Himachal Pradesh Power Corporation Limited (HPPCL) invites
application for Appointment of INTERNAL AUDITORS FOR THE YEAR 2015-16.
FOR TENDER DOCUMENT PLEASE CLICK ON
The most comprehensive news portal for Chartered Accountants and Other Professionals around the world.
Wednesday, January 20, 2016
Request for empanelment as a Resource person for the CPE programmes being conducted by CPE Programme Organising Units of CPE Committee
Dear Member,
Sub:
Request for empanelment as a Resource person for the CPE programmes
being conducted by CPE Programme Organising Units of CPE Committee
Greetings from Continuing Professional Education Committee (CPEC) of ICAI.
As you may be aware, the
Continuing Professional Education Committee of ICAI is striving its best
Startup India, and CA Valuation certificate
Euphoria is in the air. Startups – the poster boys of these times –
have got another fan-base, i.e., the Government of India, cheering for
them. Startup India, Standup India Action Plan
announced on January 16th by Prime Minister Narendra Modi has created
another level of excitement among all stakeholders – be it venture
funds, angel investors, incubators or startups.
It is not the first time in the history of India, that the government has announced some major policy decision, but probably it is the first time that the Govt has gone ahead and engaged with a section of society, which was not represented by any powerful industry lobby-groups, business-families, lobbyists or PR firms. If India has changed in last 18 months, then it was very much visible in Vigyan Bhavan on January 16, 2016, as more than 90% of audience must have visited those august corridors
It is not the first time in the history of India, that the government has announced some major policy decision, but probably it is the first time that the Govt has gone ahead and engaged with a section of society, which was not represented by any powerful industry lobby-groups, business-families, lobbyists or PR firms. If India has changed in last 18 months, then it was very much visible in Vigyan Bhavan on January 16, 2016, as more than 90% of audience must have visited those august corridors
Saturday, January 16, 2016
StartupIndia announcements
#1 Tax exemption for start-ups for three years.
2 Rs. 10,000 crore corpus fund to support start-ups.
3 Capital gains tax to be exempted
2 Rs. 10,000 crore corpus fund to support start-ups.
3 Capital gains tax to be exempted
IASB issues leases standard; FASB to follow
The
International Accounting Standards Board (IASB) issued a much-anticipated new
accounting standard Tuesday that will require all leases to be reported on a
company’s balance sheet as assets and liabilities.
For the
IASB, the issuance of IFRS 16, Leases, completes a convergence project
that resulted in
Marketing services provided to a Bank using their publicity material cannot be regarded as service provided under brand name/trade name of Bank - Benefit of small scale service provider's exemption available
(New Delhi CESTAT) - CCE, Chandigarh vs. A.S. Financial 2015] 60 taxmann.com 203
Marketing services provided to a Bank using their publicity material cannot be regarded as service provided under brand name/trade name of Bank - Benefit of small scale service provider's exemption available.
FACTS:
Assessee in terms of agreement with ICICI Bank was providing service of promotion and marketing. Threshold exemption was claimed for commission
Guidance Note on Meetings of the Board of Directors
The fundamental principles with respect to Board Meetings are laid down in the Act. SS-1 facilitates compliance with these principles by endeavouring to provide further clarity where there is ambiguity and establishing benchmark standards to harmonise prevalent diverse practices. For the benefit of companies, SS-1 provides necessary flexibility in many cases viz. with respect to calling Meeting at shorter Notice, transacting any other business not contained in the agenda and passing of Resolutions by circulation. Complying with SS-1 ensures a
The World’s Smallest Video Drone
Obviously this drone is not the smallest drone in the world, but when its comes to a quadcopter
with a video camera, yes! Axis Vidius Drone is the World's Smallest
First Person View Drone. Measuring just 4.3cm x 4.3cm x 2.5cm, VIDIUS is
capable of flying up to 100 feet away, performing 360 degree
Android phones have a series of hidden settings that can be accessed using secret codes.
Thursday, January 14, 2016
CA Vacancy at Power Grid Corp. of India Ltd
Power Grid Corporation of India Ltd invites applications from Chartered Accountants for 15 posts of Dy.Manager (F&A).
Application will be online and the last date is 12-02-2016 (Online) and 27-02-2016 (hard copy)
See details at:
Expression of Interest for Appointment Of Statutory Auditor for the year 2015-16 of Maharashtra National Law University Mumbai
Last Date : Jan 15, 2016
Expression of Interest for Appointment Of Statutory Auditor for the year 2015-16.
