"May, 2014" Archive

ICAI create mechanisam to receive feeback from candidates who appears in CA exams

Feedback – Observations of the candidates on the question papers of CA examinations-May 2014. – (01-06-2014) 31st May 2014 It has been decided to introduce a mechanism to obtain the feedback of the candidates who appear in the CA examinations, on the question papers in CA examinations, with effect from May 2014 examinations....

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Posted Under: CA, CS, CMA |

VCES Scheme – Pendency of Audit as on 01.03.2013 – One more ground to deny relief

Recent Issue under Service Tax-Amnesty Scheme 2013- Whether it can be said that Audit was pending as on 01.03.13, if Audit Para was not determined and/ liability was also not quantified till 01.03.13...

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Posted Under: CA, CS, CMA |

E filing not enabled and Burden of Interest u/s 234 B

In the Income Tax Website e filing is enabled for ITR – 1, ITR – 2, & ITR – 4S only and for all other categories it is yet to be done.If an assessee has failed to pay 90% of Income Tax payable as Advance Tax within the due dates and if he prefers to file the return now by paying the tax due as Self Assessment Tax...

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Section 54F – Allotment date not relevant if Assessee made substantial payment for acquisition of new Flat

ITO Vs Saroja S. Mekal (ITAT Mumbai)

Moot point arising in the instant case, not addressed by the first appellate authority, i.e., as what constitutes a ‘purchase’ for the purposes of section 54F or, for that matter, the other para materia provisions....

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S. 40(a)(ia) amendment vide Finance Act 2010 allowing TDS payment till return due date is retrospective

CIT Vs Rajinder Kumar (Delhi High Court)

Section 43B deals with statutory dues and stipulates that the year in which the payment is made the same would be allowed as a deduction even if the assessee is following the mercantile system of accountancy. ...

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No Disallowance for non deduction of TDS if recipient of income paid tax on the same

Rajeev Kumar Agarwal Vs Additional Commissioner of Income Tax (ITAT Agra)

Reliance in this regard can be placed on the decision of Hon’ble Tribunal (Agra) in case of Rajeev Kumar Agarwal vs CIT (ITA No. 337/Agra/2013) pronounced on 29th May 2013 wherein the AO disallowed interest payments made without deducting TDS under Section 194A of the Act. ...

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Important charts under Companies Act 2013

We have uploaded on our website following charts under Companies Act, 2013 compiled by Mr.PC Agrawal.  Link to download the same are as follows Exemptions – Privileges Available To Private Companies Matters which require ordinary resolutions under Companies Act 2013 Matters which require special resolutions under Companies Act 2013...

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Posted Under: CA, CS, CMA |

ICAI Hosts Admit Cards for CPT June-2014 Examination

Admit cards in respect of all candidates admitted to the Common Proficiency Test (CPT) June 2014 examination, with their photographs and signatures on them, are hosted on www.icai.nic.in. Candidates may print their admit cards from the said website. For downloading/printing of the admit cards, candidates will have to enter the following d...

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Posted Under: CA, CS, CMA |

Psychology Behind Google Success Story – “Freechology”

Why this Article? To explain a simple idea of freedom psychology which can take your organization from Good to Great. Success of your organization does not need radical changes in the entire system, success can be created out of simple things and ideas implemented in organized and phased manner. In this article, we will try to look at a s...

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Posted Under: CA, CS, CMA |

Governance: It's Time for Action Now

Dr. Sanjiv Agarwal Now that we have a duly elected majority Government at the centre (and in the state too), it’s time for action and real performance now. All states and particularly those with same party Government as that of centre may certainly help the State Governments to get benefit from the central policies and […]...

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Posted Under: CA, CS, CMA |

Power of company to Purchase its own securities – Companies Act,2013

Section 68 of the companies act 2013 and Companies (Share capital and Debentures) Rules,2014 deals with the power of company to purchase its own securities....

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Posted Under: CA, CS, CMA |

FAQs: Basic Savings Bank Deposit Account (UCBs)

Can an Individual have any number of 'Basic Savings Bank Deposit Account' in one bank? Ans. No. An individual is eligible to have only one 'Basic Savings Bank Deposit Account' in one bank....

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Posted Under: CA, CS, CMA |

ICAI President's Message – June 2014

Of late, there has been an increase in the number Non-Performing Assets (NPAs) in Public Sector Banks (PSBs). These are being reported not only at the bigger branches but also at the smaller ones. ICAI, as a partner in nation building, is deeply concerned about safeguarding the Government & public interest in PSBs. ...

