The
Securities and Exchange Board of India’s (Sebi) circular dated 18 March
2016—that mandated additional disclosures about how much money your
mutual fund distributor makes on your investment in absolute terms and
how much salary your fund managers (and other top mutual fund
The most comprehensive news portal for Chartered Accountants and Other Professionals around the world.
Thursday, March 31, 2016
Monday, March 28, 2016
Vacancy for CA/ CS/ CMA in National Bank for Agriculture and Rural Development (NABARD)
Hiring Organisation: National Bank for Agriculture and Rural Development (NABARD)
Location: Anywhere in India
No. of Openings: 15
Educational Qualification: CA/ CS/ CMA/ MBA/ M.Com
Experience: 3 years
Pay Scale: Rs. 54,970/- Per Month
To apply for this job please visit the following URL:
CAG Compliance audit observation on Income Tax Department
Comptroller and Auditor General of India has released Report No. 3 of 2016 (Direct Taxes). This Report for the year ended March 2015 has been prepared for submission to the President under Article 151 of the Constitution of India. The Report contains significant results of the compliance audit of the
Balance Sheet and P&L Schedule III Companies Act 2013 Notes for May 2016 Exams.
As you know Balance sheet new format was introduced in Revised Schedule
VI in Companies Act 1956, however due to recent applicability of
Companies Act 2013, new Schedule is applicable which guides the format
of financial statements i.e. Balance Sheet, P&L Account and Notes to
Account. As
Sunday, March 27, 2016
Starting from 1st April 2016, mandatory adoption of Ind-AS
Starting from 1st April 2016, mandatory adoption of Ind-AS, would be
required for all companies, having net-worth of INR 500 crores or more.
The holding, subsidiary, joint-venture or associate companies
(‘affiliates’) of such company covered above would also have to adopt
Ind-AS starting
Excellence in Professional Work – A Consciousness Approach
Knowledge, skill and values are the
foundations of excellence in professional work. But these factors of excellence
have an inner and outer dimension. Most of the discussions on this subject
focus on developing or cultivating the outer skill, knowledge or behaviour. But
a more effective approach would be to awaken the corresponding inner faculties
of
Saturday, March 26, 2016
Vacancy for CA/ CMA in EESL
In order to develop a viable ESCO industry, Ministry of Power has set
up Energy Efficiency Services Limited (EESL), a Joint Venture of NTPC
Limited, PFC, REC and POWERGRID to facilitate implementation of energy
efficiency projects. Within very few years of its existence, EESL has
made
Vacancy for CA Inter/ CMA Inter in BEML (PWD)
BEML Limited, a pioneer in Multi Business (Defence, Mining &
Construction, Rail & Metro, Aerospace, Dredging etc.) Heavy
Engineering Company with an Annual Turnover of around `3000 Crores wish
to recruit candidates to fill up thebacklog vacancies of SC/ST/OBC/PWD
in the
CA IPCC Final Admit Card May 2016
CA IPCC Final Admit Card May 2016 Exams Are Available to Download. The
Admit Cards for the CA IPCC November 2015 and CA Final Exams will be
released by ICAI just 20 days before the exams. IPCC Admit cards / Hall
Tickets for November 2015 exam are hosted on
IPCC Amendments May 2016
ICAI has published the amendments for CA
IPCC May 2016 Exams. The amendment consist of all the subject which
have gone through some change in CA Inter level. As you know ICAI with
these
Analysis of Chartered Accountant's Placement Campus Sept 2015
The 42nd edition of the campus placement programme
for the newly-qualified chartered accountants was organised at 19
centres across the country in two phases, where 7,358 candidates
registered to avail themselves of placement facility. In the first
phase, placement was conducted at 13 smaller centres where 296 offers
were made to the candidates. In the second phase, the programme was
Inclusion of interest income in the return of income filed by persons liable to pay tax
Government
of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
PRESS
RELEASE
New Delhi, 23rd March, 2016
New Delhi, 23rd March, 2016
Sub: Inclusion of interest income in the return of income
filed by persons liable to pay tax- regarding
Information regarding interest earned by individuals and
business entities on term deposit is filed with the Income Tax Department by