Address: Maharashtra National Law University Mumbai, Post Box No.8338, Deonar,Mumbai-400088
Phone: 022-25480042
Email: registrar@mnlumumbai.edu.in
http://pdicai.org/docs/tend_mnlu_5.1.2016_51201617561286.pdf
Expression of Interest for Appointment Of Statutory Auditor for the year 2015-16.
Address: Maharashtra National Law University Mumbai, Post Box No.8338, Deonar,Mumbai-400088
Phone: 022-25480042
Email: registrar@mnlumumbai.edu.in
http://pdicai.org/docs/tend_mnlu_5.1.2016_51201617561286.pdf
Practicing Chartered Accountants Or Cost Accountants For E-Tds Related Work Of Itpo, Office, From 01/01/2016 To 31/03/2017.
Last Date : Jan 15, 2016
Practicing Chartered Accountants Or Cost Accountants For E-Tds Related Work Of Itpo, Office, From 01/01/2016 To 31/03/2017.
Address: India Trade Promotion Organisation, 7, Cooperage Road, 3rd Floor, Jhansi Castle, Mumbai – 400001
Phone: 91-22-22026629
Click here for details:
Practicing Chartered Accountants Or Cost Accountants For E-Tds Related Work Of Itpo, Office, From 01/01/2016 To 31/03/2017.
Address: India Trade Promotion Organisation, 7, Cooperage Road, 3rd Floor, Jhansi Castle, Mumbai – 400001
Phone: 91-22-22026629
Click here for details:
Extension of last date “for complying with the CPE hours requirement for the Calendar Year 2015”
FOR INFORMATION OF THE MEMBERS
Sub: Extension of last date “for complying with the CPE hours requirement for the Calendar Year 2015” - from 31st December, 2015 to 31st March, 2016
This is for kind information of the members that the last date for complying with the CPE Hours
Sub: Extension of last date “for complying with the CPE hours requirement for the Calendar Year 2015” - from 31st December, 2015 to 31st March, 2016
This is for kind information of the members that the last date for complying with the CPE Hours
Charitable Trusts—Procedure for registration—Grant of registration u/s 12AA
VISAKHAPATNAM KAKINADA PETROLEUM vs.COMMISSIONER OF INCOME TAX
Charitable
Trusts—Procedure for registration—Grant of registration u/s
12AA—Eligibility—Assessee “Visakhapatnam Kakinada Petroleum, Chemical
and Petro chemical Investment Region, Special Development Authority (VK
PCPIR SDA) created by Government of Andhra Pradesh, u/s 3 of Andhra
Pradesh Urban Areas Development Act, 1975 through a GOMS no. 373—
Assessee had
Circular No 01/2016 Dt 12.01.2016 Released by MCA Frequently Asked Questions (FAQs) with regard to Corporate Social Responsibility (CSR) under section 135 of the Companies Act,2013 .
Circular No 01/2016 Dt 12.01.2016 Released by MCA
Frequently Asked Questions (FAQs) with regard to Corporate Social
Responsibility (CSR) under section 135 of the Companies Act,2013 .
For Detail please click on:
Special Recruitment of (CAs) in Central Bank of India
Special Recruitment of Credit Officers (CAs) in Central Bank of India
For Detail Please Click on
Wednesday, December 30, 2015
Initial Notice U/s 143(2) shall Contain Questionnare
Instruction No. 19/2015
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
North Block, New Delhi, dated the 29th of December, 2015
To
All Pr. Chief-Commissioners of
Income-tax/Chief-Commissioners of Income-tax All Pr.
Directors-General of Income-tax/Directors-General of Income-tax
Subject- Issuing Questionnaire in cases selected
for scrutiny- regarding
Sir/Madam
Instances have come to the notice of the Board
that in cases selected under scrutiny, while issuing the first notice,
CVC WARNS FOR FAKE CA CERTIFICATES IN BANKS
The Central Vigilance Commission (CVC) has asked public sector banks
to put in place a system to check the rising instances of fake Chartered
Accountant certificates being submitted by borrowers to get loans.
So Please be alert and develop a Mechanism to safeguards from this type of Frauds.
