Sri Lanka thump Pakistan for Asia Cup title
AFP - AFP - 08 March 2014
Dhaka: Opener Lahiru Thirimanne hit a magnificent century to help Sri Lanka thump Pakistan by five w...
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The most comprehensive news portal for Chartered Accountants and Other Professionals around the world.
Saturday, March 8, 2014
Sri Lanka thump Pakistan for Asia Cup title
The top 30 cars of the 2014 Geneva Motor Show
The top 30 cars of the 2014 Geneva Motor Show
Newspress
Picking the best cars from any motor show is tricky. It's particularly hard at Geneva this year. No single car really headlines the show because there's so much strength in depth, from beautiful estate car concepts to fascinating boundary-defining megacars.
Here, we've compared our notes and picked out 30 of the finest. The cars that will become household names or have everyday impact in years to come. Every one of them, in its own way, is significant.
Click on the image above to see the rundown of Geneva Motor Show 2014 top cars…
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Friday, March 7, 2014
Consolidation of ESOP Trust in the standalone financial statements
Consolidation of ESOP Trust in the standalone financial statements (SFS), Treatment of investment in own shares for EPS calculation in the SFS and Treatment of ESOP Trust in the financial statements for tax audit purposes
Company A, a listed company, has an ESOP scheme administered through a trust. The ESOP Trust (ESOPT) obtains its funds through a loan from the company, which it utilizes for the purchase of the company's shares. It receives shares from the company by way of fresh allotment. The querist has raised the following issues:
- Whether, in the SFS of company A, loan given to ESOPT should be shown as 'Loans to ESOPT' under 'Assets'or operations of ESOPT should be included in the SFS of the company. If operations of ESOPT are included in SFS of the company, then, how to disclose shares of the company held by ESOPT?
- Treatment of investment by ESOPT in the shares of the company for calculating basic and diluted earnings per share ('EPS') in the SFS of the company, and
- Treatment in the financial statements prepared for tax audit purposes.
The EAC noted that as per SEBI guidelines, for ESOS/ ESPS administered through trust, the accounts of the company will be prepared as if the company itself is administering the ESOS/ ESPS. The EAC was of the view that in SFS, "Loan to ESOPT" will not appear at all. The face value of the shares issued to the trust should be shown as a deduction from share capital and the excess amount should be shown as deduction from securities premium with a detailed note. For calculating EPS, till the shares are issued to employees, treatment of ESOP shares will depend on whether the shares have been purchased from market or have been issued by the company. The EAC confirmed that the same treatment will be followed in the financial statements prepared under section 44AB of the Income-tax Act, 1961.
Source: ICAI Journal
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Fw: [Thane CAs] New Companies Act to come into effect from Apr 1: Sources Money control
New Companies Act to come into effect from Apr 1: Sources Sources add that the Companies Act rules are likely to be laid in Parliament after formation of the government. A notification regarding the corporate social responsibility (CSR) spending rules has already been sent.
The New Companies Act is to come into effect from April, 1, CNBC-TV18 learns from government sources. It is learnt that the government is likely to intimate Election Commission (EC) before notifying Companies Act rules. Sources add that the Companies Act rules are likely to be laid in Parliament after formation of the government. Meanwhile, a notification regarding the corporate social responsibility (CSR) spending rules has already been sent, sources said. Earlier in the day, election commissioner Harishankar Brahma in an exclusive interview with CNBC-TV18's Latha Venkatesh said that EC will not have any objection to allow amendments or notification as far as the Companies Act is concerned . "But, before they amend anything or change anything or announce anything in terms of rules, amendment etc, they should write to us and tell us why the amendments were needed, and the grounds for issuing certain notification. If that is done then I am sure EC will not have any objection," he added.
