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Tuesday, September 6, 2016

Fwd: Development and Growth Practices for Practicing Professionals


---------- Forwarded message ----------
From: Suneel Kumar Appaji., FCA <appajiappaji@gmail.com>
Date: Tue, Sep 6, 2016 at 11:27 AM
Subject: Development and Growth Practices for Practicing Professionals
To:


Dear Member (s) of ICAI

The subject am dealing is - Development and Growth Practices for Practicing Professionals

As at 01/04/2015, there were 60557 CA firms  of which 18749 were partnership firms and 41808 proprietorship firms. As at the same date, the number of Practicing CA are 115540 (includes 8340 part-time practitioners). Based on the above data, 65392 members are in partnership plus individuals practicing without firm name. If we assume the number of practitioners without firm as - zero- (for calculation purposes, 18749 firms have 63592 partners that is average firm size is 3 and lower. 

The number of firms with 10 and more partners are not more than 200 in India for various reasons including restrictions of statute. However, the restrictions are now removed - The Council of the Institute has clarified that the earlier restriction of maximum of 20 partners permitted for firms under section 11 of the Companies act, 1956 is no more applicable to the firms as Section 464 of the Companies Act, 2013 has been notified w.e.f 01.04.2014 wherein sub-section (1) provides for a maximum number of partners permissible for business firms at 100 and sub-section (2) provides that nothing in sub section (1) shall apply to an association or partnership, if it is formed by professionals who are governed by special Acts. Accordingly, as per proviso to the said section, Chartered Accountants firms are now allowed to be registered/reconstituted with more than 20 partners w.e.f 01.04.2014 under the Indian Partnership Act as in the case of a firm under the Limited Liability Partnership Act. 

Even after the law is amended, the average number of partners in firms is not increasing - in SME firms ; however, large firms or firms with 10+ partners have already in the process of increasing the number to 50+. Now I I come to the consolidation aspect. As already stated, supra, due to various apprehension among members firms and firm's size is not increasing and am ready to help removal of such apprehensions from your minds and also give a strategy to form a firm with large numbers that can sustain for long.  

The proposal I suggest to you will in noway violate any of the existing guidelines issued by Council of ICAI or CA Act or regulations and also ensure no loss of revenues to you  in the long run. The mechanism is such that you will be rewarded for every aspect and in certain aspects you must agree for CAS (Compromises and Adjustments and temporary Sacrifices) 

If you want larger cake and are willing to work in teams, please attend the meeting that I propose to conduct. In the words of George Bernard Shaw  - "Progress is impossible without change, and those who cannot change their minds cannot change anything"

Please confirm to me your interest on my mobile number - 9246394375 or 9849010302 - (both are having whatsapp too)   giving their mobile number, email and other particulars they wish to give so that I can send a document to be filled in by you before attending the meeting. The meeting will be held in Hyderabad and the meeting will be conducted as ROUND TABLE. The meeting will be from 9.30 AM to 5 PM on 08/10/2016 and exact place and further details will be shared with those who are interested. 

TO GAIN THE KNOWLEDGE YOU NEED TO INVEST;  YOU HAVE TO INVEST YOUR TIME, COSTS TOWARDS TRAVELING & BOARDING TO ATTEND THE MEETING AND ALSO HAVE TO SHARE THE COST OF MEETING

Please send message ( whatsapp or sms) on 9246394375 or 9849010302 or email at appaji@appaji.com

--
Suneel Kumar Appaji FCA
Knowledge Architect & Management Adviser
99893 1030290147 10302

Twitter: creativeappaji


Monday, July 18, 2016

Solutions for Difference in name as per PAN and as per ICAI records



Dear Member,
Greetings from ICAI
In case you are unable to register your DSC on MCA portal because your name in the PAN card is not as per the ICAI records, you may send fill up the form in the given link :-
http://online.icai.org/app_forms/panupdate/index.html
And kindly attach a scanned copy of your PAN card along with copy of any of the documents in which your name is as in your PAN card
Passport
Aadhar Card
Driving License
Bank passbook with a photo affixed and duly signed by the bank
Voters' Identity card
This will enable us to carry out the necessary alignment to ICAI records to share the same to MCA for their further actions.
Secretary
ICAI
-Regards
CA. C. V. PAWAR

Wednesday, June 15, 2016

REQUIRED EXPERIENCED ACCOUNTANT

We have vacancy in our office for an Accountant with experience in the area of account writing, income tax return filling, vat return filling etc.