Source of Information The Hindu Business,
Source of Information The Hindu Business,
For Details please click:
CBDT Clarifies Important Issues On Scope Of Scrutiny In CASS Assessments
The CBDT has issued Instruction No. 20/2015 dated 29.12.2015 in which it
has issued clarifications on several issues in order to facilitate the
conduct of scrutiny assessments in cases selected through Computer Aided
Scrutiny Selection (‘CASS’). The CBDT has also stated that as far as
the returns
ST - Jetty is used within port for loading and unloading of goods from vessel - Port cannot function without jetty -CENVAT credit on inputs and capital goods used in construction of jetty is eligible for output service, namely Port service: CESTAT
AHMEDABAD: THE Appellants are providing services in relation to Port.
They availed CENVAT Credit on inputs, capital goods and input services used in various output services.
Sunday, December 27, 2015
How deductor can Submit Self-Declaration for Lower Deposit of TDS
Centralized Processing Cell (TDS) has started sending notices to those deductors who have paid 40 to 60% lesser TDS during the period from April 1 to October 15, 2015 as compared to the corresponding period in Financial Year 2014-15.
If as a deductor you have reasonable causes for less Deduction and less Payment of tax with respect
G-RO a Carry-on Luggage Every Business Man Must Have
Can you imagine a Carry-on Luggage that features strong handle, buld-in
tablet stand, impact-resistant polymer panels, 23000 mAh battery
charging station with two USB ports, location tracker, proximity
detector, multiple compartments for personal items and space for laptop
and tablets and handy looking unique wheels?
Yes, the G-RO Carry-on Luggage comes with all the above features and made with super strong ballistic. Without any doubt, G-RO is the luggage that every business man should have who travel
For computing time limit for filing of appeal the day on which the order is served on assessee must be excluded
Rotomac global (P) Ltd vs. CCE, Kanpur [2015] taxmann.com 181 (Allahabad High Court)
For computing time limit for filing of appeal the day on which the order is served on assessee must be excluded.
FACTS:
The Application for refund was rejected by the adjudicating authority and the order in that regard was served on 26th June 2013, The appellant filed an appeal on 26th June 2013.The
HC orders chief commissioners, Service tax should file comprehensive affidavit indicating the number of files pending and the time required to dispose those cases.
M/S S2 InfoTech Pvt. Ltd v/s The Union of India & ORS [2015-TIOL -1888-HC-MUM-ST]
Sitting on files for months together is not conducive to the interest of nation’s economy. The chief commissioners, Service tax should file comprehensive affidavit indicating the number of files pending and the time required to dispose those cases.
FACTS:
The commissioner passed an order after almost 22 months of the date of personal hearing
Analysis of Companies (Audit and Auditors) Amendment Rules 2015
In Companies (Audit and Auditors) Amendment Rules 2014
Section 143(12) of Companies Act, 2013 states
If an Auditor of the Company, in the course of the performance of his duties as auditor, has reason to believe that an offence involving fraud is being or has been committed against the company by
VAT Audit limit has been raised to Rs. 10 Crore & submission of Income Tax Audit report becomes mandatory in WBVAT
By amending sub-section (1A) of section 30E the monetary limit of filing audit report in Form 88 has been raised from Rs. 5 Crore to Rs. 10 Crore with effect from the financial year commencing on 01.04.2015. However, under the amended provisions the amount of stock transfer shall also be taken
Saturday, December 26, 2015
The final pictures in respect of Central Council elections & Regional
ELECTION TO "CENTRAL COUNCIL" 2015- WIRC
|
Position
|
NAME OF CANDIDATE
|
Votes
|
Rank
|
|
1
|
22. ZAWARE SHIWAJI BHIKAJI - (PUNE)
|
3230
|
Elected Rank-I
|
|
2
|
21. VIKAMSEY NILESH SHIVJI - (MUMBAI)
|
3230
|
Elected Rank-II
|
|
3
|
19. SHAH DHINAL ASHVINBHAI - (AHMEDABAD)
|
3230
|
Elected Rank-IV
|
|
4
|
8. HEGDE NANDKISHORE CHIDAMBER - (MUMBAI)
|
3230
|
Elected Rank-III
|
|
5
|
5. CHHAJED PRAFULLA PREMSUKH - (MUMBAI)
|
PROCEDURES AND COMPLIANCES UNDER PROPOSED GST LAW IN INDIA
Introduction
After decades of positive deliberation, India has finally accepted the idea of a common indirect tax regime- Goods and Services Tax (GST). Battered with multiplicity of Indirect taxes in the current regime, India Inc has more than welcomed the GST as it brings within its ambit the flavor of ‘ease of doing business’ in India, seamless credit flow and a vision of common market across India. The draft
After decades of positive deliberation, India has finally accepted the idea of a common indirect tax regime- Goods and Services Tax (GST). Battered with multiplicity of Indirect taxes in the current regime, India Inc has more than welcomed the GST as it brings within its ambit the flavor of ‘ease of doing business’ in India, seamless credit flow and a vision of common market across India. The draft
Manufacturer V/s Buyer’s Premise-place of removal --- Settling to unsettle and settle again?