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Posted Under: CA, CS, CMA |

CBDT releases Form ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 for AY 2014-15

Notification No. 28/2014-Income Tax (30/05/2014)

Notification No. 28/2014-Income Tax S.O. 1418(E).─In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- (1) These rules may be called the Income-tax (6th Amendment) Rules, 201...

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Flag raised for 15G/15H despite Income exceeding amount of exemption

CPC(TDS) feels glad to provide  you with the new feature of downloading Form 27D, the Tax Collection Certificate for Deductees forming part of TCS Statements, filed in the form of 27EQ. Centralized Processing Cell (TDS) has observed from its records that Flag “B” (for 15G/H Forms) has been wrongly raised in the quarterly TDS ...

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Structurally Valid but actually Invalid PAN in TDS statement – Impact , Action to be taken

Centralized Processing Cell (TDS) has observed from its records that you have reported deductees with invalid PANs in your quarterly TDS statements. These PANs appear structurally valid, however, they are actually invalid, as they are not available in the PAN Master records....

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Notification No. 44/2014-Customs (N.T.), Dated: 30.05.2014

Notification No. 44/2014-Customs (N.T.) (30/05/2014)

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary ...

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TDS/ TCS – No need to submit Provisional Receipt of original statement and Statement Statistics Report wef 01.06.2014

With effect from June 1,2014,Deductors/Collectors need not submit copy of Provisional Receipt of original statement and Statement Statistics Report (SSR) for furnishing e-TDS/TCS correction statement....

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Posted Under: CA, CS, CMA |

Whether CESTAT Has Powers to Hear Cases Pertaining To Rebate under Service Tax

Of late there have been confusions as to jurisdiction before whom rebate cases pertaining to service tax should be filed when an order is passed by Commissioner of Central Excise (Appeals). In terms of first proviso to section 35B(1) of Central Excise Act, which states that no appeal shall lie before the Appellate Tribunal and […]...

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Posted Under: CA, CS, CMA |

Issues in Single Stage Taxation system in Punjab

Schedule A and Schedule E have been amended to give effect to single stage taxation system. While Schedule A has its genesis in Section 16, Schedule E bears its roots in Section 8. As per Schedule A , specified commodities have been made tax free at wholesaler or distributor or retailer stage. However, section 16 bears no relation with st...

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Posted Under: CA, CS, CMA |

Govt. notifies SIT with respect to unaccounted monies stashed in foreign banks

Notification F. No. 11/2/2009-Ad.E.D. (29/05/2014)

Notification F. No. 11/2/2009-Ad.E.D. The said Special Investigation Team shall be charged with the responsibilities and duties of investigation, initiation of proceedings, and prosecution, whether in the context of appropriate criminal or civil proceedings of :- a) all issues relating to the matters concerning and arising from unaccounte...

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6 Expectations of Middle Class from Budget 2014

CA Sandeep Kanoi Union Finance Minister Arun Jaitley is expected to present his budget either in last week of June 2014 or in First week of July 2014. With Budget around the corner the Taxpayers are very enthused about expected tax reliefs from Mr. Arun Jaitley and started thinking that good days are around the […]...

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Documents, Record and Returns mandatory for CENVAT Credit

Rule 9(1) of Cenvat Credit Rules prescribes that Cenvat Credit can be taken on the basis of ; Invoice of manufacturer from factory Invoice of manufacturer from his depot or premises of consignment agent Invoice issued by registered importer Invoice issued by importer from his premises or consignment registered with Centra...

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Posted Under: CA, CS, CMA |

Compliance Partnership firm – Forms, Fees and Documentation

Partnership is simple to form and manage compared to company and LLP. However there are requirement of filing various forms in case of change in address, addition / removal of partner, change in firm name or business place etc. The article give you a tabular presentation of requirement for filing forms in Maharashtra State with time limit...

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Posted Under: CA, CS, CMA |

CBI arrests an ITO for accepting a bribe of Rs. 5 lakh

CBI ARRESTS AN INCOME TAX OFFICER FOR ACCEPTING A BRIBE OF RS.FIVE LAKHS The Central Bureau of Investigation has today arrested an Income Tax Officer, Rudrapur, District Udham Singh Nagar (Uttarakhand) for demanding & accepting a bribe of Rs.Five Lakhs from the Complainant. A case was registered U/s 7 of PC Act, 1988 on a […]...

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Posted Under: CA, CS, CMA |

Share Broking Company can set off loss from speculation trade against gain from delivery trading

CIT Vs Baljit Securities (P) Ltd. (Calcutta High Court)

The assessee basically is a share broker. The assessee also deals in buying and selling of shares for himself. The assessee is also dealing in derivatives. Dealing in derivatives has been excluded from the ambit of speculative transactions with effect from assessment year 2006-07....

