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Monday, January 9, 2012
IMPORTANT NOTIFICATION TO IEC HOLDERS
Date: 09/01/2012
Ref: EIB/DGFT/CUSTOMS/12033
Dear IEC holders,
Sub : Updation of IEC as per Public Notice No. 84/2009-2014 (RE-2010) dated 11th November 2011
Please note that as per above Public notice it is mandatory to update your existing IEC as stated in the notification:-
1. Complete PAN details, Telephone Numbers, Email IDs, and Mobile Number (of the Signatory of the ANF2A) have been made mandatory fields; while Alternate Email ID, Website Address are optional. This is required to facilitate updating the IEC records. No payment of application fee is required till 31.3.2012 for such updating of IEC Records.
2. Email ID of the Banker would assist RA to cross-check the issuance of the Bank Certificate from the Banker, if in doubt.
3. Several instances have come to the notice of DGFT wherein several IECs get allocated when the applicant does not indicate the full name of the individuals. Hence it is now being made mandatory that full name (in the order - First Name, Middle Name and Last Name) should be filled up, without using any abbreviations wherever in ANF2A the name of an individual is required to be filled up.
IEC Holders are requested to get their IEC modified accordingly.
Non Residential refresher course - 2012
Two Days NON RESIDENTIAL REFRESHER COURSE – 2012 (NRRC-2012) shall be organized on 17th & 18th January 2012 at ‘OCEAN SKY”, Near Gudamba Thana, Kursi Road. Lucknow.
The topics to be covered in “Group Discussion cum Technical” sessions are as follows-
1. Issues in some Services- Sub Contractors & Works contractors
2. Case Studies in Code of Conduct & Ethics
3. Case Studies in New Schedule VI
The delegate fee for the refresher course is as follows:-
1.) Rs. 1500.00 for corporate sponsored delegates.
2.) Rs. 1,000.00 for FCA
3.) Rs. 850.00 for ACA
The cheque / DD in favour of Lucknow Chartered Accountants’ Society can be delivered at Society’s office or at the office of any of office bearer of the society.
The maximum number of participant is restricted to 75 & shall be based on first come first served basis.
Advance queries on the above topics are welcome.
--
Lucknow Chartered Accountants Society
90 Pirpur Square
Lucknow 226001
Ph 2288287, 2287931
The topics to be covered in “Group Discussion cum Technical” sessions are as follows-
1. Issues in some Services- Sub Contractors & Works contractors
2. Case Studies in Code of Conduct & Ethics
3. Case Studies in New Schedule VI
The delegate fee for the refresher course is as follows:-
1.) Rs. 1500.00 for corporate sponsored delegates.
2.) Rs. 1,000.00 for FCA
3.) Rs. 850.00 for ACA
The cheque / DD in favour of Lucknow Chartered Accountants’ Society can be delivered at Society’s office or at the office of any of office bearer of the society.
The maximum number of participant is restricted to 75 & shall be based on first come first served basis.
Advance queries on the above topics are welcome.
--
Lucknow Chartered Accountants Society
90 Pirpur Square
Lucknow 226001
Ph 2288287, 2287931
EXPLICIT PRICE ON CARBON
EXPLICIT PRICE ON CARBON
Placing a price on carbon as an increase in indirect taxation with no changes in existing taxes can compound the distortions and the tax rate, notes John Freebairn of the University of Melbourne in `A Tax Mix Change to Reduce Greenhouse Gas Emissions'. The paper opens by acknowledging that placing a price on greenhouse gas emissions, either through a tax or a tradable permit scheme, is a cost-effective way to internalise the external pollution cost. The author hastens to point out that, from a government perspective, the policy intervention represents an increase in the aggregate indirect tax burden and it provides a windfall revenue gain. He adds that most of the additional indirect tax is passed forward to consumers as higher prices. As well as increasing the relative prices of greenhouse gas intensive products and production processes, placing a price on carbon increases the average cost of living, underlines Freebairn. "The consumer price effects are regressive, they aggravate the distortions caused by current income and consumption taxes to work and save by households, and they provide incentives for employees and investors to seek compensating increases in nominal wages and interest rates." He argues that returning the indirect tax revenue windfall to households as reductions in income taxation, and increases in social security payments, as a component of a policy package which is approximately aggregate revenue-neutral and vertical distribution equity-neutral largely can eliminate the undesired effects. "Presenting a tax mix change package also may improve political acceptance of an explicit price on carbon." Insights of value on an important topic.
