Opportunity in SBI for CA, CS, Law graduates

CAREERS WITH US

CENTRAL RECRUITMENT & PROMOTION DEPARTMENT

With a glorious history of more than 200 years blended with futuristic outlook, State Bank of India stands as the proxy for the Indian Economy. The Bank with its customer centric approach values transparency and nurtures knowledge and learning. It believes in the quality of its people and their

MCA last date extended till 30.12.2015 for all forms

http://www.mca.gov.in/Ministry/pdf/General_Circular_No_15_2015.pdf

The Central Government has notified the Schedule of revised All Industry Rates of Duty Drawback effective from 23rd November, 2015.

The Central Government has notified the Schedule of revised All Industry Rates of Duty Drawback effective from 23rd November, 2015.

These revised rates are based on average incidence of Customs and Central Excise Duties and Service

Guide: Using the Function Keys on Your Computer

Have you ever wondered what those twelve, mysterious 'F' keys at the top of your computer keyboard do?  Most of us ignore them but they actually have a number of uses that can help you enjoy a quicker and more efficient computer experience. Known more properly as the 'Function Keys', some are more useful that others and many of them have different functions depending on the programmes you are using. Our simple guide gives you are all the information you need about the uses of the 'F' keys so that they are a mystery no more!

Nearly every programme uses F1 as a Help Key. So if you are on the internet for example and press F1, your browser will automatically bring up a help page. If you are in Microsoft Word and press F1 you will be taken to the extensive help section.

ICAI - December Journal

http://www.icai.org/new_post.html?post_id=5487&c_id=259

Service tax on Data Storage Services Provided in India and abroad by companies registered in India

In a regime where cloud computing is gaining popularity and the servers providing the facility of data storage at remote location, it becomes pertinent to assess whether such activity constitute  “service” or “Goods” for taxation

Expression of Interest for Chartered Accountant Firms/Consulting Firms in Internal Audit for Balmer Lawrie And Co. Limited

Balmer Lawrie And Co. Limited
Last Date : Dec 28, 2015
Expression of Interest for Chartered Accountant Firms/Consulting Firms in Internal Audit for

How GST Will Change the Face of Indian Economy? - Must Read

How GST Will Change the Face of Indian Economy? - Must Read


Indian truck drivers clock an average of 280 km per day, much below the world average of 400 km per day and far below the 700 km the average truck driver in the US does every day. The underperformance of Indian truckers has less to do with bad roads and less fancy trucks and more

Apex Court discuss scope of ‘commercial expediency’ to allow deduction of interest to Hero Cycles

IT : Once it is established that there is nexus between the expenditure and the purpose of business (which need not necessarily be the business of the assessee itself), the revenue cannot justifiably claim to put itself in the arm-chair of the businessman or in the position of the board of directors and to decide how much is reasonable expenditure having regard to the circumstances of the case.

Facts

(a)		Assessee-company had taken a loan at interest rate of 18% p.a. Out of such borrowed funds it had transferred certain sum to its subsidiary-company without any interest. It had claimed deduction of interest under Section 36(1)(iii).
(b)		Assessing Officer ('AO') disallowed interest on borrowed sum on the ground that such funds

Will PSU offers get oversubscribed?

IPO Pricing Impact

Will PSU offers get oversubscribed?

 

The Bihar election results seem to have jolted the National Democratic Alliance (NDA) into  realising that people are fast

ICAI - Appeals to Voters

http://icai.org/post.html?post_id=12155

Annual turnover' can't be interpreted to include only brokerage for computing registration fee: SC

Annual turnover' can't be interpreted to include only brokerage for computing registration fee: SC

November 26, 2015[2015] 63 taxmann.com 311 (SC)

SEBI : Annual turnover of stock broker as per Explanation after paragraph 3 to Schedule III to SEBI (Stock Brokers & Sub Brokers) Regulations, 1992 must include value of entire

IT: HC sets aside block assessment as seized material was destroyed in fire that took place at revenue's office

IT: HC sets aside block assessment as seized material was destroyed in fire that took place at revenue's office

 [2015] 63 taxmann.com 137 (Delhi)

HIGH COURT OF DELHI

Commissioner of Income-tax (C)-I

v.

