderful year 2016 ahead, as far as holidays are concerned.
Consisting of a mind boggling 96 holidays excluding the 3 which fall on Sunday.
Most surprisingly and luckily, no holiday falls any of the 24 Saturday offs.
Let's see the highlights of 2016.......
Office space best suitable for chartered accountants available for rent in Banglore
We have office
space ready to occupy and plug-in, best suitable for chartered
accountants in J P Nagar I Phase, Bangalore. Anybody interested can
contact me on Mob;
Thursday, October 29, 2015
Step by Step Guide for Return Mismatch Verification (e-Sahyog)
Download Step by Step Guide for Return Mismatch Verification (e-Sahyog) from
the following link:
Is the New Arbitration and Conciliation (Amendment) Ordinance, 2015 Prospective or restrospective?
Readers
may be aware that the President of India has promulgated a new
Ordinance amending the Arbitration and Conciliation Act, 1996. For those
who are coming across this news for the first time, please read .Many
of the reforms of the Law Commission of India have been incorporated
while
Income Tax - Rules for e sahyog
October,
29th 2015
Under new rules, Income Tax
Department has asked its customer care centres to monitor email complaints of
taxpayers about their income tax returns and other problems and diligently
send them to tax officers. Here we explain the top 5 ways taxpayers can befit
from the income tax rules:
Under new rules, Income Tax
Department has asked its customer care centres to monitor email complaints of
taxpayers about their income tax returns and other problems and diligently
send them
CII-CONFERENCE ON RELEARN COMPANIES ACT 2013 WITH RECENT CHANGES
Confederation of Indian Industry & Sridhanya Foundation –
CONFERENCE ON RELEARN COMPANIES ACT 2013 WITH RECENT CHANGES
14 November 2015: 0930 Hrs: Summit Hall, Taj Club House, No 2, Club House Road,
Off Anna Salai, Chennai-600 002
I am pleased to announce that Confederation of Indian Industry along with Sridhanya Foundation as Knowledge Partner, is organizing a “Conference on Relearn Companies
Vacancy for CA-Inter/CMA-Inter in The Mysore Paper Mills Limited
The Mysore Paper Mills Limited Bhadravati- 577302 Applications are
invited for the recruitment of Consultants on contract basis: Consultant
Finance Number of Posts: 2 Qualification: CMA-inter/ CA-inter/ MBA-
Finance/ M.Com Age: 24-26 years Remuneration: Rs.12,500/- Consultant-
Materials Number o...read more
The assessee cannot be punished for the default of the brokers and share transactions cannot be held to be bogus-Calcutta High Court
The
decisions of the Hon’ble Calcutta High Court in the case of CIT-Vs-
Carbo Industrial Holdings Ltd (244 ITR 422) and CIT –Vs- Emerald
Commercial Ltd (250 ITR 549) are relevant to the issue where the Hon
’ble Court has held that where the payments are made by Account Payee
Cheques and the existence of the brokers is not disputed the assessee
CA. Manoj Fadnis, President, ICAI elected as CAPA Deputy President
CA. Manoj Fadnis, President, the Institute of Chartered Accountants of India (ICAI) has been elected as the Deputy President of Confederation of Asian and Pacific Accountants (CAPA) at the Board meeting of CAPA held on October 27, 2015 at Seoul for a period of two years. ICAI nominee CA. Manoj Fadnis gets this coveted position after a gap of ten years.
