"04 August 2015" Archive

Need For Management and Personal Development

We all are professionals, CA, CS, Bankers, Tax Consultants, lawyers etc. and in this fast life we all want to be successful. Everyone thrives to be at the top, to be seen by all the people, to be appreciated, rewarded, most of all to be accepted. All we need is people to approve of us, of our habits, the way we do things. ...

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Posted Under: CA, CS, CMA |

Welcome to Excise Duty

In India, there are huge numbers of list for taxes, which are paid for different purposes. Such as Income tax, VAT, CST, Service tax, Customs, Octroi/LBT, Entertainment Tax Etc. All these taxes have aim to collect for some reason and its help to Indian Economy. One Such tax which is existing in the manufacturing Sector is the Excise Duty....

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Posted Under: CA, CS, CMA |

Negligence and Medical Profession

The skill of medical practitioners differs from doctor to doctor. The very nature of the profession is such that there may be more than one course of treatment which may be admissible for treating a patient. Courts would indeed be slow in attributing negligence on the part of a doctor if he has performed his duties to the best of his abil...

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Posted Under: CA, CS, CMA |

Prohibition on Forward Dealings In Securities by Director or Key Managerial Personnel

Amitav Ganguly {New Section 194 of the Companies Act 2013} BACKGROUND There exist well established judicial precedents as well laws that the directors have fiduciary obligations and also duties to act reasonably and honestly in the best interests of the companies where they hold such positions. Their duties emanate due to holding position...

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Posted Under: CA, CS, CMA |

Service Tax Registration Procedure and Documents required

A person who provides a taxable service is required to mandatorily apply for service tax registration if the value of the services provided by him in a particular financial year exceeds a threshold (currently Rs 10 lakh per annum). The service tax rules mandates online application for registration and created a websites named ACES fot thi...

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Posted Under: CA, CS, CMA |

ICAI seeks members consent for inclusion of E-mail address in Voters List

 Election 2015 – Inclusion of E-mail address in the List of Voters. As you may be aware, the next Elections to the Council and Regional Councils are scheduled to be held on 4th and 5th December, 2015 in cities having 2500 or more members and on 5th December, 2015 in other cities/towns having 25 members […]...

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Posted Under: CA, CS, CMA |

Value of Friendship

Friendship is the best relationship that a person should have to lead a more meaningful life in this world, next only to the Family system. An understanding spouse is the best friend in married life. When elders treat the juniors as friends, peace and happiness are sure to prevail....

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Posted Under: CA, CS, CMA |

Management Services and the Auditors

CA Kamal Garg 1. Introduction Section 141(3)(i) of the Companies Act, 2013 states any person whose subsidiary or associate company or any other form of entity, is engaged as on the date of appointment in consulting and specialised services as restricted for statutory auditors in section 144, shall be disqualified for appointment as audito...

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Posted Under: CA, CS, CMA |

Notice served by ‘speed post’ is as valid as ‘registered post’ in the eyes of Law

Color Craft Vs ITO (ITAT Mumbai)

ITAT Mumbai In the case of Color Craft v ITO held that the notice sent through the 'speed post' is totally valid in the eyes of law as 'registered post'. The Hon’ble Tribunal while substantiating their decision relied on section 27 of General Clauses Act which mentions about 'service by post'...

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Valuation of Derivatives can be done at cost or market price whichever is lower

DCIT Vs M/s ECAP Equities Ltd. (ITAT Mumbai)

In the present facts of the Case the Hon’ble Tribunal completely relied on the Judgment of M/s. Indsec Securities & Finance Ltd., ITA No. 4236/M/2012, where it was observed that Derivatives are also Stock-in-trade and accordingly the valuation will be done....

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