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Capital gains not taxable on the basis of mere signing of development agreement

Binjusaria Properties (P.) Ltd. Vs ACIT (ITAT Hyderabad)

The short dispute arising for consideration in this case relates to the year of assessability of capital gains arising on the property, which was subject matter of a development agreement, i.e. whether it is assessable in the year in which the development agreement was entered...

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No disallowance U/s. 14A relating to expenditure attributable to dividend and tax-free interest, etc.

As regards disallowance under section 14A of the Income-Tax Act, 1961 (the Act), it is well-known that in respect of correct interpretation of the same, divergent views have been expressed by various judicial fora. In this context, please refer to the Article authored by me under the title “Disallowance under section 14A, in the light o...

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Posted Under: CA, CS, CMA |

Revised TDS returns to be accepted without Original Provisional receipts wef 01.06.2014

Circular No: NSDL/TIN/2014/024 (28/05/2014)

Attention of all TIN Facilitation Centers (TIN-PCs) is invited to the procedure of acceptance of e-TDS/TCS correction statements and upload of scanned images as provided in chapter 6 and 7 of the TIN-PC Operating Manual (TOM). As per approval from Income Tax Department, the procedure for acceptance of e-TDS/TCS correction statement sta...

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CBDT to share wealth tax return detail of loan defaulters with Public Sector Banks

F. No. 328/10/2014-WT (28/05/2014)

During a review meeting on the performance of Public Sector Banks (PSBs) taken by Finance Minister on 5.3.2014, the PSBs raised concern that the details of assets as available in the Wealth Tax Returns of loan defaulters are not being shared by Income Tax Department with the Banks despite repeated requests....

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FAQ on One Person Company (OPC)

1. How to incorporate an OPC? Name reservation: Form INC-1 shall be filed for name availability. Incorporate OPC: After name approval, form INC-2 shall be filed for incorporation of the OPC within 60 days of filing form INC-1. Form DIR-12 shall be filed along with (linked) form INC-2 except when promoter is the sole director […]...

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Posted Under: CA, CS, CMA |

Crystallization of Inoperative Foreign Currency Deposits

RBI/2013-14/616 A.P. (DIR Series) Circular No.136 (28/05/2014)

In case a foreign currency denominated deposit with a fixed maturity date remains inoperative for a period of three years from the date of maturity of the deposit, at the end of the third year, the authorised bank shall convert the balances lying in the foreign currency denominated deposit into Indian Rupee at the exchange rate prevailing...

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FAQs on e-voting under Companies Act, 2013 & Rules

As per rule 20 of Companies (Management and Administration) Rules, 2014, ‘voting by electronic means’ or ‘‘electronic voting system’’ means a ‘secured system’ based process of display of electronic ballots, recording of votes of the members and the number of votes polled in favour or against, such that the entire voting ex...

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Posted Under: CA, CS, CMA |

Types of Companies under Companies Act, 2013

There are totally 15 types of companies can be formed under the Companies Act, 2013. 1. Public Company limited by shares 2. Public Company limited by Guarantee having share capital 3. Public Company limited by Guarantee and having no share capital 4. Public unlimited Company having share capital ...

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Posted Under: CA, CS, CMA |

MFN Clause in Double Taxation Avoidance Conventions – To be partial or not to be

The Authority for Advance Rulings in the case of Steria (India) Limited: AAR No. 1055/2011, while concluding the fact as to whether payment made by Steria (India) Ltd. to Groupe Steria, France for management services constitutes fees for technical services exigible to withholding of tax under section 195 of the Income-tax, Act, 1961...

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Posted Under: CA, CS, CMA |

List of Cabinet Ministers with Portfolio in Modi Government

The President of India, as advised by the Prime Minister, has   directed the allocation of portfolios among the following members of the Union Council of Ministers:- Shri Narendra Modi, Prime Minister Personnel, Public Grievances and Pensions Department of Atomic Energy Department of Space All important policy issues and all other portf...

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Posted Under: CA, CS, CMA |

Companies CAP Provident Fund (PF) contribution to Rs. 6500

Ref. No. LC(637)2009/Vol.I/203 (27/05/2014)

All the Regional Provident Fund Commissioners-In-charge of Regional /Sub-Regional Offices are, therefore, directed not to force employers to contribute over and above the statutory wage ceiling in respect of their employees. However, option is available for the employees to contribute beyond the statutory wage ceiling if they so desire su...