The Confederation of Asian and Pacific Accountants (CAPA) is the Regional Organisation
Wednesday, October 28, 2015
Due date of filing Form AOC-4, MGT-7 extended
MCA has released circular no. 14/2015 dated 28/10/2015 with respect
to relaxation of additional fees and extension of last date of filing
of the following forms:
1. Annual Return – Form MGT-7: Original due date: 60 days from the date of AGM. Revised due
1. Annual Return – Form MGT-7: Original due date: 60 days from the date of AGM. Revised due
Income tax laws set for makeover; check top 5 key takeaways
FM Arun Jaitley says the govt is all set to simplify the income tax laws in India to help the common man and ensure a better ease of doing business regimen. Jaitley said, “We have over the last few months been resolving a lot of past issues and now time has come to look at some provisions of the Income Tax Act to look at how their drafting quality can be improved.” Here are top 5 key takeaways
Gold monetization scheme Fraud
Gold monetization
scheme Fraud:
·
The gold that is deposited in
banks will some day be shipped to IMF, the way Manmohan Singh just shipped
180+tonnes of gold to IMF. IMF (with the help of RBI Governor, which is
always IMF person, to convince the Govt) hopes that someday when a corrupt Govt
comes in
Tuesday, October 27, 2015
Service tax: New Exemptions
The central government has amended the mega exemption notification 25/2012-ST
to extend exemption from service tax to the following services:
· Services of account opening, cash deposits, cash withdrawals, obtaining e-life certificate, and Aadhar seeding, provided by a business facilitator or a business correspondent, or by an intermediary to such facilitator or correspondent, to a banking company with respect to a Basic
Two Major Reliefs for Service Tax Assessees Including Developers
We are pleased to share two recent and significant reliefs to service tax assessees across the country. These are as under:-
a) The
Limits of Prosecution and Arrests under Service Tax & Central have
been revised
Chief CIT Used Strong-Arm Techniques To Extort Bribe From Hapless Taxpayers: CBI Report
Chief CIT Used Strong-Arm Techniques To Extort Bribe From Hapless Taxpayers: CBI Report
Pursuant to the recent arrest of Principal Commissioner Sailendra Mamidi and other top officials by the CBI for allegedly demanding and receiving bribes from taxpayers, the CBI has filed a report in Court in which it has presented an alleged nefarious nexus between fixers, businessmen and corrupt Income Tax Department officials.
The Union Cabinet on 21 October 2015 has approved the Arbitration and Conciliation (Amendment) Ordinance 2015 ('the Ordinance') which was promulgated on 23 October 2015 after having received Presidential assent
The Union Cabinet on 21 October
2015 has approved the Arbitration and Conciliation (Amendment) Ordinance
2015 ('the Ordinance') which was promulgated on 23 October 2015 after
having received Presidential assent. The Ordinance introduces several
significant changes to the Arbitration &
Secret To Win In ‘CA Vs. ITO
Negotiation is the key to getting what you want, whether in the Income Tax Office or anywhere else.
Luckily there's a science to it, as established by countless psychological studies.
Here are some of the best scientific insights by Eric
Barker combined with my real life true practical stories (based on my
three decades of sitting on the other side of the table):-
Monday, October 26, 2015
Mere transfer of title in immovable property is exempted from Service Tax
Press Information Bureau
Government of India
Ministry of Finance
26-October-2015 15:45 IST
Government of India
Ministry of Finance
26-October-2015 15:45 IST
Mere transfer of title in immovable property is exempted from Service Tax
In
order to resolve a long standing issue relating to levy of Service Tax
on sale of flats/dwellings etc. after issue of occupancy certificate but
before issue of completion certificate in areas under the jurisdiction
of Municipal Corporation of Greater Mumbai i.e. Brihanmumbai Municipal
Corporation
Income of CA from shares trading wasn’t business income as revenue failed to prove it as regular activity
October 24, 2015[2015] 62 taxmann.com 63 (Delhi -
Trib.)/[2015] 39 ITR(T) 76 (Delhi - Trib.)
IT : Where trading in shares by assessee - CA was not his
regular business activity and income therefrom was treated as capital gain by
revenue in preceding assessment years, same could not be treated as business
income in relevant years on same facts and circumstances
■■■
[2015] 62 taxmann.com 63 (Delhi
- Trib.)
IN THE ITAT DELHI BENCH 'A'
Income-tax Officer
v.
Ashok Kumar*
G.D.
AGRAWAL, VICE-PRESIDENT
AND CHANDRAMOHAN GARG, JUDICIAL MEMBER
AND CHANDRAMOHAN GARG, JUDICIAL MEMBER
IT
APPEAL NOS. 1046 AND 1314 (DELHI) OF 2012
[ASSESSMENT YEARS 2007-08 & 2008-09]
[ASSESSMENT YEARS 2007-08 & 2008-09]
MARCH 2, 2015
Section 45, read with section 28(i), of the Income-tax Act, 1961
- Capital gain - Chargeable as (Business income v. Capital gains - Share
dealings) - Assessment years 2007-08 and 2008-09 - Assessee-Chartered
Accountant held shares in nature of investment and not stock-in-trade in
Tech IPO companies issuing more accounting warnings
More companies are disclosing "material
weaknesses" in their IPO filings this year, particularly in in the tech
sector where more than half have made such warnings.