Read more at: http://www.moneycontrol.com/news/business/new-companies-act-to-come-into-effectapr-1-sources_1051316.html?utm_source=ref_article
-- Read more at: http://www.moneycontrol.com/news/business/new-companies-act-to-come-into-effectapr-1-sources_1051316.html?utm_source=ref_article
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Thursday, March 6, 2014
Income tax - Whether when assessee is public limited company, recovery of tax dues cannot be initiated against Directors and no proceedings u/s 179 can be initiated - YES: HC
AHMEDABAD, MARCH 02, 2014: THE issues before the Bench are - Whether when the assessee is a public limited company, recovery of tax dues cannot be initiated against Directors and no proceedings u/s 179 can be initiated and Whether it is necessary for the Revenue to establish that such recovery cannot be made against the company and then alone it can reach the directors who were responsible for conduct of the business during the previous year in relation to which liability existed. And the answers go against the Revenue.
Facts of the case
The assessee, was a director of one M/s. Sirs Engineering Private Limited. For the AY 2000-2001, AO passed order of assessment on 28.3.2003, raising tax demand of Rs.40,99,967/. With penalty, it came to Rs.41,09,967/. Five more separate orders of assessment dated 27.2.2004 were passed in case of the same company for the AY 1996-1997 to 1999-2000 and 2001-2002 raising different tax demands. On 22.3.2004, ITO issued a notice to the petitioner indicating that a tax demand of the said company of Rs.41,11,967/for the AY 2000-2001 was still outstanding. Assessee was the director of the company during the relevant period and was asked to show cause why he should not be held personally liable for such recovery u/s 179. Assessee filed several replies to said notice. In his first reply dated 30.3.2004, assessee had conveyed that records of the company were lost; that he himself was suffering from heart problem. During the AYs 2002-2003, he was totally immobile and was not able to attend any of the meetings or day to day business of the company. He was therefore, not responsible for negligence, misfeasance or breach of duty in connection with the affairs of the company. Yet another reply came to be filed on 28.9.2004 in which it was contended that assessee was the only supplying technical support to the company. He was rendering such service for various other companies. He was never engaged in the day to day business of the company. In yet another reply it was contended that he had already resigned from the company on 25.2.1996. It was also contended that by virtue of section 43A of the Companies Act, 1956, since the company's turn over had crossed the threshold limit, the company would be a deemed public company. It was further contended that as this company falls in category of deemed Public Limited in view of its turnover being more than Rs.1 crores as estimated by the Department u/s 144, therefore section relating to personal liability of Director does not arise in this case if the assessment of income was correct by the department. AO observed that he had signed and verified the return of the income of the company for the AY 2001-2002 on 23.3.2003. He had also filed appeals before the CIT(A) for the AY 1996-1997 to 2001-2002 which prove that assessee continued to be the director of the company even after submission of his resignation. With respect to his involvement in the company, ITO held that assessee failed to prove that nonrecovery of tax cannot be attributed to any gross neglect, misfeasance or breach of duty on his part in relation to affairs of the company. His contention that he was only a technical director was negated observing that section 179 includes every person who is a director of a private company and the onus was on such director to prove nonnegligence, nonmisfeasance or nonbreach of duty on his part.