The interest candidates invited for interview with prior appointment.


Regards,
-------
CA.C.V.PAWAR
PATIL DAWARE GIRASE PAWAR & ASSOCIATES
CHARTERED ACCOUNTANTS
0253-2319641. M-9423961209

INDIAN CA - NURTURED IN INDIA, GROOMED FOR THE WORLD

Tag: required accountant at nashik, required experience accountant in chartered accountants office at nashik, job for accountant at nashik, 

Thursday, June 9, 2016

FAQ'S On Ocean Freight

Dear Sir/Madam

 

The Central Government, vide budget 2016-17, has brought levy of Service Tax on 'freight paid on transportation of goods by an aircraft or a vessel from a place outside India to the customs station of clearance in India' with effect from 1st June, 2016.

 

Please click on the link below to find FAQ's on the same.

 

G – Goods

S – Service Tax-FAQ's on Ocean Freight

C - Customs


Thursday, May 26, 2016

Due Date for filing TDS Returns changed from 1st June.2016


Due Date for filing TDS Returns changed from 1st June.2016
June Quarter: 31st July
Sep: 31st October
Dec: 31st January
March: 31st May

(The date of payment of TDS are continue to be same)
👆🏻Pls note the change

Regards,
-------
CA.C.V.PAWAR

Tuesday, May 3, 2016

Pranayama – To avoid high altitude sickness

Pranayama – To avoid high altitude sickness

Pranayama – the correct way to breathe is to inhale through the nose and the stomach has to expand, then exhale through the nose while contracting the muscles of the stomach. Contrary to what most Physical Education teachers or instructors today teach. That's just one of the lessons learnt in a Rig Veda class.

Tips when you are up there at the peak – Breath right, eat well, plan right!

Pranayama is a breathing technique introduced by the sages (ancient time scientist, enlighten soul) for general well-being after mediating for years in the Himalayas.

Pranayama is best to avoid high altitude sickness and other respiratory problems when you are at a higher altitude.

Breath right! Breathing is essential for lengthening life and staying alive. Thin but clean air will change you with positive thoughts and free you from pollution. Also, due to the beauty of the peaks you might go breathless. Anyway, inhale with stomach OUT and exhale with stomach IN! Breath right like a baby.
"Follow the baby not the Mummy!"

High altitude might catch you when you are on top before that get fit before you head up!
Plan yourself well with daily breathing exercise and be physically fit. Breath in with stomach OUT and breath out with stomach IN.
Eating garlic and drinking lots of water will help you further to self- sustain at the peak. Also, to be safe get your group a breathing aid. Oxygen tank for a group will do depending on individuals.

In short,

  • Breath right
  • Plan right
  • Eat well

 

Regards,
-------
CA.C.V.PAWAR
PATIL DAWARE GIRASE PAWAR & ASSOCIATES
CHARTERED ACCOUNTANTS
0253-2319641. M-9423961209

INDIAN CA - NURTURED IN INDIA, GROOMED FOR THE WORLD

F

ITR (TRIB) Volume 47 : Part 5 (Issue dated : 2-5-2016)



 

ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))--PRINT AND ONLINE EDITION

ONLINE EDITION

SUBJECT INDEX TO CASES REPORTED

Business expenditure --Disallowance--Brokerage--Assessee submitting invoice of broking company containing full particulars--Disallowance not permissible on basis of presumptions--Relief granted by Commissioner (Appeals) confirmed--Disallowance sustained by Commissioner (Appeals)--Matter remanded--Income-tax Act, 1961, s. 37-- Fatema Jaffer Ghadiali allias Fatema Yusuf Rajkotwala v. ITO
(Mumbai) . . . 456

