IMPORTANT ANNOUNCEMENT Zone-shifting of Candidates for 16th June-2013 CPT By CA Manu T George Due to paucity of accommodation in some Zones opted by the candidates in the cities of Chennai, Indore and Mumbai some of the candidates have been allotted examinations centres in the zone other than the zone opted in the said cities. In view of this, it is not possible to accede to the requests of the candidates for transfer to an examination centre in a particular zone of the city opted by them.
Revision of Fee for all GMCS Course(s). By CA Andrew F Thomas The Council at its 324th Meeting held in April, 2013 decided that with effect
from 1st July, 2013 fee for the General Management and Communication Skills
(GMCS) Course i.e. existing GMCS Course, GMCS I and GMCS II courses shall
be Rs. 5,500/- per participants for each course.
States favour compensatory VAT, industry may resist By CA Devender Singh State governments are likely to favour a system in which they will not be dependent on another state to get their share of tax revenue in interstate trade under the proposed goods and services tax (GST).
Flat owners in country's tallest towers take on builder over VAT By CA S K Verma Trouble is brewing at The Imperial, India's tallest twin 60-storey residential towers at MP Mill compound in Tardeo. For the past few months, residents have been embroiled in a legal dispute with the developer, S D Corporation (SDC), over the latter's demand for value-added tax (VAT).
Markets may not gain sharply despite friendly Budget 2013 By CA Manu T George Ever since returning as the Finance Minister, P Chidambaram has been instrumental in introducing a slew of reform measures to perk up a sluggish economy. A fiscally prudent and balanced budget is what the markets are expecting from the Finance Minister.
Markets end session on a firm note By CA Manu T George The markets trimmed gains but continued to witness positive trades in afternoon deals, buoyed by index heavy-weight RIL, Consumer Durables, Capital Goods and Metal shares. The BSE Sensex is at 17,604, up 126 points and the Nifty at 5,358, up 40 points.
Asian markets rally, small savings rates hiked and more By CA S K Verma Asian markets rose on Tuesday as they reversed a two-day losing streak. The MSCI Asia Pacific index and the Japanese Nikkei index rose 1 per cent each as weak Asian currencies benefit export oriented Asian economies.
Protecting your interest in case of tax adjustments By CA Andrew F Thomas In many cases they have no idea of what is actually happening as the tax department undertakes adjustments according to the information available with them while the taxpayer is working on the basis of some other detail.
FinMin to send letters to 70K tax non-filers By CA Andrew F Thomas Encouraged by the results of letters sent to non-filers of income tax returns earlier, the finance ministry is in the process of sending 70,000 more letters to high-priority assessees who have not filed their returns, asking them to disclose their true income and pay tax in the current financial year.
Home loan prepayment fee eligible for tax benefit By CA S K Verma A ruling by the Mumbai bench of the Income Tax Appellate Tribunal spells welcome relief for taxpayers who have paid huge sums as prepayment or foreclosure charges on early repayment of their housing loans.
Steering Indian tax laws towards safe harbours By CA Mayank Jain True to his commitment towards enabling a non-adversarial tax administration, especially for transfer pricing, Finance Minister P. Chidambaram, in his budget speech, set March 31, 2013, for submission of all expert committee reports. The transfer-pricing safe harbours are expected in the coming months.
UPDATING TAX OFFICIALS' KNOWLEDGE OF LAW PRESS RELEASE By CA Atul Gupta The assessing officers undergo in-depth training on direct tax at the induction stage at National Academy of Direct Taxes, Nagpur (NADT) and the seven subordinate Direct Taxes Regional Training Institutes (DTRTIs) located across the country and on indirect tax at National Academy for Customs,
Lawyers should not evade service tax By CA Nilesh Sahu With effect from July 2012, structural changes have been made in the service tax law in India. Notable among such changes is the introduction of a small negative list of services and the setting aside of definitions of various services that were taxed earlier.
CBDT for new laws, strict penalties to deal with By CA Rashmi Sharma A CBDT panel on black money has suggested enactment of new laws, strengthening of existing legislation and introduction of deterrent penalties for tax offences to deal with the menace.
Will tax laws ever be simplified? By CA Ojas Aggarwal Various finance ministers in India have from time to time expressed their desire to simplify the income-tax law. The Direct Taxes Code (DTC) was also originally meant to simplify tax laws, but will probably end up complicating the law even more.