Audit and
consulting giant PwC reports that the percentage of tech IPO filings
that flagged potential future accounting problems jumped to 55 percent in the first three quarter of this year from 30 percent
Joke of the day
A successful Gujarati from Dubai walks into a bank in Mumbai & asks for a Rs.50,000 loan. The bank asks for security & the guy hands over the keys & documents of his 7-Series
BMW which is parked on the street in front of the bank.
After all necessary checks the bank
BMW which is parked on the street in front of the bank.
After all necessary checks the bank
Sunday, October 25, 2015
Professional Opportunity
Complete
details of the selected Tender
Organisation Name :
|
Northern Coalfields Limited (NCL),
Singrauli
| ||||
Organisation Type :
|
Public Sector Undertakings
|
Ministry :
|
Ministry of Coal and Mines
| ||
Tender Ref. No :
|
NCL/SGR/IAD/MISCAUDIT/15/331 DT 28.9.2015
| ||||
Tender Title :
|
Expression of Interest (EOI) for
Empanelment of Chartered Accountant/Cost Accountant Partnership Firms/Limited
Liability Partnership (LLP) Firms
| ||||
Product Category :
|
Consultancy
| ||||
Returns in GST regime
Please find link to discussion video on the 4th report on 'Returns in GST' regime:
https://www.youtube.com/watch?v=8btLJNJlorM&feature=youtu.be
https://www.youtube.com/watch?v=8btLJNJlorM&feature=youtu.be
Gist of Gold Monetization Scheme (GMS) 2015
Summary of Gold Monetization Scheme (GMS) 2015 as
announced by RBI Master Direction No.DBR.IBD.No.45/23.67.003/2015-16 Dated-
October 22, 2015
♣ Resident Indians (Individuals, HUF, Trusts
including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual
Fund) Regulations and Companies) are eligible for this scheme.
♣ Joint deposits of two or more eligible
depositors are also allowed under the scheme and the deposit
Saturday, October 24, 2015
Friday, October 23, 2015
Collateralized Debt Obligation explained by an Irishman
Collateralized Debt Obligation explained by an Irishman:--
Lisa bought a donkey from a farmer for £100.
The farmer agreed to deliver the donkey the next day.
In the morning he drove up and said, 'Sorry son, but I have some bad news. The donkey's died.'
Lisa replied, 'Well just give me my money back then.'
The farmer said, 'Can't do that. I've already spent it.'
Lisa said, 'OK then, just bring me the dead donkey.'
The farmer asked, 'What are you going to do with him?'
Lisa said, 'I'm going to raffle (Lottery)him off.'
The farmer said, 'You can't raffle a dead donkey!'
Lisa said, 'Sure I can. Watch me. I just
Lisa bought a donkey from a farmer for £100.
The farmer agreed to deliver the donkey the next day.
In the morning he drove up and said, 'Sorry son, but I have some bad news. The donkey's died.'
Lisa replied, 'Well just give me my money back then.'
The farmer said, 'Can't do that. I've already spent it.'
Lisa said, 'OK then, just bring me the dead donkey.'
The farmer asked, 'What are you going to do with him?'
Lisa said, 'I'm going to raffle (Lottery)him off.'
The farmer said, 'You can't raffle a dead donkey!'
Lisa said, 'Sure I can. Watch me. I just
Nora - The Smart Snoring Solution
NORA is sleek pebble-shaped device that
sits on the bedside table and listens for snoring sounds. Once it
detects the sound, Nora stops the snoring by slightly moving your head
through a padded pillow insert that sits under your pillow. To get one,
you’ll have to pledge $179 to the company’s Kickstarter, and expect to
receive your product in May 2016.
Nora, a Kickstarter project, a better snoring solution system consists of a smooth "pebble-shaped" wireless mic that sits on your bedside table, a mini pump that's located beneath the bed, and a
Nora, a Kickstarter project, a better snoring solution system consists of a smooth "pebble-shaped" wireless mic that sits on your bedside table, a mini pump that's located beneath the bed, and a
How Fast Life Of CAs Is Changing
Fortune's Geoff Colvin has a fascinating article “Why every aspect of your business is about to change” that lays out how modern companies have
to change or perish. It is strongly recommended that every CA worth his salt
must read it to know what to expect in the future.