Article
Till recently based upon two relevant Judgements from the Honorable Supreme Court i.e in the case of M/s Escorts JCB Ltd. V.CCE 2002 (10) TMI 96 - SUPREME COURT OF INDIA and CCE V. M/s Roofit Industries 2015 (4) TMI 857 - SUPREME COURT, the concept of ‘ place of removal’ was
Till recently based upon two relevant Judgements from the Honorable Supreme Court i.e in the case of M/s Escorts JCB Ltd. V.CCE 2002 (10) TMI 96 - SUPREME COURT OF INDIA and CCE V. M/s Roofit Industries 2015 (4) TMI 857 - SUPREME COURT, the concept of ‘ place of removal’ was
Bolt - iPhone Charger Bracelet
I always used to forget to take my iPhone charger with me when I travel
outside. What if we have something portable which attached to our body?
Yes we have the BOLT, a
wearable stylish bracelet made for iPhone, iPad & iPod, crafted of
genuine leather designed to sync & charge your devices in style!
Sunday, December 20, 2015
Consequences for Non Payment or Late Payment of TDS
In Recent past we noticed that department has taken late payment of TDS very seriously and in addition to imposing Interest and Penalty for Late Payment, they also start initiating Criminal Prosecution against those responsible for Deduction and Payment of TDS. Recently and MD of a
Saturday, December 19, 2015
Circular/Guide to TDS on Salary for Assessment Year 2016-17
INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2015-16 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961. Reference is invited to Circular No.17/2014 dated 10.12.2014 whereby the rates of deduction of income-tax from the payment of income under the head “Salaries” under Section 192 of
Taxability of shares alloted under ESOP
ESOP is an option given to the employees of the company to purchase the company’s shares at a discounted price than the present market price. This option is generally given to high-ranking employees of the company.
Recipient of Services located outside India - Money received in convertible foreign exchange - fact that advice resulted in investment in India not relevant.
Commissioner of Service Tax, Mumbai-I v/s N.V. Advisory Pvt. Ltd. [2015 (39) STR 210 -Mumbai)
Recipient of Services located outside India - Money received in convertible foreign exchange - fact that advice resulted in investment in India not relevant.
FACTS:
The Respondent is providing services in the nature, of advice on investment opportunities
Vacancy for CS trainee
CS Trainee Ahmedabad - Satelite TWO
| |
we are Looking
|
CS Trainee
/ Paid Assistance
|
Qualification
|
Executive or
Professional |
CAG Report on wrong Availment of Service Tax Exemptions
Availment of Exemptions
Under section 93 of Finance Act, 1994, the Government is empowered to exempt generally or subject to such conditions as may be specified in the notification, taxable service of any specified description from the whole or any part of the service tax leviable thereon.
During the course of this performance audit we observed 14 cases of incorrect availing of exemptions
Extended period cannot be invoked for the period prior to the issue of clarificatory circular by CBEC
Greaves Ltd vs. Commissioner of Central Excise and Customs, Aurangabad. 2015 (322) ELT 772 (s.c.)
Extended period cannot be invoked for the period prior to the issue of clarificatory circular by CBEC.
FACTS:
CBEC, vide its circular dated 30/10/1996 clarified the manner valuation of captively
11 Measures taken by CBDT recently to simplify Tax Compliance
CBDT takes various significant decisions in last three months for providing better taxpayer services, improving ease of doing business and reducing the burden of compliance on the tax payer .
The Central Board of Direct Taxes (CBDT) has taken a number of decisions over last three months with the objective of providing better taxpayer services, improving ease of doing business and
Waiver of penalty u/s. 80 may not be available on the sole ground of financial hardship, for delayed payment of taxes. Penalty is imposable even in cases where tax is paid before issuance of show cause notice
Bootleggers Island vs. CESTAT, Chennai.2015 (39) STR 569 (Mad.)
Waiver of penalty u/s. 80 may not be available on the sole ground of financial hardship, for delayed payment of taxes. Penalty is imposable even in cases
Thursday, December 17, 2015
Railways and ICAI to introduce online system for tracking costs
NEW DELHI: With a chartered accountant, Suresh Prabhu, at the helm, the
railways is introducing an online system for tracking cost and output
creation at divisional level for better financial management and
reporting that will usher in more transparency and efficiency in the
system.