Testing out tax policies
Constructing an open economy macroeconomic model calibrated to two economies, viz. the US and a subset of the EMU (European Monetary Union), Stéphane Auray, Aurélien Eyquem, and Paul Gomme infuse into the model a few key features such as a full set of tax instruments (capital income, labour income, consumption), and incomplete financial markets (allowing for wealth transfers following a policy change). Their paper titled `A Tale of Tax Policies in Open Economies' speaks of two sets of policy experiments conducted using the model. "The first consisted of permanent tax increases geared to reducing the government deficit-to-GDP ratio by one percentage point. This first set of experiments was motivated by recent events pointing to the need for fiscal reform in a number of developed countries," the authors report. They observe that the consumption tax was the least costly in terms of welfare, and that it was also the most successful tax increase in terms of deficit reduction. In contrast, an increase in the capital income tax can lead to a short-term increase in consumption as households draw down their capital stocks, one learns. "Over short horizons, the increased capital income tax leads to measured welfare gains although in terms of lifetime utility, there was a substantial welfare loss…" - www.thehindubusinessline.com
Placing a price on carbon as an increase in indirect taxation with no changes in existing taxes can compound the distortions and the tax rate, notes John Freebairn of the University of Melbourne in `A Tax Mix Change to Reduce Greenhouse Gas Emissions'. The paper opens by acknowledging that placing a price on greenhouse gas emissions, either through a tax or a tradable permit scheme, is a cost-effective way to internalise the external pollution cost. The author hastens to point out that, from a government perspective, the policy intervention represents an increase in the aggregate indirect tax burden and it provides a windfall revenue gain. He adds that most of the additional indirect tax is passed forward to consumers as higher prices. As well as increasing the relative prices of greenhouse gas intensive products and production processes, placing a price on carbon increases the average cost of living, underlines Freebairn. "The consumer price effects are regressive, they aggravate the distortions caused by current income and consumption taxes to work and save by households, and they provide incentives for employees and investors to seek compensating increases in nominal wages and interest rates." He argues that returning the indirect tax revenue windfall to households as reductions in income taxation, and increases in social security payments, as a component of a policy package which is approximately aggregate revenue-neutral and vertical distribution equity-neutral largely can eliminate the undesired effects. "Presenting a tax mix change package also may improve political acceptance of an explicit price on carbon." Insights of value on an important topic.
Testing out tax policies
Constructing an open economy macroeconomic model calibrated to two economies, viz. the US and a subset of the EMU (European Monetary Union), Stéphane Auray, Aurélien Eyquem, and Paul Gomme infuse into the model a few key features such as a full set of tax instruments (capital income, labour income, consumption), and incomplete financial markets (allowing for wealth transfers following a policy change). Their paper titled `A Tale of Tax Policies in Open Economies' speaks of two sets of policy experiments conducted using the model. "The first consisted of permanent tax increases geared to reducing the government deficit-to-GDP ratio by one percentage point. This first set of experiments was motivated by recent events pointing to the need for fiscal reform in a number of developed countries," the authors report. They observe that the consumption tax was the least costly in terms of welfare, and that it was also the most successful tax increase in terms of deficit reduction. In contrast, an increase in the capital income tax can lead to a short-term increase in consumption as households draw down their capital stocks, one learns. "Over short horizons, the increased capital income tax leads to measured welfare gains although in terms of lifetime utility, there was a substantial welfare loss…" - www.thehindubusinessline.com
Centralised Processing of Returns Scheme, 2011 & Notification thereof
Section 143 of the Income-tax Act, 1961 - Assessment - General - Specified provisions of the Act which shall apply to Centralised Processing of Returns Scheme, 2011 Notification No. 3/2012 [F. No. 142/27/2011-SO (TPL)], dated 4-1-2012 In exercise of powers conferred by sub-section (1B) of section 143 of Income Tax Act, 1961 (43 of 1961), for the purpose of giving effect to the Centralised Processing of Returns Scheme, 2011 made under sub-section (IA) of section 143 of the said Act, the Central Government hereby directs that, the following provisions of the Act relating to processing of returns shall not apply or shall apply with such exceptions, modifications and adaptations as specified hereunder, namely: - 1. This notification shall come into force on the date of its publication in the Official Gazette. 