Held that,
++ the recovery demand therefore, for the assessment years 1996-1997 to 1999-2000 and 2001-2002 must fail on two counts. Firstly, there was no notice for recovery of such amounts. More importantly, the only notice of show cause which was issued was dated 22.3.2004. The assessment orders of the said assessment years were passed on 27.2.2004. Thus within less than a month of passing of the assessment orders, the notice came to be issued. The first requirement of application of section 179 is that any tax due from a private company cannot be recovered from such company. When obviously thus Assessing Officer had and could not have made any efforts for recovery of such tax dues, question of inquiring with the petitioner as a director of the company to pay up the same amount or else be held liable under section 179 of the Act, would not arise. In case of Bhagwandas J. Patel v. DCIT reported in (1999) 238 ITR 127, the Court had held that before recovery in respect of dues from the private company can be initiated against the directors, it is necessary for the Revenue to establish that such recovery cannot be made against the company and then and then alone it can reach the directors who were responsible for conduct of the business during the previous year in relation to which liability existed. Our inquiry therefore, regarding the impugned order of Assessing Officer would be confined to the demands for the assessment years 2000-2001. In this context we are unable to hold that the petitioner having already resigned from the position of a director in the year 1996, could no longer be held responsible under section 179 of the Act. The undisputed facts which have come on record are that in the year 2003, the petitioner signed the returned of the company as its director. In the year 2004, the petitioner filed appeals against the orders of assessment passed by the Assessing Officer for the assessment years 1995-1996 and onwards. Thus, even if we believe that the petitioner had tendered his resignation as a director, he continued to act as one. Neither the company nor the petitioner acted on such resignation;
++ the question raised by the assessee was a mixed question of fact and law. If the facts as asserted by the assessee were established, the legal implications flowing thereof must follow. The Assessing Officer however, brushed aside this contention and held that whatever be the status of the company for the purpose of the Companies Act, section 179 of the Income Tax Act would continue to apply. It was not a case of the Assessing Officer that the facts asserted by the petitioner were not correct or that for any other reason, the company had not become a deemed public company under section 46A of the Companies Act, 1956. This being the position, the decision of the SC in case of M. Rajamoni Amma and another v. DCIT (Assessment) and others reported in (1992) 195 ITR 873, would apply. In the said decision, it was held and observed that since the genuineness of letter was doubted, we issued notice to the Registrar of Companies, Kerala. An affidavit has now been filed on behalf of the Registrar. It clearly shows that the company had become a public limited company by virtue of Section 43A of the Companies Act w.e.f. 1st October, 1975. As already: mentioned, the arrears sought to be recovered from the appellants relate to the assessment years 1977-78 to 1982-83. Obviously, the Company being a public limited company, proceedings against the directors for recovery of the tax due from the company cannot be taken, and certainly not proceeded with, under Sec 179 of the Income Tax Act, 1961. We need hardly say Article 265 of the Constitution clearly prohibits any attempt to recover taxes except under the authority of law. It is, therefore, clear that further proceedings against the appellants for recovery of the tax due from the company have to be stayed. In absence of any such foundation, we would not answer such a question in this petition. Under the circumstances on this count, the petition is required to be allowed. We may briefly state that we are not influenced by the petitioner's contention that merely being a technical director, section 179 of the Act would not apply to him. We are also broadly in agreement with the view of the Assessing Officer that duty is cast on the directors to establish that nonrecovery was not due to any gross neglect, misfeasance or breach of duty on his part and in the present case, he produced no material to establish such facts. Nevertheless, when section 179 itself does not apply, question of seeking any recovery personally from the director would not arise. In the result, impugned order dated 3.1.2005 is quashed. Rule made absolute. Petition is disposed of.
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The opinion(s) expressed by memebr(s) are of their own, and/OR information provided by member(s), the users need to verify it from their own sources. No responsibility of any sort taken by any member(s) or the modertaor for any opinion expressed or the information posted on this group.
CA Paras Chhajed
CA Paras Chhajed
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IT: Question as to whether trust is created or established for benefit of any particular religious community or caste would be relevant only when income of trust is being assessed in terms of section 11
IT: Question as to whether trust is created or established for benefit of any particular religious community or caste would be relevant only when income of trust is being assessed in terms of section 11, however, at time of disposing of application of a trust seeking registration, Commissioner has to merely decide whether said trust has fulfilled necessary requirements of registration as provided under section 12A
[2014] 42 taxmann.com 181 (Gujarat)
HIGH COURT OF GUJARAT
Commissioner of Income-tax, Rajkot -II
v.
