Besides the traditional fields of Statutory Audit, Internal Audit and Tax Audit there is vast scope for CAs in providing services such as Surveyors, Loss Assessors, Claim Assurors, Claim Negotiators etc., 1.2 Amidst this golden phase of transition and sky-rocketing growth graph of insurance industry, only sky is the limit for all the enterprising accountants as the king-size pool of whole new opportunities beckon them. The insurance cake is getting bigger and better and Chartered Accountants can not only have it but eat it too.
The terms merger and amalgamation have not been defined in the Companies Act, 1956 (hereinafter referred to as the Act) though this voluminous piece of legislation contains 69 definitions in Section 2. The concept paper recently issued by the Ministry of Company Affairs, the fate of which is still unknown, contained 100 such definitions but still stopped short of defining merger or amalgamation. The terms merger and amalgamation are synonyms and the term ‘amalgamation’, as per Concise Oxford Dictionary, Tenth Edition, means, ‘to combine or unite to form one organization or structure’.
The main objective of the tax audit is to compute the taxable income according to the law and for maintaining transparency in the financial statements filed by the assessees with the Income-tax department. The tax audit u/s. 44AB of the Income-tax Act 1961 is significant practice area for Chartered Accountants. Since the introduction of tax audit, we have been given responsibilities to discharge the duties as tax auditors for the proper compliance of tax law by the assessees.
The government has found financial irregularities in 160 companies — a whopping 30 of them owned by it — thanks to the early warning system (EWS) put in place last year. After the nearly Rs 10,000-crore Satyam fraud last year, the Ministry of Corporate Affairs (MCA) in September had developed an EWS to detect corporate frauds. The software-based fraud detecting system scans companies based on 10 financial parameters set by the ministry.
A resume is a marketing document that ‘can serve as a magnet to draw job opportunities to you,’ said Susan Ireland, author of ‘The Complete Idiot’s Guide to the Perfect Résumé.’ That’s largely because more résumés are now on job boards and social media sites, and are included on company databases, she said., people place too much emphasis on the parts of past jobs that they hated — and get new jobs they end up hating, too, she said. ‘Your résumé is about your future,’ she said, ‘it’s not about your past,’ so stress experiences that are most relevant to the position you aspire to hold.
Bench enumerated the following principles to be kept in mind while considering the applications for stay or waiver of pre-deposit under Section 35F of the Act. 1) The applications for stay should not be disposed of in a routine manner unmindful of the consequences flowing from the order requiring the assessee to deposit full or part of the demand;
Section 56(2) of the Income Tax Act, 1961 inter alia deals with receipts without considerations. Since most of such receipts tantamount to gifts, the provisions are popularly named as those of gifts and deemed gifts. Till 30 09 2009 only sum of money received without consideration was treated as income in the hands of the recipient being either an individual or a HUF.
WHEN section 11A(2B) of the CEA, 1944 made its appearance in the statute by the Finance Act, 2001 it came as a whiff of fresh air for assessees who had not paid, short paid, short levied/paid any duty of excise. The provision allowed a manufacturer to pay such un-paid Central Excise duty along with interest under section 11AB of the CEA, 1944 and inform the Central Excise officer who after being satisfied of this ascertainment lets go of the formality of issuance of the show cause notice in respect of the duty so paid .
SECTION73 (3) of Finance Act, 1994, provides for non-serving of notice under Section 73(1) by department in such cases where service tax has been paid before issuance of notice. However, there is no clarity whether department can still initiate proceedings for imposing penalty under Section 76 or 78. Though, CBEC clarified sometime back that all such cases where tax has been paid before issuance of notice can be closed without imposing penalty,
vocational training institute means a commercial training or coaching centre which provides vocational training or coaching that impart skills to enable the trainee to seek employment or undertake self-employment, directly after such training or coaching;