2. The provisions of section 139 of the Act shall apply to returns received under Centralised Processing of Returns Scheme, 2011 subject to the following, namely :- A. (i) All ITR-V (acknowledgement) forms duly verified shall be sent to the Centralised Processing Centre, either through ordinary or speed post, within such period of uploading the electronically filed return as may be specified by the Director General in this behalf. (ii) The date of transmitting the data electronically shall be the date of furnishing the return if the Form ITR-V is furnished in the prescribed manner and within the specified period. (iii) In case Form ITR-V furnished after the prescribed time is rejected on account of it being unsigned, illegible, mutilated, bad quality or not as per specification, it shall be deemed that the return in respect of which the Form ITR-V has been filed was never furnished and it shall be incumbent on the person to electronically file the return of income again and follow it up by submitting the new Form ITR-V. (iv) The Form ITR-V shall be submitted at the address, in the mode and within the period or extended period specified in this behalf. (v) The Commissioner Centre may, in order to avoid hardship in a case or class of cases, condone the delay in receipt of Form ITR-V. (vi) The Centre may call for fresh Form ITR-V in special circumstances, where the Form ITR-V submitted earlier cannot be considered for technical reasons. B. (i) If the original return of income is an electronically filed return, the revised return shall be filed through electronic mode only. (ii) The Centre shall process only the revised return and no further action shall be taken on original return if it has not already been processed. (iii) The Commissioner may declare- (a) a return invalid for non-compliance of procedure for using any software not validated and approved by the Director General; (b) a return defective under sub-section (9) of section 139 of the Act on account of incomplete or inconsistent information in the return or in the schedules or for any other reason. C. (i) In case of a defective return, the Commissioner shall intimate this to the person through e-mail or by placing a suitable communication on the e-filing website. (ii) A person shall comply with the notice regarding defective return by uploading the rectified return within the period of time mentioned in the notice. (iii) The Commissioner may, in order to avoid hardship to the person, condone the delay in uploading of rectified return. (iv) In case no response is received from the person in reply to the notice of defective return, the Commissioner may declare a return as not having been uploaded at all or process the return on the basis of information available. D. (i) A person shall not be required to appear either personally or through authorised representative before the authorities at the Centre in connection with any proceedings. (ii) Written or electronic communication from such person or authorised representative in the format specified by the Centre in this respect shall be sufficient compliance of the query or clarification received from the Centre. 3. The provisions of section 143 of the Act shall apply to all returns received under the Centralised Processing of Returns Scheme, 2011 subject to the following, namely:- (i) the sum payable to, or the amount of refund due to, the person shall be determined after credit of such Tax collected at Source (TCS), Tax Deducted at Source (TDS) and tax payment claims which can be automatically validated with reference to data uploaded through TDS and TCS statements by the deductors or the collectors, as the case may be, and tax payment challans reported through authorised banks in accordance with business rules laid out by the Centre in this regard; (ii) an intimation shall be generated electronically and sent to the person by e-mail specifying the sum determined to be payable by, or the amount of the refund due to, the person; (iii) any intimation to the person to pay any sum determined to be payable shall be deemed to be a notice of demand as per the provisions of section 156 of the Act and all other provisions of the Act shall be accordingly applicable. (iv) The Commissioner may,- (a) adopt appropriate procedures for processing of returns; and (b) decide the order of priority for processing of returns of income based on administrative requirements. (v) Wherever a return cannot be processed in the Centre for any reason, the Commissioner shall arrange to transmit such return to the Assessing Officer having jurisdiction for processing. (vi) The Centre may call for such clarification, evidence or document as may be required for the purpose of facilitating the processing of return and all such clarification, evidence or document shall be furnished electronically. 4. The provisions of section 154 of the Act shall apply to all the returns received under the Centralised Processing of Returns Scheme, 2011 subject to the following, namely:- (i) An application for rectification shall be filed electronically to the Centre in the format prescribed and shall be processed in the same manner as an Income-tax return. (ii) In case of error in processing due to an error in data entry or a software error or otherwise, resulting in excess refund being computed or reduction in demand of tax, the same will be corrected on its own by the Centre by passing a rectification order and the excess amount shall be recovered as per the provisions of the Act. (iii) Where a rectification has the effect of enhancing an assessment or reducing the refund or otherwise increasing the liability of the person, an intimation to this effect shall be sent to the person electronically by the Centre and reply of the person shall be furnished through electronic mode only. (iv) Where the rectification order results in a demand of tax, the order under section 154 of the Act passed by the Centre shall be deemed to be a notice of demand under section 156 of the Income-tax Act. 5. The provisions of section 245 of the Act shall apply to the returns covered under the Centralised Processing of Returns Scheme, 2011 subject to the following, namely:- The set-off of refund, if any, arising from the processing of a return, against tax remaining payable shall be done by using the details of outstanding tax demand in respect of the person as uploaded onto the system of the Centre by the Assessing Officer. 