banks including co-operative banks and other financial
Friday, March 25, 2016
PSU general insurers may see up to 10% stake sale
New Delhi The finance ministry is considering up to 10 per cent stake sale in at least one insurance company in 2016-17, beginning with the listing of New India Assurance in the primary market. The department of financial services is in the process of working out valuations for possible stake sale. The listing of other general insurance companies such as United India Insurance, National Insurance
Thursday, March 24, 2016
ICAI Constitutes of a Group on Independent Auditors
|
||
| ALL MEMBERS OF THE COUNCIL | ||
|
Madam/Dear Sir,
The President, in terms of the authority given to him by the Council at its 351st meeting held on 12th February, 2016, has constituted a Group on Independent Auditors comprising the following members:- |
Political parties must maintain accounts of “voluntary donations”- Delhi HC
The Delhi High Court has passed a judgement that may go a long way towards electoral reforms. Justices S Murlidhar and Vibhu Bakhru
yesterday ruled that political parties must maintain “properly audited
accounts” of income received through voluntary contributions. Unless
this
Wednesday, March 23, 2016
Tax Department Eases Taxation Norms For Bonds Held By Companies
New Delhi: Seeking to simplify the procedure and
promote ease of doing business, CBDT has said capital gains tax will be
computed from the date of acquisition of financial instruments like
bonds and debentures and not from the date of their conversion into
shares.
Tax experts said the notification issued by the Central Board of Direct Taxes (CBDT) would facilitate
Tax experts said the notification issued by the Central Board of Direct Taxes (CBDT) would facilitate
Apple iOS 9.3: Should You Upgrade?
Well done Apple. iOS 9.3 is now available and the company deserves a pat on the back. Why? Yes it’s a major update, but the real credit goes to Apple for putting it through no less than seven betas
Apple iOS 9.3 Has A Nasty Surprise
Apple AAPL +0.15% iOS 9.3 is finally here after no less than seven betas. It’s jam packed with exciting new features, but arguably its biggest and most anticipated addition has left a bitter taste in the mouths of some users…
In short: Night Shift is not all it is cracked up to be.
It turns out Apple’s long awaited Bluelight Filter has a number of frustrating limitations which the company failed to mention in its release notes. On top of this it is also being dismissed as not fit for
In short: Night Shift is not all it is cracked up to be.
It turns out Apple’s long awaited Bluelight Filter has a number of frustrating limitations which the company failed to mention in its release notes. On top of this it is also being dismissed as not fit for
Tuesday, March 22, 2016
Tax Ready Reckoner for Investments - FY: 2015-16
EQUITY:
Stocks:
1. If you hold on to them for a year, the long-term capital gain is tax free
2. Short-term capital gain is taxed at 15%
3. Dividends are tax free
DEBT FIXED INCOME INSTRUMENTS:
Stocks:
1. If you hold on to them for a year, the long-term capital gain is tax free
2. Short-term capital gain is taxed at 15%
3. Dividends are tax free
DEBT FIXED INCOME INSTRUMENTS:
Sunday, March 13, 2016
MAHAGENCO Recruitment 2016 – Apply Online for 949 Vacancy Advisor & Manager Posts CA,ICWA Freshers And Experience
MANAGENCO Recruitment 2016 – Chief Legal Advisor & General Manager Posts: Maharashtra state Power Generate on Company Limited (MANAGENCO) has given an employment notification for the recruitment of Chief Legal Advisor & General Manager (F&A) vacancies on contract basis.Eligible candidates can apply in prescribed application format on or before
Career as Chartered Accountant
CA is a common term mostly for the students of commerce stream. With the
rapid development in economy, careers in finance and accounts have been
in demand in many places. The term CA is connected with all these, well
CA stands for Chartered Accountant and the course related to same is
Last Date of Filing Late Income Tax Return Revised. Here's What To Know
Typically, the deadline for filing income tax return of the previous
financial year is July 31. In case a person missed the July 31 deadline,
he was allowed to file a late income tax return within two financial
years from the end of the relevant tax year.