MGF Automobiles Ltd.*

Section 153A of the Income-tax Act, 1961 - Search and seizure - Assessment in case of (Conditions precedent) - Assessment years 2004-05 and 2005-06 - Pursuant to High Courts

BSNL to offer free WiFi services at more airports in India

http://www.ibnlive.com/news/tech/bsnl-to-offer-free-wifi-at-more-aai-managed-airports-1170091.html

IPCC Auditing November 2015 suggested answers

1.)Discuss the following:

(a) With reference to SA 320 indicate the factors which may affect the identification of an appropriate bench mark in determining materiality for the financial statement as a whole .

Answer: Factors affecting identification of appropriate benchmark as per SA 320:

Determining materiality involves the exercise of professional judgment. A percentage is often applied to a chosen benchmark as a starting point in determining materiality for the financial statements as a whole. Factors that may affect the identification of an appropriate benchmark include the following:

Meals prepared at one's own premises an simply supplied at pre-determined rates without getting involved in serving of meals in any manner would not be covered by definition of outdoor caterer .

M/s. Ambedkar Institute    of Hotel  Management     vs. Commission of Central   Excise  and  Service  Tax, Chandigarh [2015- TIOL-1593-CESTAT-DEL]     

Meals prepared  at  one's   own   premises  an simply    supplied    at    pre-determined    rates without  getting  involved  in  serving  of  meals in  any  manner would  not  be  covered  by definition  of outdoor  caterer .

FACTS:

Appellant is an  institute  providing  mid-day  meal to the schools  under  the  Government  Scheme.  The  institute prepares food as per the fixed menu and supplies to the schools

This calling app lets you make calls anywhere in India at 19 paise per minute

http://www.ibnlive.com/news/tech/this-calling-app-lets-you-make-calls-anywhere-in-india-at-19-paise-per-minute-1169328.html

The World's Most Compact Solar Charger

Heli-on by InfinityPV is a most compact portable solar charger designed to fit into the grip of your palm. This pocket sized wonder has its own flexible solar panel rolled up cozily into a cylindrical outer casing. It also has its own inbuilt battery that allows you to charge your devices when there is no sunlight. Use the solar panels to directly charge your devices, or to charge the Heli-on itself. Currently crowd-funding at Kickstarter.

Read more »

Limited Liability Partnership (Amendment) Rules, 2015

In exercise of the powers conferred by sub-sections (1) and (2) of section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby makes the following rules further to amend the Limited Liability Partnership Rules, 2009 namely:-

1. Short title and commencement.- (1) These rules may be called the Limited Liability Partnership (Amendment) Rules, 2015.

(2) They shall come into force with effect from 19th October, 2015.

2. In the Limited Liability Partnership Rules, 2009,-

(i) for rule 33, the following rule shall be substituted, namely:-

CBDT to finalise 50 to 60 APAs before the end of this fiscal

Signing Advance Pricing Agreements (APAs) – regarding It has been the endevour of the Government to foster an environment of co-operation in matters of taxation through predictability of laws and reduced litigation. In a major push towards providing certainty to foreign investors in the arena of transfer pricing, the Central Board of Direct Taxes has entered into 11 more unilateral Advance Pricing Agreements (APAs). These APAs were signed

A works contract can be vivisected prior to 01/06/2007 and be subjected to levy of service tax under “erection, installation and commissioning service”. Also, longer period of limitation invokable

A   works   contract   can   be   vivisected   prior to   01/06/2007  and   be   subjected   to   levy   of service tax under  “erection, installation and commissioning   service”.  Also,   longer  period of limitation  invokable.

FACTS:

The  Appellant   had  entered  into  six  lumpsum  turnkey  contracts  prior  to  01/06/2007  each  having  three  parts and a consideration  for each of the parts viz. designing, procurement of various capital goods and thereafter installation   of   such   goods   was   ascertainable.    They were  discharging   service  tax  in  respect  of  designing under   "consulting   engineer   service".   No  service   tax was  discharged  in respect  of the third  part considering it to be an indivisible  works  contract  comprising  of both goods  and services  on the  basis of the  decision  of the Tribunal in the case of Daelim Industrial  Co. Ltd vs. CCE, Vadodara [2006(3)  STR  124(T)). Member  (Judicial)  and member  (technical)  had divergent  views  both in respect of taxability  as well as invocation of extended  period and therefore the matter was placed before the third member.