6. (i) Where a return is processed at the Centre, the appeal proceedings relating to the processing of the return shall lie with Commissioner of Income-tax (Appeals) having jurisdiction over the Assessing Officer and any reference to the Commissioner of Income-tax (Appeals) in any communication from the Centre shall mean such jurisdiction of the said Commissioner. (ii) Remand reports, giving effect to appellate order and any other reports to be furnished before the Commissioner of Income-tax (Appeals) shall be submitted by the Assessing Officer having jurisdiction as regards the person. 7. The provisions of section 282 of the Act shall apply to all returns received under the Centralised Processing of Returns Scheme, 2011 subject to the following, namely : - (i) The service of a notice or order or any other communication by the Centre may be made by : (a) sending it by post; (b) delivering or transmitting its copy thereof, to the person's e-mail address by the Centre's e-mail; (c) placing its copy in the my account menu of the person on the official website for e-filing of returns; or (d) any of the modes mentioned in section 282(1) of the Income-tax Act. (ii) The date of posting of any such communication on the website, e-mail or other electronic medium shall be deemed to be the date of service. (iii) The intimation, orders and notices shall be computer generated and need not carry physical signature of the person signing it. 8. The Director General may specify procedures and processes from time to time for effective functioning of the Centre in an automated and mechanised environment, including specifying the procedure and processes in respect of the following :- (a) receipt and processing of electronic rectification applications in the Centre; (b) the address or place, the mode and the period or the extended period within which the acknowledgement in Form ITR-V shall be accepted; (c) validating any software used for e-filing the return; (d) call centers to answer queries and provide taxpayer services which may include outbound calls to persons requesting for clarification to assist in the processing of their returns of income; and (e) managing tax administration functions such as receipt, scanning, data entry, processing, issue of refunds, storage and retrieval of income-tax returns and documents in a centralized manner or receipt of paper documents through authorised intermediaries. ■■
Centralised Processing of Returns Scheme, 2011
Notification No.2/2012[F.No.142/27/2011-SO(TPL)], dated 4-1-2012
In exercise of the powers conferred by sub-section (1A) of section 143 of Income Tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies the following scheme for processing of returns of income, namely:-
1. Short title and commencement.—
(1). This Scheme may be called the Centralised Processing of Returns Scheme, 2011.
(2). It shall come into force on the date of its publication in the Official Gazette.
2. Definition. - In this scheme, unless the context otherwise requires -
(a) 'Act' means the Income Tax Act, 1961 (43 of 1961).
(b) 'Board' means Central Board of Direct Taxes constituted under the Central Board of Revenues Act, 1963 (54 of 1963).
(c) 'Centre' means the Centralised Processing Centre having jurisdiction over such return of income as may be specified by the Board.
(d) 'Commissioner' means the Commissioner of Income-tax, Centralised Processing Centre.
(e) 'Director General' means the Director General of Income-tax (Systems).
(f) words and expressions used herein but not defined and defined in the Act shall have the meaning respectively assigned to them in the Act.
3. Scope of the Scheme.—This scheme shall be applicable in cases where return of income has been furnished in,-
(i) electronic form; or
(ii) paper form, in case of a class or classes of persons, as notified by the Board in this behalf.
4. Receipt and Acknowledgment of Return of Income.—
(1) Where a return of income is filed electronically with digital signature, on successful transmission of the data, an acknowledgment as generated by the server of the Central Government shall be available to the person in printable format.
(2) The acknowledgment shall contain the acknowledgment number of the electronic transmission and the date of transmission as an evidence of filing of the return.
(3) A copy of the electronic transmission of filing the return of income shall be downloaded and kept by the person.
(4) Where a return of income is filed electronically without digital signature, on successful transmission of the data, an acknowledgment in Form ITR-V as provided in rule 12 of the Income Tax Rules, 1962 shall be generated by the server of the Central Government and available to the person.
(5) The Form ITR-V shall also contain the acknowledgment number of the electronic transmission and the date of transmission as an evidence of filing of the return.
(6) A copy of ITR-V shall be downloaded and after taking a printout of such a form, it shall be physically verified under the signature of the person and forwarded to the Centre.
(7) The Form ITR-V duly verified shall be sent to the Centre, either through ordinary or speed post, within such period of uploading the electronically filed return as may be specified by the Director General in this behalf.
(8) The date of transmitting the data electronically shall be the date of furnishing the return if the Form ITR-V is furnished in the prescribed manner and within the period specified.
(9) In case Form ITR-V furnished after the prescribed time is rejected on account of it being unsigned, illegible, mutilated, bad quality or not as per specification, it shall be deemed that the return in respect of which the Form ITR-V has been filed was never furnished and it shall be incumbent on the person to electronically file the return of income again followed by submission of the new Form ITR-V.
(10) The Form ITR-V shall be submitted at the address, in the mode and within the period or extended period specified by the Commissioner in this behalf.