----No objection certificate charges for sale of flats--Allowable--Income-tax Act, 1961, s. 48-- Fatema Jaffer Ghadiali allias Fatema Yusuf Rajkotwala v. ITO
(Mumbai) . . . 456

Capital gains --Exemption--Investment of gains in residential property--Discrepancy in date of payment--Matter remanded for verification--Income-tax Act, 1961, s. 54-- Fatema Jaffer Ghadiali allias Fatema Yusuf Rajkotwala v. ITO
(Mumbai) . . . 456

----Long-term capital gains or short-term capital gains--Flat allotted to assessee in 2006--Assessee obtaining right to hold property and period of holding to be reckoned from that date--Holding period of flat sold by assessee more than 36 months--Long-term capital gains--Income-tax Act, 1961-- Fatema Jaffer Ghadiali allias Fatema Yusuf Rajkotwala v. ITO(Mumbai) . . . 456

Depreciation --Purchase of business by assessee as going concern including trade mark--Person in whose name trade mark registered assigning rights to assessee--That assessee not registered owner not material--Assessee entitled to depreciation in respect of trade mark--Income-tax Act, 1961, s. 32-- Trio Elevators Co. (India) Ltd. v. Asst. CIT (Ahd) . . . 435

Export --Exemption--Approval granted by designated officer under Software Technology Park Scheme--Constitutes satisfaction of requirements contemplated under section 10B--Quoting wrong provision of law not reason to deny relief--Assessee entitled to exemption under section 10A too--Income-tax Act, 1961, ss. 10A, 10B-- ITO v. Wizard Enterprises P. Ltd. (Kolkata) . . . 442

Speculation transaction --Speculative loss--Assessee, a diamond exporter--Loss in cancellation of foreign currency forward contracts--Integral or incidental to export activity of assessee--Transactions not speculative--Loss deductible--Income-tax Act, 1961, s. 43(5)--Hiraco India P. Ltd. v. Deputy CIT (Mumbai) . . . 467

 

PRINT EDITION

Volume 47 : Part 5 (Issue dated : 2-5-2016)

SUBJECT INDEX TO CASES REPORTED IN THIS PART

Advance tax --Interest--Book profit--Inclusion of amounts in terms of Explanation 1(i) to section 115JB with retrospective effect from 1-4-2001--No interest can be charged by virtue of retrospective amendment under section 115JB--Income-tax Act, 1961, ss. 115JB, 234B--NHPC Ltd. v. Asst. CIT (Delhi) . . . 561

Business expenditure --Disallowance--Foreign bank--Head office expenditure--Offshore remuneration to expatriate employees rendering services in Indian branches of assessee--Assessing Officer to verify whether expenditure included for purposes of section 44C--Income-tax Act, 1961, ss. 37, 44C-- Royal Bank of Scotland N. V. v. Deputy DIT (International Taxation) (Kolkata) . . . 513

----Staff welfare expenses and repair and maintenance expenses--Expenses not incurred for personal benefit--Authorities to consider claim in reasonable and practical manner--Disallowance not proper--Income-tax Act, 1961, s. 37(1)-- Mahendra Kumar Saha v. Asst. CIT (Cuttack) . . . 590

Capital or revenue expenditure --Lease rentals--Right to use assets for which lease rentals paid--Treatment of lease rental in books of account is of no relevance--Deductible--Income-tax Act, 1961-- Royal Bank of Scotland N. V. v. Deputy DIT (International Taxation) (Kolkata) . . . 513

Charitable purpose --Computation of income--Depreciation--Cost of assets allowed earlier as application of income--Assessee not entitled to depreciation on opening balance of written down value of assets--Income-tax Act, 1961, ss. 11, 32-- Sri Ram Samaj v. Joint DIT (Exemptions) (Chennai) . . . 629