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Importers can now book forward contracts, under past performance route, up to 50% of eligible limit

RBI/2013-14/613 A.P.(DIR Series) Circular No.135 (27/05/2014)

With a view to providing importers with greater flexibility in hedging facility, it has been decided to allow importers to book forward contracts, under the past performance route, up to 50 per cent of the eligible limit. Importers who have already booked contracts up to previous limit of 25 per cent in the current financial year, shall b...

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Govt constitutes SIT on BLack Money

Constitution of Special Investigation Team in compliance with the judgement of Hon’ble Supreme Court The Union Cabinet today approved constitution of Special Investigating Team (SIT) to implement the decision of the Hon’ble Supreme Court on large amounts of money stashed abroad by evading taxes or generated through unlawful activities...

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Posted Under: CA, CS, CMA |

The Depositor Education and Awareness Fund Scheme, 2014

RBI/2013-14/614 DBOD.No.DEAF Cell.BC.114/30.01.002/2013-14 (27/05/2014)

On the date of transferring the amount to the Fund, the bank should maintain customer-wise details verified by the concurrent auditors, including payment of up-to-date interest accrued, that has been credited to the deposit account till the date of transfer to the Fund, with respect to interest bearing deposits....

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How to send form 16, Form 16A and other Forms automatically

Let us say you want to send Salary Slips to Employees on a monthly basis or Form 16 to Employees on a yearly basis or Form 16A to Deductees on a quarterly basis or any other Personnel specific attachment. Many Companies/Businesses send these Forms in hard copy by couriering it to the receiving Party which calls for the Courier cost and th...

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UP ITO jailed in bribery case

Special Judge (West) Anti-Corruption, Lucknow has sentenced Shri Bhagwati Prasad, then Income Tax Officer, Barabanki (Uttar Pradesh) to undergo five years Rigorous Imprisonment with fine of Rs. 90,000/- in a bribery case....

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Posted Under: CA, CS, CMA |

Differences between duty credit scrips and goods permitted/not-permitted against them under respective FTP paragraphs/Customs Notification

F.No.603/13/2013-DBK (27/05/2014)

Attention of field formations is drawn to the fact that diverse types of duty credit scrip are issued under relevant paragraphs of Foreign Trade Policy. These duty credit scrips have varying degrees of transferability/actual user conditions that, inter alia, determine which person may use the scrip and, at times, for what purpose. ...

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Leadership Lessons from Mothers

What we can learn from our mother about leadership? A simple truth to be brought to everyone’s attention is that we are so obsessed with observing the business tycoons and famous people around the world, that we are forgetting the simple lessons to be learnt from our own mother. ...

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Posted Under: CA, CS, CMA |

Corrigendum: Companies (Removal of Difficulties) Order, 2014

Notification No. S.O. 1406 (E) (27/05/2014)

In the notification of the Government of India in the Ministry of Corporate Affairs S.O. 1177(E), dated the 29th April, 2014 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) dated 30th April, 2014,...

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Modi takes oath as PM with 23 Cabinet & 22 Minister of State

President appoints Cabinet Ministers, Ministers of State (Independent Charge) and Ministers of State. The President of India has appointed Shri Narendra Damodardas Modi as the Prime Minister of India. Further, as advised by the Prime Minister, the President has appointed the following as members of the Council of Ministers:- CABINET MINIS...

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Posted Under: CA, CS, CMA |

Reassessment cannot be challenged based on mere subsequent judgment in the case of another assessee

CIT Vs Kultar Exports (Delhi High Court)

In the present case the retrospective amendment was introduced after the original assessment. The introduction of the amendment occasioned the re-assessment. The reassessment order gave effect to the amendment....

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Posted Under: CA, CS, CMA |

KYC norms for Foreign Portfolio Investors – Urban Cooperative Banks

RBI/2013-14/604 UBD.BPD (PCB) Cir. No. 9/14.01.062/2013-14 (26/05/2014)

Consequent to the Budget proposal for the year 2013-2014 and the recent amendments to the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 (Rules), Securities and Exchange Board of India (SEBI) has rationalised the KYC norms for entry of FPIs (vide their circular MIRSD/07/2013 dated September 12, 2013). ...

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Prior RBI approval required in cases of acquisition/ transfer of control of NBFCs

RBI/2013-14/606 DNBS (PD) CC.No.376/03.10.001/2013-14 (26/05/2014)

Prior approval of RBI is required in case of any takeover/acquisition of shares of an NBFC; or merger/amalgamation of an NBFC with another entity; or any merger/amalgamation of an entity with an NBFC, that would give the acquirer/ another entity control of the NBFC, or would result in acquisition/transfer of shareholding in excess of 10 ...