(11) The Commissioner may, in order to avoid hardship in a case or class of cases, condone the delay in receipt of Form ITR-V.
(12) The Commissioner may call for fresh Form ITR-V in special circumstances, where the Form ITR-V earlier submitted cannot be considered for technical reasons.
5. Revised return of income.—
(1) If the original return of income is an electronically filed return, the revised return shall be filed through electronic mode only.
(2) The Centre will process only the revised return and no further action will be taken on the original return if it has not already been processed.
6. Invalid or defective return.
(i) The Commissioner may declare-
(a) a return invalid for non-compliance of procedure for using any software not validated and approved by the Director General.
(b) a return defective under sub-section (9) of section 139 of the Act on account of incomplete or inconsistent information in the return or in the schedules or for any other reason.
(ii) In case of a defective return, the Centre shall intimate this to the person through e-mail or by placing a suitable communication on the e-filing website.
(iii) A person may comply with the notice regarding defective return by uploading the rectified return within the period of time mentioned in the notice.
(iv) The Commissioner may, in order to avoid hardship to the person, condone the delay in uploading of rectified return.
(v) In case no response is received from the person in reply to the notice of defective return, the Commissioner may declare a return as not having been uploaded at all or process the return on the basis of information available.
7. Centralised Processing Centres.—
(1) The Board may set up as many Centralised Processing Centres as it may deem necessary and specify their respective jurisdictions.
(2) The processing of the returns shall be undertaken at the Centralised Processing Centre.
8. Processing of Returns.—
(i) The Centre shall process a valid return of income in the following manner, namely:-
(a) the sum payable to, or the amount of refund due to, the person shall be determined after credit of such Tax collected at Source (TCS), Tax Deducted at Source (TDS) and tax payment claims which can be automatically validated with reference to data uploaded through TDS and TCS statements by the deductors or the collectors, as the case may be, and tax payment challans reported through authorised banks in accordance with the procedures adopted by the Centre in this regard.
(b) an intimation shall be generated electronically and sent to the person by e-mail specifying the sum determined to be payable by, or the amount of the refund due to, the person; and
(c) any intimation to the person to pay any sum determined to be payable shall be deemed to be a notice of demand as per the provisions of section 156 of the Act and all other provisions of the Act shall be applicable accordingly.
(ii) The Commissioner may, -
(a) adopt appropriate procedure for processing of returns; or
(b) decide the order of priority for processing of returns of income based on administrative requirements.
(iii) Wherever a return cannot be processed in the Centre for any reasons, the Commissioner shall arrange to transmit such return to the Assessing Officer having jurisdiction for processing.
9. Rectification of mistake.—
(i) With a view to rectifying any mistake apparent from the record under section 154 of the Act, the Centre, on its own or on receiving an application from the person, may amend any order or intimation passed or sent by it under the provisions of the Act.
(ii) An application for rectification shall be filed electronically to the Centre in the format prescribed and will be processed in the same manner as a return of income-tax.
(iii) Where the rectification order results in a demand of tax, the order under section 154 of the Act passed by the Centre shall be deemed to be a notice of demand under section 156 of the Income-tax Act.
(iv) In case of error in processing due to an error in data entry or a software error or otherwise, resulting in excess refund being computed or reduction in demand of tax, the same will be corrected on its own by the Centre by passing a rectification order and the excess amount shall be recovered as per the provisions of the Act.
(v) Where a rectification has the effect of enhancing an assessment or reducing the refund or otherwise increasing the liability of the person, an intimation to this effect shall be sent to the person electronically by the Centre and the reply of the person has to be furnished through electronic mode only.
10. Adjustment against outstanding tax demand.—The set-off of refund, if any, arising from the processing of a return, against tax remaining payable will be done by using the details of outstanding tax demand lying against the person as uploaded onto the system of the Centre by the Assessing Officer.
11. Appellate Proceedings.—
(i) Where a return is processed at the Centre, the appeal proceedings relating to the processing of the return shall lie with Commissioner of Income-tax (Appeals) [CIT(A)] having jurisdiction over the jurisdictional Assessing Officer and any reference to Commissioner (Appeals) in any communication from the Centre shall mean such jurisdictional CIT (Appeals).
(ii) Remand reports, giving effect to appellate order and any other reports to be furnished before the CIT (Appeals) shall be submitted by the Assessing Officer having jurisdiction as regards the person.
12. No personal appearance in the Centre.—
(i) A person shall not be required to appear either personally or through authorised representative before the authorities at the Centre in connection with any proceedings.
(ii) Written or electronic communication from such person or authorized representative in the format specified by the Centre in this respect shall be sufficient compliance of the query or clarification received from the Centre.