Students can no longer study commerce and CA together By CA Atul Gupta With the four-year degree course, students can no longer study chartered accountancy and a baccalaureate of commerce together. This will come as a setback to those students who were planning to pursue both these qualifications simultaneously.
CA students win Chennai round of TATA quiz By CA S K Verma Two students from the Institute of Chartered Accountants of India (ICAI), Chennai walked away with the first prize, at the regional round of the Tata Crucible Campus quiz 2013, held here on Sunday. Bhargav K and Francis Anto will compete with winners from seven other cities in the North Zone finals of the quiz.
CA results: Ahmedabad rocks, 10 students figure in top 50 By CA Devender Singh As the Institute of Chartered Accountants of India (ICAI) announced results of the final Chartered Accountants (CA) on Monday, 10 students from Ahmedabad found themselves among the top 50 in the country. It means that 20% of the toppers in CA final exam belong to apnu Amdavad!
More youths should take up chartered accountancy’ By CA Rashmi Sharma More young people should take up chartered accountancy for study as it is inexpensive and offers good job opportunities, Vijay Kapur, Director, Board of Studies, Institute of Chartered Accountants of India (ICAI), has said.
CA final result out, 3 from Ahmedabad in top 50 By CA Nilesh Sahu City girl Roshni Khanwani ranked 18th in the country in the chartered accountancy (CA) final examination. Three students from the city ranked in the top 50. Kunal Bindra secured 23th rank while Archit Singhla ranked 29th.
National CA students convention in Ludhiana By CA Ojas Aggarwal The city based branch of the Institute of Chartered Accounts of India is hosting the National CA Students Convention in Ludhiana on 24th and 25th June 2012 at Kundan Vidya Mandir school auditorium, Civil Lines.
CAcophony 2012, Annual Fiesta for CA Students By CA Atul Gupta Udaipur branch of CICASA (Central Indian Chartered Accountant Student’s Association) and CIRC (Central India Regional Council) of ICAI are organizing a two day festival for CA students “Cacophony”, on 9th and 10th June.
CIT Vs. AKME PROJECTS LTD By CA S K Verma This is an appeal by the revenue against the order dated 28.12.2011 passed by the Income Tax Appellate Tribunal, New Delhi, in ITA No. 3276/Del/11 relating to the assessment year 2008-09. The appeal was admitted for hearing on 15.10.2012.
NEW DELHI HOTELS LTD Vs. ACIT By CA Ojas Aggarwal The present appeals have been filed on behalf of the assessee under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the "said Act") challenging the order dated 07.12.2012 passed by the Income Tax Appellate Tribunal.
Case Status of High Court of Bombay By CA S K Verma It is an information system designed to provide information on pending and disposed cases of High Court of Bombay on Internet for advocates, litigant public and judges of lower courts.
DCIT vs. Ashish Jhunjhunwala (ITAT Kolkata) By CA Mayank Jain In AY 2009-10, the assessee earned tax-free dividend of Rs. 32 lakhs on investments that had been made in earlier years. The assessee claimed that as he had not incurred any expenditure to earn the dividend income, no disallowance u/s 14A was permissible.
India can consider Shared Auditing System By CA Andrew F Thomas As government is contemplating to more accountability on auditors, shared auditing can be the answer to many problems as the audit firms will be compelled to keep check on books which will lead to greater transparency.
‘Our objectivity critical to media audit' By CA Devender Singh Audit and advisory company Spatial Access Media Solutions recently launched a new logo and restructured its services under three SBUs (strategic business units).
HC wants all audit records on NRHM funds By CA Rashmi Sharma The Lucknow bench of the Allahabad High Court on Thursday summoned all audit reports pertaining to utilisation of NRHM funds in UP, prepared by the state and central teams.
Audit firms may also face action in Satyam-like cases By CA Andrew F Thomas New Companies Bill to propose equal responsibility of auditors, firms. Unlike in the multi-crore Satyam fraud, audit firms will not be able to wash their hands of corporate scams perpetrated by companies in connivance with their partner auditors.