Leuva Patel Seva Samaj Trust
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IT : Where assessee-industrial undertaking kept certain amount in fixed deposits on account of pre-condition of its business activity
IT : Where assessee-industrial undertaking kept certain amount in fixed deposits on account of pre-condition of its business activity, interest earned on said deposits could not be regarded as income derived from industrial undertaking and, thus, assessee's claim for deduction in respect of said interest under section 80-I was to be rejected
[2014] 42 taxmann.com 179 (Himachal Pradesh)
HIGH COURT OF HIMACHAL PRADESH
Himachal Futuristic Communication Ltd.
v.
Commissioner of Income-tax
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I-T dept swoops down on doctors
I-T dept swoops down on doctors
SURAT: In an early morning swoop, investigation wing of the income tax department on Tuesday carried out simultaneous searches at 14 premises of doctors and proprietors of five city-based private hospitals.
In the search and seizure operation, which is still continuing till the filing of this report, the investigation wing is learnt to have stumbled upon documents which showed tax evasions to the tune of crores of rupees and investments in real estate properties in the city and south Gujarat by them.
Details of tax evasion would be known by the department officials only after scrutiny of all the documents, account statements and other important data retrieved from the computers and laptops of the hospitals and doctors.
Sources said at least 33 teams of 150 officials carried out the operation at Nanpura, Vesu, Athwalines, Adajan, City Light, Sagrampura, Kadarshah Ni Nal and Doctor's House on Tuesday. The doctors whose residences were searched included eminent heart surgeons, radiologists, interventional cardiologists, neurologist and pathologist.
The operation was carried out on the basis of information collected by the department during the past searches on some real estate groups in the city, Vapi and Valsad.
"The operation is still continuing on the premises of the city doctors. At a few places, the raids are over and we have seized documents, cash and jewellery. The final disclosure about the unaccounted income will be declared on Wednesday," an income-tax officer said.
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Wednesday, March 5, 2014
Vacancy for CA in Deloitte
Location: Mumbai (Bombay), Maharashtra, India
Firm Service: Consulting
Firm Service: Consulting
Reference Code: 83746
Type of Position: Full-time
Job Description
Level : Consultant
Location : Mumbai
Skills required:
Job Description ‑ Consultant - SAP FI
J-K bags best state national tourism award
J-K bags best state national tourism award
PTI | PTI - Sat Mar 1 10:45:00 UTC 2014
Jammu: Jammu and Kashmir has bagged the National Award for 'best state for comprehensive development...
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Soon, Delhi-Taj drive without entering Agra
Soon, Delhi-Taj drive without entering Agra
IANS | IANS - Tue Mar 4 12:00:00 UTC 2014
Agra: In two years, tourists from Delhi and Kanpur will be drive to the Taj Mahal from the Yamuna Ex...
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Woods quits Honda Classic with back injury
Woods quits Honda Classic with back injury
Reuters - Reuters - Mon Mar 3 17:15:00 UTC 2014
REUTERS - World number one Tiger Woods withdrew from the Honda Classic during the final round on Sun...
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Dimitrov wins the Mexican Open
Dimitrov wins the Mexican Open
By CARLOS RODRIGUEZ, The Associated Press
Associated Press - Associated Press - Sun Mar 2 10:04:56 UTC 2014
ACAPULCO, Mexico (AP) -- Bulgarian Grigor Dimitrov won his second career title by edging South Afric...
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Lindsay Davenport elected to Tennis Hall of Fame
Lindsay Davenport elected to Tennis Hall of Fame
By RACHEL COHEN, AP Sports Writer
Associated Press - Associated Press - Mon Mar 3 18:30:23 UTC 2014
NEW YORK (AP) -- Lindsay Davenport was in the middle of another major life milestone when she found ...
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IPL 2014: Bulk of matches to be played in India, no d?ecision on off-shore venue, says BCCI
IPL 2014: Bulk of matches to be played in India, no decision on off-shore venue, says BCCI
PTI - PTI - Wed Mar 5 10:45:00 UTC 2014
With the dates of the general elections finalised, Indian Premier League chairman Ranjib Biswal on W...