----Exemption--Receipts from letting out community hall and marriage hall--For and on behalf of trust and not business held under trust--Not incidental to attainment of objects--Business income--Section 11(4A) applicable--Assessee not entitled to exemption--Income-tax Act, 1961, ss. 2(15), 11, 11(4A), 12AA-- Sri Ram Samaj v. Joint DIT (Exemptions) (Chennai) . . . 629

----Registration--Pre-qualification for claiming exemption--Educational institution--Failure by authorities to show objects of trust not charitable or not genuine--Assessee establishing that it was created for charitable purposes including educational activity and using its funds for purpose of educational activities--Eligible for registration--Income-tax Act, 1961, s. 12A--Shree Balaji Educational Trust v. CIT
(Delhi)
 . . . 595

Deduction of tax at source --Foreign bank--Interest paid to head office and other branches outside India--Jurisdictional High Court in assessee's own case for earlier years holding no tax need to be deducted at source--Bank deducting tax at source for subsequent years and remitting to Exchequer--Bank entitled to refund--Matter remanded--Income-tax Act, 1961, s. 195-- Royal Bank of Scotland N. V. v. Deputy DIT (International Taxation) (Kolkata) . . . 513

Depreciation --Higher rate of depreciation--Automated teller machine--Computerised machines not only allowing customers to withdraw money but check account balance, pay bills, purchase goods and services and linked with main server--Entitled to higher rate of depreciation--Income-tax Act, 1961-- Royal Bank of Scotland N. V. v. Deputy DIT (International Taxation) (Kolkata) . . . 513

Industrial undertaking --Special deduction--Option of choosing initial assessment year wholly upon assessee--Losses can be set off against income of assessee--No notional carry forward up to initial assessment year--Income-tax Act, 1961, s. 80-IA-- Deputy CIT v. Yamuna Power and Infrastructure Ltd.
(Chandigarh) . . . 533

Non-resident --Taxability--Rate of tax--Foreign bank registered as scheduled bank in India having permanent establishment--Taxable under relevant Finance Act--Double Taxation Avoidance Agreement between India and the Netherlands, art. 7--Income-tax Act, 1961--Royal Bank of Scotland N. V. v. Deputy DIT (International Taxation) (Kolkata) . . . 513

Penalty --Search and seizure--Undisclosed income--Disclosure petition--Immunity--Additional income not disclosed in original return--Disclosure petition filed after search substantiating reasons for offering additional income--Assessee entitled to immunity from levy of penalty--Income-tax Act, 1961, ss. 132(4), 271AAA(2)-- Deputy CIT v. Salasar Stock Broking Ltd.(Kolkata) . . . 616

Rectification of mistake --Book profit--Computation of income under section 115JB--Change of law--Provision for deduction of bad and doubtful debts considered and decided by Commissioner (Appeals)--Rectification to be made by Commissioner (Appeals) only--Assessing Officer cannot invoke rectification provisions--Order passed under section 154 invalid--Income-tax Act, 1961, ss. 115JB, 154(1A)-- NHPC Ltd. v. Asst. CIT (Delhi) . . . 561

Revision --Commissioner--Condition precedent--Amalgamation of companies--No provision for communication of factum of amalgamation to Commissioner--Amalgamating company loses its identity and no proceedings can be taken in its earlier name--Initiation of revision proceedings against amalgamating company after date of amalgamation--Not valid--Income-tax Act, 1961, s. 263-- Milestone Tradelinks P. Ltd. v. ITO (Ahd) . . . 606

Search and seizure --Assessment of third person--Undisclosed income--Addition on ground assessee did not have sufficient income--Failure by Department to prove claim of assessee factually incorrect--Addition not sustainable--Income-tax Act, 1961, s. 153C-- Asst. CIT v. Goodview Trading P. Ltd. (Delhi) . . . 555