But Budget 2016 has proposed a change and the window for filing late return has been reduced from
But Budget 2016 has proposed a change and the window for filing late return has been reduced from
Why Fixed Deposit is more riskier investment than you think
When you invest in a Fixed Deposit, you lock your money in the bank thinking it to be safe there.
But the fact is the bank in turn may lend your money to an extravagant person (someone like Vijay Mallya) who spends your money goes insolvent and declares himself incapable of returning the loan.
And after many years when you unlock the bank in search of your wealth, what you get is nothing
CMA Practice Test Papers For June 2016 | ICWAI Inter and Final
ICWAI Inter Practice Test Papers For June 2016
Useful Tips to overcome Failure in CA Exams
The reason why I am writing this article is to let this student and
all others know something… something that can change their life and help
them witness their dream of become a CA : Chartered Accountant become a
reality in front of their own eyes. Today I am going to talk about the
power of “I AM”.
I truly and firmly believe in the power of words. Just like old ‘mantras’ in Hinduism that has the power to transform one’s life by its sounds effect on body and mind and raise a person from ordinary
I truly and firmly believe in the power of words. Just like old ‘mantras’ in Hinduism that has the power to transform one’s life by its sounds effect on body and mind and raise a person from ordinary
The Comptroller and Auditor General of India (CAG) on Friday said amount towards uncollected tax demand increased to Rs 7 lakh crore at March 2015 end from Rs 5.75 lakh crore in the previous year
"The uncollected demand is rising despite clear provisions in the
(Income Tax) Act to enforce collection and recovery of outstanding
demand viz. attachment and sale of assessess' movable and immovable
property, appointment of a receiver for the management of assesses'
properties and
Saturday, March 12, 2016
List of top 50 defaulters in India
list of top 50 corporate
defaulters in this country
1. Kingfisher Airlines Rs.2673 Crore
2. Winsome Diamond & Jewellery Co. Ltd.Rs. 2660 Crore
3. Electrotherm India Limited Rs.2211 Crore
4. Zoom Developers Private Limited Rs.1810 Crore
defaulters in this country
1. Kingfisher Airlines Rs.2673 Crore
2. Winsome Diamond & Jewellery Co. Ltd.Rs. 2660 Crore
3. Electrotherm India Limited Rs.2211 Crore
4. Zoom Developers Private Limited Rs.1810 Crore
Thursday, March 10, 2016
Here is how the new real estate bill will benefit consumers
1) As of now the real estate sector was largely unregulated in India. If a consumer had a complaint against a developer he would had to make rounds of consumer or civil courts. Also absence of standardization and lack of adequate consumer protection has constrained the healthy and orderly
Crisil downgrades 8 psu banks
Bank of india - AA+(negative) from AAA/negative earlier
Central Bank of india - AA- (negative)from AA/negative earlier
Central Bank of india - AA- (negative)from AA/negative earlier
The Real Estate Bill is now applicable for both commercial and residential real estate projects
The Real Estate Bill is now applicable for both commercial and residential real estate projects. It also calls for the establishment of a 'Real Estate Regulatory Authority' in States or Union Territories (UTs) to regulate real estate transactions.
-- The Bill ensures mandatory disclosure of all registered projects, which includes details of the promoter, project, layout plan, land status, approvals, agreements along with details of real estate
-- The Bill ensures mandatory disclosure of all registered projects, which includes details of the promoter, project, layout plan, land status, approvals, agreements along with details of real estate
Income tax department has started sending notices to non-filers for the assessment year 2013-14 & onwards & are also using the said information to verify under-reporting of income
1. Annual Information Return(AIR)
AIR-001: Cash deposits aggregating to Rs. 10,00,000/- or more in a year in any savings account
AIR-002: Paid Rs. 2,00,000/- or more against credit card bills
AIR-001: Cash deposits aggregating to Rs. 10,00,000/- or more in a year in any savings account
AIR-002: Paid Rs. 2,00,000/- or more against credit card bills
Saturday, March 5, 2016
Exam for various posts in ministries of Central Govt.