To be called Performance and Activity Based Unit Costing, the process is expected to produce an
To be called Performance and Activity Based Unit Costing, the process is expected to produce an
IPO irregularities: Sebi to refund disgorged funds to investors
NEW
DELHI: Capital markets regulator Sebi will distribute among eligible
investors the funds it has collected through disgorgement orders in
cases of IPO irregularities - a move that will benefit as many as 4.63
lakh investors.
The total amount to be distributed is Rs 18.06 crore, which includes Rs 7.35 crore recovered by Sebi
The total amount to be distributed is Rs 18.06 crore, which includes Rs 7.35 crore recovered by Sebi
CBDT takes Initiatives for reducing Tax Litigation as a part of its initiatives to reduce grievances of the taxpayers
The Central Board of Direct Taxes (CBDT)
has issued a Circular revising the monetary limits for filing of appeals by the
Department with the objective of reducing litigation as a part of its
initiatives to reduce grievances of the taxpayers.
The monetary limits for filing of
appeals by the Department before the Income Tax Appellate
5 Key takeaways from amended FCRA Rules
The
Govt. has notified amended Foreign Contribution (Regulation) Rules,
2015 whereby access to all FCRA services has been made easier. Now
everything would be done online thereby reducing human
CBDT revised Monetary Limits For Filing Appeals By tax authorities and direct to withdraw old appeals also: – the question is whether subordinates of CBDT will follow instructions? It is doubtful considering past experience.
CBDT revised Monetary Limits
For Filing Appeals By tax authorities and direct to withdraw old appeals
also: – the question is whether subordinates of CBDT will follow
instructions? It is doubtful considering past experience.
The last article on this issue by the same author was “Revenue should withdraw appeals in cases of tax effect below present prescribed limits for filing of appeals” was webhosted on September 22,
2017 C & AG Empanelment Ranking Points Policy & Conditions
The comptroller and auditor general of India
office have recently invited applications from the Chartered accountants Firms/
LLP for the year 2015-16. The online application format shall
be available from 1st January 2016 to 15th February 2016; the firms/LLPs can
apply/update the data
CIRCULAR RELATED TO POWERS OF CHIEF COMMISSIONER TO AUTHORIZE OFFICERS TO APPEAR BEFORE CESTAT BENCH.
F.
No.390/Misc./69/2015-JC
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
(Judicial Cell)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
(Judicial Cell)
New Delhi Dated 15th December ,2015
Instruction
Sub: Authorizing officers of the Zone to appear before
CESTAT Bench
A reference has been received in the Board to empower the
Principal Chief Commissioners of Customs, Central Excise & Service Tax
/Chief Commissioners of Customs, Central Excise & Service
PAN mandatory in hotel bill payments, foreign travel tickets
The government on Wednesday announced mandatory quoting of income tax
permanent account number (PAN) for payment of hotel bills and buying of
foreign travel tickets costing Rs.50,000 and above.
PAN would also be mandatory for cash payments of more than Rs.50,000
for cash cards or prepaid
Monday, December 14, 2015
Vacancy for CA in JP Morgan Chase
Job Description
CIB - Transaction Processing Mgr – Associate – Mumbai-150126273
Job Description
JPMorgan
Corporate & Investment Banking (CIB) Securities Processing, a
division of JPMorgan Chase Bank, N.A., is a global industry leader with
$15.2 trillion in assets under
This is how ED thinks SRK used unaccounted exchange rate fluctuation to acquire Dubai property
Khan seems to be sitting on significant gains on account of exchange rate gains as the pound has strengthened from Rs 60 to Rs 100 during the period. The Enforcement Directorate suspects that Khan used this structure for some real estate transactions in Dubai in 2008, the surpluses of which were not accounted for
Shah Rukh Khan turned 50 on November 2. On a television show to mark the occasion, where he took questions from some of his 16 million Twitter followers, Khan minced no words.