(iii) The Centre may call for such clarification, evidence or document as may be required for the purpose of facilitating the processing of return and all such clarification, evidence or document shall be furnished electronically.
13. Service of notice or communication.—
(i) The service of a notice or order or any other communication by the Centre may be made by-
a. sending it by post;
b. delivering or transmitting its copy thereof, electronically to the person sent by the Centre's e-mail;
c. placing its copy in the registered electronic account of the person on the official website ; or
d. any of the modes mentioned in sub-section (1) of section 282 of the Act.
(ii) The date of posting of any such communication on official website, e-mail or other electronic medium shall be deemed to be the date of service.
(iii) The intimation, orders and notices shall be computer generated and need not carry physical signature of the person signing it.
14. Power to specify procedure and processes.—The Director General may specify procedures and processes from time to time for effective functioning of the Centre in an automated and mechanised environment, including specifying the procedure and processes in respect of the following :-
(i) receipt and processing of electronic rectification applications in the Centre.
(ii) the address or place, the mode and the period or the extended period within which the acknowledgment in Form ITR-V shall be accepted.
(iii) validating any software used for e-filing the return.
(iv) call centres to answer queries and provide taxpayer services which may include outbound calls to persons requesting for clarification to assist in the processing of their returns of income.
(v) managing tax administration functions such as receipt, scanning, data entry, processing, issue of refunds, storage and retrieval of income-tax returns and documents in a centralised manner or receipt of paper documents through authorized intermediaries.
Saturday, January 7, 2012
PwC has been fined £1.4 million by regulators
The "highly automated" systems processed up to £15 billion of assets, and by not separating the money appropriately, there was a risk of clients' losing their assets if JP Morgan had gone bust, the regulator stated.
In 2010, JP Morgan Chase was fined £33.3 million over the issue by the Financial Services Authority, prompting this investigation of PwC's auditing.
The AADB ruled today that PwC had failed to obtain evidence that JP Morgan had the right systems in place, but nevertheless signed off the accounts.
The regulator described the breach and the value of money at risk as "very serious".
"A global organisation with the resources of PwC ... should never place itself in a position in which an elementary inquiry as to the final destination of client money is not properly answered", it wrote in a decision notice.
PwC has accepted that it "did not carry out its professional work ... with due skill, care and diligence and with proper regard for the applicable technical and professional standards expected", the regulator noted.
A spokesperson at PwC said in a statement: "We regret that one aspect of our work on the private client money report to the FSA fell beneath our usual high standards. When the issue was identified, and before any complaint had arisen, we took action to ensure that staff received additional training in the client monies area."
The system problems occurred in the seven years from 2002, two years after the merger of JP Morgan and Chase Manhattan. After the merger, JP Morgan Securities had moved its activities onto systems used by other parts of the JP Morgan Chase group.
An error meant that after changing Futures and Options client money system over to those used across the bank, the daily automated money segregation processes never took place and never reflected the merged processes of the newly merged group. Staff wrongly assumed the processes were working as normal.
The problem was left uncorrected for the seven year period, until it became clear during a JP Morgan management discussion in 2009.
Grand Cricket Tournament by Vasai Br. for CAs, Corporators, Drs, Advocates S Tax & IT Dept.
Dear All,
I am pleased to inform you that Vasai Branch of WIRC has organised Grand Cricket Tournament for CAs, Corporators of Mira Bhayandar Municipal Corpn. Advocates, Doctors, Press Reporters, Sales Tax & Income Tax Dept. etc. on Sunday, 22nd Jan 2012 at Miar Bhayamdar Municipal Cricket Ground Miar Road East.
This will be a Bonanza for all to enjoy cricket in this winter season to warm up.
All are invited to see the matches.
With Warm Regards;
CA UNMESH NARVEKAR
CAG Empanelment
OFFICE OF THE COMPTROLLER & AUDITOR GENERAL OF INDIA
9, Deendayal Upadhyay Marg , New Delhi 110002
General Instructions
Chartered Accountant firms in the country with at least one full time FCA (Partner/Sole Proprietor) as on 1st January 2012 can apply for empanelment with the office of the CAG of India for allotment of audit of Public Sector Undertakings/Statutory Corporations for the year 2012-2013.
The term full time for partner/sole proprietor /CA employee does not include:
i) A partner/sole proprietor in other firm;
ii) Employed part time/full time elsewhere, practicing in his own name or engaged in practice otherwise or engaged in any other business/activity which would be deemed to be in practice under section 2 (2) of the Chartered Accountants Act, 1949;
iii) Partner whose compensation from the firm is less than the prescribed limit as given in the policy of Empanelment and /or not commensurate with the total compensation (share of profit, remuneration and interest on capital etc) paid to the partners during the financial year 2010-2011.