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Urban Co-Operative banks not to levy pre-payment penalty on Floating Rate Term Loans to individual borrowers

RBI/2013-14/603 UBD. CO. BPD. PCB. Cir. No. 64/12.05.001/2013-14 (26/05/2014)

Accordingly, it is advised that urban cooperative banks will not be permitted to charge foreclosure charges/ pre-payment penalties on all floating rate term loans sanctioned to individual borrowers, with immediate effect...

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Must have productivity tools for professionals

In this modern, competitive and challenging work life, one have to have monomaniacal focus on his craft to keep you in the game. In this age of massive disruption, around your work and personal life, staying focused may be a not be an easy proposition for all. ...

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Posted Under: CA, CS, CMA |

Busituality – When Business Meets Spirituality and Religions

The article is inspired by a famous writer ‘Alain de Botton’, he is a Swiss-British writer, philosopher, entrepreneur, television presenter and museum curator resident in the United Kingdom. Due credit to his idea on the topic that business and every people can benefit from spirituality and religions even if they don’t believe in Go...

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Posted Under: CA, CS, CMA |

Concept Of One Person Company: An Analysis

Before we start the discussion, let us see what the Companies Act, 2013 has to say about this concept called ‘One person company’. Section 2(62) ‘one person company’ means a company which has only one person as a member. Section2 (40) ‘Financial statement ‘in relation to a company, includes:...

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Posted Under: CA, CS, CMA |

Investment avenues for mango man in newly elected Indian economy

Many new facets came in front of Indian economy after the result of the General Elections, 2014. After 30 years the history has repeated it again. This kind of historic win was once witnessed in 1984, where Indians had put Rajiv Gandhi on the throne to take India to new heights. The winning numbers were […]...

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Posted Under: CA, CS, CMA |

Section 14A have no application if Assessee not made any claim for exemption

Commissioner of Income Tax Vs Corrtech Energy Pvt Ltd. (Gujarat High Court at Ahmedabad)

Sub­section(1) of section 14A provides that for the purpose of computing total income under chapter IV of the Act, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under the Act....

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The prolonged controversy on Swiss Bank Accounts

May 6’ 2014 was a day which should create fear of the worst by the Indian Nationals who have shrouded their black money at the Swiss. It was at this day when Switzerland has signed for mutual cooperation in tax matters at the convention....

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Posted Under: CA, CS, CMA |

Entrepreneurs- One of their kind

Entrepreneurs are leaders who can see into the future with inspired vision, championing highly competent teams to make seemingly impossible possible.It takes a great courage to separate oneself from the herd at any level, be it at the time of attaining education or doing things you love. There is no point in being REALISTIC- why […...

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Posted Under: CA, CS, CMA |

Removal of Director by Shareholders Under Companies Act 2013

Power to remove directors have always been bestowed on shareholders, as we all know, that at the end of the day, directors are answerable to shareholders. Nothing has changed in the procedural aspect under Companies Act, 2013 as well. Shareholders can remove any director before the expiry of his tenure, except any director appointed by [&...

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SEBI (Payment of Fees) (Amendment) Regulations, 2014

Notification No. LAD-NRO/GN/2014-15/03/1089-SEBI (23/05/2014)

No. LAD-NRO/GN/2014-15/03/1089.- Date- 23rd May, 2014 In exercise of the powers conferred by section 30 read with clause (k) of sub-section (2) of section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with section 25 of the Depositories Act, 1996 (22 of 1996), the Board hereby makes the following Regulation...

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Notification No. 43/2014-Customs (N.T.) Dated: 23.05.2014

Notification No. 43/2014-Customs (N.T.) (23/05/2014)

In the Ministry's Notification No. 12/139/59-Ad.III B dated 5.11.1962 as last amended vide Notification No.1/2013 –Customs (N.T.) issued vide F.No. 394/136/2013­Cus (AS) dated 14.01.2013, the following amendment is made:...

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TDS on School bus fees to be deducted U/s. 194C – HC

ACIT (TDS) Vs. Lotus Valley Education Society (Allahabad High Court)

ACIT (TDS) Vs. Lotus Valley Education Society (Allahabad High Court) In the case of ACIT (TDS) Vs. Lotus Valley Education Society it was held by Allahabad High Court that explanation-III to sub section (2) of Section 194-C clearly provides that ‘work’ includes carriage of goods and passengers by any mode of transport other tha...

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Posted Under: CA, CS, CMA |

No concealment penalty for denial of exemption U/s. 54F for non completion of purchase deal due to dispute

Venkatesh Murthy Vs ITO (Karnataka High Court)

The respondents have not disputed this before us. It is true that the assessee had not deposited the long term capital gain in the capital gain account, and he had deposited the said amount in his savings account with Vijaya Bank....