HELD:

The third member distinguished  the decision  in the case of Oaelim Industrial Co. Ltd

Whether advance given to subsidiary company can be considered as a business expediency, in case an undertaking was given to the financial institutions by the assessee to the effect that it would provide additional margin to that subsidiary to meet the working capital for meeting any cash loses. The Apex court held in favour of the assessee.

NEW DELHI, NOV 26, 2015: THE issue is: Whether advance given to subsidiary company can be considered as a business expediency, in case an undertaking was given to the financial institutions by the assessee to the effect that it would provide additional margin to that subsidiary to meet the working capital for meeting any cash loses. The Apex court held in favour of the assessee.

Facts of the case

The assessee is a manufacturing concern. The present appeal preferred by the assessee pertains to AY 1988-1989. In the income tax return filed by the assessee, it had claimed deduction of interest paid on borrowed sums from Bank under the provisions of Section 36(1)(iii). The aforesaid deduction was disallowed by AO on the basis that the assessee had advanced a sum of Rs.1,16,26,128/- to its subsidiary company known as M/s. Hero Fibers Limited and this advance

ICAI - Foreign Members Students

http://www.icai.org/new_post.html?post_id=12147&c_id=219

A major omission in insider trading rules

The SEBI (Prohibition of Insider Trading) Regulations, 2015 (“New Insider Regulations”) have come into force from May 15. These allow a potential acquirer to conduct due diligence before acquiring a listed company. Due diligence is conducted to determine if the target listed company is a good buy for the acquirer, the potential pitfalls, liabilities and risks involved in the acquisition, and the acquisition price. An ambiguity,

Chartered Accountancy Can Benefit Most From PM Modi’s ‘Digital India’ Initiative

Prime Minister Narendra Modi’s ‘Digital India’ campaign is altering the dynamics of every sector of importance in the country. India’s online infrastructure has for long been more or less ancient in its approach, relying primarily on paperwork for the various procedures and communications. Swift and automated modus operandi, cutting across boundaries at the click of a mouse, seemed a distant dream until Modi stepped in. And how.
Today, even rural India is getting connected through high-speed internet networks, something unimaginable till only recently…
Because ‘Finance’ as a sector predominates the others, chartered accountancy becomes a critical cog in the

CBI, ED questions genuineness of NDTV transactions through Mauritius

n an affidavit filed in the Supreme Court, the Enforcement Directorate (ED) has said it has received information from the Central Bureau of Investigation (CBI) that NDTV Studios, an Indian resident company, received Rs387.62 crore from NDTV (Media) Mauritius Ltd in 2008 and a small portion of the funds was used for investment in six new subsidiaries in India until 2009. In addition, in 2010, a major portion of the

I-T Dept inks 11 agreements to solve transfer-pricing issues

The government has concluded 11 agreements to tax multi-national companies via the transfer-pricing mode. Of these, one advance pricing agreement (APA) has a 'rollback provision', which means those relating to previous years.
The government has signed 22 APAs so far in the current financial year and 30 more are expected to be inked in FY16, providing a climate of certainty and non-adversarial tax regime to foreign companies.
The APAs were signed with companies in sectors ranging from investment advisory, contract research &

OPINION POLL OF SIRC elections

OPINION RESULTS OF SOUTHERN INDIA REGIONAL COUNCIL ELECTIONS 2015-16

We have analyzed and prepared a preliminary opinion on the results of the candidates contesting for the upcoming Southern India Regional Council (SIRC) election to be held on 4^th& 5^thday of December 2015.

Total number of candidates to be elected to the Southern India Regional Council (SIRC) is 13. Total number

The director (discipline) of the Institute of Chartered Accountants of India (ICAI), the apex body of chartered accountants, has formed a prima-facie opinion, finding the auditor of the National Spot Exchange (NSEL) guilty of professional misconduct.