The firms who intend to be empanelled with this office need to submit their application online from 1st January to 15th February 2012. The information to be given in the application should be the position as on 1st January 2012.
Firms that are already empanelled with the CAG's office need only to modify the information that is already available in the application format for changes if any, reflecting the status of such firms as on 1st January 2012, as also to indicate whether they continue to be interested in empanelment.
Firms that are seeking empanelment for the first time should provide information as on 1st January 2012.
All applicant firms will be given unique online acknowledgement numbers for the year 2012 and only firms that have generated the online acknowledgement letter for the year 2012 will be considered for empanelment.
The online data submitted by the CA firms should match with the updated data of the firm available with the Institute of Chartered Accountants of India showing the position as on 1st January 2012.
The online form would be available in the website throughout the year for updation of any changes in the constitution of the firm. It may however be noted that any changes in data occurring after the cut-off date of 15th February 2012 that lead to reduction in the rank of the applicant firm shall be taken into account up to the time of empanelment.
The firms who have submitted the online application form are required to furnish the following documents, which should reach this office by 31st March 2012.
(i) Online acknowledgement letter for the year 2012 generated at the time of filing online application.
(ii) Statement I: Undertaking signed by the sole proprietors/partners of the firm as per format.
(iii) Statement II: Signature of CA employees of the firm.
(iv) Copy of the Income Tax return of the firm along with computation for the assessment year 2011-2012 including distribution of income to partners.
(v) Income tax return of those CA employees who have joined as partners in the firm during 2010-2011.
(vi) Copy of the annual accounts of the firm for the financial year 2010-2011 along with schedule indicating the distribution of income among the partners.
(vii) Copy of the Service tax return filed by the firm for the year 2010-2011.
(viii) In case of CISA qualified members, copy of the final CISA certificate granted by the "Information Systems Audit and Control Association" after successfully meeting all requirements.
(ix) Duly filled up check list of the documents as per format. (to be placed on the top).
(x) Self addressed acknowledgement form for receipt of documents as per format.
The above documents should be addressed to:
Director General (Commercial)-I,
Office of the Comptroller & Auditor General of India,
10, Bahadur Shah Zafar Marg,
New Delhi-110124.
On the top of the envelope containing the documents, the following should be stated:
"Application for empanelment as Auditors of Public Sector Undertakings"
The documents should be properly tagged and page numbered. This office owns no responsibility for loss of any documents, which are not properly tagged or sent subsequently in piecemeal.
Only applications complete in all respects will be considered for empanelment. Incomplete application/documents received after the prescribed last date will not be entertained.
The decision of the Office of the CAG of India in this respect will be final.
The information submitted by the applicant firms is subject to verification with the details to be provided by the Institute of Chartered Accountants of India and any other organization(s) as may be required. If any of the information so furnished is later found to be not correct or false or there has been suppression of material information, the firm would stand disqualified from empanelment/allotment of audit for 3 to 5 years and might also be liable for disciplinary action under the Chartered Accountants Act, 1949 and the regulations framed there-under.
This office reserve the right to inspect the offices of the Chartered Accountant firms empanelled with this office to verify the correctness of the information furnished in the application for empanelment.
9, Deendayal Upadhyay Marg , New Delhi 110002
General Instructions
Chartered Accountant firms in the country with at least one full time FCA (Partner/Sole Proprietor) as on 1st January 2012 can apply for empanelment with the office of the CAG of India for allotment of audit of Public Sector Undertakings/Statutory Corporations for the year 2012-2013.
The term full time for partner/sole proprietor /CA employee does not include:
i) A partner/sole proprietor in other firm;
ii) Employed part time/full time elsewhere, practicing in his own name or engaged in practice otherwise or engaged in any other business/activity which would be deemed to be in practice under section 2 (2) of the Chartered Accountants Act, 1949;
iii) Partner whose compensation from the firm is less than the prescribed limit as given in the policy of Empanelment and /or not commensurate with the total compensation (share of profit, remuneration and interest on capital etc) paid to the partners during the financial year 2010-2011.
The firms who intend to be empanelled with this office need to submit their application online from 1st January to 15th February 2012. The information to be given in the application should be the position as on 1st January 2012.
Firms that are already empanelled with the CAG's office need only to modify the information that is already available in the application format for changes if any, reflecting the status of such firms as on 1st January 2012, as also to indicate whether they continue to be interested in empanelment.
Firms that are seeking empanelment for the first time should provide information as on 1st January 2012.
All applicant firms will be given unique online acknowledgement numbers for the year 2012 and only firms that have generated the online acknowledgement letter for the year 2012 will be considered for empanelment.