"It is stupid… it is stupid to be intolerant and this is our biggest issue, not just an issue… religious intolerance and not being secular in this country is the worst kind of crime that you can do as a
Automation of Central Excise and Service Tax (ACES)
ACES stands for Automation of Central Excise and Service Tax. ACES is a centralized, web-based and workflow-based software application. This application was initially rolled-out in the Large Tax Payer Unit
FRAUD BY CONSULTANT
FRAUD BY CONSULTANT
The compliance of tax provisions either in direct tax or indirect taxes is difficult for any individual or a business entity at all times following the changes occurred now and then. For this purpose the professionals or consultants in the particular area are appointed for the purpose of compliance of the
Despite “Anti-Corruption Pledge”, Income-Tax Dept Remains Den Of Corruption. After Two CCsIT, JCIT Held For Corruption
The Central Bureau of Investigation (CBI) has made the grim announcement
that a high-ranking Joint Commissioner of Income-tax in Mumbai has been
arrested for demanding and accepting a bribe of
T : Penalty under section 271AAA could not be levied merely on admission of assessee during search proceedings and there must be some conclusive evidence before Assessing Officer that entry made in seized documents represented undisclosed income of assessee
IT
: Penalty under section 271AAA could not be levied merely on admission
of assessee during search proceedings and there must be some conclusive
Negation of effect of change in the method of depreciation on the profit and loss is not allowed
Query
A
company (company A) is engaged in the retail trading. The company was
following Straight Line Method (SLM) for charging depreciation. But from
the current financial year it has changed the method to Written Down
Value (WDV) Method. For the purpose of accounting treatment of the
SEBI attaches PACL assets worth over Rs49,100 crore
Since PACL and its promoters-directors failed to refund money
to investors as per the directions of SEBI and SAT, the market regulator
said it has initiated the recovery proceedings
Market regulator SEBI said as part of its recovery proceedings, it has attached all bank and demat accounts, mutual fund portfolios of
Market regulator SEBI said as part of its recovery proceedings, it has attached all bank and demat accounts, mutual fund portfolios of
Sunday, December 13, 2015
CAG Empanelment of Chartered Accountant firms/LLPs for the year 2016-2017
OFFICE OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA 9, DEEN DAYAL UPADHYAYA MARG, NEW DELHI-110124.
Empanelment of Chartered Accountant firms/LLPs for the year 2016-2017
Online Applications
are invited from the Chartered Accountant firms/LLPs who desire to be
empanelled with the office of the Comptroller and Auditor General of
India for appointment as
Empanelment as Concurrent Auditor with Central Bank of India
Central
Bank of India Invite Application for Empanelment of CAs as Concurrent
Auditors for the year 2016, Please click on the following Link for
Submission of
TAX Updates for the month of Nov 2015 on Income Tax FEMA, VAT, etc
Notification, Circular and Press Release
·
The CBDT has issued a press release dated 26.11.2015 pointing
out that after notification of ICDS, it has been brought to the notice of the
CBDT by the
Cenvat credit is allowable of Service tax paid on the insurance premium to the Insurance Company for Group Insurance and medi-claim policies taken for existing employees as well as for the retired employees
servivce
taxReliance Industries Ltd. Vs. Commissioner, Central Excise &
Service Tax (LTU), Mumbai [2015 (11) TMI 969 - CESTAT MUMBAI]
Facts:
The
Department denied the Cenvat credit to Reliance Industries Ltd. (“the
Appellant”) on the ground that the Service tax paid on the life
insurance/ medi-claim policy for the existing employees and
2017 C & AG Empanelment Ranking Points Policy & Conditions
The comptroller and auditor general of India
office have recently invited applications from the Chartered accountants Firms/
LLP for the year 2015-16. The online application format shall
be
Friday, December 11, 2015
Income Tax department launches PAN-based litigation management system
Income Tax department launches PAN-based litigation
management system
Aimed to reduce lengthy proceedings and time taken in litigation, the
Income Tax department has activated a PAN-based online system which enables the
taxman to access cases in their jurisdiction on a click, amongst a building
database of over 5 lakh
CBDT introduces new facility of pre-filling TDS data to facilitate easy correction or up-dating of TDS details
CBDT introduces new facility of pre-filling TDS data to facilitate easy correction or up-dating of TDS details while submitting online rectification request on the e-filing portal; New facility is expected to ease compliance burden on the
SEBI changes demat account rules
Markets regulator SEBI has decided that all demat accounts would be
considered as a basic services demat account (BSDA) unless the demat
account holder specifically opts to continue with a regular demat
account.
This decision reverses the SEBI circular of August 27, 2012, which
allowed existing eligible demat
20 Things Lady CAs of Great Style ALWAYS Do
It's hard to pinpoint just what makes a stylish lady CA.