But
for those of us who are busy in the ritual of ICAI Elections here are six great
ideas from the said
CBEC hikes monetary limits for prosecution of tax evaders
The Central Board of Excise and Customs (CBEC) has
significantly scaled up the monetary limits for arrest and prosecution
in crimes relating to smuggling and mis-declaration. It has also
introduced strict safeguards to ensure that arrests and prosecution is
initiation only in serious cases.
“The monetary
limits for arrest and prosecution have been revised substantially
upwards to ensure
Now run multiple whatsapp accounts on your dual sim android phone
WhatsApp
is one of the most popular messenger app that also lets you share
pictures, videos, music files and so on. By now, everyone of us have
WhatsApp in our smartphones. I prefer WhatsApp among other messaging
apps due to its simplicity and instant messaging service.
Although each and everything is quite handy in WhatsApp, but "What’s the most disturbing part that
Although each and everything is quite handy in WhatsApp, but "What’s the most disturbing part that
Thursday, October 22, 2015
Bank of Baroda invites application for empanelment of CA for concurrent audit of branches for F.Y. 2016-17.
Bank of Baroda invites application for empanelment of CA for concurrent audit of branches for F.Y. 2016-17.
The draft application format to apply for Concurrent Audit of Branches/Offices for
The draft application format to apply for Concurrent Audit of Branches/Offices for
What is Diwali Bonus?
What is Diwali Bonus?
Initially there was a concept of salary to be paid on a weekly basis to the workers in India, particularly the textile and flour mill workers in Bombay. So you received 52 salaries in a year.
But when British started ruling India
Initially there was a concept of salary to be paid on a weekly basis to the workers in India, particularly the textile and flour mill workers in Bombay. So you received 52 salaries in a year.
But when British started ruling India
ICAI withdraws five Guidance Notes on Accounting
The
Council, at its Special (347th) meeting, held on October 14, 2015, has
decided to withdraw the following five Guidance Notes on Accounting as
the same are no longer relevant in the present day context in view of
the requirements of the Companies Act, 2013:
Tuesday, October 20, 2015
Urgently required professional in states Maharashtra , Gujrat , Karnatka , Asam , UttarPardesh ( Lucknow ) and Kerla for getting the renewal done under Shop Act
urgently required professional in states Maharashtra , Gujrat , Karnatka , Asam , UttarPardesh ( Lucknow ) and Kerla for getting the renewal done under Shop Act ! Interested Persons may Contact
CA was slapped by Officer of Service Tax Department, all India protest proposed
On
15th
October, 2015 at 12:10 pm, CA Kailas Nipunge visited Akurdi office for
reset of
password of service tax with his client & accountant.
On inquiry with superintendant Range 1, Jalil Shaikh said, "Aisa jhund
me kyu aaya
hai? Yeh public place hai kya?". While
Top 10 / Golden rules for technical trading
John Murphy's Ten Laws of Technical Trading
1. MAP THE TRENDS
Study long-term charts. Begin a chart analysis with monthly and weekly charts spanning several years. A larger scale map of the market provides more visibility and a better long-term perspective on a market. Once the long-term has been established, then consult daily and intra-day charts. A short-term market view alone can often be
Sunday, October 18, 2015
PREPARE YOURSELF FOR A REVOLUTION IN FINANCIAL MARKET WHICH NEVER HAPPENED IN THE HISTORY OF MANKIND
PREPARE YOURSELF FOR A REVOLUTION
IN FINANCIAL MARKET
WHICH NEVER HAPPENED IN THE HISTORY OF MANKIND
Recently, Mr. Nandan Nilkeni, a founder team member of Infosys and generator of the concept of Aadhar made one presentation of the impact this Aadhar linked cell phone will
IN FINANCIAL MARKET
WHICH NEVER HAPPENED IN THE HISTORY OF MANKIND
Recently, Mr. Nandan Nilkeni, a founder team member of Infosys and generator of the concept of Aadhar made one presentation of the impact this Aadhar linked cell phone will
Vacancy for CA in E&Y
Manager - IIC - Advisory - PI - Consumer Product - Mumbai - MUM0033F
IN-Maharashtra-Mumbai
Job Role
• Client service delivery/execution
• Manage multiple projects, engagement economics and receivables, project resources and team
• Manage multiple projects, engagement economics and receivables, project resources and team
46 Good looking Minimal Watches you can buy for below $300
We have collected a beautiful collection of watches all priced under
$300, the watches featured below are good choices for the modern
gentleman who wants something that has a sleek and sophisticated design
and is fairly durable, but doesn't cost thousands of dollars. If you are
looking for something leather, stainless steel, canvas, or smart or
something else, these picks all look great and maintain a
conservative-enough tone for work.