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India bow out of Asia Cup with easy win
India bow out of Asia Cup with easy win
AFP - AFP - Wed Mar 5 17:15:00 UTC 2014
Mirpur: World Cup champions India ended their disappointing campaign in the Asia Cup with an eight-w...
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Revision of Interest Rates for Small Savings Schemes for the Financial Year 2014-15
Press Information Bureau
Government of India
Ministry of Finance
04-March-2014 18:53 IST
Revision of Interest Rates for Small Savings Schemes for the Financial Year 2014-15
Announced
Various decisions taken by the Government of India on the recommendations of the
Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund
(NSSF), were communicated to all concerned by the Government through its Office Memorandum
RBI - Recognising E-Aadhaar as an 'Officially Valid Document' under PML Rules
Recognising E-Aadhaar as an ‘Officially Valid Document’ under PML Rules
RBI circular PDF -
RBI/2013-14/510
DBOD.AML.BC.No. 100/14.01.001/2013-14
DBOD.AML.BC.No. 100/14.01.001/2013-14
March 4, 2014
The Chairpersons/Chairmen / CEOs of all Scheduled Commercial Banks
(Excluding RRBs)/Local Area Banks / All India Financial Institutions
(Excluding RRBs)/Local Area Banks / All India Financial Institutions
Madam / Dear Sir,
Know Your Customer (KYC) Norms /Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 –Recognising E-Aadhaar as an ‘Officially Valid Document’ under PML Rules
Please refer to paragraph 2.6 (B) (a) of our Master Circular DBOD.AML.BC. No. 24/14.01.001/ 2013-14 dated July 1, 2013 on Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA, 2002 which states that letter issued by the Unique
Looking for CA 6-8 years experience in MNC
looking for an Assistant Manager- International Accounting for a MNC based out of Delhi.
· Briefly, the candidate shall be a CA with 6-8 years of post-qualification experience, preferably in a MNC.
I am hereby attaching the detailed JD for this position.
Guidance notes on audit and auditor under companies act, 2013 Presentation Transcript
Guidance notes on audit and auditor under companies act, 2013 Presentation Transcript
- 1. [AUDIT AND AUDITORS ] (Section 139 to 148) Companies Act, 2013 1 APPOINTMENT OF AUDITOR (Section -139) Particulars Non Government Company Government Company Unlisted Company Listed/Specified Company Appointment of 1st Auditor After Incorporation (Till the conclusion of first AGM) {139 (6 & 7)} By BOD (W- 30 days from the date of Regn.) or By Members at EGM (W-90 days of Information) By BOD (W- 30days from the date of
Due Date for Government deductors for filing TDS returns extended upto 31.03.2014 for FY 12-13 and 13-14
Circular No. 07/2014
F. No. 275/27/2013-IT(B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, the 4th March, 2014
All Chief Commissioners of Income-tax
All Directors General of Income-tax
Sub: Ex-post facto extension of due date for filing TDS/TCS statements for FYs 2012-13 and 2013-14 – regarding
The Central Board of Direct Taxes ('the Board') has received several petitions from deductors/collectors, being anoffice of the Government ('Government deductors'), regarding delay in filing of TDS/TCS statements due to late furnishing of the Book Identification Number (BIN) by the Principal Accounts Officers (PAO) / District TreasuryOffice (DTO) / Cheque Drawing and Disbursing Office (CDDO). This has resulted in consequential levy of fees under section 234E of
National Conference by DAV College Jalandhar in association with Jalandhar Chapter of NIRC of ICSI
PLEASE FORWARD TO ALL MEMBERS AND STUDENTS
JALANDHAR CHAPTER of NIRC of ICSI
Cordially invites you for
2 DAY
2 DAY
NATIONAL CONFERENCE
On
CORPORATE REGULATORY REFORMS-
Reporting dates and Due dates for Returns to be submitted by NBFCs
Reporting dates and Due dates for Returns to be submitted by NBFCs
Sr No
|
Name of the Return
|
Short Name
|
Periodicity
|
Reference Date
|
Reporting Time
|
Due on
|
Purpose
|
To be submitted by
|
1.