Transfer pricing --International transactions--Arm's length price--Procedure to be followed by Assessing Officer to pass a draft assessment order is mandatory--No option to Assessing Officer to pass or not to pass draft assessment order--No draft order provided to assessee before passing final order--Order not valid--Income-tax Act, 1961, s. 144C-- Asst. CIT v. Getrag Hi Tech Gears Pvt. Ltd. (Chandigarh) . . . 545

 

SECTIONWISE INDEX TO CASES REPORTED IN THIS PART

Double Taxation Avoidance Agreement between India and the Netherlands

Art. 7 --Non-resident--Taxability--Rate of tax--Foreign bank registered as scheduled bank in India having permanent establishment--Taxable under relevant Finance Act-- Royal Bank of Scotland N. V. v. Deputy DIT (International Taxation)
(Kolkata) . . . 513

Income-tax Act, 1961

S. 2(15) --Charitable purpose--Exemption--Receipts from letting out community hall and marriage hall--For and on behalf of trust and not business held under trust--Not incidental to attainment of objects--Business income--Section 11(4A) applicable--Assessee not entitled to exemption-- Sri Ram Samaj v . Joint DIT (Exemptions)
(Chennai) . . . 629

S. 11 --Charitable purpose--Computation of income--Depreciation--Cost of assets allowed earlier as application of income--Assessee not entitled to depreciation on opening balance of written down value of assets-- Sri Ram Samaj v . Joint DIT (Exemptions) (Chennai) . . . 629

----Charitable purpose--Exemption--Receipts from letting out community hall and marriage hall--For and on behalf of trust and not business held under trust--Not incidental to attainment of objects--Business income--Section 11(4A) applicable--Assessee not entitled to exemption--Sri Ram Samaj v . Joint DIT (Exemptions)
(Chennai) . . . 629

S. 11(4A) --Charitable purpose--Exemption--Receipts from letting out community hall and marriage hall--For and on behalf of trust and not business held under trust--Not incidental to attainment of objects--Business income--Section 11(4A) applicable--Assessee not entitled to exemption-- Sri Ram Samaj v . Joint DIT (Exemptions)
(Chennai) . . . 629

S. 12A --Charitable purposes--Registration--Pre-qualification for claiming exemption--Educational institution--Failure by authorities to show objects of trust not charitable or not genuine--Assessee establishing that it was created for charitable purposes including educational activity and using its funds for purpose of educational activities--Eligible for registration-- Shree Balaji Educational Trust v. CIT
(Delhi)
 . . . 595

S. 12AA --Charitable purpose--Exemption--Receipts from letting out community hall and marriage hall--For and on behalf of trust and not business held under trust--Not incidental to attainment of objects--Business income--Section 11(4A) applicable--Assessee not entitled to exemption-- Sri Ram Samaj v . Joint DIT (Exemptions)
(Chennai) . . . 629

S. 32 --Charitable purpose--Computation of income--Depreciation--Cost of assets allowed earlier as application of income--Assessee not entitled to depreciation on opening balance of written down value of assets-- Sri Ram Samaj v . Joint DIT (Exemptions) (Chennai) . . . 629

S. 37 --Business expenditure--Disallowance--Foreign bank--Head office expenditure--Offshore remuneration to expatriate employees rendering services in Indian branches of assessee--Assessing Officer to verify whether expenditure included for purposes of section 44C-- Royal Bank of Scotland N. V. v. Deputy DIT (International Taxation) (Kolkata) . . . 513

S. 37(1) --Business expenditure--Staff welfare expenses and repair and maintenance expenses--Expenses not incurred for personal benefit--Authorities to consider claim in reasonable and practical manner--Disallowance not proper-- Mahendra Kumar Saha v. Asst. CIT (Cuttack) . . . 590

S. 44C --Business expenditure--Disallowance--Foreign bank--Head office expenditure--Offshore remuneration to expatriate employees rendering services in Indian branches of assessee--Assessing Officer to verify whether expenditure included for purposes of section 44C-- Royal Bank of Scotland N. V. v. Deputy DIT (International Taxation) (Kolkata) . . . 513