Audit report: Funds diverted in dargah By CA Mayank Jain The 2009 audit report has blamed a few members of dargah committee in Ajmer of allegedly misusing donors' fund. The committee comprising nine members, including the president appointed by the Union ministry of minority affairs
Regarding issues related to transmission of trade data By CA Nilesh Sahu A Committee under the chairmanship of DG NIC with representatives of Department of Commerce and Department of Revenue had been constituted to consider the issues of timely and accurate transmission of trade data and give its recommendations.
Make your financial budget more effective By CA Atul Gupta Swelled budget is as bad as an excess fat in your body. Excess fat can be burned by exercise while swelled budget can be taken care of by discipline. Budget deficits are not the problem of Indian government alone. In the modern day life, individuals face similar problems.
Slew of budget plans get cabinet approval By CA Manu T George Giving its nod to the revenue-boosting measures proposed in the March-18 budget, the state cabinet on Friday cleared various tax proposals expected to generate around 150 crore as additional revenue.
Tax-free budget a farce By CA Devender Singh Terming the SAD-BJP government’s “tax free” budget as a fraud on public, the Punjab Pradesh Congress Committee (PPCC) on Thursday announced to soon expose the current regime by issuing a white paper on “indirect” taxes worth over Rs. 3000 crores imposed by subverting the democratic process.
Delhi budget: No new taxes announced ahead of polls By CA Andrew F Thomas Delhi chief minister Sheila Dikshit refrained from raising or imposing new taxes in the budget for the year starting 1 April and proposed incentives for small traders ahead of assembly election in Delhi later this year.
Sales tax officer slashes wife’s hand after dispute By CA Devender Singh A deputy commissioner of sales tax allegedly slashed his wife’s left arm while trying to stab her in the stomach following a heated argument between the couple at their Borivli residence on Thursday night.
Fifth Schedule - List of dealers exempted from paying tax on sale of goods By CA Devender Singh Subject to the conditions specified hereinunder, the sale in Delhi made by the Canteen Stores Department to Regiment or Unit-run canteen or canteen contractors approved by the Government of India (hereinafter referred to as ‘canteens’) or to the members of the Armed Forces, or by the canteens to the members of the Armed Forces.
Rupee drops on weak shares; inflation eyed By CA Nilesh Sahu The Indian rupee fell on Friday tracking losses in local shares, which raised worries of foreign investors continuing to pull out funds from Asia's third-largest economy
ITO vs. LKP Securities Ltd (ITAT Mumbai) By CA Atul Gupta In AY 2008-09 the assessee collected employees’ contribution to the Provident Fund and ESIC but did not pay it within the due date prescribed by the relevant legislation. The amount was, however, paid before the due date of filing the ROI.
MNC Hiring 4 Chartered Accountant, Finance Process By CA Ojas Aggarwal Salary:INR 1,50,000 - 2,25,000 P.A Functional Area: Accounts, Finance, Tax, Company Secretary, Audit Education:(UG - B.Com - Commerce, B.B.A - Management) AND (PG - MBA/PGDM - Any Specialization, ICWA, CA, CS, M.Com - Commerce)
16 Opening Chartered Accountant | Finance Assistant | Accounts Assistant By CA Devender Singh Salary:INR 1,50,000 - 4,00,000 P.A. Incentives,bonous Functional Area: Accounts, Finance, Tax, Company Secretary, Audit ducation:(UG - Any Graduate - Any Specialization, Graduation Not Required) AND (PG - Any Postgraduate - Any Specialization, Post Graduation Not Required) AND ( Doctorate - Any Doctorate - Any Specialization, Doctorate Not Required)
Central Board of Direct Taxes Update By CA Mayank Jain The CBDT is a part of Department of Revenue in the Ministry of Finance. On one hand, CBDT provides essential inputs for policy and planning of direct taxes in India,at the same time it is also responsible for administration of direct tax laws through the Income Tax Department.
Direct tax arrears jump 94% in 3 years By CA S K Verma Though the revenue demand in tax cases have gone up dramatically — arrears in direct taxes increased in FY13 to R4,82,027 crore from R3,33,079 crore in FY12 and R2,48,927 crore in FY11,
I-T Dept: Digitisation needs manpower to process data By CA Rashmi Sharma InfosysBSE 1.19 % Ltd, country's No. 2 software services exporter, said on Monday it would challenge a Rs 577 crore ($105.3 million) income tax demand raised by income tax department earlier this month.