|
Quarterly Returns By deposit taking NBFCs
(As required by “Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998”.) |
NBS1
|
Quarterly
|
31st March/ 30th June/ 30th Sept/ 31st Dec
|
15 days
|
15th April/
15th July/ 15th Oct/ 15th Jan |
Details of Assets And Liabilities
|
NBFCs-D
|
2.
|
Quarterly Statement of Capital Funds, Risk Assets etc as required under the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions 2007 By deposit taking NBFCs
|
NBS2
|
Quarterly
|
31st March/ 30th June/ 30th Sept/ 31st Dec
|
15 days
|
15th April/
15th July/ 15th Oct/ 15th Jan |
Capital Funds, Risk Assets, Asset Classification etc
|
NBFCs-D |
VARIOUS RETURNS TO BE FILED BY NBFC - AN Analysis
VARIOUS RETURNS TO BE FILED BY NBFC - AN Analysis
NBFCs are required to submit various returns to RBI w.r.t their deposit acceptance, prudential norms compliance, ALM etc. Detailed instructions regarding submission of returns by NBFCs have been issued through various company circulars. A list of such returns to be submitted by NBFCs-D, NBFCs-ND-SI and others is as under:
A. Returns to be submitted by deposit taking NBFCs
- NBS-2 Quarterly3 return on Prudential Norms is required to be submitted by NBFC accepting public
Empanelment & outsourced Internal Auditors for the year 2014-15 onwards of Indian Rare Earths Limited
Indian Rare Earths Limited - Kanyakumari Tamil Nadu 
Last Date : 06/03/2014
Empanelment & outsourced Internal Auditors for the year 2014-15 onwards.
Last Date : 06/03/2014
Empanelment & outsourced Internal Auditors for the year 2014-15 onwards.
Expression of interest for providing of chartered accountant service
Uttar Pradesh Bhumi Sudhar Nigam
Last Date : 06/03/2014
Expression of interest for providing of chartered accountant service
Address: Uttar Pradesh Bhumi Sudhar Nigam Lucknow Uttar Pradesh
Phone: 18001800818
Email: upben@yahoo.com
Hiring Services of Chartered Accountant Firm for Statutory Audit of Karnataka State health Society (SHS) & District Health Societies (DHS) for the Financial Year 2013-14 Under National Health Mission.
Karnataka State Health And Family Welfare Society
Last Date : 06/03/2014
Hiring Services of Chartered Accountant Firm for Statutory Audit of Karnataka State health Society (SHS) & District Health Societies (DHS) for the Financial Year 2013-14 Under National Health Mission.
Address: Project Director (RCH), Directorate Of Health & Family Welfare Services, National Health
Vacancy for CA in HSBC
Job Description
Assoc Business Development Mgr : 000041YZ
Description
BRIEF OF DEPARTMENT
The Business Banking-CMB business segment is a strategic growth area of the Bank, both locally and globally. In the Indian economic scenario, this is one of the fastest growing and highly attractive segments from a banking wallet perspective. Business Banking has been restructured to enhance
The Business Banking-CMB business segment is a strategic growth area of the Bank, both locally and globally. In the Indian economic scenario, this is one of the fastest growing and highly attractive segments from a banking wallet perspective. Business Banking has been restructured to enhance
Vacancy for CA/ICWA in Meghalaya Government
Meghalaya Basin Management Agency – Sr Manager, Manager & Other Posts 2014:
Meghalaya Basin Management Agency (MBMA) has issued a notification for
the recruitment of Sr Manager, Manager, Assistant Manager,
Administrative Associate, Executive Associate, Intern/ Program Associate
Posts on contract basis. Eligible candidates may send their
applciations on or before 07-03-2014 at 5:00 PM. For more details like
age limit, qualification, selection process, application
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