The matter has now been taken up by the institute’s disciplinary committee and an enquiry is scheduled next month. Responding to a Business Standard email seeking comments, the ICAI spokesperson said, “In respect of the complaint filed against the auditors of National Spot Exchange, it may be mentioned the said complaint has been duly

Maruti Suzuki: An open letter to the shareholders from IiAS

IiAS, a proxy advisory service says that if the Gujarat plant transfer to Suzuki is approved, Maruti will lose all control over its own destiny, and its shareholders will always remain subservient to the interest of parent Suzuki’s shareholders

Proxy advisory firm Institutional Investor Advisory Services India Ltd (IiAS) has asked shareholders of Maruti Suzuki India Ltd to vote against a proposal to allow the company’s parent Suzuki Motor Corp of Japan to own its upcoming plant in Gujarat.

 

“Allowing Suzuki to own the Gujarat plant and its manufacturing has implications that extend beyond

DIRECTION FOR CAG AUDIT OF DISCOMS QUASHED: PRIVATE COMPANIES CAN BE SUBJECT TO CAG AUDIT

• High Court rules that a body that has been financed by grants from Consolidated Fund of India may be subject to CAG audit, irrespective of terms of such grant.
• Even private companies may be subject to CAG Audits – law makes no distinction between government and non-government bodies.
• In present case, principles of natural justice were not complied with and effective opportunity of being heard not

RBI NPA guidelines overrides Income Tax Act & binding on income tax authorities

RBI NPA guidelines overrides Income Tax Act & binding on income tax authorities

DCIT vs The Vaish Cooperative Adarsh Bank Ltd.(ITAT Delhi), I.T.A. No.3310/Del/2012, Date of

Download Illustrative Work Paper Templates/format for Testing Internal financial Controls as per guidance note on internal financial controls

click here to download

Auditing Trends within the Banking Industry

The world witnessed the devastating effect of the global financial crisis which began in 2007-2008. This evolved into a Sovereign Debt Crisis by 2010, and caused the loss of millions of jobs worldwide. The effect is still being felt today.
So what was learned about the causes of the financial crisis, and what are the emerging trends in the banking industry and the audit profession? The sensational headlines post-crisis routinely discussed “Corporate Greed”, “Market Abuse”, Banks “Too Big to Fail”, and bankers “Too Big to Jail”. Public

BANK AUDIT 2015-DEPOSITS–THE PERIPHERAL ASPECTS

When we go to audit the banking industry, we came to know which of the Banks must be treated with respect and which are in low water ,it simply add our responsibility to take cognizance of peripheral area of DEPOSITS. Deposits are peripheral areas of attention and due diligence while conducting and

America is buying Gold! Should we?

America is buying Gold! Should we? Modi Ji has three schemes running for us !

U.S. demand for gold bars and coins surged 207% during the third quarter of 2015, the World Gold Council said on Thursday. The skyrocketing demand signaled a level of interest in gold

Announcement regarding Non-application of AS 30, AS 31 and AS 32 in the Final Course Paper 1: Financial Reporting - (23-11-2015)

http://icai.org/new_post.html?post_id=12141&c_id=219

VAT Notification for Revision in the rate of interest under sec. 30 of the MVAT Act

KNOW_NOTIFI_MVAT_11_07_15_3_32_20PM.pdf

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Webcast on ICAITV

Webcast on ICAITV
Amendment in Arbitration & Conciliation Act, 1996 ( By Ordinance 2015) on 26th November 2015 from 2 p.m. to 4 p.m. at ICAI Bhawan by CA Bhupendra Shah.
**************************************************************************

Competition Act: Where Commission had without independently analysing facts and evidence collected by Jt. DG during course of investigation abdicated its duty and mechanically approved findings recorded by Jt. DG that conduct of appellant film association in limiting and controlling exhibition of film rights was anti-competitive, findings recorded by Jt. DG were perverse and had to be set aside

Competition Act: Where Commission had without independently analysing facts and evidence collected by Jt. DG during course of investigation abdicated its duty and mechanically approved findings recorded by Jt. DG

LEVY OF SWACHH BHARAT CESS

LEVY OF SWACHH BHARAT CESS

Backdrop When Finance Act, 2015 was enacted, rate of Service Tax was enhanced from 12% to 14% and both education cesses subsumed in the enhanced rate of Service Tax. Alongwith, a new cess called Swachh Bharat Cess (SBC) was legislated but its levy was deferred due to political reasons. The Union Budget speech in para 121 stated as follows - "Introduction of GST is eagerly awaited by Trade and Industry. To facilitate a smooth transition to

TIME LIMIT FOR TAKING CENVAT CREDIT

CENVAT credit may be taken and utilized on inputs, capital goods and input services.   Rule 4 provides for the conditions for taking the credit including the time limit.   In this article the time limit for taking CENVAT credit for the above three is to be discussed.