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No tax-free income – No Disallowance U/s. 14A r.w. Rule 8D – HC

Commissioner Of Income Tax Vs M/S. Shivam Motors (P) Ltd. (Allahabad High Court)

Section 14A of the Act provides that for the purposes of computing the total income under the Chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under the Act....

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Exemption u/s. 10(48) – Notified Foreign Company selling codeine phosphate in India

Notification No. 27/2014-Income Tax (23/05/2014)

Notification No. 27/2014-Income Tax In exercise of the powers conferred by clause (48) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to the national interest, hereby notifies for the purposes of the said clause— (a) M/s Temad, 28th Km Karaj Makhsous Road, Iran, as the foreign company;...

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Extension of validity period for names reserved as on 31st March, 2014

General Circular No. 13/2014 (23/05/2014)

In continuation of the General Circular No.11/2014 dated 12.05.2014, approval of the Competent Authority is hereby conveyed to extend continuity of all reserved names as on 31st March, 2014 for another fifteen days period from the date of issue of this circular....

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Increase in limit of cash investment in MFs from Rs. 20,000/- to Rs. 50,000/-

Circular No. CIR/IMD/DF/10/2014 (22/05/2014)

This circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with the provision of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996 to protect the interests of investors in securities and to promote the development of, and to regulate the securities ma...

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No More Project Delays with Construction Finance

Businesses follow the ebb and flow of the trends in the market. Yet, to catch onto the high moments of business is only possible with the necessary financing for your construction company. Financing projects involves financing the equipment and vehicles required prior to their commencement. The search for various avenues for financing pro...

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Posted Under: CA, CS, CMA |

Add-on finance courses for finance professionals in present competitive finance era

Just as we choose various add-ons while shopping or while ordering at any eating joint to suit our taste and make it better, big MNC’s also look for candidates who has other add-ons in their job applicant in the form of additional qualifications to suit them best for their job. Those additional qualifications in a […]...

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Posted Under: CA, CS, CMA |

Invisible capital : For Cost Accountants in Practice – PART 3

In my last article which I wrote about Developing Invisible capital : For Cost Accountants in Practice – PART 2  I discussed about process of practicing and developing the process for the same. I am continuing that  series into the segment of use of technology in the profession of Cost Accounting and practicing which will crea...

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Posted Under: CA, CS, CMA |

Test of unjust enrichment not satisfied where refund amount is shown as ‘expenditure’ and not as ‘claims receivable’

We are sharing with you an important judgment of the Hon’ble Mumbai CESTAT in the case of Hindustan Petroleum Corporation Limited Vs. Commissioner of Central Excise, Mumbai-II [2014-TIOL-658-CESTAT-MUM] on the following issue: Issue-: Whether the test of unjust enrichment satisfied where the claimant has treated refund amount as ‘expe...

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Posted Under: CA, CS, CMA |

PAN requirement for Foreign Nationals for filing Incorporation form (INC-7)

General Circular No. 12/2014 (22/05/2014)

Attention of Ministry has been drawn to difficulties being faced by Foreign Nationals while filing Incorporation form (INC-7) due to mandatory requirement of submission of PAN details of intending Directors at the time of filing the application for incorporation....

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CPC(TDS) – Transaction based Report for NRI deductees

CPC(TDS) has introduced a new feature on TRACES for generating Transaction Based Report (TBR) in respect of deductees reported in 27Q TDS Statements. The report provides with a summary of transactions in respect of NRI Deductees who have not reported their PANs (PAN Not Available)...

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ICAI revises syllabus: IPC /Final students May 2015 & onwards exams

Revision of the syllabus for May 2015 examinations and onwards pursuant to enactment of the Companies Act, 2013. As students may be aware, the Companies Act, 2013 has been notified in the Official Gazette on 30th August, 2013 stating that different dates may be appointed for enforcement of different provisions of this Act through notifica...

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Posted Under: CA, CS, CMA |

CBDT releases utility for Tax Audit Report filing for A.Y. 2014-15

Income Tax Department has releases utility for A.Y. 2014-15 for Filing of Tax Audit Report , Transfer pricing Audit Report, MAT Audit , Trust Audit, Special Audit etc. Details of such Audit reports is as follows :- Form 3CA-3CD – Audit report under section 44AB of the Income-tax Act, 1961 in a case where the […]...

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A guide to Car Buying

The influx of numerous automobile companies in India has resulted in much more variety and choice for the people of this nation. Power, mileage, design, etc., each company is known for its own specialty. For example if you desire power, there is Honda and Ford offering you brute power and enhanced pickups. Hyundai and Maruti-Suzuki [&hell...