Is
it a vast, amazing wardrobe complete with high- and low-end pieces,
alike? Is it a signature uniform that's hers and hers alone? Or, does it
simply come from the inside? That's the thing about style — it's
Revision of monetary limits for departmental appeals - CBDT
INCOME TAX APPELLATE TRIBUNAL
BAR ASSOCIATION, NEW DELHI
10TH FLOOR ITAT PREMISES, LOK NAYAK BHAWAN, KHAN MARKET, NEW DELHI-110003
TEL: 24628213 /24647347/ 43528310/ M: 9810870279
E-MAIL: itatbar@gmail.com
/ itatbardelhi@gmail.com
|
President
Ajay Wadhwa
9818653331
Vice President
R. S. Ahuja
9810028009
Gen Secretary
Ranjan Chopra
9810047393
Secretary
Dr. G. S. Grewal
9811242856
Treasurer
R. Sabharwal
9312236105
E.C.
Members
K. Sampath
(Past
President)
T.R.Talwar
R.A. Bansal
A. K. Srivasatava
M. S. Sekhon
Manu Monga
P.C. Yadav
S. M. Mathur
Salil Kapoor
Salil Aggarwal
Aseem Chawla
Sushil K Verma
Karan Khanna
Manoj Kumar
|
11th
December 2015
Dear Members,
The Hon’ble CBDT has issued a path breaking Circular
No 21/2015 dated 10.12.2015, for revision of monetary limits for filing of
appeals by the Department before Income Tax Appellate Tribunal, Hon’ble High
Court and |
How A Fake Company Is Created in USA
Here's how it works; how it is done:
The
first stop is often to a so-called "registered agent." These firms
incorporate tens of thousands of companies a year for fees as low as a
few hundred dollars.
In
some cases, a corporation can be set up within minutes using little
more than an email address -- no proof of
Sunday, December 6, 2015
No VAT on free supply of medicines
No VAT on free supply of
medicines - State Government isn’t competent to levy tax on the basis of
Maximum retail price or any other notional value
Mapra Laboratories Pvt. Ltd. and others (“the Petitioners”) were engaged in manufacture and sale of
The pre-emptive provisions of Article of Association with respect to transfer of shares cannot be enforced in case of amalgamation
CL:
The pre-emptive provisions of Article of Association with respect to
transfer of shares cannot be enforced in case of amalgamation
CL: Time-limit for filing petition under section 111 of Companies Act, 1956 is 3
When relevant DGFT Notification allowed 'free import' of marble blocks/tiles for CIF value at US$ 60 and above per square metre, if assessee declared same below US$ 60 per square metre, confiscation of such goods would be justified
Excise
& Customs: When relevant DGFT Notification allowed 'free import' of
marble blocks/tiles for CIF value at US$ 60 and above per square metre,
if
Excise & Customs: Use of brand name of foreign company under assignment agreement for exclusive use in India, is use of brand name in assessee's own right and not use of 'other's brand'; therefore, SSI-exemption cannot be denied
Excise
& Customs: Use of brand name of foreign company under assignment
agreement for exclusive use in India, is use of brand name in assessee's
own right and not use of 'other's brand'; therefore, SSI-exemption
cannot be
Total votes casted during ICAI election in Northern Region: Area/ City wise
Total Status at 22708
Location Vote Casted Total Votes Percentage
Abohar 24 52 46%
Ambala 0 309 0%
Amritsar 364 551 66%
Ashok Vihar 468 1113 42%
Location Vote Casted Total Votes Percentage
Abohar 24 52 46%
Ambala 0 309 0%
Amritsar 364 551 66%
Ashok Vihar 468 1113 42%
Friday, December 4, 2015
CBDT Amends Rule To Enable Issue Of Notice, Summons, Orders Etc To Taxpayers By Email
Pursuant to the CBDT’s directives regarding ‘Paperless Assessment Proceedings‘, ‘E-Sahyog Project To Avoid Physical Presence Of Taxpayers During Assessment‘ and ‘Redressal of grievances received from Taxpayers by email at Aayakar Sampark Kendra‘,
the CBDT has issued a Notification dated 02.12.2015
NO BOOKS OF ACCOUNTS WITH JALANDHAR BRANCH OF NIRC- RTI
In the RTI
Application dated 27.10.2015 to ICAI, following docs were asked-
1. DULY CERTIFIED COPIES
OF COMPLETE LEDGER ACCOUNTS OF ‘SEMINAR AND MEETING EXPENSES’ FROM THE
ACCOUNTS BOOKS OF JALANDHAR BRANCH OF NIRC OF ICAI, AS APPEARING IN THE
RESPECTIVE INCOME & EXPENDITURE ACCOUNTS OF THE SAID BRANCH, FOR THE
FINANCIAL YEARS 2009-10, 2010-11, 2011-12, 2012-13, 2013-14 AND 2014-15
WITH COMPLETE NARRATION AGAINST EACH ENTRY, DULY TALLIED WITH THE FIGURES OF
AUDITED FINANCIAL
Wednesday, December 2, 2015
Partners Required
We
are Delhi based RBI category II firm having head office at sonipat and
branches at Moradabad and Delhi having experience of 20 years.