Inputs

Rule 4 (1) of CENVAT Credit Rules, 2004 (‘Rules’ for short) provides that the CENVAT credit in

Govt revamps existing system: Budget to be presented in Jan, passed by mid Feb

Revamping the Budget presentation cycle, the State Cabinet today gave nod to the proposal of the Finance Department regarding pre-ponement of the Budget Session of 2016-17 to the 2nd/3rd week of January 2016 and also starting the practice of having Mid Year Review of the Budget and Economy. This initiative will help the Government in overcoming deficiencies in the existing system

ICAI - furnish PAN by 15 December 2015

http://www.icai.org/new_post.html?post_id=12138&c_id=219

CA CPT December Admit Card 2015 Released

The Institute of Chartered Accountants of India is going to organize the Common Proficiency Test for the selection of eligible candidates to become a Chartered Accountant on Dec 13, 2015. Aspirants those who had successfully applied for the course are now searching for the admit cards. Now for all

ICAI Abu Dhabi gets licence from ADGM

A formal licence was awarded by the free zone at the opening ceremony of 27th Annual International Seminar.

The Abu Dhabi Chapter of the Institute of Chartered Accountants of India, or ICAI, has been awarded a licence by Abu Dhabi Global Markets to operate out of the financial free zone.
A formal licence was awarded by the free zone at the opening ceremony of 27th Annual International

Government May Further Simplify Income Tax Return Forms, Sets Up Committee

New Delhi: The government is looking to further simplify forms for filing income tax returns, to help taxpayers fill them without seeking help from experts, and the Revenue Department has set up a committee in this regard.

The committee will be headed by a Joint Secretary level officer and would include chartered

CAs in Stock Market:"What do investors do?"

Either stay put and ignore the market volatility or maintain a
core long risk position while lightening up on rallies, thereby freeing
up cash to reinvest on sharp downturns. The current strong global rally
provides an opportunity to reduce risk (while maintaining a core long) as  the

12 Hrs. CPE Mega Members Conference 2015 on 21st & 22nd November, 2015 at Thane

Simultaneous availment of SSI exemption and MODVAT/CENVAT on inputs used in goods cleared on payment of duty is permissible: CESTAT

CHENNAI: THE respondent assessee is an SSI unit availing the exemption under Notification No 8/99 CE dated 28.02.1999. They were also manufacturing goods bearing brand name of Hindustan Lever Ltd on job work basis and clearing the same on payment of duty. The dispute is with regard to admissibility of MODVAT Credit on inputs used in the manufacture of branded goods cleared on payment of duty. The Adjudicating Authority and the Appellate authority dropped the demand, but on appeal by revenue, the Tribunal upheld the demand. However, the matter was remanded to the Tribunal by the High Court on appeal by the assessee.

On hearing both sides, the Tribunal held:

IFRS, IND-AS & ICDS Background Material

IFRS, IND-AS & ICDS.pdf

2015 Most Powerful Women in Accounting Announced

The leaders of the accounting profession come from every direction: Small and large firms, consultants, technology vendors, educators, public officials and thought leaders. As women accounting professionals continue to increase their influence in profession, their role as leaders is becoming even more clear, as they help guide the profession, their peers and their firms into the

Whether the Levy of Swachh Bharat Cess is challengeable? Yes, it seems to be...

Whether the Levy of Swachh Bharat Cess is challengeable? Yes, it seems to be...