Staff Selection Commission has issued notice on 13.02.2016 for conducting exam on Sundays 08th and 22nd MAY 2016 for filling up different categories of posts in various Ministries/ Departments/Organisations in Central Government. The minimum educational qualification is any
Tuesday, March 1, 2016
RBI amends capital treatment norms under Basel III.
RBI amends capital treatment norms under Basel III.
. Revaluation reserves after 55% discount, would be considered as common equity tier 1 capital (CET1) instead of Tier 2 capital.
· Foreign currency translation reserves arising due to translation of financial statements of a bank’s foreign operations to the reporting currency may be considered as CET1 capital after discount of 25
. Revaluation reserves after 55% discount, would be considered as common equity tier 1 capital (CET1) instead of Tier 2 capital.
· Foreign currency translation reserves arising due to translation of financial statements of a bank’s foreign operations to the reporting currency may be considered as CET1 capital after discount of 25
FM extends Sec 80JJAA benefits to all audited companies to leg up job creation
NEW DELHI : EXTENDING the benefit of Section 80JJAA of the Income Tax Act to all the assessees irrespective of the fact whether they derive their income from manufacturing goods in factory or not, subject to the condition that statutory audit is applicable to them, is actually is a long standing demand of the industry. In the present
IT Raids reveal massive wealth accumulated by P Chidambaram and held in the name of his son Karti Chidambaram
The list of Assets owned by Chidambaram includes 88 acres in UK, 3 Vineyards and Stud farms in South Africa, 3 Resorts in Sri Lanka, Properties in Singapore, Malaysia and Thailand, 4 Acre Tennis Academy with 11 Tennis courts in Barcelona, Investments in Dubai, France etc ...
Former Finance Minister P Chidambaram's son Karti Chidambaram built a massive empire for himself through investments in real estate and other financial dealings
CBDT Clarifies Law On Whether Surplus On Sale Of Shares Is Taxable As Capital Gains Or Business Profits
Circular No.6/2016
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
North Block, New Delhi, the 29th of February, 2016
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
North Block, New Delhi, the 29th of February, 2016
Sub: Issue of taxability of surplus on sale of shares and securities — Capital
Auditors of Banking Companies – time to endure Ind AS
The Ministry of Corporate Affairs (MCA), Government of India has notified the Companies (Indian Accounting Standards) Rules, 2015 on February 16, 2015. A reference is also invited to the Press Release dated January 18, 2016 issued by the MCA outlining the roadmap for implementation of International Financial Reporting Standards (IFRS) converged Indian Accounting Standards for banks, non-banking financial companies, select All India Term Lending and Refinancing Institutions and
Excise returns can be now revised
NEW
DELHI : UNDER the existing provisions, only Service Tax returns can be
revised. But, there is no such facility of filing a revised return in
case of Central Excise. There is a demand from many
CBDT Issues Revised Guidelines For Stay Of Demand By AO Till CIT(A)’s Order
F.No.404/72/93-ITCC
Government of India
Ministry of Finance
Central Board of Direct Taxes (CBDT)
New Delhi, Dated: 29th February, 2016
Office Memorandum
Sub: Partial modification of Instruction No. 1914 dated 21.03.1996 to provide for
CBDT Circulars Clarifying Law On TDS Obligation On Payments By TV Channels Etc
The CBDT has issued Circular Nos. 04/2016 and 05/2016, both dated
29.02.2016. In Circular No. 04/2016, the CBDT has explained the law
relating to Tax Deduction at Source on payments by
Indirect Taxes Proposals-Union Budget 2016 which will be effective immediately or from 1/04/2016
INDIRECT TAXES
CENTRAL EXCISE
Amendments made effective
immediately
·
The
Clean Energy cess is to be renamed as Clean Environment cess. The effective
rate of Clean Energy cess proposed to be increased from Rs.200 per tonne to
Rs.400 per tonne .
·
Infrastructure
cess is to be levied on
motor vehicles under heading 8703 subject to certain
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