S. 80-IA --Industrial undertaking--Special deduction--Option of choosing initial assessment year wholly upon assessee--Losses can be set off against income of assessee--No notional carry forward up to initial assessment year-- Deputy CIT v. Yamuna Power and Infrastructure Ltd. (Chandigarh) . . . 533

S. 115JB --Advance tax--Interest--Book profit--Inclusion of amounts in terms of Explanation 1(i) to section 115JB with retrospective effect from 1-4-2001--No interest can be charged by virtue of retrospective amendment under section 115JB-- NHPC Ltd. v. Asst. CIT (Delhi) . . . 561

----Rectification of mistake--Book profit--Computation of income under section 115JB--Change of law--Provision for deduction of bad and doubtful debts considered and decided by Commissioner (Appeals)--Rectification to be made by Commissioner (Appeals) only--Assessing Officer cannot invoke rectification provisions--Order passed under section 154 invalid-- NHPC Ltd. v. Asst. CIT (Delhi) . . . 561

S. 132(4) --Penalty--Search and seizure--Undisclosed income--Disclosure petition--Immunity--Additional income not disclosed in original return--Disclosure petition filed after search substantiating reasons for offering additional income--Assessee entitled to immunity from levy of penalty-- Deputy CIT v. Salasar Stock Broking Ltd. (Kolkata) . . . 616

S. 144C --Transfer pricing--International transactions--Arm's length price--Procedure to be followed by Assessing Officer to pass a draft assessment order is mandatory--No option to Assessing Officer to pass or not to pass draft assessment order--No draft order provided to assessee before passing final order--Order not valid-- Asst. CIT v. Getrag Hi Tech Gears Pvt. Ltd. (Chandigarh) . . . 545

S. 153C --Search and seizure--Assessment of third person--Undisclosed income--Addition on ground assessee did not have sufficient income--Failure by Department to prove claim of assessee factually incorrect--Addition not sustainable-- Asst. CIT v. Goodview Trading P. Ltd. (Delhi) . . . 555

S. 154 --Rectification of mistake--Book profit--Computation of income under section 115JB--Change of law--Provision for deduction of bad and doubtful debts considered and decided by Commissioner (Appeals)--Rectification to be made by Commissioner (Appeals) only--Assessing Officer cannot invoke rectification provisions--Order passed under section 154 invalid-- NHPC Ltd. v. Asst. CIT (Delhi) . . . 561

S. 195 --Deduction of tax at source--Foreign bank--Interest paid to head office and other branches outside India--Jurisdictional High Court in assessee's own case for earlier years holding no tax need to be deducted at source--Bank deducting tax at source for subsequent years and remitting to Exchequer--Bank entitled to refund--Matter remanded-- Royal Bank of Scotland N. V. v. Deputy DIT (International Taxation) (Kolkata) . . . 513

S. 234B --Advance tax--Interest--Book profit--Inclusion of amounts in terms of Explanation 1(i) to section 115JB with retrospective effect from 1-4-2001--No interest can be charged by virtue of retrospective amendment under section 115JB-- NHPC Ltd. v. Asst. CIT (Delhi) . . . 561

S. 263 --Revision--Commissioner--Condition precedent--Amalgamation of companies--No provision for communication of factum of amalgamation to Commissioner--Amalgamating company loses its identity and no proceedings can be taken in its earlier name--Initiation of revision proceedings against amalgamating company after date of amalgamation--Not valid--Milestone Tradelinks P. Ltd. v. ITO (Ahd) . . . 606

S. 271AAA(2) --Penalty--Search and seizure--Undisclosed income--Disclosure petition--Immunity--Additional income not disclosed in original return--Disclosure petition filed after search substantiating reasons for offering additional income--Assessee entitled to immunity from levy of penalty-- Deputy CIT v. Salasar Stock Broking Ltd. (Kolkata) . . . 616

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