To finance and promote Swachh Bharat initiatives, an enabling provision was incorporated in the Finance Act, 2015 (hereinafter referred as the Act) vide Chapter VI to empower the Central Government to impose a Swachh Bharat Cess (hereinafter referred as SBC) on all or any of the taxable services at a rate of 2% on the value of such taxable services. Sub-section (2) of Section 119 of the Finance Act, 2015 which is the charging section, is reproduced below:-

IS IT FAKE MESSAGE FOR ICAI FW: PAN Number Details

Some members have reported receiving following message asking their pan number:

Dear Member,
The Council at its 342^nd Meeting held during April 15-16, 2015 considered and approved the recommendation of the Direct Tax Committee with regard to inclusion of PAN details of the Members and Firms in the ICAI database.
Pursuant to the decision of the Council, you are requested to provide the following details with self attested copy of PAN

Clarification regarding unauthenticated reports on conciliation in the Vodafone case-reg

F No 149/222/2015-TPL (Part-I) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 18th November, 2015 Subject: Clarification regarding unauthenticated reports on conciliation in the Vodafone case-reg. There are some unauthenticated stories in media about offer of conciliation of Vodafone case outside arbitration. Vodafone has in a written

Government relaxes requirements in annual returns

http://economictimes.indiatimes.com/news/politics-and-nation/government-relaxes-requirements-in-annual-returns-form-under-companies-act/articleshow/49847274.cms

Invoice service tax rates wef 15th November 2015 post implementation of Swach Bharat Cess

As per Rule 3 & 5 of the Point of Taxation Rules, 2011 following should be considered to understand applicable service tax rate:

Date of invoice	Date of receipt of payment	Point of Taxation	Applicable Rule under POTR	Rate Applicable
Prior to 15.11.2015	Prior to 15.11.2015	Date of invoice/date of payment whichever is earlier	Rule 3	14.0%
			Read with Rule 5(a)
Post 15.11.2015	Prior to 15.11.2015	Date of receipt of payment	Rule 3(b)	14.0%

LTCG vs IFOS

ITAT holds that surplus arising on transfer of booking rights in 'office premises' in a technology park taxable as income from other sources (‘IFOS’) for AY 2009-10, not long term capital gains (‘LTCG’);  Assessee offered surplus as LTCG on the basis that transfer of rights in property happened 3

Clarifications on Swachh Bharat Cess

Clarifications on Swachh Bharat Cess

Swachh Bharat Cess will come into effect from 15th November 2015, at the rate of 0.5% on all services, which are presently liable to service tax. This will translate into a tax of 50 paisa only on every one hundred rupees worth of taxable services. The proceeds from this cess will be used for financing and promoting Swachh Bharat initiatives.

Some doubts are being raised with respect to the levy of Swachh Bharat Cess, such

NRIs in UAE save 40% of disposable income

Forty-three per cent of UAE-based Non-Resident Indians (NRIs), between ages 18 and 35 years, are more inclined to buy property back home, a new survey reveals.

“This trend has been strengthening in the past one decade. While earlier, we saw older people planning and saving to buy property, today more young people want to solidify their savings in the real estate market,” Sunil Jaiswal, President, Sumansa Exhibitions, company which conducted the

Standard Chartered announces CA as new CEO in India

Standard Chartered announced the appointment of Zarin Daruwala as CEO of Standard Chartered Bank, India, following the appointment of Sunil Kaushal as Regional CEO for Africa and the Middle East.

Daruwala is currently President of the Wholesale Banking Group at ICICI Bank, and brings outstanding experience from her 25 years in the industry, having led teams in corporate banking, project finance, structured finance, financial institutions, government and public sector banking, as

The percentage of vote polled during the last two ICAI elections

It is very important we participate in the voting process. The following is the percentage of vote polled during the last two elections:–

PROPOSED REFUND PROCESS UNDER GST – HAPPINESS ON THE WAY TO EXPORTERS

Introduction

Goods and Services Tax (GST) is said to be the most awaited indirect tax reform of India since independence. Due to much hyped advantages, the industry is eager to welcome GST and so is the Government. On the way forward to GST, government has issued the ‘Report of The Joint Committee on Business Processes for GST’ for the persual of industry at large. Suggestions have also been invited for the improvement of business processes discussed in this report. The report is divided into

The Central Government has notified the Schedule of revised All Industry Rates of Duty Drawback effective from 23rd November, 2015.

The Central Government has notified the Schedule of revised All Industry Rates of Duty Drawback effective from 23rd November, 2015.