The online data submitted by the CA firms should match with the updated data of the firm available with the Institute of Chartered Accountants of India showing the position as on 1st January 2012.
The online form would be available in the website throughout the year for updation of any changes in the constitution of the firm. It may however be noted that any changes in data occurring after the cut-off date of 15th February 2012 that lead to reduction in the rank of the applicant firm shall be taken into account up to the time of empanelment.
The firms who have submitted the online application form are required to furnish the following documents, which should reach this office by 31st March 2012.
(i) Online acknowledgement letter for the year 2012 generated at the time of filing online application.
(ii) Statement I: Undertaking signed by the sole proprietors/partners of the firm as per format.
(iii) Statement II: Signature of CA employees of the firm.
(iv) Copy of the Income Tax return of the firm along with computation for the assessment year 2011-2012 including distribution of income to partners.
(v) Income tax return of those CA employees who have joined as partners in the firm during 2010-2011.
(vi) Copy of the annual accounts of the firm for the financial year 2010-2011 along with schedule indicating the distribution of income among the partners.
(vii) Copy of the Service tax return filed by the firm for the year 2010-2011.
(viii) In case of CISA qualified members, copy of the final CISA certificate granted by the "Information Systems Audit and Control Association" after successfully meeting all requirements.
(ix) Duly filled up check list of the documents as per format. (to be placed on the top).
(x) Self addressed acknowledgement form for receipt of documents as per format.
The above documents should be addressed to:
Director General (Commercial)-I,
Office of the Comptroller & Auditor General of India,
10, Bahadur Shah Zafar Marg,
New Delhi-110124.
On the top of the envelope containing the documents, the following should be stated:
"Application for empanelment as Auditors of Public Sector Undertakings"
The documents should be properly tagged and page numbered. This office owns no responsibility for loss of any documents, which are not properly tagged or sent subsequently in piecemeal.
Only applications complete in all respects will be considered for empanelment. Incomplete application/documents received after the prescribed last date will not be entertained.
The decision of the Office of the CAG of India in this respect will be final.
The information submitted by the applicant firms is subject to verification with the details to be provided by the Institute of Chartered Accountants of India and any other organization(s) as may be required. If any of the information so furnished is later found to be not correct or false or there has been suppression of material information, the firm would stand disqualified from empanelment/allotment of audit for 3 to 5 years and might also be liable for disciplinary action under the Chartered Accountants Act, 1949 and the regulations framed there-under.
This office reserve the right to inspect the offices of the Chartered Accountant firms empanelled with this office to verify the correctness of the information furnished in the application for empanelment.
Five Ways To... Deal with a Change in Leadership
JYOTI AHUJA WAS taken completely by surprise when her favourite boss put in his papers.She had trouble getting used to the new man in charge she failed to create the same equation with him,and failed to deliver the way she used to.Finally,she quit,too.The arrival of a new boss or leader can either be a rewarding or damaging experience.Writankar Mukherjee discusses how professionals can survive a change in leadership comfortably
1 Give Your Best
At the end of the day,performance talks.Give your best shot when a new boss takes over,since thats the only way to attract his or her attention.Work for some extra hours each day,and try to achieve something.Try to meet your deadlines and targets.Performance never goes unnoticed,whatever the equation with the new boss, says Sahil Roy,a mid-level HR executive with a foreign bank.
2 Take on New Projects
Take on some extra work,especially if it is conceived by the new boss.That way,you can easily get the boss attention.And if you can perform well in such projects,you can earn some brownie points too.
3 Dont Show Off
Even when you try to boost your performance to gain attention,do not exhibit a know-it-all attitude.Talk in a measured way and avoid speaking about a subject that is not directly in your area of work or expertise.Showing that you are a valuable asset is good idea,but overdoing it can set a bad example.
4 Observe your Boss
Every boss has a different leadership style and way of working.So,an executive should study the working style and expectations of the new boss and accordingly adjust theirs.You can also meet the new boss and ask him or her about his or her expectations.Employees should realise a change in guard does not change the business goal.Only the style of operation may change.If they can adjust to it,the job is easier done, says Sunil Goel,director of HR firm GlobalHunt India.
5 Be Patient
The golden rule to adjust to a new boss is not to be impulsive and react to a situation randomly.Just like every person is different,so are bosses.People should not panic during a tough situation and at the same time,not be too happy during a light moment.People should have a wait-and-watch approach before taking any hasty decision.It takes time to develop a healthy and happy working relationship and one should give that much time to manage the transition, says James Agrawal,director and business head (India) at BTI Consultant,a part of Kelly Services.
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