Some headway in local body tax talks, but stir still on By CA Ojas Aggarwal A meeting between chief secretary J K Banthia, government officials and the Poona Merchants' Chamber in Mumbai on Friday brought some hope as the government has verbally agreed to act upon 20 of the 23 changes suggested by the traders in the local body tax (LBT) law.
COMMISSIONER OF INCOME TAX-VI Vs. TIMES BUSINESS SOLUTION LTD. By CA Ojas Aggarwal This appeal by the revenue is directed against the order of Income Tax Appellate Tribunal dated 31.08.2012 in ITA No. 629/Del/2012 pertaining to the assessment year 2007-08. The assessing officer had disallowed a sum of `. 3,63,31,532/- which had been shown by the assessee as bad debts written off.
COMMISSIONER OF INCOME TAX-(C)-III Vs. FLEX FOODS LTD By CA Atul Gupta These appeals by the revenue are in respect of the assessment years 2003-04 and 2004-05 and arise out of the common order passed by the Income Tax Appellate Tribunal on 17.04.2012 in ITA Nos. 4880-4881/Del/2011,
High court discharges tainted excise commissioner’s aide By CA Ojas Aggarwal More than nine years after the Central Bureau of Investigation (CBI) arrested former Central Excise Commissioner Prahlad Kumar Ajwani on corruption charges, it suffered a setback a few days ago when the Bombay High Court discharged a builder accused of helping Ajwani.
Delhi government gives its nod to the new Excise Policy for 2013-14 By CA Atul Gupta Delhi Cabinet today gave its approval for setting up of Dialysis Centres in six Delhi Government major hospitals. It also gave its nod to the new Excise Policy for 2013-14. The decisions were taken at a Cabinet Meeting chaired by the Chief Minister Sheila Dikshit.
Customs duty hike on granules hits polymer processors By CA Devender Singh The recent decision to raise customs duty on plastic granules from five per cent to 7.5 per cent is likely to hit the polymer processing industry hard, which is already reeling under slowdown in demand.
Mergers & amalgamations: Practical issues in Cenvat By CA S K Verma The general philosophy in tax is that a merger or demerger, acquisition or sale should be tax neutral, as far as possible. This is particularly true in case of indirect tax, which is supposed to be a tax collected from the customer, not imposed on the business.
Tread cross-border mergers cautiously By CA Andrew F Thomas The new Companies Bill 2012, which is awaiting approval by the Rajya Sabha before it becomes law, permits the merger of Indian companies with foreign companies but those eyeing such an option should tread cautiously.
Mergers and acquisitions undermine innovation: IIM-Ahmedabad study By CA Nilesh Sahu Innovation suffers when mergers and acquisitions of companies take place. A study by the Indian Institute of Management, Ahmedabad (IIM-A) has found that the firms in industries with greater research and development (R&D) efforts in the past, larger participation of multinational companies,
IT buildings to pay hiked property tax from Oct 2012 By CA Devender Singh The revised property tax for IT buildings is likely to be collected from the half-yearly period starting October, 1 2012. The Chennai Corporation Council on Wednesday passed a resolution seeking government approval to increase the property tax for buildings housing IT companies from the second half of 2012
What to do when you get an income tax notice? By CA Devender Singh Do you know that your tax return may be picked for random scrutiny? It is quite possible that you receive a notice from the Income-Tax Department for old dues or ambiguous income. Sending scrutiny notice under section 143 (3) has become a style for the department to develop seriousness in people regarding tax compliances.
Digital signature: Next step on indirect tax By CA Manu T George The Information Technology Act (IT Act) was enacted in India in the year 2000. Its primary objective was to provide legal recognition and an enabling framework for transactions carried by electronic means, referred to as 'e-commerce'.
Parliament heads for gridlock as consent on financial reform bills unlikely By CA Rashmi Sharma The government is entering a distinctly familiar situation: a paralysing parliamentary stand-off with the opposition over a new set of issues that include a leaked JPC report that absolves Prime Minister Manmohan Singh and Finance Minister P Chidambaram of any wrongdoing in controversial
NBA players take high-stakes fight to court By CA Ojas Aggarwal The NBA lockout now shifts to the American courts after the players union decided on Monday it was time to "push back" and reject the latest offer from the owners.