These revised rates are based on average incidence of Customs and Central Excise Duties and Service

‘Flipkart’ facilitating sale and purchase of goods through online portals is Not liable for VAT

‘Flipkart’ facilitating sale and purchase of goods through online portals is Not liable for VAT

Online service providers like ‘Flipkart’ facilitating sale and purchase of goods through online

Concurrent Audit of Bank - Penality Clauses for chartered accountant firms/ employees of reputed banks

1.	Attendance at the Work Area.	Attending branch/unit on daily basis, by  Representative of the Service Provider /CA Firm, and 2-3 times a week by the Partner of the Firm.	Days of Absence in a month in attending the branch/unit (i) by the representative of the Service provider / Firm or (ii) by the Partner of the Firm	Twice the proportionate remuneration of the month on a pro-rata basis for the days of absence. Eg.30 days in a month; Remuneration of Rs.30000/-p.m. with an absence of 2days : Penalty to be charged : Rs.2000x2= Rs.4000.
2.	Detection of Income Leakage	On a day to day basis income leakage, if any detected, to be reported.	Non-detection/ non-reporting / short recovery of income leakage from the date it becomes due within a period of 2 weeks. The penalty to be levied is on account of opportunity loss for the Bank.	For Non-detection/ non-reporting: 1% of the amount, in the area of income Leakage  not detected/ reported. i.e. (i) Processing Fee

New section 133C of the Income-tax Act, 1961 – an analysis

Section 133C was  Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of October, 2014. It reads as follows (Highlights added)

Power to call for information by prescribed income-tax authority.

     ‘133C. The prescribed income-tax authority, may for the purposes of verification of information in its possession relating to any person, issue a notice to such person requiring him, on or before a date

Postponement of Information System Audit (Assessment Test) scheduled for 26th December 2015

Postponement of Information System Audit

(Assessment Test) scheduled for 26th December 2015

to 23rd January 2016 - (13-11-2015)

12th November, 2015 IMPORTANT ANNOUNCEMENT Postponement of Information System Audit (Assessment Test) scheduled for 26th December 2015 to 23rd January 2016 It is hereby

New Refund Rules by Railways w.e.f 12.11.2015

A hidden map in your iPhone shows you all the places you have been

http://www.ibnlive.com/news/tech/a-hidden-map-in-your-iphone-shows-you-all-the-places-you-have-been-1165048.html

Ultra Slim Laptop Bag that fits Beneath your Jacket

The Under-The-Jack Pack is small and discreet enough to fit under a jacket or hoodie. It's great for situations where a large bag or backpack isn’t necessary: happy hour in crowded bars, commuting on crowded trains, or biking to and from work — to name just a few. This laptop sleeve comes with only 1.5 inch Ultra-slim profile which lets you carry your laptop covertly. It has both large and small zippered compartment for laptop or notebook, charger, smartphone, etc.

Read more »

Why do Indian firms pay higher fees to Big Four auditors?

Statutory auditors play a key role in corporate governance by ensuring that financial statements reflect the true and fair view of companies. The uncovering of major corporate frauds in India and elsewhere has led to a greater scrutiny of auditors’ role as a watchdog that could prevent such frauds. Research in the US and in other countries indicate that generally the Big Four global accounting

Substantial increase in Offence - Fine as New Motor Vehicle Act passed on 11 March 2015 in Rajya Sabha

New Motor Vehicle Act passed on 11 March 2015 in Rajya Sabha. Offence - Fine Four Wheeler Without Belt - Rs 1000 Without PUC - Rs 1500 Without Insurance - Rs 10000 Without paper - Rs 5000 and impound Without license - Rs 10000 and vehicle impound All original papers should be t...read more

The State of ICAI-Committees

"People with Political mind-set are the same all over. They promise to build a bridge even where there is no river"

Dear Friends,
 
Today I wish to draw your attention to non-standing committees of our Institute. Generally non-standing committees are formed with the objective of serving some very clearly specified purpose. Therefore, such committees should ideally be composed of a group of highly competent, experienced, academically and technically sound professionals having direct

CBDT to set-up a 'Taxpayers' Lounge' at the India International Trade Fair - 2015 to Highlight the Various Taxpayer-Friendly Initiatives Taken by the Department Among Others

CBDT to set-up a 'Taxpayers' Lounge' at the India International Trade Fair - 2015 to Highlight the Various Taxpayer-Friendly Initiatives Taken by the Department Among Others

The Income Tax Department will be setting-up a 'Taxpayers' Lounge' at the India International Trade Fair (IITF) - 2015 at Pragati Maidan, in national capital from 14th to 27th November, 2015.