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Posted Under: CA, CS, CMA |

Applicability of Companies Act, 2013 & rules for CA IPC & Final November 2014 exams

Attention of students is invited to the announcement dated 15th March, 2014 hosted on the students’ portal at http://220.227.161.86/32800bos-announ15mar14.pdf regarding applicability of 53 sections and 45 sections of the Companies Act, 2013 for November 2014 examinations for Intermediate (IPC) and Final Course respectively. ...

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Posted Under: CA, CS, CMA |

Provisions of Companies Act 2013 notified till 30th Sept, 2014 would be applicable for May 2015 exams

This is to bring to the notice of students that the relevant sections of the Companies Act, 2013 notified till 30th September, 2014 would be applicable for May 2015 examinations in respect of the following papers: ...

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Posted Under: CA, CS, CMA |

Place of Provisioning of Services Rules, 2012 (POPS Rules, 2012)

Applicable from 01.07.2012, Section 66B of the Finance Act, 1994 provides that service tax shall be leviable on the value of service provided or agreed to be provided by one person to another within taxable territory. Thus, only services rendered in taxable territory is taxable. Hence, it is essential to determine the place where the serv...

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Posted Under: CA, CS, CMA |

Write a will to ensure your legacy does not get mired in legal disputes

Our last week’s article on Tax Implications of receiving Gifts invited a lot of feedback from our readers, and to be honest we received a total of 108 queries on multifarious aspects of receiving gifts. This was highest feedback we received so far on any of our articles. We have replied to most of them; […]...

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Posted Under: CA, CS, CMA |

Companies exclusively listed on De-recognized/Non-operational Stock Exchanges

CIRCULAR CIR/MRD/DSA/18/2014 (22/05/2014)

The provisions of this Circular are applicable for all those stock exchanges which have not achieved the prescribed turnover of Rs. 1000 Crore on continuous basis on or before May 30, 2014....

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Notification No. 24/2014-Customs (ADD), Dated: 21.05.2014

Notification No. 24/2014-Customs (ADD) (21/05/2014)

Notification No. 24/2014-Customs (ADD) Seeks to levy definitive anti-dumping duty on imports of Methylene Chloride, originating in or exported from the European Union, United States of America and Korea RP for a period of five years from the date of imposition of the provisional anti-dumping duty, that is, 21st October, 2013...

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BJP's Announcements on Tax Front in Election Manifesto 2014

We are producing below the BJP’s announcement on tax from as made by them in their Election Manifesto for 2014 Lok Sabha Elections :- Taxation UPA Government has unleashed ‘Tax terrorism’ and ‘uncertainty’, which not only creates anxiety amongst the business class and negatively impacts the investment climate...

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Posted Under: CA, CS, CMA | ,

Section 54F – Mere letter of allotment cannot be considered as investment in residential house

Shri Rasiklal M. Parikh Vs ACIT (ITAT Mumbai)

Clause (4) of Sec. 54 clearly mention that the amount of net consideration which is not appropriated by the assessee towards the construction of the new asset before the date of furnishing the return of income u/s. 139, shall be deposited by him before furnishing such return (such deposit being made in any case not later than the due date...

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RBI allows advance up to a maximum tenor of 10 years for execution of long term supply contracts for export of goods

RBI/2013-14/597 A.P. (DIR Series) Circular No.132 (21/05/2014)

In view of requests received from exporters, it has been decided to permit AD Category- I banks to allow exporters having a minimum of three years’ satisfactory track record to receive long term export advance up to a maximum tenor of 10 years to be utilized for execution of long term supply contracts for export of goods subject to the ...

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RBI issues Guidelines for import of gold under 20:80 scheme

RBI/2013-14/600 A.P. (DIR Series) Circular No.133 (21/05/2014)

Star Trading Houses / Premier Trading Houses (STH/PTH) which are registered as nominated agencies by the Director General of Foreign Trade (DGFT) may now import gold under 20:80 scheme subject to the following conditions:...

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RBI – Need for Bank Branches / ATMs to be made accessible to persons with disabilities

RBI/2013-14/598 DBOD.No.Leg.BC.113/09.07.005/2013-14 (21/05/2014)

We have been receiving several suggestions from members of public through Government of India and otherwise, on facilitating easy access to bank branches and ATMs by persons with disabilities for undertaking day to day banking transactions. We have examined such suggestions. ...

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CAs cannot undertake assignment of audit & accounting work together for same entity

It has come to the knowledge of some members that certain entities , while inviting tenders for services of chartered accountants for the assignment of statutory audit , are mentioning accounting and book keeping related works in the scope of works required to done by the auditor....