We are looking for a partner (preferably DISA) for expansion of our business in
Interest on refund of tax is not covered by definition of 'interest' mentioned under article 12(4) of India-Italy DTAA, and, therefore, Assessing Officer is justified in imposing TDS at higher rate while granting such interest to assessee
IT/ILT
: Interest on refund of tax is not covered by definition of 'interest'
mentioned under article 12(4) of India-Italy DTAA, and, therefore,
Assessing Officer is justified in imposing TDS at higher rate while
granting such interest
CBDT defines ‘charitable purpose’ for benefits under I-T Act says any general public service that involves trade, commerce or business for a consideration will not be treated as Charity under the Act
With a view to weed out commercial activities under the garb of
charity, the tax department has said any general public service that
involves trade, commerce or business for a consideration will not be
treated as Charity under the Income Tax Act.
Issuing ‘Explanatory Notes to the Provisions of the Finance Act,
2015’, which lists all the amendments that were made to it, the Central
Board of Direct Taxes (CBDT) in a circular gave the definition of
‘charitable
A Corporate "ANT" Story
“Every day, a small Ant arrived at work early and started
work immediately, she produced a lot and she was happy. The boss, a
lion, was surprised to see that the ant was working without supervision.
He thought if the ant can produce so much without supervision, wouldn’t
she produce more if she had a supervisor!
So the lion recruited a cockroach who had extensive
experience as a supervisor and who was famous for writing excellent
reports. The cockroach’s first decision was to set up a clocking in
attendance system. He
Reiteration of Principles under CAS-4 by Hon'ble Supreme Court
Nirma Limited V/s CCE Vadodara
A study of the Judgement passed by Hon'ble Supreme Court of India on 9th October 2015 vide Civil Appeal No. 3621/2007 dated 9th October 2015 read with Nirma Limited V/s CCE Vadodara-2005(8) TMI337-CESAT, Mumbai Order No.- A/1650-1653/2005-WZ/C-III dated 26th August 2005 on Valuation of Excisable Goods brings about the following:
A study of the Judgement passed by Hon'ble Supreme Court of India on 9th October 2015 vide Civil Appeal No. 3621/2007 dated 9th October 2015 read with Nirma Limited V/s CCE Vadodara-2005(8) TMI337-CESAT, Mumbai Order No.- A/1650-1653/2005-WZ/C-III dated 26th August 2005 on Valuation of Excisable Goods brings about the following:
Tuesday, December 1, 2015
MAJOR AMENDMENTS IN SERVICE TAX EXEMPTIONS IN 2015
Amendments made by Notification No. 6/2015-ST dated 1.3.2015 w.e.f. 1.4.2015 or notified date (01.06.2015)
The following changes (new exemptions, withdrawal of existing exemptions or rationalization of exemptions) have been made vide Notification No. 6/2015-ST dated 1.3.2015 w.e.f. 1.4.2015 or
The following changes (new exemptions, withdrawal of existing exemptions or rationalization of exemptions) have been made vide Notification No. 6/2015-ST dated 1.3.2015 w.e.f. 1.4.2015 or
AMENDMENTS AT A GLANCE IN CENVAT RULES IN 2015
AMENDMENTS AT A GLANCE IN CENVAT RULES IN 2015
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Cenvat Credit Rules, 2004 have been subject to frequent and varied changes over the time. Following Table captures the amendments made in Cenvat Credit Rules, 2004 in 2015.
Amendments in Cenvat Credit Rules in 2015 at a Glance
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ICAI Objects To Proposal Of Income-tax Dept To Exclude CAs From Practice Of Taxation Law
The ICAI has addressed a letter dated
27.11.2015 to the Principal Commissioner of Income-tax, Chandigarh, raising
objections to the alleged proposal of the department not to allow Chartered
Accountants and non-Advocates to “practice law” in the course of
proceedings before the tax authorities. The ICAI has pointed out that taxation
is one of the “core-competence” areas of Chartered Accountants and that
they have expertise
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