The theme of the Taxpayers' Lounge this year would follow the theme of IITF 2015 i.e. 'Make in

Central Excise : After introduction of transaction value based duty from 1-7-2000, a manufacturer of LPG selling the product in bulk to an Oil Marketing Company (OMC) for further sale in packed form to dealers/domestic consumers and recovering ex-refinery price from the OMC as sale consideration is —

Central Excise : After introduction of transaction value based duty from 1-7-2000, a manufacturer of LPG selling the product in bulk to an Oil Marketing Company (OMC) for further sale in packed form to dealers/domestic consumers and recovering ex-refinery price from the OMC as sale consideration is —

• liable to duty based on transaction value viz. price recovered from the OMC ; and

Service Tax : Where assessee had challenged constitutionality of levy of service tax and department was aware of all facts since that time, then, later, department cannot allege suppression of facts to invoke extended period

[2015] 63 taxmann.com 3 (Mumbai - CESTAT)

CESTAT, MUMBAI BENCH

Interjewel (P.) Ltd.

CX - Finalisation of provisional assessments - Inter se adjustment of excess and short payment is allowed : CESTAT by majority

NEW DELHI,  : THE Appellants cleared their products viz. lead and zinc concentrates to their sister concerns and as the actual moisture content and arms-length price of the products were not available at the time of clearance, the same were assessed provisionally. The provisional assessments were later

CENVAT - Notfn 67/95 - Furnace is capital goods, hence credit on Inputs used in manufacture of furnace in factory is admissible as such capital goods are used within factory for manufacture of dutiable goods: CESTAT

MUMBAI,  : THE appellant purchased inputs and used them in the manufacture of furnace in the factory through contractor M/s. Bharat Gears Ltd. Revenue proposed denial of CENVAT Credit on the ground that in respect of the furnace manufactured, erected and installed in the factory of the

IT department developing App

Income Tax department developing mobile app for filing returns - http://economictimes.indiatimes.com/wealth/tax-savers/tax-news/income-tax-department-developing-mobile-app-for-filing-returns/articleshow/49783153.cms

QUOTES OF THE DAY

QUOTES OF THE DAY:

1.  Patience is not the ability to wait, but to keep a good attitude while waiting.

2.  Life never turns the way we want. But we live it the best way we can.

LG Gram 14 Review! (vs Apple Macbook Air)

Diwali wish from CA

I wish all persons covered under section (u/s) 2(31) of the Income Tax Act and their relatives u/s 2(41) a happy Diwali and a prosperous new year.

May god give you more and more salary u/s 15 and profits and gains of

Tips & Tricks: How to use the same WhatsApp account on two different phones at the same time

http://www.ibnlive.com/news/tech/tips-tricks-how-to-use-the-same-whatsapp-account-on-two-different-phones-at-the-same-time-1159947.html

CBEC Allows Education Cess Credit to be used for payment of Service Tax

CBEC Allows Education Cess Credit to be used for payment of Service Tax

Education Cess exempted on excise duty: Consequent to the increase in excise duty to 12.5% from 12% with effect from 1.3.2015, the Government by Notification Nos. 14/2015-CE and 15/2015-CE dated 1.3.2015 exempted ‘education cess' and ‘Secondary and Higher Education Cess' on all excisable goods. So, from 1.3.2015, no education cess was payable on excise duty.

The Law - Credit of Education Cess can be used only for payment of education cess: As per Rule (3)(7)(b) of the CENVAT Credit Rules, the CENVAT Credit of education cess can be used only for payment of education cess - that is this

Massive cyber espionage racket run by Pakistan against Indian defence forces exposed

http://www.ibnlive.com/news/india/massive-cyber-espionage-racket-run-by-pakistan-against-indian-defence-forces-exposed-1159657.html