Skagen Theodor Leather Watch - $90
Bergmann 6mm Extra Thin Black Leather White Dial Vintage Watch - $53
CBI raids I-T chief's Mumbai home
THIRUVANANTHAPURAM: The CBI on Friday raided the Mumbai residence of the chief commissioner of income tax in Kerala, Anil Goel, based on information that he is involved in the
Saturday, October 17, 2015
Friday, October 16, 2015
Thursday, October 15, 2015
CBDT Circular No. 17 Dated 6-10-2015 on Agricultural Land
CBDT Circular No. 17 Dated 6-10-2015
Finance Act, 2013 amendment for computing distance ‘aerially’ for the purposes of ‘agricultural land’ u/s 2(14)(iii)(b) is prospective in nature.
Bombay HC in Maltibai R. Kadu had held that for period prior to AY 2014-15, the distance should be
Sunday, October 11, 2015
The CBDT, vide circular No. 17/2015 dated 6th October 2015 has clarified that amendment regarding measurement of distance aerially u/s 2(14)(iii) would be prospective and therefore not apply to cases prior to amendment.
Amendment regarding measurement of distance aerially u/s 2(14)(iii) is prospective
The
CBDT, vide circular No. 17/2015 dated 6th October 2015 has clarified
that amendment regarding measurement of distance aerially u/s 2(14)(iii)
would be prospective and therefore not apply to cases prior to
amendment. The department is also directed to withdraw appeals pending
before the courts/tribunal. CBDT has issued the Circular in compliance
of decision of Nagpur bench of Bombay
ICAI hosted admit cards in respect of candidates admitted to the IPCC and Final Exam in Nov 2015.
ICAI hosted admit cards in respect of candidates admitted to the IPCC and Final Exam in Nov 2015.
Link http://icai.nic.in/main-nov-15/admit.php
Sunday, October 4, 2015
e-TDS_TCS_RPU_1.3 released w.e.f. 01-10-2015
After
E-TDS RPU_4.4 NSDL clubed the E-TDS and E-TCS RPU and started new series
of RPU having name like e-TDS_TCS_RPU_x.x and now on 1st Oct 2015
version 1.3 of the RPU released.
Key Features – Return Preparation Utility (RPU) version 1.3
Key Features – Return Preparation Utility (RPU) version 1.3
- Preparation of Regular and Correction TDS/TCS Statement(s) for Form 24Q, 26Q, 27Q & 27EQ pertaining to Financial Year 2007-08 onwards (for all quarters).
- Section code 192A:
- In addition to Form no. 26Q, this section will also be applicable for Form no. 27Q where
ST3 Excel utility ver 1.4 released
ST3 Excel utility ver 1.4 released
Download ST3 Return Excel Utility (V1.4)
(For Filing ST-3 returns for Half Year Oct-Mar 2013 onwards)
(For Filing ST-3 returns for Half Year Oct-Mar 2013 onwards)
Thursday, October 1, 2015
REVERSE CHARGE FOR DIRECTORS SERVICES
Only individuals can become directors as per section 253 of the Companies Act, 1956, No body corporate, association or firm shall be appointed director of a company and only an individual shall
Mahatma Gandhi: What we MUST learn from his life
As the world celebrated the birth anniversary of Mahatma Gandhi, we look at some of the really important lessons to be learnt from his life.
Today is the 143rd birth anniversary of Mahatma Gandhi. Even as he helped India win independence from the British, Gandhi had grown beyond the stature of being just an Indian leader long before his
Today is the 143rd birth anniversary of Mahatma Gandhi. Even as he helped India win independence from the British, Gandhi had grown beyond the stature of being just an Indian leader long before his
Post compliance window, govt to come hard on black money holders
Government would initiate “action” against those who have not
disclosed their black money and assets stashed abroad as the one-time
compliance window under the newly enacted anti-Black Money law ended on
Wednesday.
A total of 638 people used the window, declaring an amount of Rs 3,770 crore.
“Whatever has come, we accept it and now onwards we would start the action against those people
A total of 638 people used the window, declaring an amount of Rs 3,770 crore.
“Whatever has come, we accept it and now onwards we would start the action against those people
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