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Posted Under: CA, CS, CMA |

Small Steps to Greatness – for Organizational and Personal Leadership

Why this Article?: This article is aimed to bring some smallest changes in our lives which may lead to long lasting impact on the whole organization we own, we lead, we serve, or the organization where you are holding some managerial or leadership position. Not only for leaders and top management, but these small changes […]...

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Posted Under: CA, CS, CMA |

Delegation of powers under section 458 of Companies Act 2013 to ROCs

Notification No. S.O.1353(E) (21/05/2014)

Central Government hereby delegates to the Registrar of Companies, the power and functions vested in it under the following sections of the said Act, subject to the condition that the Central Government may revoke such delegation of powers or may itself exercise the powers and functions under the said sections, if in its opinion, such a c...

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Delegation of powers u-s 153 and 154 of Companies Act 2013 to RD Noida

Notification No. S.O.1354(E) (21/05/2014)

. In exercise of the powers conferred by section 458 of the Companies Act, 2013 (18 of 2013), and in supersession of the notification of the Government of India, Ministry of Corporate Affairs. published in the Gazette of India, Extraordinary,...

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Delegation of powers under section 458 of CA 2013 to Regional Directors

Notification No. S.O.1352(E) (21/05/2014)

Central Government hereby delegates to the Regional Directors at mumbai, Kolkata, Chennai, Noida, Ahmedabad, Hyderabad and Shillong, the power and functions vested in it under the following sections of the said Act, subject to the condition that the Central Government may revoke such delegation of powers or may itself exercise the powers ...

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Loans & Investments under Companies Act, 2013

CA Praveen Mittal Provisions related to Loans and Investments under Companies Act, 2013 General Powers of board With respect to borrowing of Monies – the board of directors of the company are empowered to borrow monies by means of resolution passed at a meeting of the Board. Such power of the Board may also be […]...

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Developing Invisible capital : For Cost Accountants in Practice – PART 2

In my first article on Invisible capital: For Cost Accountants in Practice I tried my best to give a clear picture about the practicing insights for the new young Cost Accountants. In this series I would like to focus on the key areas where we all go wrong and get into the battle of frustration […]...

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Posted Under: CA, CS, CMA |

One Person Company – Concept, Incorporation , Compliance requirement

The concept of one Person Company in India is brought from the foreign countries. This is brought into India for the smooth running and to form a new legal entity by an individual. Before applicability of the Companies act 2013, an individual legally can form only his sole proprietorship in India and no other option remain to him. ...

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Posted Under: CA, CS, CMA |

Exposure Draft of ASLB on 'Financial Reporting under Cash Basis of Accounting' for public comments

As you would kindly be aware that the Institute of Chartered Accountants of India (ICAI), in the year 2005, constituted the Committee on Accounting Standards for Local Bodies (CASLB) with the primary objective of formulation of the Accounting Standards for Local Bodies (ASLBs)....

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Posted Under: CA, CS, CMA |

For availing exemption u/s. 54F approval of building plan is not necessary

B. Sivasubramanian Vs Income Tax Officer (ITAT Chennai)

The provisions of section 54F mandates the construction of a residential house, within the period specified. However, there is no condition that the building plan of the residential house constructed should be approved by the Municipal Corporation or any other competent authority. If any person constructs a house without approval of build...

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ICAI launches portal to handle activities relating to Exam Observers

Observers Portal-CA Examinations May/June 2014. – (20-05-2014) A web portal, http://observers.icaiexam.icai.org has been developed and put in place, for handling the activities relating to Observers, for the Intermediate (IPC), Final and Post qualification course (IRM) examinations to be held in May/June 2014....

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Posted Under: CA, CS, CMA |

2 Year Imprisonment to Then Superintendent of Central Excise in Bribery Case

Special Judge for CBI Cases, Indore has convicted Shri Rajendra Kumar Arya, then Superintendent (Audit) Service Tax, working in the Office of Commissioner, Central Excise & Customs and Service Tax, Indore and Shri Manish Pal (Private person), in a bribery case. Shri Rajendra Kumar Arya, then Superintendent was sentenced to undergo two...

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Posted Under: CA, CS, CMA |

HC deletes addition on creditors as three ingredients of cash credit been established

Commissioner Of Income Tax Vs Shri Kulbir Singh (Allahabad High Court)

After hearing both the parties, it appears that the A.O. has passed the assessment order under Section 143(3) of the Act, after examining the entire material. The issue relating to the cash credit was also examined by the Tribunal...

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